SCHEDULE: Diana Shipping Insider Boosts Stake to 8%

Anastasios Margaronis and affiliated entities increased their beneficial ownership in Diana Shipping Inc. to 8% through an equity incentive plan grant and other acquisitions.

Summary

• This is Amendment No. 3 to the Schedule 13D for Diana Shipping Inc., updating beneficial ownership information.
• Anastasios Margaronis, a Greek citizen and a member of the Issuer's Board of Directors, along with Anamar Investments Inc. and ESX Investments Inc. (collectively, the "Reporting Persons"), are the filers.
• Anastasios Margaronis beneficially owns 10,061,227 shares, representing 8.0% of Diana Shipping Inc.'s 123,539,757 outstanding common shares as of March 12, 2026.
• Anamar Investments Inc. is the record holder of 8,665,279 shares (6.9%), and ESX Investments Inc. holds 1,395,948 shares (1.1%).
• On February 25, 2026, Anamar Investments Inc. was granted 450,723 shares pursuant to the Issuer's Equity Incentive Plan.
• The Reporting Persons acquired shares for investment purposes, including through warrants, equity incentive plan grants, stock dividends, and open market purchases using personal funds.
• Reporting Persons reserve the right to acquire or dispose of shares, act in concert with other shareholders, and recommend courses of action to the Issuer's management and Board.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, as a significant increase in beneficial ownership by a board member suggests strong insider confidence in Diana Shipping Inc.'s future performance and strategic direction.

Positives

• Anastasios Margaronis, a Board member, increased his beneficial ownership to 8.0% of Diana Shipping Inc., signaling strong insider confidence.
• The increase includes a grant of 450,723 shares to Anamar Investments Inc. under the Issuer's Equity Incentive Plan, indicating alignment of management and shareholder interests.
• Reporting Persons state the acquisition is solely for investment purposes, suggesting a positive long-term outlook on the company's value.

Risks

• Reporting Persons may dispose of any or all shares they own at any time, depending on market conditions, other investment opportunities, and other factors.

Future Outlook

Reporting Persons may acquire additional shares or dispose of existing ones depending on an ongoing evaluation of their investment, prevailing market conditions, and other investment opportunities. They also reserve the right to act in concert with other shareholders and recommend courses of action to the Issuer's management, Board of Directors, and shareholders.

Management Comments

• "Mr. Margaronis, a member of the Board of Directors of the Issuer, may have influence over the corporate activities of the Issuer."
• "The Reporting Persons acquired the Shares, as described herein, solely for investment purposes."
• "The Reporting Persons, at any time and from time to time, may acquire additional Shares... or dispose of any or all of the Shares they own depending upon an ongoing evaluation of their investment in the Shares, prevailing market conditions, other investment opportunities, other investment considerations and/or other factors."
• "The Reporting Persons further reserve the right to act in concert with any other shareholders of the Issuer, or other persons, for a common purpose should they determine to do so, and/or to recommend courses of action to the Issuer's management, the Issuer's Board of Directors, the Issuer's shareholders and others."

Industry Context

StockSavvy.ai notes that increased insider ownership, especially by a board member, often signals confidence in the company's future prospects within the shipping industry, which is subject to cyclical demand and freight rates. This move could be interpreted as a bullish signal amidst current market conditions.

Comparison to Industry Standards

• This filing primarily concerns insider ownership changes rather than operational or financial performance, thus direct comparisons to industry-specific operational benchmarks (e.g., fleet utilization, daily charter rates of competitors like Star Bulk Carriers or Golden Ocean Group) are not directly applicable from this document.
• An increase in insider ownership percentage to 8% is a significant stake, aligning the interests of a key board member with those of public shareholders, which is generally viewed favorably across industries as it suggests strong conviction in the company's value.

Stakeholder Impact

• Shareholders: Increased alignment of interests with a key board member, potentially signaling confidence in the company's future.
• Management/Board: Anastasios Margaronis, as a significant shareholder and board member, may exert greater influence on corporate strategy and decisions.

Next Steps

• Reporting Persons may acquire additional shares or dispose of existing shares based on their ongoing evaluation.
• Reporting Persons may act in concert with other shareholders for a common purpose.
• Reporting Persons may recommend courses of action to the Issuer's management, Board of Directors, and shareholders.

Key Dates

Recommendation

The increase in beneficial ownership by a key board member, Anastasios Margaronis, to 8.0% of Diana Shipping Inc. signals strong insider confidence and aligns management interests with shareholders. This is generally a positive indicator, suggesting that insiders believe the stock is undervalued or has significant upside potential. However, without additional financial performance data or strategic announcements, a 'hold' recommendation is prudent for existing investors, while new investors might consider this a positive signal for further due diligence.

Keywords

Diana Shipping, beneficial ownership, Schedule 13D, insider ownership, equity incentive plan, Anastasios Margaronis, Anamar Investments, ESX Investments, shipping industry, common stock