ATHENS, Greece, July 30, 2026 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX) (the “Company” or “Diana”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, reported net income of $20.8 million and net income attributable to common stockholders of $19.3 million for the second quarter of 2026. In the same quarter of 2025, the company reported net income of $4.5 million and net income attributable to common stockholders of $3.1 million.

Earnings per share for the second quarter of 2026 were $0.17 basic and $0.16 diluted, compared with $0.03 basic and diluted in the second quarter of 2025. Time charter revenues rose to $57.3 million from $54.7 million a year earlier. Diana said the increase was driven by higher average charter rates and partially offset by fewer ownership days after the sale of one vessel in the third quarter of 2025, underscoring how vessel count and charter rates both affect results in the dry bulk shipping business.

For the six months ended June 30, 2026, Diana reported net income of $49.9 million and net income attributable to common stockholders of $47.0 million, compared with net income of $7.5 million and net income attributable to common stockholders of $4.7 million in the same period of 2025. Time charter revenues for the first half of 2026 were $112.0 million, compared with $109.6 million in the first half of 2025. Earnings per share for the six months ended June 30, 2026 were $0.42 basic and $0.41 diluted, versus $0.04 basic and diluted in the prior-year period.

Dividend Declaration

The company declared a cash dividend of $0.01 per common share, based on results of operations for the quarter ended June 30, 2026. The dividend will be payable on September 11, 2026, to common shareholders of record as of August 21, 2026.

The declaration and payment of future dividends remain subject to the sole discretion of the company’s board of directors and will depend on, among other things, earnings, financial condition, cash requirements and future business prospects. As of July 29, 2026, Diana had 124,413,717 common shares issued and outstanding and 15,682,971 warrants outstanding.

Statement on Recent Developments

Semiramis Paliou, Diana’s Chief Executive Officer, said:

“We believe the market’s attention has been disproportionately focused on the proposed acquisition of Genco, diverting attention from Diana’s own intrinsic value and underlying operating performance.

These results clearly demonstrate that Diana’s business continues to perform strongly, with improving profitability, healthy cash generation and meaningful operating momentum. Under normal circumstances, such performance would be expected to receive far greater recognition from the market.

Instead, Diana continues to trade at a substantial discount to its NAV. We believe this valuation no longer reflects the Company’s underlying fundamentals, earnings power or asset quality. As investors increasingly refocus on Diana’s standalone performance and intrinsic value, we believe this discount should progressively narrow.

Looking further ahead, should the proposed transaction with Genco be completed, the combined company would represent a substantially larger, more diversified and more liquid platform. While no valuation outcome can be assumed, we believe such a company would naturally be evaluated under a different valuation framework than Diana on a standalone basis.

We believe Diana’s current valuation represents a compelling opportunity for investors to benefit from the Company’s improving operating performance and the potential for a gradual re-rating over time.”

Non-GAAP Measures

Diana said time charter equivalent rate, or TCE, is defined as time charter revenues less voyage expenses for a period divided by the number of available days in that period. The company said this non-GAAP measure is useful because it is a standard shipping industry performance metric used to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters. Management uses TCE to assess and compare vessel profitability.

The company also said daily vessel operating expenses are calculated by dividing vessel operating expenses by ownership days for the relevant period. These expenses include crew wages and related costs, insurance, repairs and maintenance, spares and consumable stores, tonnage taxes and other miscellaneous expenses. Management said the measure helps investors compare operational efficiency across the fleet and against industry peers, and is used to monitor vessel performance.

Conference Call and Webcast Information

Diana’s management will conduct a conference call and simultaneous internet webcast to review the results at 9:00 A.M. Eastern Time on Thursday, July 30, 2026.

Investors may access the webcast at www.dianashippinginc.com by clicking on the webcast link. An accompanying investor presentation will also be available through the webcast link and on the company’s website.

The conference call 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 call and accessible for 30 days on www.dianashippinginc.com. A telephone replay will also 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 Replay ID number 13761711.

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 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, as well as other statements that are not statements of historical facts.

The company said it is including this cautionary statement to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.

These statements are based on various assumptions, many of which are based in turn on further assumptions, including 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 these assumptions were reasonable when made, they are subject to significant uncertainties and contingencies that are difficult or impossible to predict and beyond the company’s control, and the company cannot assure that it will achieve or accomplish these expectations, beliefs or projections.

Other factors that could cause actual results to differ materially include the strength of world economies and currencies, general market conditions, fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in 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 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 escalation of the conflict in the Middle East, vessel breakdowns, instances of off-hires and other factors. The company referred readers to its 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)

Corporate Contact: Margarita Veniou, Chief Corporate Development, Governance & Communications Officer and Secretary, Telephone: + 30-210-9470-100, Email: [email protected], Website: www.dianashippinginc.com, X: @Dianaship

Investor Relations/Media Contact: Nicolas Bornozis / Daniela Guerrero, Capital Link, Inc., 230 Park Avenue, Suite 1540, New York, N.Y. 10169, Tel.: (212) 661-7566, Email: [email protected]