Diana Shipping Inc. Announces Special Stock Dividend Election and Distribution Date

ATHENS, Greece, May 12, 2023 (GLOBE NEWSWIRE) — Diana Shipping Inc. (NYSE:DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced that its previously announced special stock dividend payment to common shareholders of record as of April 24, 2023 (the “Record Date”) of an aggregate of 13,157 Series D Convertible Preferred Shares of OceanPal Inc. held by the Company, is now expected to be paid on or around May 30, 2023 (the “Stock Dividend Payment Date”). Because there is no public market currently existing or expected to develop for the Series D Convertible Preferred Shares of OceanPal Inc., as an accommodation to its common shareholders the Company will automatically convert the Series D Convertible Preferred Shares into OceanPal Inc. common shares on or around the Stock Dividend Payment Date and distribute such common shares to each common shareholder in lieu of Series D Convertible Preferred Shares of OceanPal Inc. Common shareholders of the Company will have the opportunity to elect to opt out, in whole but not in part, of the conversion of the Series D Convertible Preferred Shares and instead receive Series D Convertible Preferred Shares in connection with the special dividend.

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