Diana Shipping Inc. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2023; Declares Dividend of $0.15 Per Share for the Second Quarter 2023

ATHENS, Greece, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (: DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today reported net income of $10.4 million and net income attributed to common stockholders of $8.9 million for the second quarter of 2023. This compares to net income of $35.6 million and net income attributed to common stockholders of $34.2 million for the second quarter of 2022. Earnings per share for the second quarter of 2023 was $0.09 basic and diluted, compared to earnings per share of $0.44 basic and $0.42 diluted in the same quarter in 2022.

Time charter revenues were $67.4 million for the second quarter of 2023, compared to $74.5 million for the same quarter of 2022. The decrease in time charter revenues, compared to the same quarter of last year, was due to decreased average charter rates. This decrease was partly offset by increased ownership days resulting from vessel acquisitions.

Net income for the six months ended June 30, 2023, amounted to $33.1 million and net income attributed to common stockholders amounted to $30.2 million. This compares to net income of $61.6 million and net income attributed to common stockholders of $58.8 million, for the same period of 2022. Time charter revenues for the six months ended June 30, 2023, were $140.0 million compared to $140.5 million in the same period of 2022. Earnings per share was $0.31 basic and $0.30 diluted, compared to earnings per share of $0.76 basic and $0.73 diluted in the six months ended June 30, 2022.

Dividend Declaration

The Company has declared a dividend on its common stock based on the Company’s results of operations during the quarter ended June 30, 2023, in the amount of $0.15 per share, which will be paid in shares of the Company’s common stock or, upon the election of common shareholders, in cash. The dividend will be payable on or about September 8, 2023, to all shareholders of record as of August 14, 2023. The Company has 107,402,276 common shares issued and outstanding.

The Company is also re-affirming its previously announced dividend guidance that it intends to declare and pay a quarterly dividend with respect to the next quarter of 2023 in an amount of not less than $0.15 per share. The actual declaration of future dividends, the establishment of record and payment dates and the determination to pay future dividends in cash, in stock, or in a combination of cash and shares of common stock is subject to final determination by the Company’s board of directors each quarter after its review of the Company’s financial performance.