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Diana Shipping Inc. Reports Financial Results for the First Quarter Ended March 31, 2025; Declares Cash Dividend of $0.01 Per Common Share for the First Quarter 2025

1. DSX reported $3.0 million net income for Q1 2025, up from $2.1 million. 2. Time charter revenues decreased to $54.9 million in Q1 2025 from $57.6 million. 3. Dividend of $0.01 per share declared, payable June 24, 2025. 4. Fleet utilization improved slightly to 99.6%, up from 99.1% in 2024. 5. Average daily TCE rate increased to $15,739, indicating better revenue management.

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The increased net income and dividends are positive signals, historically boosting stock prices.

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ATHENS, Greece, May 29, 2025 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today reported net income of $3.0 million and net income attributed to common stockholders of $1.6 million for the first quarter of 2025. This compares to net income of $2.1 million and net income attributed to common stockholders of $0.6 million for the first quarter of 2024. Earnings per share for the first quarter of 2025 was $0.01 basic and diluted, compared to earnings per share of $0.01 basic and diluted in the same quarter of 2024. Time charter revenues were $54.9 million for the first quarter of 2025, compared to $57.6 million for the same quarter of 2024. The decrease in time charter revenues, compared to the same quarter of last year, was due to decreased ownership days and was partly offset by the increased average charter rates and the increased fleet utilization. Dividend Declaration The Company has declared a cash dividend on its common stock of $0.01 per share, based on the Company’s results of operations during the first quarter ended March 31, 2025. The cash dividend will be payable on or about June 24, 2025 to all common shareholders of record as of June 17, 2025. The Company currently has 115,772,780 common shares issued and outstanding. As of May 27, 2025, there were 6,400,114 warrants exercised. Fleet Employment (As of May 27, 2025)           VESSEL SISTER SHIPS*GROSS RATE (USD PER DAY)COM**CHARTERERSDELIVERY DATE TO CHARTERERS***REDELIVERY DATE TO OWNERS****NOTES BUILT DWT 9 Ultramax Bulk Carriers1DSI Phoenix A16,5005.00%Bulk Trading SA6-May-241/Aug/2025 - 30/Sep/2025  2017 60,456       2DSI Pollux A14,0004.75%Cargill Ocean Transportation (Singapore) Pte. Ltd.28-Dec-2320/Aug/2025 - 20/Oct/2025  2015 60,446      3DSI Pyxis A13,1005.00%Stone Shipping Ltd8-Nov-2420/Feb/2026 - 20/Apr/2026  2018 60,362       4DSI Polaris A15,4005.00%Stone Shipping Ltd20-Jul-241/Jun/2025 - 15/Aug/2025  2018 60,404       5DSI Pegasus A15,2504.75%Cargill Ocean Transportation (Singapore) Pte. Ltd5-Sep-241/Jun/2025 - 1/Aug/2025  2015 60,508       6DSI Aquarius B13,3005.00%Bunge SA, Geneva6-Dec-246/Oct/2025 - 21/Dec/2025  2016 60,309       7DSI Aquila B12,5005.00%Western Bulk Carriers AS11-Nov-2321-Jan-25  2015 60,309  12,2505.00%21-Jan-2523/Jun/2025 - 8/Aug/202518DSI Altair B15,7505.00%Propel Shipping Pte. Ltd.28-Sep-241/Nov/2025 - 31/Dec/2025  2016 60,309       9DSI Andromeda B13,5005.00%Bunge SA, Geneva27-Nov-2328-Mar-252 2016 60,309  14,0004.75%Cargill Ocean Transportation (Singapore) Pte. Ltd28-Mar-2515/Nov/2025-15/Jan/20266 Panamax Bulk Carriers10LETO  16,0005.00%ASL Bulk Shipping Limited3-May-249-Mar-253 2010 81,297  12,2754.75%Cargill International SA, Geneva4-Apr-2516/Jul/2026 - 16/Sep/202611SELINA C10,5005.00%Raffles Shipping International Pte. Ltd.17-Oct-2414-Apr-254 