Diana Shipping director sells 20K stock warrants

DSX director Eleftherios Papatrifon sold 20,000 dividend-distributed warrants but still holds 171,311 warrants exercisable for 290,418 common shares.

Rhea-AI Filing Summary

DIANA SHIPPING INC. (DSX) director Eleftherios Papatrifon reported selling a total of 20,000 Warrants to purchase Common Stock in two transactions on September 18, 2026 and September 21, 2026. These Warrants were originally received as part of a December 14, 2023 dividend distribution of one-fifth of a warrant per common share.

The Warrants carry an exercise price of $1.69527 and entitle the holder to receive Common Stock upon exercise. After the reported sales, Papatrifon currently owns 171,311 Warrants from that distribution, which are exercisable for 290,418 shares of Common Stock. No Rule 10b5-1 trading plan is reported for these transactions.

Insider Trade Summary

Net Seller: 20,000 shares

Net Sell 2 txns

Insider Papatrifon Eleftherios

Role Director

Sold 20,000 shs

Type	Security	Shares	Price	Value
Sale	Warrants F1	5,000	--	--
Sale	Warrants F1	15,000	--	--

Holdings After Transaction: Warrants — 171,311 contracts (Direct)

Footnotes (1)

1. F1. On December 14, 2023, the Issuer distributed a dividend to all shareholders as of the record date, December 6, 2023 (the "Warrant Distribution"). The Issuer distributed one-fifth of a warrant for each issued and outstanding Common Share. Between September 18, 2026 and September 21, 2026, the Reporting Person sold 20,000 Warrants at an exercise price of $1.69527. The Reporting person currently owns 171,311 warrants from the Warrant Distribution which entitles him to 290,418 shares of common stock issuable upon the exercise of the warrants.

Key Figures

Warrants sold: 20,000 Warrants Warrants sold on September 18, 2026: 15,000 Warrants Warrants sold on September 21, 2026: 5,000 Warrants +4 more

7 metrics

Warrants sold 20,000 Warrants Total Warrants sold between September 18, 2026 and September 21, 2026

Warrants sold on September 18, 2026 15,000 Warrants Derivative sale of Warrants on September 18, 2026

Warrants sold on September 21, 2026 5,000 Warrants Derivative sale of Warrants on September 21, 2026

Warrant exercise price $1.69527 per share Exercise price for the Warrants described in the footnote

Warrants currently owned 171,311 Warrants Remaining Warrants from the Warrant Distribution currently owned by Papatrifon

Common shares issuable from remaining warrants 290,418 shares of Common Stock Shares issuable upon exercise of 171,311 remaining Warrants

Underlying shares for warrants sold 33,905 shares of Common Stock Aggregate underlying shares (8,476 + 25,429) tied to the 20,000 Warrants sold

Key Terms

Warrant Distribution, exercise price, Common Stock

3 terms

Warrant Distribution financial

"the Issuer distributed a dividend to all shareholders ... (the "Warrant Distribution")"

exercise price financial

"sold 20,000 Warrants at an exercise price of $1.69527"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

Common Stock financial

"shares of common stock issuable upon the exercise of the warrants"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did DSX director Eleftherios Papatrifon report in this Form 4?

He reported selling 20,000 Warrants to purchase DIANA SHIPPING INC. (DSX) Common Stock in two transactions on September 18, 2026 and September 21, 2026, reducing but not eliminating his warrant position from the prior dividend distribution.

How many DSX warrants does Papatrifon still hold after these sales?

After the reported sales, Eleftherios Papatrifon currently owns 171,311 Warrants from the prior Warrant Distribution, as disclosed in the footnote. These remaining Warrants are exercisable for 290,418 shares of Common Stock of DIANA SHIPPING INC. (DSX).

What is the exercise price of the DSX warrants reported in this Form 4?

The footnote states that between September 18 and September 21, 2026, Papatrifon sold 20,000 Warrants that have an exercise price of $1.69527. This is the price at which each Warrant can be exercised to receive DIANA SHIPPING INC. (DSX) Common Stock.

Where did the DSX warrants originate that Papatrifon sold and still holds?

The Warrants came from a December 14, 2023 dividend distribution, where DIANA SHIPPING INC. distributed one-fifth of a Warrant for each issued and outstanding Common Share to shareholders of record as of December 6, 2023, referred to as the "Warrant Distribution".

Were Papatrifon’s DSX warrant sales made under a Rule 10b5-1 trading plan?

The filing’s Rule 10b5-1 checkbox is unchecked, and there is no footnote indicating a trading plan. Based on this disclosure, no Rule 10b5-1 trading plan is reported for Papatrifon’s sales of DSX Warrants.

What common stock can Papatrifon obtain from his remaining DSX warrants?

The footnote states that Papatrifon’s 171,311 remaining Warrants from the Warrant Distribution entitle him to receive 290,418 shares of Common Stock of DIANA SHIPPING INC. (DSX) upon exercise of those Warrants at their stated exercise price.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/22/2026 - 04:49 PM Accepted by SEC EDGAR 09/22/2026 - 04:48 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Papatrifon Eleftherios

(Last) (First) (Middle)

PENDELIS 16

PALAIO FALIRO

(Street)

ATHENS 175 64

(City) (State) (Zip)

GREECE

(Country)

2. Issuer Name and Ticker or Trading Symbol
DIANA SHIPPING INC. [ DSX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/18/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrants	(1)	09/18/2026		S			15,000	(1)	(1)	Common Stock	25,429	(1)	176,311(1)	D
Warrants	(1)	09/21/2026		S			5,000	(1)	(1)	Common Stock	8,476	(1)	171,311(1)	D

Explanation of Responses:

1. On December 14, 2023, the Issuer distributed a dividend to all shareholders as of the record date, December 6, 2023 (the "Warrant Distribution"). The Issuer distributed one-fifth of a warrant for each issued and outstanding Common Share. Between September 18, 2026 and September 21, 2026, the Reporting Person sold 20,000 Warrants at an exercise price of $1.69527. The Reporting person currently owns 171,311 warrants from the Warrant Distribution which entitles him to 290,418 shares of common stock issuable upon the exercise of the warrants.

	/s/ Eleftherios Papatrifon	09/22/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)