GlobeNewswire Inc | Nov 17, 2021 08:36AM EST

November 17, 2021

ATHENS, Greece, Nov. 17, 2021 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the Company), a global shipping company specializing in the ownership of dry bulk vessels, today reported net income of $14.7 million and net income attributed to common stockholders of $13.3 million for the third quarter of 2021. This compares to a net loss of $13.2 million and a net loss attributed to common stockholders of $14.6 million, including a $6.8 million impairment loss, reported in the third quarter of 2020.

Time charter revenues were $57.3 million for the third quarter of 2021, compared to $42.3 million for the same quarter of 2020. The increase in time charter revenues was mainly due to increased average time charter rates that the Company achieved for its vessels during the quarter. This increase was partly offset by decreased revenues due to decreased ownership days compared to last year, resulting from the sale of vessels.

Net income for the nine months ended September 30, 2021 amounted to $16.3 million and net income attributed to common stockholders amounted to $11.9 million, including a $1.4 million gain on sale of vessels. This compares to a net loss of $126.8 million and net loss attributed to common stockholders of $131.1 million, including a $102.5 million impairment loss and $1.1 million loss on sale of vessels, for the same period of 2020. Time charter revenues were $145.4 million for the nine months ended September 30, 2021, compared to $127.1 million for the same period of 2020.