2010 75,700  6,5005.00%Reachy Shipping (SGP) Pte. Ltd.13-May-259-Jul-25512MAERA C8,4005.00%China Resource Chartering Limited15-Dec-2420/Sep/2025-20/Nov/2025  2013 75,403       13ISMENE  12,6505.00%Paralos Shipping Pte., Ltd.13-Sep-2324-Apr-25  2013 77,901  11,0005.00%China Resource Chartering Pte. Ltd.24-Apr-2520/Mar/2026 - 20/May/2026 14CRYSTALIA D13,9005.00%Louis Dreyfus Company Freight Asia Pte. Ltd.4-May-244/Feb/2026 - 4/Jun/2026  2014 77,525       15ATALANDI D14,6004.75%Cargill International SA, Geneva20-Jul-2410-Jun-256 2014 77,529       6 Kamsarmax Bulk Carriers16MAIA E11,6005.00%Paralos Shipping Pte. Ltd.9-Dec-241/Nov/2025 - 31/Dec/2025  2009 82,193       17MYRSINI E17,1005.00%Cobelfret S.A. Luxembourg25-Jun-249-Feb-257 2010 82,117  13,0004.75%Cargill International SA, Geneva26-Feb-251/Jan/2026 - 28/Feb/202618MEDUSA E14,2505.00%ASL Bulk Shipping Limited14-May-2321-Feb-258 2010 82,194  13,0004.75%Cargill International SA, Geneva16-Mar-2515/May/2026 - 15/Jul/202619MYRTO E12,0005.00%Nippon Yusen Kabushiki Kaisha, Tokyo23-Dec-241/Mar/2026 - 15/May/2026  2013 82,131       20ASTARTE  14,0005.00%Paralos Shipping Pte. Ltd.19-Aug-2415/Jul/2025 - 15/Sep/2025  2013 81,513       21LEONIDAS P. C.  17,0005.00%Ming Wah International Shipping Company Limited22-Feb-2420/Aug/2025 - 20/Oct/2025  2011 82,165       5 Post-Panamax Bulk Carriers22ALCMENE  6,0005.00%Lestari Shipping Pte Ltd28-Dec-2416-Jan-25  2010 93,193  2,0005.00%Pan Ocean Co., Ltd.16-Jan-258-Mar-25923AMPHITRITE F15,0005.00%Cobelfret S.A., Luxembourg13-Jan-248-Jan-2510 2012 98,697  12,1005.00%8-Jan-251/Jan/2026 - 15/Mar/20261124POLYMNIA F17,5005.00%Reachy Shipping (SGP) Pte. Ltd.8-Jun-241/Aug/2025 - 30/Sept/2025  2012 98,704      25ELECTRA G14,0004.75%Aquavita International S.A.3-Jun-2415/Oct/2025 - 31/Dec/2025  2013 87,150       26PHAIDRA G12,0004.75%Aquavita International S.A.12-Oct-2431-May-2512 2013 87,146  9,7505.00%SwissMarine Pte. Ltd., Singapore31-May-251/Jan/2026 - 28/Feb/2026138 Capesize Bulk Carriers27SEMIRIO H14,1505.00%Solebay Shipping Cape Company Limited, Hong Kong18-Aug-2311-Feb-25  2007 174,261  16,6505.00%11-Feb-2515/Feb/2026 - 15/Apr/2026 28NEW YORK H16,0005.00%STX Green Logis Ltd30-Nov-2411-Jan-25  2010 177,773  17,6005.00%SwissMarine Pte. Ltd., Singapore11-Jan-2515/Jan/2026 - 30/Mar/202614,1529SEATTLE I17,5005.00%Solebay Shipping Cape Company Limited, Hong Kong1-Oct-2315/Jul/2025 - 30/Sep/2025  2011 179,362       30P. S. PALIOS I27,1505.00%Bohai Shipping (HEBEI) Co., Ltd7-May-241/Nov/2025 - 31/Dec/2025  2013 179,134       31G. P. ZAFIRAKIS J26,8005.00%Nippon Yusen Kabushiki Kaisha, Tokyo16-Sep-2416/Aug/2026 - 16/Nov/2026  2014 179,492      32SANTA BARBARA J22,0005.00%Mitsui O.S.K. Lines, Ltd.27-Dec-2420/Oct/2025 - 20/Dec/202516 2015 179,426       33NEW ORLEANS  20,0005.00%Kawasaki Kisen Kaisha, Ltd.7-Dec-2315/Aug/2025 - 31/Oct/202516,17 2015 180,960       34FLORIDA  25,9005.00%Bunge S.A., Geneva29-Mar-2229/Jan/2027 - 29/May/20272 2022 182,063       4 Newcastlemax Bulk Carriers35LOS ANGELES K28,7005.00%Nippon Yusen Kabushiki Kaisha, Tokyo20-Jul-241/Oct/2025 - 15/Dec/2025  2012 206,104       36PHILADELPHIA K22,5005.00%Nippon Yusen Kabushiki Kaisha, Tokyo4-Feb-2429-May-2512 2012 206,040  21,5005.00%Refined Success Limited29-May-259/Jun/2026 - 8/Aug/20261337SAN FRANCISCO L22,0005.00%SwissMarine Pte. Ltd., Singapore18-Feb-231-Mar-25  2017 208,006  26,0005.00%1-Mar-2525/Oct/2026 - 25/Dec/2026 38NEWPORT NEWS L20,0005.00%Nippon Yusen Kabushiki Kaisha, Tokyo20-Sep-238-Jun-256 2017 208,021           * Each dry bulk carrier is a “sister ship”, or closely similar, to other dry bulk carriers that have the same letter.