Diana Shipping Inc. Reports Financial Results for the First Quarter Ended March 31, 2021

ATHENS, Greece, May 21, 2021 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today reported a net loss of $1.3 million and net loss attributed to common stockholders of $2.7 million for the first quarter of 2021. This compares to a net loss of $102.8 million and net loss attributed to common stockholders of $104.3 million reported in the first quarter of 2020, including a $93.1 million impairment loss. Loss per share for the first quarter of 2021 was $0.03 compared to loss per share of $1.21 in the same quarter in 2020.

Time charter revenues were $41.1 million for the first quarter of 2021, compared to $43.8 million for the same quarter of 2020. The decrease in time charter revenues was due to the decreased ownership days compared to the prior year period, resulting from the sale of vessels. This decrease was partly offset by increased average time charter rates that the Company achieved for its vessels during the quarter and a better utilization rate.

	Fleet Employment Profile (As of May 19, 2021)
	Diana Shipping Inc.’s fleet is employed as follows:
	Vessel	Sister Ships*	Gross Rate (USD Per Day)		Com**	Charterers	Delivery Date to Charterers***	Redelivery Date to Owners****	Notes
	BUILT DWT
	11 Panamax Bulk Carriers
	OCEANIS		$9,200		5.00%	Phaethon International Company AG	9-Jan-20	27-Feb-21	1
	2001 75,211
1	PROTEFS	A	$9,900		5.00%	Phaethon International Company AG	30-Nov-19	8-Feb-21
			$10,650		5.00%	Reachy International (HK) Co., Limited	8-Feb-21	10-Mar-22 - 20-May-22
	2004 73,630
2	CALIPSO	A	$8,250		5.00%	Uniper Global Commodities SE, Düsseldorf	13-Apr-20	22-Jan-21	2
			$10,400		5.00%	Viterra Chartering B.V., Rotterdam	22-Jan-21	1-Oct-21 - 15-Dec-21
	2005 73,691
3	NAIAS	A	$10,000		5.00%	Phaethon International Company AG	26-Jan-19	27-Jan-21
			$11,000		4.75%	Cargill International S.A., Geneva	27-Jan-21	17-May-21	3
			$25,000		5.00%	Nasshipping Inc.	17-May-21	6-Jun-21 - 16-Jun-21	4
	2006 73,546
	CORONIS		$8,000		5.00%	Koch Shipping Pte. Ltd., Singapore	20-Feb-20	31-Dec-20	5
	2006 74,381
4	MELIA		$10,000		5.00%	Ausca Shipping Limited, Hong Kong	20-Aug-20	31-May-21 - 20-Jun-21	6,7
	2005 76,225
5	ARTEMIS		$10,250		5.00%	Glencore Agriculture B.V., Rotterdam	30-Nov-20	5-Jan-22 - 30-Mar-22
	2006 76,942
6	LETO		$9,000		4.75%	Cargill International S.A., Geneva	21-May-20	15-Jul-21 - 30-Sep-21
	2010 81,297
7	SELINA	B	$11,000		5.00%	ST Shipping and Transport Pte. Ltd., Singapore	5-Jul-20	5-Jul-21 - 5-Sep-21
	2010 75,700
8	MAERA	B	$8,600		5.00%	Ausca Shipping Limited, Hong Kong	11-Jun-20	1-Jul-21 - 30-Sep-21
	2013 75,403
9	ISMENE		$10,800		5.00%	Phaethon International Company AG	10-Jan-20	11-Mar-21
			$16,500		5.00%	Tongli Shipping Pte. Ltd.	11-Mar-21	15-Oct-21 - 15-Dec-21
	2013 77,901
10	CRYSTALIA	C	$8,750		5.00%	Glencore Agriculture B.V., Rotterdam	22-May-20	1-Jul-21 - 30-Sep-21