Fleet Employment Profile (As of November 16, 2021) Diana Shipping Inc.?s fleet is employed as follows: Gross Vessel Sister Rate Delivery Date Redelivery BUILT Ships* (USD Com** Charterers to Date to Notes DWT Per Charterers*** Owners**** Day) 10 Panamax Bulk Carriers Reachy 10-Mar-221 PROTEFS A $10,650 5.00% International 8-Feb-21 - (HK) Co., 20-May-22 Limited 2004 73,630 Viterra 29-Nov-212 CALIPSO A $10,400 5.00% Chartering 22-Jan-21 - 1 B.V., 15-Dec-21 Rotterdam 2005 73,691 AS Klaveness- NAIAS A $23,250 5.00% Chartering, 21-Jun-21 19-Jul-21 2 Oslo 2006 73,546 Viterra3 MELIA $25,750 5.00% Chartering 11-Jun-21 7-Apr-22 - B.V., 7-Jun-22 Rotterdam 2005 76,225 Glencore4 ARTEMIS $10,250 5.00% Agriculture 30-Nov-20 5-Jan-22 - B.V., 30-Mar-22 Rotterdam 2006 76,942 Cargill5 LETO $9,000 4.75% International 21-May-20 3-Oct-21 S.A., Geneva Aquavita 1-Feb-23 - $25,500 5.00% International 3-Oct-21 15-Apr-23 S.A. 2010 81,297 ST Shipping6 SELINA B $11,000 5.00% and Transport 5-Jul-20 2-Sep-21 Pte. Ltd., Singapore ASL Bulk 15-Jun-22 $26,500 5.00% Shipping HK 2-Sep-21 - Limited 15-Sep-22 2010 75,700 Ausca7 MAERA B $8,600 5.00% Shipping 11-Jun-20 18-Sep-21 Limited, Hong Kong ASL Bulk 1-Oct-22 - $26,000 5.00% Shipping HK 18-Sep-21 15-Dec-22 Limited 2013 75,403 Tongli 25-Nov-218 ISMENE $16,500 5.00% Shipping Pte. 11-Mar-21 - 1 Ltd. 15-Dec-21 2013 77,901 Glencore9 CRYSTALIA C $8,750 5.00% Agriculture 22-May-20 21-Sep-21 B.V., Rotterdam Uniper Global $26,100 5.00% Commodities 21-Sep-21 1-Oct-22 - SE, 15-Dec-22 Dsseldorf 2014 77,525 Uniper Global10 ATALANDI C $9,300 5.00% Commodities 14-Jun-20 5-Oct-21 SE, Dsseldorf Aquavita 15-Feb-23 $24,500 4.75% International 5-Oct-21 - S.A. 30-Apr-23 2014 77,529 6 Kamsarmax Bulk Carriers Viterra11 MAIA D $25,000 5.00% Chartering 20-Jun-21 1-May-22 - 3 B.V., 30-Jun-22 Rotterdam 2009 82,193 Bocimar12 MYRSINI D $27,750 5.00% International 11-May-21 15-Nov-21 N.V. Cargill 1-Dec-22 - $22,000 4.75% International 15-Nov-21 31-Jan-23 S.A., Geneva 2010 82,117 Cargill 10-Jan-2213 MEDUSA D $11,000 4.75% International 19-Nov-20 - S.A., Geneva 20-Mar-22 2010 82,194 Cargill14 MYRTO D $10,000 4.75% International 3-Apr-20 10-Sep-21 S.A., Geneva Solebay Shipping $28,500 5.00% Transocean Company Limited 2013 15-Aug-22 82,131 10-Sep-21 - 15-Oct-22 Mitsui O.S.K. 29-Nov-2115 ASTARTE $25,000 5.00% Lines Ltd. 20-May-21 - 1 15-Dec-21 2013 81,51316 MAGNOLIA - - - - - - - 4 tbr. LEONIDAS P. C. 2011 82,165 5 Post-Panamax Bulk Carriers Cargill17 ALCMENE $8,500 4.75% International 2-Apr-20 28-Jul-21 5 S.A., Geneva Refined $25,500 5.00% Success 28-Jul-21 20-Nov-21 6,7 Limited 2010 93,193 Jera Global18 AMPHITRITE E $30,000 5.00% Markets Pte. 6-Jun-21 2-Jul-21 8 Ltd. Jera Global $30,250 5.00% Markets Pte. 23-Jul-21 13-Sep-21 Ltd. BG Shipping 15-Oct-22 $27,000 5.00% Co., Limited, 13-Sep-21 - Hong Kong 15-Dec-22 2012 98,697 CLdN 28-Nov-2119 POLYMNIA E $12,100 5.00% Cobelfret SA, 22-Nov-20 - 1,9 Luxembourg 25-Dec-21 2012 98,704 Tongli 10-Feb-2220 ELECTRA F $21,000 5.00% Shipping Pte. 28-Apr-21 - Ltd. 10-Apr-22 2013 87,150 Uniper Global21 PHAIDRA F $9,400 5.00% Commodities 29-May-20 15-Jul-21 SE, Dsseldorf Refined $27,000 5.00% Success 15-Jul-21 2-Sep-21 Limited Uniper Global $28,000 5.00% Commodities 2-Sep-21 1-Jul-22 - SE, 15-Sep-22 Dsseldorf 2013 87,146 12 Capesize Bulk Carriers Solebay Shipping Cape 15-Jan-2222 ALIKI $20,500 5.00% Company 18-Mar-21 - Limited, Hong 15-Mar-22 Kong 2005 180,235 Koch Shipping23 BALTIMORE $13,000 5.00% Pte. Ltd., 21-Dec-20 27-Sep-21 Singapore Olam $56,000 4.75% International 27-Sep-21 27-Dec-21 10 Limited, Singapore 2005 177,243 SALT LAKE C Transport 1-Apr-22 -24 CITY $13,000 5.00% Maritime 9-Jan-21 30-Jun-22 Ltd., Bermuda 2005 171,810 SwissMarine 30-Nov-2125 SEMIRIO G $13,500 5.00% Pte. Ltd., 1-Jan-21 - 1 Singapore 20-Dec-21 2007 174,261 C Transport 15-Apr-2226 BOSTON G $25,500 5.00% Maritime 16-Jun-21 - Ltd., Bermuda 15-Jun-22 2007 177,82827 HOUSTON G $6,250 5.00% C Transport 13-Apr-20 13-May-20 Maritime $12,400 5.00% Ltd., Bermuda 13-May-20 30-Aug-21

2009 Koch Shipping 15-Jul-22 177,729 $27,000 5.00% Pte. Ltd., 30-Aug-21 - Singapore 15-Oct-22 EGPN Bulk 16-Apr-2228 NEW YORK G $14,000 5.00% Carrier Co., 29-Dec-20 - Limited, Hong 30-Jun-22 Kong 2010 177,773 Pacbulk29 SEATTLE H $12,300 5.00% Shipping Pte. 27-Apr-20 1-Dec-21 - 1 Ltd., 31-Dec-21 Singapore 2011 179,362 Olam 15-Feb-2230 P. S. PALIOS H $26,500 4.75% International 5-Jun-21 - Limited, 15-Apr-22 Singapore 2013 179,134 G. P. Koch Shipping 28-Nov-2131 ZAFIRAKIS I $13,200 5.00% Pte. Ltd., 31-May-20 - 1 Singapore 31-Dec-21 2014 179,492 SANTA Cargill 5-Jan-22 -32 BARBARA I $17,250 4.75% International 9-Jan-21 5-Mar-22 S.A., Geneva 2015 179,426 Nippon Yusen 25-Jan-2233 NEW ORLEANS $15,500 5.00% Kabushiki 3-Dec-20 - Kaisha 25-Mar-22 2015 180,960 4 Newcastlemax Bulk Carriers Engelhart CTP 27-Nov-2134 LOS ANGELES J $14,250 5.00% Freight 6-Jun-20 - 1 (Switzerland) 31-Dec-21 SA 2012 206,10435 PHILADELPHIA J $28,500 5.00% Classic 22-Apr-21 1-Mar-22 - Maritime Inc. 1-May-22 2012 206,04036 SAN K $17,750 5.00% Olam 11-Feb-21 27-May-21 FRANCISCO International Limited, 15-Jan-22 $24,700 5.00% Singapore 27-May-21 - 11 15-Mar-22 2017 208,006 Koch Shipping 25-Nov-2137 NEWPORT NEWS K $18,400 5.00% Pte. Ltd., 8-Sep-20 - 1 Singapore 30-Dec-21 2017 208,021* Each dry bulk carrier is a "sister ship", or closely similar, to other drybulk carriers that have the same letter.** Total commission percentage paid to third parties.*** In case of newly acquired vessel with time charter attached, this daterefers to the expected/actual date of delivery of the vessel to the Company.**** Range of redelivery dates, with the actual date of redelivery being at theCharterers? option, but subject to the terms, conditions, and exceptions of theparticular charterparty.

