DIANA SHIPPING INC. REPORTS FINANCIAL RESULTS

FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2025; DECLARES CASH

DIVIDEND OF $0.01 PER COMMON SHARE FOR THE THIRD QUARTER 2025

ATHENS, GREECE, November 20, 2025 – 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 $7.2 million and net income attributable to common stockholders of $5.7 million for the third quarter of 2025. This compares to a net income of $3.7 million and a net income attributable to common stockholders of $2.3 million for the third quarter of 2024. Earnings per share for the third quarter of 2025 were $0.05 basic and diluted, compared to $0.02 basic and $0.00 diluted in the same quarter of 2024.

Time charter revenues were $51.9 million for the third quarter of 2025, compared to $57.5 million for the same quarter of 2024. The decrease in time charter revenues, compared to the same quarter last year, was primarily attributable to the sale of two vessels in 2025 and one vessel in September 2024.

Net income for the nine months ended September 30, 2025, amounted to $14.7 million and net income attributable to common stockholders amounted to $10.4 million. This compares to a net income of $3.0 million and a net loss attributable to common stockholders of $1.3 million for the same period in 2024. Time charter revenues for the nine months ended September 30, 2025, were $161.5 million, compared to $171.1 million for the same period in 2024. Earnings per share for the nine months ended September 30, 2025 were $0.09 basic and diluted, compared to a loss per share of $0.01 basic and diluted for the same period in 2024.

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 quarter ended September 30, 2025. The cash dividend will be payable on December 17, 2025, to all common shareholders of record as of December 8, 2025. As of November 18, 2025, the Company has 115,781,752 common shares issued and outstanding and 16,207,541 outstanding warrants.

Summary of Selected Financial & Other Data (unaudited)
			Three months ended September 30,				Nine months ended September 30,
			2025		2024		2025		2024
STATEMENT OF INCOME DATA (in thousands of US Dollars)
	Time charter revenues	$	51,861	$	57,488	$	161,487	$	171,136
	Voyage expenses		3,231		3,654		9,295		10,067
	Vessel operating expenses		20,002		21,239		59,963		63,372
	Net income		7,158		3,715		14,698		3,009
	Net income/(loss) attributable to common stockholders		5,715		2,272		10,371		(1,318)
FLEET DATA
	Average number of vessels		36.2		38.7		37.0		39.1
	Number of vessels		36.0		38.0		36.0		38.0
	Weighted average age of vessels		11.9		11.0		11.9		11.0
	Ownership days		3,326		3,561		10,094		10,723
	Available days		3,204		3,511		9,836		10,623
	Operating days		3,186		3,508		9,788		10,586
	Fleet utilization		99.4%		99.9%		99.5%		99.7%
AVERAGE DAILY RESULTS
	Time charter equivalent (TCE) rate (1)	$	15,178	$	15,333	$	15,473	$	15,162
	Daily vessel operating expenses (2)	$	6,014	$	5,964	$	5,941	$	5,910

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, November 20, 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 13756795.

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 TABLES
Expressed in thousands of U.S. Dollars, except share and per share data
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
			Three months ended September 30,				Nine months ended September 30,
			2025		2024		2025		2024
REVENUES:
	Time charter revenues	$	51,861	$	57,488	$	161,487	$	171,136
OPERATING EXPENSES
	Voyage expenses		3,231		3,654		9,295		10,067
	Vessel operating expenses		20,002		21,239		59,963		63,372
	Depreciation and amortization of deferred charges		11,645		11,217		34,485		33,323
	General and administrative expenses		7,994		8,384		25,127		25,113
	Management fees to a related party		277		333		914		999
	Gain on sale of vessels		(2,162)		(4,227)		(3,663)		(5,799)
	Other operating (income)/loss		(24)		182		435		(207)
	Operating income, total	$	10,898	$	16,706	$	34,931	$	44,268
OTHER INCOME/(EXPENSE)
	Interest expense and finance costs		(10,695)		(12,198)		(32,585)		(35,848)
	Interest and other income		2,000		2,232		5,777		6,008
	Loss on derivative instruments		-		(548)		(226)		(187)
	Loss on extinguishment of debt		-		(3,475)		-		(3,475)
	Loss on related party investments		(6,536)		(948)		(4,054)		(2,299)
	Gain/(loss) on equity securities		11,033		-		10,630		(400)
	Gain/ (loss) on warrants		(279)		1,973		235		(4,800)
	Gain(loss) from equity method investments		737		(27)		(10)		(258)
	Total other expenses, net	$	(3,740)	$	(12,991)	$	(20,233)	$	(41,259)
Net income		$	7,158	$	3,715	$	14,698	$	3,009
Dividends on series B preferred shares			(1,443)		(1,443)		(4,327)		(4,327)
Net income/(loss) attributable to common stockholders			5,715		2,272		10,371		(1,318)
Earnings/(loss) per common share, basic		$	0.05	$	0.02	$	0.09	$	(0.01)
Earnings/(loss) per common share, diluted		$	0.05	$	-	$	0.09	$	(0.01)
Weighted average number of common shares outstanding, basic			110,813,151		119,032,441		110,337,415		114,904,876
Weighted average number of common shares outstanding, diluted			111,077,911		120,212,686		110,337,415		114,904,876
			Three months ended September 30,				Nine months ended September 30,
			2025		2024		2025		2024
Net Income		$	7,158	$	3,715	$	14,698	$	3,009
Currency translation adjustment			155		-		3,363		-
Comprehensive Income		$	7,313	$	3,715	$	18,061	$	3,009