	2014 77,525
11	ATALANDI	C	$9,300		5.00%	Uniper Global Commodities SE, Düsseldorf	14-Jun-20	14-Jul-21 - 14-Oct-21
	2014 77,529
	5 Kamsarmax Bulk Carriers
12	MAIA	D	$11,200		5.00%	Aquavita International S.A.	31-Jan-20	31-May-21 - 15-Jun-21	7
	2009 82,193
13	MYRSINI	D	$11,500		5.00%	Ausca Shipping Limited, Hong Kong	4-Dec-19	11-May-21
			$27,750		5.00%	Bocimar International N.V.	11-May-21	15-Oct-21 - 30-Nov-21
	2010 82,117
14	MEDUSA	D	$11,000		4.75%	Cargill International S.A., Geneva	19-Nov-20	10-Jan-22 - 20-Mar-22
	2010 82,194
15	MYRTO	D	$10,000		4.75%	Cargill International S.A., Geneva	3-Apr-20	1-Jul-21 - 15-Sep-21
	2013 82,131
16	ASTARTE		$11,750		5.00%	Aquavita International S.A.	18-Jan-20	20-May-21	8
			$25,000		5.00%	Mitsui O.S.K. Lines Ltd.	20-May-21	1-Nov-21 - 15-Dec-21	9
	2013 81,513
	5 Post-Panamax Bulk Carriers
17	ALCMENE		$8,500		4.75%	Cargill International S.A., Geneva	2-Apr-20	30-May-21 - 2-Jul-21	7
	2010 93,193
18	AMPHITRITE	E	$10,250		5.00%	SwissMarine Pte. Ltd., Singapore	21-Mar-20	1-Jun-21 - 21-Jun-21	7
	2012 98,697
19	POLYMNIA	E	$12,100		5.00%	CLdN Cobelfret SA, Luxembourg	22-Nov-20	15-Oct-21 - 25-Dec-21
	2012 98,704
20	ELECTRA	F	$10,250		5.00%	Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany	21-Nov-19	4-Jan-21	10
			$12,500		5.00%	SwissMarine Pte. Ltd., Singapore	4-Jan-21	23-Mar-21
			$23,500		5.00%	Refined Success Limited	23-Mar-21	28-Apr-21
			$21,000		5.00%	Tongli Shipping Pte. Ltd.	28-Apr-21	10-Feb-22 - 10-Apr-22
	2013 87,150
21	PHAIDRA	F	$9,400		5.00%	Uniper Global Commodities SE, Düsseldorf	29-May-20	1-Jun-21 - 29-Jul-21	7
	2013 87,146
	12 Capesize Bulk Carriers
22	ALIKI		$11,300		5.00%	Koch Shipping Pte. Ltd., Singapore	23-Apr-20	18-Mar-21	11
			$20,500		5.00%	Solebay Shipping Cape Company Limited, Hong Kong	18-Mar-21	15-Jan-22 - 15-Mar-22
	2005 180,235
23	BALTIMORE		$13,000		5.00%	Koch Shipping Pte. Ltd., Singapore	21-Dec-20	20-Jul-21 - 5-Oct-21
	2005 177,243
24	SALT LAKE CITY		$9,750		4.75%	Cargill International S.A., Geneva	24-Mar-19	9-Jan-21
			$13,000		5.00%	C Transport Maritime Ltd., Bermuda	9-Jan-21	1-Apr-22 - 30-Jun-22
	2005 171,810
	SIDERIS GS	G	$12,700		5.00%	Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany	7-Mar-20	15-Jan-21	12,13
	2006 174,186
25	SEMIRIO	G	$16,000		4.75%	Cargill International S.A., Geneva	30-Jun-19	1-Jan-21
			$13,500		5.00%	SwissMarine Pte. Ltd., Singapore	1-Jan-21	5-Oct-21 - 20-Dec-21
	2007 174,261
26	BOSTON	G	$15,300		5.00%	Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany	7-Jun-19	2-Jun-21 - 30-Jun-21	7
	2007 177,828
27	HOUSTON	G	$12,400		5.00%	C Transport Maritime Ltd., Bermuda	13-Apr-20	1-Jul-21 - 30-Sep-21
	2009 177,729
28	NEW YORK	G	$14,000		5.00%	EGPN Bulk Carrier Co., Limited, Hong Kong	29-Dec-20	16-Apr-22 - 30-Jun-22
	2010 177,773
29	SEATTLE	H	$12,300		5.00%	Pacbulk Shipping Pte. Ltd., Singapore	27-Apr-20	1-Oct-21 - 31-Dec-21	14
	2011 179,362