1 Based on latest information.2 Vessel sold and delivered to her new owners on July 30, 2021.3 Vessel off-hire for about 29 days.4 Expected date of delivery to the Company on February 28, 2022.5 Charterers have agreed to pay the weighted average of the Baltic Panamax 5 T/C routes, as published by the Baltic Exchange on July 2, 2021 for the excessperiod commencing from July 2, 2021 till July 28, 2021.6 Redelivery date based on an estimated time charter trip duration of about 115days.7 Charterers will compensate owners with hire equal to the average of BPIP3A_82 route for the overrun days and paid pro rata until the actual redeliverydate and time of the vessel back to owners and only in case the BPI P3A_82route for the overrun days is higher than current hire rate i.e. USD25,500otherwise current hire rate to remain for that day.8 Vessel on scheduled drydocking from July 2, 2021 to July 23, 2021.9 Vessel on scheduled drydocking from July 15, 2021 to August 3, 2021.10 Redelivery date based on an estimated time charter trip duration of about 90days.11 Vessel currently off hire for drydocking.

Summary of Selected Financial & Other Data (unaudited) Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 STATEMENT OFOPERATIONS DATA (in thousands of USDollars)Time charter $ 57,284 $ 42,341 $ 145,358 $ 127,076 revenuesVoyage expenses 677 2,944 4,749 10,505 Vessel operating 18,832 21,318 56,563 63,441 expensesNet income/(loss) 14,733 (13,151 ) 16,254 (126,767 )Net income/(loss)attributed to common 13,291 (14,593 ) 11,927 (131,094 )stockholdersFLEET DATA Average number of 36.3 40.4 37.2 41.1 vesselsNumber of vessels 36.0 40.0 36.0 40.0 Weighted average age 10.5 10.0 10.5 10.0 of vesselsOwnership days 3,342 3,719 10,143 11,251 Available days 3,302 3,670 10,055 10,695 Operating days 3,253 3,572 9,945 10,410 Fleet utilization 98.5 % 97.3 % 98.9 % 97.3 %AVERAGE DAILY RESULTSTime charterequivalent (TCE) $ 17,143 $ 10,735 $ 13,984 $ 10,900 rate (1)Daily vesseloperating expenses $ 5,635 $ 5,732 $ 5,577 $ 5,639 (2)

Non-GAAP Measures

Time charter equivalent rates, or TCE rates, are defined as our time charter revenues less voyage expenses during a period divided by the number of our available days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions. TCE is a non-GAAP measure. TCE rate is a(1) standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts. Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance,(2) the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period.

Conference Call and Webcast Information

The Companys management will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Time) on Wednesday, November 17, 2021.

Investors may access the webcast by visiting the Companys website at www.dianashippinginc.com, and clicking on the webcast link. An accompanying investor presentation also will be available via the webcast link and on the Companys website. The conference call also may be accessed by telephone by dialing 1-877-407-8291 (for U.S.-based callers) or 1-201-689-8345 (for international callers), and asking the operator for the Diana Shipping Inc. conference call.

A replay of the webcast will be available soon after the completion of the call and will be accessible for 30 days on www.dianashippinginc.com. A telephone replay also will be available for 30 days by dialing 1-877-660-6853 (for U.S.-based callers) or 1-201-612-7415 (for international callers), and providing the Replay ID number 13724413.

