Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 264

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 19
Chunk 264
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 We

believe that our audit provides a reasonable

basis for our opinion.

Definition and Limitations of Internal

Control over Financial Reporting

A company’s internal

control over financial reporting

is a process designed to provide reasonable

assurance regarding

the reliability of financial reporting and the preparation

of financial statements for

external purposes in accordance with

generally accepted accounting

principles. A company’s internal

control over financial reporting

includes those policies

and procedures that (1) pertain to

the maintenance of records

that, in reasonable detail, accurately

and fairly reflect the

transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that

transactions are

recorded as necessary to permit preparation

of financial statements in accordance

with generally accepted accounting

principles, and that receipts and expenditures

of the company are being made only in accordance

with authorizations of

management and directors of

the company; and (3) provide reasonable

assurance regarding

prevention or timely

detection of unauthorized acquisition, use, or disposition

of the company’s assets

that could have a material effect

on

the financial statements.

Because of its inherent limitations,

internal control over financial

reporting may not prevent

or detect misstatements.

Also, projections of any evaluation

of effectiveness to future

periods are subject to the risk that controls

may become

F-5

inadequate because of changes in conditions,

or that the degree of compliance with the policies or procedures

may

deteriorate.

/s/ Deloitte Certified Public Accountants

S. A.

Athens, Greece

March 21, 2025

F-6

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of Diana Shipping Inc.

Opinion on the Financial Statements

We have

audited the accompanying

consolidated balance

sheet of Diana

Shipping Inc. (the

Company) as

of

December 31,

2023, the

related

consolidated statements

of income,

comprehensive income, stockholders'

equity and

cash

flows

for

each of

the two

years

in the

period ended

December 31,

2023,

and the

related

notes (collectively referred

to as

the “consolidated

financial statements”).

In our

opinion, the

consolidated

financial statements present

fairly, in all material