30	P. S. PALIOS	H	$12,050		5.00%	C Transport Maritime Ltd., Bermuda	24-Mar-20	2-Jun-21 - 24-Jun-21	7
	2013 179,134
31	G. P. ZAFIRAKIS	I	$13,200		5.00%	Koch Shipping Pte. Ltd., Singapore	31-May-20	1-Oct-21 - 31-Dec-21
	2014 179,492
32	SANTA BARBARA	I	$17,250		5.00%	Pacbulk Shipping Pte. Ltd., Singapore	28-Dec-19	9-Jan-21
			$17,250		4.75%	Cargill International S.A., Geneva	9-Jan-21	5-Jan-22 - 5-Mar-22
	2015 179,426
33	NEW ORLEANS		$15,500		5.00%	Nippon Yusen Kabushiki Kaisha	3-Dec-20	25-Jan-22 - 25-Mar-22
	2015 180,960
	4 Newcastlemax Bulk Carriers
34	LOS ANGELES	J	$14,250		5.00%	Engelhart CTP Freight (Switzerland) SA	6-Jun-20	1-Oct-21 - 31-Dec-21
	2012 206,104
35	PHILADELPHIA	J	$14,500		5.00%	BHP Billiton Freight Singapore Pte. Ltd	5-Feb-20	22-Apr-21
			$28,500		5.00%	Classic Maritime Inc.	22-Apr-21	1-Mar-22 - 1-May-22
	2012 206,040
36	SAN FRANCISCO	K	$16,000		5.00%	Koch Shipping Pte. Ltd., Singapore	5-Mar-19	11-Feb-21	15
			$17,750		5.00%	Olam International Limited, Singapore	11-Feb-21	27-May-21
			$24,700		5.00%		27-May-21	15-Jan-22 - 15-Mar-22
	2017 208,006
37	NEWPORT NEWS	K	$18,400		5.00%	Koch Shipping Pte. Ltd., Singapore	8-Sep-20	16-Oct-21 - 30-Dec-21
	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.
1 "Oceanis" sold and delivered to her new owners on March 15, 2021.
2 The compensation for the overlapping period from December 31, 2020 until January 22, 2021, which is beyond the maximum contractual period, is still pending to be agreed between Owners and Uniper Global Commodities SE, Düsseldorf.
3 Vessel sold and expected to be delivered to her new owners at the latest by July 30, 2021.
4 Redelivery date based on an estimated time charter trip duration of about 20-30 days.
5 "Coronis" sold and delivered to her new owners on January 13, 2021.
6 Charter includes a one time ballast bonus payment of US$500,000.
7 Based on latest information.
8 Expected redelivery date from the charterers.
9 Expected delivery date to the charterers.
10 Charterers have agreed to pay the average of the daily published rates for p3a-82 route of the baltic panamax index for the days that index was published (i.e. 21/12-24/12 and 04/12) for the excess period commencing from December 21, 2020 till January 4, 2021.
11 The compensation for the overlapping period from March 15, 2021 until the actual redelivery date, which is beyond the maximum contractual period, is still pending to be agreed between Owners and Koch Shipping Pte. Ltd., Singapore.
12 "Sideris GS" sold and delivered to her new owners on January 20, 2021.
13 The compensation for the overlapping period from December 31, 2020 until January 15, 2021, which is beyond the maximum contractual period, is still pending to be agreed between Owners and Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany.
14 Vessel currently off-hire for drydocking.
15 Charterers have agreed to pay US$18,000 per day, for the excess period commencing from January 20, 2021 until February 11, 2021.

