Exhibit 99.1

DIAMOND S SHIPPING INC. REPORTS FIRST QUARTER 2020 RESULTS

Greenwich, CT, USA, May 8, 2020. Diamond S Shipping Inc. (NYSE: DSSI) (“Diamond S”, or the “Company”), one of the largest publicly listed owners and operators of crude oil and product tankers, today announced results for the first quarter of 2020.

Highlights for the First Quarter and Recent Events

-- Net income attributable to Diamond S of $45.0 million, or $1.13 per basic share, and Adjusted EBITDA (see Non-GAAP Measures section below) of $84.7 million.

-- Net debt at March 31, 2020 was $720.6 million implying a net debt to asset value leverage ratio of 43% based on broker valuations as of December 2019

-- As of May 7, 2020, fixed 63% of Crude Fleet revenue days at an average rate of approximately $41,800 per day and 60% of Product Fleet revenue days at an average rate of approximately $18,500 per day in the second quarter of 2020.

-- As of March 31, 2020, Diamond S repurchased 137,289 shares for a total of $1.4 million under the share repurchase program.

Craig H. Stevenson Jr., President and CEO of Diamond S, commented: “Diamond S would like to thank the dedicated seafarers aboard our 66 ships who have kept our Company moving in the face of the global pandemic. These seafarers, many of whom have had their terms of service extended due to logistical difficulties, are absolutely critical to the global energy economy. While the pandemic has created a difficult operational environment, the changes in the oil and petroleum products supply chain have led to a positive near term environment for tankers. This unprecedented volatility provides a reminder of both the benefits of unit leverage and spot market exposure. While Diamond S is positioned to generate substantial cash flow, as we are doing in today’s strong rate environment, our focus is on appropriately managing the volatility inherent in our markets by ensuring that our liquidity profile remains strong and that our cash break evens stay at highly competitive levels. After the current inventory stocking cycle reverses and oil and petroleum products begin to come out of storage, operators that have maintained capital discipline and have low daily break evens will be best positioned to withstand the trough cycle rate environment. We believe these strategic priorities will create value for our shareholders over the long term.”

First Quarter 2020 Results¹

Net income attributable to Diamond S for the first quarter of 2020 was $45.0 million, or $1.13 basic and $1.12 diluted earnings per share, compared to a net loss of $1.0 million, or $0.04 basic and diluted earnings per share, for the first quarter of 2019. The increase is primarily related to an increase in the number of vessels owned and operated by the Company as a result of the Merger¹ and improved tanker market conditions in both the crude and product tanker segments.

The Company groups its business primarily by commodity transported and segments its fleet into a 16-vessel crude oil transportation fleet (the “Crude Fleet”) and a 50-vessel refined petroleum product transportation fleet (the “Product Fleet”). The Crude Fleet consists of 15 Suezmax vessels and one Aframax vessel. The Product Fleet consists of 44 medium range (“MR2”) vessels and 6 Handysize (“MR1”) vessels.

¹ As used herein, the term “Merger” refers to the business combination of DSS Holdings L.P. (“DSS LP”) and the crude and product tanker business of Capital Product Partners L.P. (“CPLP”) on March 27, 2019. The historical consolidated financial statements of DSS LP and all of its directly owned subsidiaries for periods prior to the Merger are considered to be the predecessor financial statements of the Company. In January 2019, DSS LP’s Board of Directors approved changing the Company’s fiscal year end to December 31 of each calendar year from March 31.

Net revenues for the Company, which represents voyage revenues less voyage expenses, were $135.0 million for the first quarter of 2020 compared to $61.1 million for the first quarter of 2019. Net revenues from the Crude Fleet were $62.3 million in the first quarter of 2020 compared to $21.0 million for the first quarter of 2019. Net revenues from the Crude Fleet increased due to the impact of four additional vessels acquired as part of the Merger¹ and stronger market conditions in the first quarter of 2020 as compared to the first quarter of 2019. Net revenues from the Product Fleet were $72.7 million in the first quarter of 2020 compared to $40.1 million for the first quarter of 2019. The increase in net revenues in the Product Fleet was driven by the additional 21 vessels acquired in the Merger¹ and improved market conditions.

