Diana Shipping Inc. Reports Financial Results for the First Quarter Ended March 31, 2022; Declares Cash Dividend of 25 Cents per Share for the First Quarter of 2022

ATHENS, GREECE, May 24, 2022 - 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 $26.0 million and net income attributed to common stockholders of $24.6 million for the first quarter of 2022. This compares to a net loss of $1.3 million and net loss attributed to common stockholders of $2.7 million reported in the first quarter of 2021. Earnings per share for the first quarter of 2022 was $0.32 basic and $0.31 diluted, compared to loss per share of $0.03 basic and diluted in the same quarter in 2021.

Time charter revenues were $65.9 million for the first quarter of 2022, compared to $41.1 million for the same quarter of 2021. The increase in time charter revenues was due to increased average time charter rates that the Company achieved for its vessels during the quarter. This increase was partly offset by decreased ownership days compared to the same quarter of last year, which was due to vessel sales and a spin-off in November 2021.

Dividend Declaration

The Company has declared a cash dividend on its common stock of $0.25 per share, based on the Company's results of operations during the first quarter ended March 31, 2022. The cash dividend will be payable on or about June 17, 2022 to all shareholders of record as of June 6, 2022. The Company currently has 86,142,258 common shares issued and outstanding…