Summary of Selected Financial & Other Data (unaudited)
			Three months ended March 31,
			2021					2020
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
	Time charter revenues	$		41,051			$	43,760
	Voyage expenses			1,780				3,734
	Vessel operating expenses			18,552				21,317
	Net loss			(1,295	)			(102,823	)
	Net loss attributed to common stockholders			(2,737	)			(104,265	)
FLEET DATA
	Average number of vessels		38.2					41.8
	Number of vessels		37.0					41.0
	Weighted average age of vessels		10.1					9.5
	Ownership days		3,434					3,801
	Available days		3,434					3,518
	Operating days		3,387					3,391
	Fleet utilization		98.6		%			96.4	%
AVERAGE DAILY RESULTS
	Time charter equivalent (TCE) rate (1)	$		11,436			$	11,377
	Daily vessel operating expenses (2)	$		5,402			$	5,608

Non-GAAP Measures

(1)	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 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.
(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 Friday, May 21, 2021.

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 13719492.

About the Company

Diana Shipping Inc. is a global provider of shipping transportation services through its ownership of dry bulk vessels. The Company’s 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 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 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 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, 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 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 OPERATIONS AND COMPREHENSIVE LOSS
			Three months ended March 31,
			2021				2020
REVENUES:
	Time charter revenues	$	41,051			$	43,760
EXPENSES:
	Voyage expenses		1,780				3,734
	Vessel operating expenses		18,552				21,317
	Depreciation and amortization of deferred charges		10,049				11,547
	General and administrative expenses		6,697				9,546
	Management fees to related party		449				517
	Vessel impairment charges		-				93,137
	Loss on sale of vessels		206				1,078
	Other income		(106	)			(241	)
	Operating income/(loss)	$	3,424			$	(96,875	)
OTHER INCOME / (EXPENSES):
	Interest expense and finance costs		(4,636	)			(6,354	)
	Interest income		28				436
	Loss from equity method investment		(111	)			(30	)
	Total other expenses, net	$	(4,719	)		$	(5,948	)
Net loss		$	(1,295	)		$	(102,823	)
Dividends on series B preferred shares			(1,442	)			(1,442	)
Net loss attributed to common stockholders			(2,737	)			(104,265	)
Loss per common share, basic and diluted		$	(0.03	)		$	(1.21	)
Weighted average number of common shares, basic and diluted			83,572,221				86,473,606
			Three months ended March 31,
			2021				2020
Net loss		$	(1,295	)		$	(102,823	)
Other comprehensive loss (Actuarial loss)			-				(7	)
Comprehensive loss		$	(1,295	)		$	(102,830	)

CONDENSED CONSOLIDATED BALANCE SHEET DATA
(in thousands of U.S. Dollars)
			March 31, 2021				December 31, 2020*
ASSETS			(unaudited)
Cash, cash equivalents and restricted cash		$	86,035			$	82,909
Other current assets			27,383				41,752
Vessels, net			698,693				716,178
Other fixed assets, net			21,700				21,704
Other non-current assets			8,893				9,867
	Total assets	$	842,704			$	872,410
LIABILITIES AND STOCKHOLDERS' EQUITY
Long-term debt, net of deferred financing costs		$	411,445			$	420,314
Other liabilities			19,162				23,526
Total stockholders' equity			412,097				428,570
	Total liabilities and stockholders' equity	$	842,704			$	872,410
*	The balance sheet data have been derived from the audited consolidated financial statements at that date.

OTHER FINANCIAL DATA (unaudited)
			Three months ended March 31,
			2021				2020
Net cash provided by operating activities		$	6,419			$	7,290
Net cash provided by/(used in) investing activities			22,558				(1,164	)
Net cash used in financing activities		$	(25,851	)		$	(23,214	)

CONTACT: Corporate Contact: Ioannis Zafirakis Director, Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary Telephone: + 30-210-9470100 Email: izafirakis@dianashippinginc.com Website: www.dianashippinginc.com Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: enebb@optonline.net