Vessel expenses were $41.5 million for the first quarter of 2020 compared to $24.8 million for the first quarter of 2019. Vessel expenses, which include crew costs, insurance, repairs and maintenance, lubricants and spare parts, technical management fees and other miscellaneous expenses, increased by $16.7 million primarily due to the increase in the size of the fleet following the Merger¹, net of the sale of the two MR2 vessels in the third quarter of 2019.

Depreciation and amortization expense was $28.8 million in the first quarter of 2020 compared to $22.0 million for the first quarter of 2019. The increase in depreciation and amortization expense was primarily due to the depreciation of the 25 vessels acquired in the Merger¹, which was partially offset by the sale of two MR2 vessels in the third quarter of 2019.

General and administrative expenses were $8.1 million in the first quarter of 2020 compared to $6.3 million for the first quarter of 2019. The increase was due to higher legal and accounting professional fees related to regulatory filings and an increase in headcount required to maintain the infrastructure for public company reporting standards and vessel management of a larger fleet employed in the spot market.

Interest expense was $11.4 million in the first quarter of 2020 compared to $9.4 million for the first quarter of 2019. Interest expense increased in the first quarter of 2020 due to an increase in debt borrowings as a result of financing the 25 vessels acquired in the Merger¹.

Other income, which consists primarily of interest income, was $0.3 million in the first quarter of 2020, compared to $0.5 million for the first quarter of 2019.

Liquidity

As of March 31, 2020, the Company had $116.6 million in cash and restricted cash. Restricted cash and minimum cash required by debt covenants was $55.7 million. The Company also had $20.0 million in available lines of credit as of March 31, 2020.

Outlook

Tanker market conditions strengthened considerably in the first quarter as a decrease in demand in Asia in the early stages of the COVID-19 pandemic gave way to a historic drop in prices for crude oil and refined products. Despite recent and planned production cuts, there is a significant imbalance between supply and demand that has led to an insatiable demand for storage, which has boosted rates across all segments. This dynamic is expected to persist and to keep demand for storage elevated, which may result in higher than average seasonal rates in the second and third quarters.

As of May 7, 2020, approximately 63% of the Crude Fleet revenue days in the second quarter of 2020 have been fixed at an average rate of $41,800 per day. Approximately 60% of the Product Fleet revenue days have been fixed at an average rate of $18,500 per day in the second quarter of 2020. These percentages include vessels on longer term time charters that commenced in a significantly lower rate environment than the current market.

Looking forward, the Company continues to monitor the global impact of COVID-19 on transportation demand. It is possible that tanker rates will be negatively impacted when the inventory storage cycle reverses as demand for crude oil and refined products recovers. Effective fleet capacity will increase as the number of vessels used for storage decreases, and demand for transportation may fall as product is drawn out of inventories. The Company remains constructive in its long-term market outlook and strongly believes the current market price of its shares do not reflect the underlying value of its assets. Additionally, the Company believes that its Crude Fleet and Product Fleet both offer very favorable exposure to long-term market dynamics and that it is well positioned to generate substantial earnings in a strong rate environment due to its competitive breakeven levels.

Share Repurchase Program

On March 4, 2020, the Company’s Board of Directors approved a share repurchase program, providing the Company with authorization to repurchase up to $50 million of shares of the Company's common stock, effective for a period of one year. Diamond S may repurchase these shares in the open market or in privately negotiated transactions, at times and prices that are considered to be appropriate by the Company. As of March 31, 2020, Diamond S repurchased 137,289 shares for a total of $1.4 million under the share repurchase program.

Conference Call

The Company will hold a conference call on May 8, 2020 at 8:00 a.m. Eastern Time to discuss its results for the first quarter of 2020.

To access the call, participants should dial +1 833 513-0550 for domestic callers and +1 778 560-2574 for international callers. Participants are encouraged to dial in ten minutes prior to the call. Please enter passcode 2073526.

A live webcast of the conference call will be available from the Company’s website at www.diamondsshipping.com.

An audio replay of the conference call will be available starting at 11 a.m. ET on Friday May 8, 2020 through Friday, May 15, 2020 by dialing in +1 800 585-8367 or +1 416 621-4642 and entering the passcode 2073526.

About Diamond S Shipping Inc.