** Total commission percentage paid to third parties.*** In case of newly acquired vessel with time charter attached, this date refers 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 the Charterers’ option, but subject to the terms, conditions, and exceptions of the particular charterparty. 1Charterers will compensate the Owners at a rate of 115% of the average Baltic Tess 58 Supramax Index as published by the Baltic Exchange on a daily basis or double the vessel’s present charter party rate, whichever is higher, for the excess period commencing from January 10, 2025 until the actual redelivery date.2Bareboat chartered-in for a period of ten years.3Vessel on scheduled drydocking from March 9, 2025 until April 4, 2025.4Currently without an active charterparty. Vessel on scheduled drydocking.5Redelivery date based on an estimated time charter trip duration of about 55 days.6Based on latest information.7Vessel on scheduled drydocking from February 9, 2025 until February 26, 2025.8Vessel on scheduled drydocking from February 21, 2025 until March 16, 2025.9Vessel has been sold and it is delivered to her new Owners on March 13, 2025.10The charter rate was US$12,250 per day for the first thirty (30) days of the charter period.11The charter rate will be US$8,750 per day for the first fifty (50) days of the charter period.12Estimated redelivery date from the Charterers.13Estimated delivery date to the Charterers.14The charter rate was US$6,300 per day for the first trip of the charter period.15Vessel off hire for drydocking from February 23, 2025 until April 7, 2025.16Bareboat chartered-in for a period of eight years.17Vessel off-hire for about 11.45 days. Summary of Selected Financial & Other Data (unaudited)  Three months ended March 31,  2025 2024     STATEMENT OF INCOME DATA (in thousands of US Dollars)Time charter revenues$54,937 $57,648 Voyage expenses 2,950  3,268 Vessel operating expenses 19,950  20,864 Net income 2,997  2,058 Net income attributable to common stockholders 1,555  616 FLEET DATA Average number of vessels 37.8  39.7 Number of vessels 37.0  39.0 Weighted average age of vessels 11.4  10.7 Ownership days 3,401  3,613 Available days 3,303  3,613 Operating days 3,289  3,582 Fleet utilization 99.6% 99.1%AVERAGE DAILY RESULTS Time charter equivalent (TCE) rate (1)$15,739 $15,051 Daily vessel operating expenses (2)$5,866 $5,775       Non-GAAP Measures (1) Time charter equivalent rate, or TCE, is defined as our time charter revenues less voyage expenses during a period divided by the number of our available days during the period. Our method of computing TCE rate may not necessarily be comparable to TCE rates of other companies due to differences in methods of calculation. TCE is a non-GAAP measure, and management believes it is useful to investors because it is a 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. TCE is used by management to assess and compare the vessels’ profitability. (2) Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, 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 Company’s management will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Time) on Thursday, May 29, 2025. Investors may access the webcast by visiting the Company’s 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 Company’s 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 13753904. About the Company Diana Shipping Inc. is a global provider of shipping transportation services through its ownership and bareboat charter-in of dry bulk vessels. The Company’s