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New distribution date for OceanPal Inc. spin-off

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Dry Bulk,

Diana Shipping Inc., a global shipping company specialising in the ownership of dry bulk vessels, has announced that the distribution date for the previously announced spin-off of its wholly-owned subsidiary, OceanPal Inc., has been extended. The new distribution date, to be announced in a separate press release, is expected to occur as soon as practicable following the effectiveness of the OceanPal Inc. registration statement under the Securities Exchange Act of 1934 on Form 20-F filed with the US Securities and Exchange Commission (the ‘Registration Statement’). The Company expects the spin-off transaction to be consummated in approximately two weeks on the same terms and conditions as previously announced in the Company’s press release dated 26 October 2021 and in the Registration Statement, which has not yet become effective. The record date of the OceanPal Inc. spin-off will not change.

Additional information about OceanPal Inc. and the spin-off transaction can be found in the Registration Statement. The information in the filed Registration Statement is not final and remains subject to change, and the consummation of the spin-off transaction remains subject to the Registration Statement being declared effective by the US Securities and Exchange Commission.

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