Diamond S Shipping Inc. (NYSE: DSSI) owns and operates 66 vessels on the water, including 15 Suezmax vessels, one Aframax and 50 medium-range (MR) product tankers. Diamond S is one of the largest energy shipping companies providing seaborne transportation of crude oil, refined petroleum and other petroleum products. The Company is headquartered in Greenwich, CT. More information about Diamond S can be found at www.diamondsshipping.com.

Disclosure Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements including statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, there can be no assurance that the Company will achieve or accomplish these expectations, beliefs or projections. Some of the factors that could cause our actual results or conditions to differ materially include unforeseen liabilities; future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of the Company’s operations; risks relating to the integration of assets or operations of entities that it has or may in the future acquire and the possibility that the anticipated synergies and other benefits of such acquisitions may not be realized within expected timeframes or at all; the failure of counterparties to fully perform their contracts with the Company; the strength of world economies and currencies; the duration and impact of the COVID-19 (coronavirus) outbreak; general market conditions, including fluctuations in charter rates and vessel values; changes in demand for tanker vessel capacity; changes in the Company’s operating expenses, including bunker prices; drydocking and insurance costs; the market for the Company’s vessels; availability of financing and refinancing; charter counterparty performance; ability to obtain financing and comply with covenants in such financing arrangements; changes in governmental rules and regulations or actions taken by regulatory authorities; potential liability from pending or future litigation; general domestic and international political conditions; potential disruption of shipping routes due to accidents or political events; vessels breakdowns and instances of off-hires; and other factors. Please see the Company's filings with the SEC for a more complete discussion of certain of these and other risks and uncertainties. The Company undertakes no obligation, and specifically declines any obligation, except as required by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations Inquiries:

Tel: +1-212-517-0810

E-mail: IR@diamondsshipping.com

DIAMOND S SHIPPING INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets
as of March 31, 2020 and December 31, 2019

(In Thousands, except for share and per share data)

(Unaudited)

DIAMOND S SHIPPING INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations
for the Three Months Ended March 31, 2020 and 2019

(In Thousands, except for share and per share data)
(Unaudited)

DIAMOND S SHIPPING INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows
for the Three Months Ended March 31, 2020 and 2019

(In Thousands)

(Unaudited)

DIAMOND S SHIPPING INC. AND SUBSIDIARIES

Other Operating Data

(Unaudited)

Non-GAAP Measures

To supplement the Company’s financial information presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”), management uses certain “non-GAAP financial measures” as such term is defined in Regulation G promulgated by the Securities and Exchange Commission (the “SEC”). Generally, a non-GAAP financial measure is a numerical measure of a company’s operating performance, financial position or cash flows that excludes or includes amounts that are included in, or excluded from, the most directly comparable measure calculated and presented in accordance with GAAP. Management believes the presentation of these measures provides investors with greater transparency and supplemental data relating to the Company’s financial condition and results of operations, and therefore a more complete understanding of factors affecting its business than GAAP measures alone.

TCE revenue, TCE per day, earnings before interest, taxes, depreciation and amortization (“EBITDA”), and EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance (“Adjusted EBITDA”) are non-GAAP financial measures that are presented in this press release and that the Company believes provide investors with a means of evaluating and understanding how the Company’s management evaluates the Company’s operating performance. These non-GAAP financial measures should not be considered in isolation from, as substitutes for, nor superior to financial measures prepared in accordance with GAAP. Please see below for reconciliations of TCE revenue, TCE per day, EBITDA and Adjusted EBITDA.

Reconciliation of Voyage Revenue to TCE per Day

Reconciliation of Net Income/(Loss) to EBITDA and Adjusted EBITDA

EBITDA represents net income (loss) before interest expense, income taxes and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA are presented to provide investors with meaningful additional information that management uses to monitor ongoing operating results and evaluate trends over comparative periods. EBITDA and Adjusted EBITDA do not represent, and should not be considered a substitute for, net income (loss) or cash flows from operations determined in accordance with GAAP. EBITDA and Adjusted EBITDA have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of our results reported under GAAP. Some limitations are:

While EBITDA and Adjusted EBITDA are frequently used by companies as a measure of operating results and performance, neither of those items as prepared by the Company is necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles net income/(loss), as reflected in the consolidated statements of operations, to EBITDA and Adjusted EBITDA: