Climate Change Data

Environmental Metrics

ESG Focus Areas

• Climate change
• Health and safety
• Corruption
• Emissions
• Spills
• Corporate governance

Environmental Achievements

• Six older vessels were sold in 2019, resulting in lower CO2 emissions due to increased efficiency.
• 100 percent of the fleet had ballast water exchange systems installed, while 29 percent had installed ballast water treatment systems.

Social Achievements

• Established an in-house training center in Athens in 2018, educating and training over 1,000 seafarers in 2019.
• Lost Time Incident Rate (LTIR) for 2019 was 2.30, and Lost Time Incident Frequency (LTIF) was 0.95.

Governance Achievements

• Adopted a Code of Ethics, Anti-Fraud Policy and Fraud Response Plan, Policies and Procedures to Detect and Prevent Insider Trading, and Audit Committee Charter.
• No cases of corruption or recorded requests for bribes during 2019.

Climate Goals & Targets

Environmental Challenges

• Managing risks related to health and safety, corruption, emissions, and spills.
• Compliance with ballast water management regulations.
• Ship recycling risks related to ESG.

Mitigation Strategies

• Established principles and processes to handle risks in daily operations.
• Implemented ballast water management plans.
• Certified DSS Superintendent Engineers as Inventory Hazardous Material (IHM) Experts.
• Active member of Hellenic Marine Environment Protection Association (Helmepa).

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: SASB

Certifications: ISO 14001:2015

Third-party Assurance: American Bureau of Shipping (ABS)

UN Sustainable Development Goals

• SDG 13 (Climate Action)
• SDG 14 (Life Below Water)
• SDG 4 (Quality Education)
• SDG 5 (Gender Equality)

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Sustainable Development Goals (SDG 4, 5, 13, 14)
• Environmental, Social, and Governance (ESG) policies

Environmental Achievements

• Modernized its fleet through the sale of older vessels, improving the fleet's emission efficiency
• Implemented digital sustainability solutions across its managed fleet through an agreement with American Bureau of Shipping

Social Achievements

• Active member of the Hellenic Marine Environment Protection Association (HELMEPA), promoting education and initiatives to prevent ship-generated pollution and promote safety at sea

Governance Achievements

• Voluntarily adopted several NYSE governance practices, such as having a majority of independent directors, establishing audit, compensation, sustainability, and nominating committees, and adopting a Code of Ethics
• Signed a Sustainability-Linked loan for 6 vessels

Environmental Challenges

• Climate change and greenhouse gas restrictions may adversely impact operations and markets
• Increasing scrutiny and changing expectations from investors, lenders, and other market participants with respect to ESG policies may impose additional costs or expose the company to additional risks

Mitigation Strategies

• Modernized fleet to improve emission efficiency
• Implemented digital sustainability solutions
• Sustainability-Linked loan for 6 vessels

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: Sustainability Accounting Standards Board (SASB) Marine Transportation framework, GRI Standards

UN Sustainable Development Goals

• SDG 4
• SDG 5
• SDG 13
• SDG 14

Diana Shipping Inc. uses double materiality assessments of ESG topics to ensure diligent follow-up of issues relevant to our business and to the areas of the world we operate in.

Environmental Metrics

ESG Focus Areas

• Environmental Stewardship
• Protecting and Developing People
• Operational Excellence

Environmental Achievements

• Reduction of total energy consumption by 12% in 2021
• Reduction of heavy fuel oil consumption to 58% of the fuel mix in 2021
• Reduction of gross global (scope 1) GHG emission by 12% in 2021
• Achieved an Average Efficiency Ratio (AER) of 3.16 in 2021
• Reduction of the DSS Fleet average Energy Efficiency Operational Indicator (EEOI) to 7.02 in 2021

Social Achievements

• 268 training seminars attended by more than 10,600 seafarers
• 42% reduction in Lost Time Incident Rate (LTIR) in 2021
• Reduction of Lost Time Incident Frequency (LTIF) from 1.21 in 2020 to 0.74 in 2021
• No COVID-19 cases reported onboard in 2021

Governance Achievements

• Established policies and procedures to manage risks related to health and safety, corruption, emissions, and spills
• Voluntary adoption of several NYSE required practices, including a majority of independent directors and establishment of various committees
• Zero monetary losses as a result of legal proceedings associated with bribery or corruption
• Zero incidents where bribes have been requested

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic impacting shipping operations
• Cybersecurity threats associated with increased digitalization

Mitigation Strategies

• Proactive corporate measures and guidelines to manage COVID-19 risks, including teleworking and adherence to local authority directives
• Investment in various cybersecurity systems and infrastructure protection, along with the appointment of designated personnel

Supply Chain Management

Responsible Procurement

• Collection and evaluation of documents required by suppliers for all vessels’ purchased items

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: SASB

Certifications: ISO 14001

UN Sustainable Development Goals

• SDG 7
• SDG 9
• SDG 13
• SDG 14
• SDG 16
• SDG 4
• SDG 5
• SDG 8
• SDG 17

The report details how Diana Shipping's actions contribute to these SDGs.

Awards & Recognition

• AMVER award certificates for six vessels

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Announced the signing of two 81,200 dwt methanol dual fuel new-building Kamsarmax dry bulk vessels, presented as a showcase at the Business & Philanthropy Climate Forum during COP28 for the reduction of the environmental impact of our fleet.
• Expanded investment in offshore wind service vessels (CSOVs), bringing the total investment to four vessels.

Social Achievements

• Not disclosed

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Geopolitical disruption and tight monetary policies
• Unpredictable weather conditions
• Lower congestion
• Chinese Real Estate crisis and Government’s Steel and Energy Policies
• Shift towards renewable sources of Energy production

Mitigation Strategies

• Prudently and actively manage our balance sheet, allowing us to take advantage of the opportunities presented.
• Continue to renew and modernize our fleet and enhance our ecological footprint in greener investments.
• Adhere to our strategy of providing relative stability in a cyclical business, with a goal of maximizing long-term shareholder value.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Methanol dual fuel new-building Kamsarmax dry bulk vessels
• Offshore wind service vessels (CSOVs)

Awards & Recognition

• “Dry Cargo Company of the Year Award” at the 2023 Lloyd’s List Greek Shipping Awards

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Climate Goals & Targets

Supply Chain Management

Climate-Related Risks & Opportunities