DSX - Diana Shipping - Discussing Proposed OceanPal Spin-Off

• Leading dry bulk carrier announces $0.10 cash dividend and surprise spin-off of three vintage vessels into a new, spot market-focused company named OceanPal.
• Diana Shipping has granted OceanPal the right of first refusal over six additional dry bulk carriers and any available spot-chartering opportunity.
• While OceanPal won't have any long-term debt initially, Diana Shipping will be compensated with a yet-to-be-specified amount of 8% Series C Preferred Stock.
• Diana Shipping will retain control of OceanPal via a new series of preferred supervoting stock and common shares issued to management in the upcoming spin-off.
• While Diana Shipping remains a rather conservative play on the dry bulk shipping industry, OceanPal will be a bet on elevated spot market rates taking hold for at least the next couple of quarters. Given the company's stated fleet expansion plans, investors need to be wary of potential dilution going forward.

For further details see: