About Diana Shipping

Diana Shipping Inc. specializes in the ownership and bareboat charter-in of dry bulk vessels. Each of the company’s vessels is owned through a separate wholly-owned subsidiary. In March 2022, the company chartered-in, through a wholly owned subsidiary, a dry bulk carrier under a bareboat agreement. As of December 31, 2022, the company’s fleet, owned and chartered-in, consisted of 41 dry bulk carriers, of which nine were Ultramax, seven were Panamax, six were Kamsarmax, five were Post-Panamax, ten were Capesize and four were Newcastlemax vessels, having a combined carrying capacity of approximately 4.7million dead weight tons (dwt) and a weighted average age of 9.9 years. As of December 31, 2022, the company’s operating fleet consisted of 42 dry bulk carriers, of which eight were Ultramax, eight were Panamax, six were Kamsarmax, five were Post-Panamax, eleven were Capesize and four were Newcastlemax vessels, having a combined carrying capacity of approximately 4.9 million dwt and a weighted average age of 10.2 years. As of December 31, 2022, the company had agreed to acquire a 2016 built Ultramax dry bulk vessel of 60,309 dwt, delivered on January 30, 2023. Management of Fleet The commercial and technical management of the company’s fleet, owned and bareboat chartered-in, as well as the provision of administrative services relating to the fleet’s operations, are carried out by its wholly-owned subsidiary, Diana Shipping Services S.A., which it refers to as DSS, and Diana Wilhelmsen Management Limited, a 50/50 joint venture with Wilhelmsen Ship Management, which it refers to as DWM. Customers The company’s customers include regional and international companies, such as Cargill International S.A., GlencoreGrain B.V., Koch Shipping Pte Ltd and Swissmarine Services S.A. During 2022, two of the company’s charterers accounted for 34% of its revenues: Cargill (19%) and Koch (15%). Environmental and Other Regulations in the Shipping Industry A variety of government and private entities subject the company’s vessels to both scheduled and unscheduled inspections. These entities include the local port authorities (applicable national authorities, such as the United States Coast Guard (USCG), harbor master or equivalent), classification societies, flag state administrations (countries of registry) and charterers, particularly terminal operators. The International Maritime Organization, the United Nations agency for maritime safety and the prevention of pollution by vessels (the ‘IMO’), has adopted the International Convention for the Prevention of Pollution from Ships, 1973, as modified by the Protocol of 1978 relating thereto, collectively referred to as MARPOL 73/78 and herein as ‘MARPOL’; the International Convention for the Safety of Life at Sea of 1974 (SOLAS Convention); and the International Convention on Load Lines of 1966 (the ‘LL Convention’). In September of 1997, the IMO adopted Annex VI to MARPOL to address air pollution from vessels. Effective May 2005, Annex VI sets limits on sulfur oxide and nitrogen oxide emissions from all commercial vessel exhausts and prohibits ‘deliberate emissions’ of ozone depleting substances (such as halons and chlorofluorocarbons), emissions of volatile compounds from cargo tanks, and the shipboard incineration of specific substances. Annex VI also includes a global cap on the sulfur content of fuel oil and allows for special areas to be established with more stringent controls on sulfur emissions. Emissions of ‘volatile organic compounds’ from certain vessels, and the shipboard incineration (from incinerators installed after January 1, 2000) of certain substances (such as polychlorinated biphenyls, or ‘PCBs’) are also prohibited. All the company’s vessels are compliant in all material respects with these regulations. The company has obtained applicable documents of compliance for its offices and safety management certificates for all of its vessels for which the certificates are required by the IMO. The company has obtained Anti-fouling System Certificates for all of its vessels that are subject to the Anti-fouling Convention (International Convention on the Control of Harmful Anti-fouling Systems on Ships). History The company was founded in 1999. It was incorporated under the laws of Liberia in 1999. The company was formerly known as Diana Shipping Investments Corp. and changed its name to Diana Shipping Inc. in 2005. The company was re-domiciled from the Republic of Liberia to the Republic of the Marshall Islands in 2005.