About the Company

Diana Shipping Inc. is a global provider of shipping transportation services through its ownership of dry bulk vessels. The Companys vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.

Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words believe, anticipate, intends, estimate, forecast, project, plan, potential, may, should, expect, pending and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company managements examination of historical operating trends, data contained in the Companys records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Companys control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in the Companys view, could cause actual results to differ materially from those discussed in the forward-looking statements include the severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses and governments responses to the pandemic on our operations, personnel, and on the demand for seaborne transportation of bulk products; the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Companys operating expenses, including bunker prices, drydocking and insurance costs, the market for the Companys vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see the Companys filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

(See financial tables attached)

DIANA SHIPPING INC.FINANCIAL TABLESExpressed in thousands of U.S. Dollars, except share and per share data UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)

Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020REVENUES: Time charter $ 57,284 $ 42,341 $ 145,358 $ 127,076 revenuesEXPENSES: Voyage 677 2,944 4,749 10,505 expensesVesseloperating 18,832 21,318 56,563 63,441 expensesDepreciationandamortization 10,263 9,399 30,403 32,682 of deferredchargesGeneral andadministrative 7,153 9,463 21,062 25,748 expensesManagementfees to 340 497 1,194 1,511 related partyVesselimpairment - 6,832 - 102,525 charges(Gain)/loss onsale of (1,564 ) 7 (1,360 ) 1,085 vesselsOther loss 304 271 300 129 Operating $ 21,279 $ (8,390 ) $ 32,447 $ (110,550 )income/(loss) OTHER INCOME / (EXPENSES):Interestexpense and (5,681 ) (4,874 ) (15,022 ) (16,883 )finance costsInterest 29 55 79 694 income(Loss)/gain onextinguishment (822 ) 374 (980 ) 374 of debtLoss fromequity method (72 ) (316 ) (270 ) (402 )investmentTotal other $ (6,546 ) $ (4,761 ) $ (16,193 ) $ (16,217 )expenses, net Net income/ $ 14,733 $ (13,151 ) $ 16,254 $ (126,767 )(loss)Dividends onseries B (1,442 ) (1,442 ) (4,327 ) (4,327 )preferredsharesNet income/(loss)attributed to 13,291 (14,593 ) 11,927 (131,094 )commonstockholdersEarnings/(loss) per $ 0.17 $ (0.17 ) $ 0.15 $ (1.53 )common share,basic Earnings/(loss) per $ 0.16 $ (0.17 ) $ 0.14 $ (1.53 )common share,dilutedWeightedaverage number 78,687,020 85,745,586 81,408,637 85,923,171 of commonshares, basic Weightedaverage numberof common 83,329,718 85,745,586 84,633,560 85,923,171 shares,diluted Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 Net income/ $ 14,733 $ (13,151 ) $ 16,254 $ (126,767 )(loss)Othercomprehensiveloss - (6 ) - (20 )(Actuarialloss)Comprehensive $ 14,733 $ (13,157 ) $ 16,254 $ (126,787 )income/(loss)

CONDENSED CONSOLIDATED BALANCE SHEET DATA (in thousands of U.S. Dollars) September December 31, 30, 2021 2020*ASSETS (unaudited) Cash, cash equivalents and restricted cash $ 146,249 $ 82,909 Other current assets 14,737 41,752 Vessels, net 682,133 716,178 Other fixed assets, net 25,940 21,704 Other non-current assets 9,753 9,867 Total assets $ 878,812 $ 872,410 LIABILITIES AND STOCKHOLDERS' EQUITY Long-term debt, net of deferred financing $ 434,728 $ 420,314 costsOther liabilities 28,183 23,526 Total stockholders' equity 415,901 428,570 Total liabilities and stockholders' equity $ 878,812 $ 872,410 * The balance sheet data have been derived from the audited consolidatedfinancial statements at that date.

OTHER FINANCIAL DATA (unaudited) Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 Net cash provided by/(used in) operating $ 30,047 $ (430 ) $ 57,489 $ 11,307 activitiesNet cash provided by 5,990 13,862 28,065 11,598 investing activitiesNet cash used in $ (44,783 ) $ (24,736 ) $ (22,214 ) $ (60,807 )financing activities

Corporate Contact:Ioannis ZafirakisDirector, Chief Financial Officer, Chief Strategy Officer, Treasurer and SecretaryTelephone: + 30-210-9470100Email: izafirakis@dianashippinginc.comWebsite: www.dianashippinginc.com

Investor and Media Relations:Edward NebbComm-Counsellors, LLCTelephone: + 1-203-972-8350Email: enebb@optonline.net