vessels are employed primarily on short to medium-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 management’s examination of historical operating trends, data contained in the Company’s 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 Company’s 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 Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include 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 Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, tariff policies and other trade restrictions, potential liability from pending or future litigation, general domestic and international political conditions, including risks associated with the continuing conflict between Russia and Ukraine and related sanctions, potential disruption of shipping routes due to accidents or political events, including the escalation of the conflict in the Middle East, vessel breakdowns and instances of off-hires and other factors. Please see the Company’s 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 INCOME  Three months ended March 31,  2025  2024REVENUES:     Time charter revenues$54,937  $57,648 OPERATING EXPENSES     Voyage expenses 2,950   3,268 Vessel operating expenses 19,950   20,864 Depreciation and amortization of deferred charges 11,243   11,102 General and administrative expenses 8,190   8,533 Management fees to a related party 333   333 Gain on sale of vessels (1,496)  (1,572)Other operating (income)/loss 160   (285)Operating income, total$13,607  $15,405       OTHER INCOME/(EXPENSE)     Interest expense and finance costs (11,078)  (12,056)Interest and other income 1,863   1,736 Gain/(loss) on derivative instruments (160)  338 Gain/(loss) on investments (1,058)  1,716 Gain/ (loss) on warrants 41   (4,684)Loss from equity method investments (218)  (397)Total other expenses, net$(10,610) $(13,347)      Net income$2,997  $2,058 Dividends on series B preferred shares (1,442)  (1,442)      Net income attributable to common stockholders 1,555   616       Earnings per common share, basic$0.01  $0.01       Earnings per common share, diluted$0.01  $0.01 Weighted average number of common shares outstanding, basic 109,520,824   110,330,456 Weighted average number of common shares outstanding, diluted 109,520,824   111,378,871       CONDENSED CONSOLIDATED BALANCE SHEET DATA    (in thousands of U.S. Dollars)                March 31, 2025   December 31, 2024* ASSETS (unaudited)              Cash, cash equivalents, restricted cash and time deposits$187,653**  $207,166** Other current assets 18,914   18,443 Fixed assets 861,924   880,145 Investments in related parties and equity method investments 53,998   47,240 Other noncurrent assets 21,158   18,024 Total assets $1,143,647  $1,171,018          LIABILITIES AND STOCKHOLDERS' EQUITY                Long-term debt and finance liabilities, net of deferred financing costs$623,895  $637,525 Other liabilities 34,940   28,436 Total stockholders' equity 484,812   505,057  Total liabilities and stockholders' equity$1,143,647  $1,171,018          *The balance sheet data has been derived from the audited consolidated financial statements at that date.**Includes time deposits of $56 million and $64 million as of March 31, 2025 and December 31, 2024, respectively.  OTHER FINANCIAL DATA (unaudited)  Three months ended March 31,   2025  2024      Net cash provided by operating activities$17,212  $37,965 Net cash provided by/(used in) investing activities 10,544   (21,049)Net cash used in financing activities$(39,769) $(16,534)        

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