Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 297

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 19
Chunk 297
---
 2024, Cohen was renamed Diana Mariners and will act as the manning agent
of

the

Company’s

vessels.

As

of

December

31,

2024

and

2023,

the

Company’s

investment

in

Diana
Mariners amounted to

$
389
and $
272, respectively and

there was an

amount of $
100
and $
0, respectively,
due from Diana Mariners included

in due from related

parties. As of December 31,

2024, Diana Mariners
did not have any operations.

5.

Investments in a related party and other
a)

OceanPal Inc., or

OceanPal:
As of December

31, 2024 and

2023, the Company

was the holder
of
500,000
Series B Preferred Shares and
207
of Series C Convertible Preferred

Shares of OceanPal and
3,649,474
common shares,

being
49
%

of OceanPal’s

common

stock.

As

the

Company applied

the

fair
value option to

its investment in

the common shares

of OceanPal that

would otherwise be

accounted for
under the equity method of accounting,

it also applied fair value

to all of its financial

interests in OceanPal.
Series

B

preferred

shares

entitle

the

holder

to
2,000
votes

on

all

matters

submitted

to

vote

of

the
stockholders of the

Company,

provided however,

that the total

number of votes

shall not exceed
34
% of

DIANA SHIPPING INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2024

(Expressed in thousands of U. S. Dollars - except share, per share

data, unless otherwise stated)

F-23

the total

number of

votes, provided

further, that the

total number

of votes

entitled to

vote, including

common
stock or any other voting security,

would not exceed
49
% of the total number of votes. Series B Preferred
Shares have no dividend or distribution rights.
Series C preferred shares do not have voting rights unless related to amendments of the Articles of
Incorporation that adversely alter the preference, powers or rights of the Series C Preferred Shares or to
issue Parity Stock or create or issue Senior Stock.
Series C preferred