Diana Shipping Inc. Announces Completion of OceanPal Inc. Spin-Off

Athens, Greece - November 30, 2021

Diana Shipping Inc. (NYSE: DSX) (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that it has completed the spin-off of its wholly-owned subsidiary, OceanPal Inc., effective November 29, 2021.

The Company’s shareholders received one OceanPal Inc. share for every 10 shares of Diana Shipping Inc. held on the record date of November 3, 2021.

To the extent the distribution would have resulted in any shareholder owning a fractional share of OceanPal Inc., such fractional share was rounded up to the next whole number of shares.

Additional information about OceanPal Inc. and the spin-off transaction can be found in the OceanPal Inc. registration statement filed pursuant to the Securities Exchange Act of 1934 on Form 20-F, which is available at www.sec.gov.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale of any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to consummation of the spin-off transaction.

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