Diana Shipping Inc. Announces Increase of Purchase Price and Extension of Tender Offer for Shares of Common Stock

Athens, Greece - May 14, 2019

Diana Shipping Inc. (NYSE: DSX) (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that the Company has increased the purchase price to be paid in its tender offer to purchase up to 3,125,000 shares, or about 3.1%, of its outstanding common stock using funds available from cash and cash equivalents (the “Offer”) to $3.40 per share and extended the Offer until the end of the day, 5:00 P.M., Eastern Time, on May 28, 2019, to allow additional time for stockholders to tender their shares. Except as set forth herein, the terms and conditions of the Offer remain the same.

Computershare Trust Company, N.A., the depositary for the Offer, has advised the Company that as of the close of business, New York City time, on May 13, 2019, the last business day prior to the announcement of the extension of the Offer, 298,691 shares (excluding 254,061 shares tendered pursuant to guaranteed delivery procedures that have not yet been delivered in settlement or satisfaction of such guarantee) have been validly tendered pursuant to the Offer and not properly withdrawn.

Stockholders who have previously validly tendered and not withdrawn their shares do not need to re-tender their shares or take any other action in response to the extension of the Offer. The terms and conditions of the Offer, prior to the amendment described in this release, were set forth in the Company’s “Offer to Purchase” dated April 15, 2019 (as supplemented by the Supplement No. 1 to the Offer to Purchase dated May 7, 2019) and “Letter of Transmittal” dated April 15, 2019, and the other related materials that the Company distributed to stockholders, which were filed with the Securities and Exchange Commission (“SEC”) as exhibits to the Company’s Schedule TO on April 15, 2019 or Amendment No. 1 to Schedule TO dated May 7, 2019, as applicable.

Diana Shipping Inc. retained Computershare Trust Company, N.A. as the depositary for the Offer and Georgeson LLC as the information agent.

Copies of the Offer to Purchase, the related Letter of Transmittal and the Notice of Guaranteed Delivery were mailed to the Company’s shareholders. Additional copies of the Offer to Purchase, the related Letter of Transmittal or the Notice of Guaranteed Delivery may be obtained at the Company’s expense from the information agent at (800) 248-7690 (toll free). Questions regarding the Offer should be directed to the information agent at (800) 248-7690 (toll free). Parties outside the U.S. can reach the information agent at +1-781-575-2137.

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.

Diana Shipping Inc. press release