Core Viewpoint - Diana Shipping Inc. has entered into a time charter contract for its Capesize dry bulk vessel, the m/v New Orleans, with SwissMarine Pte. Ltd., which is expected to generate significant revenue for the company [1][2]. Company Overview - Diana Shipping Inc. is a global provider of shipping transportation services, specializing in the ownership and bareboat charter-in of dry bulk vessels, primarily engaged in short to medium-term time charters [4]. Charter Details - The gross charter rate for the m/v New Orleans is set at US$26,000 per day, with a 5.00% commission to third parties, for a period extending from October 28, 2025, until a minimum of December 1, 2026, and a maximum of February 15, 2027 [1]. - The anticipated gross revenue from the charter for the minimum scheduled period is approximately US$10.22 million [2]. Fleet Composition - The current fleet of Diana Shipping Inc. consists of 36 dry bulk vessels, including various types such as 4 Newcastlemax, 8 Capesize, and others, with a combined carrying capacity of approximately 4.1 million dwt and a weighted average age of 11.89 years [3]. - The company plans to take delivery of two methanol dual fuel new-building Kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028 [3].

Core Insights - Three undervalued marine shipping stocks, BW LPG Ltd., Diana Shipping Inc., and Matson Inc., have surged in value rankings, indicating new investor interest and a dynamic market landscape [1][2]. Company Summaries - **BW LPG Ltd. (NYSE:BWLP)**: The stock's value score increased from 88.36 to 91.05, a gain of 2.69 points, placing it in the top decile for value. Year-to-date, the stock is up 9.40% but down 13.65% over the past year. It shows a weaker price trend in the short and medium terms but a stronger long-term trend [8]. - **Diana Shipping Inc. (NYSE:DSX)**: The value score rose from 89.39 to 90.70, gaining 1.31 points week-on-week. The stock is down 14.29% year-to-date and 30.58% over the year. It has a stronger medium-term price trend but weaker long-term performance [8]. - **Matson Inc. (NYSE:MATX)**: The value score increased from 89.41 to 90.33, marking a gain of 0.92 points. The stock is down 29.28% year-to-date and 27.41% over the past year, with weaker price trends across all time frames but a robust quality ranking [8]. Valuation Insights - The percentile-based valuation analysis indicates that BW LPG, Diana Shipping, and Matson have entered the top 10th percentile of stocks, reflecting significant improvements in their value scores week-on-week [2][6]. - The Benzinga Stock Edge Rankings' value percentile ranking evaluates stocks based on their relative price against core fundamentals, making it a useful tool for identifying undervalued opportunities in the market [6].

Core Viewpoint - Diana Shipping Inc. has successfully secured a US$55.0 million six-year term loan facility, enhancing its capital structure and operational flexibility [1][2]. Group 1: Loan Details - The loan was signed with National Bank of Greece S.A. on September 29, 2025, and the full amount was drawn down immediately [1]. - The loan is secured by five vessels and is set to mature in September 2031 [1]. Group 2: Fleet Information - Diana Shipping Inc. currently operates a fleet of 36 dry bulk vessels, including various types such as Newcastlemax, Capesize, and Ultramax [2]. - The combined carrying capacity of the fleet, excluding two vessels yet to be delivered, is approximately 4.1 million deadweight tons (dwt) with a weighted average age of 11.85 years [2]. - The company expects to take delivery of two methanol dual fuel Kamsarmax vessels by the second half of 2027 and the first half of 2028 [2]. Group 3: Company Overview - Diana Shipping Inc. specializes in shipping transportation services through the ownership and bareboat charter-in of dry bulk vessels [3]. - The vessels primarily operate on short to medium-term time charters, transporting various dry bulk commodities such as iron ore, coal, and grain [3].

Core Viewpoint - Diana Shipping Inc. has entered into a time charter contract with Bunge SA for its Ultramax dry bulk vessel, m/v DSI Aquila, at a gross charter rate of US$14,500 per day, expected to generate approximately US$7.15 million in gross revenue for the minimum scheduled period of the charter [1][2]. Company Overview - Diana Shipping Inc. is a global provider of shipping transportation services, specializing in the ownership and bareboat charter-in of dry bulk vessels, primarily engaged in short to medium-term time charters [4]. Fleet Details - The company's fleet consists of 36 dry bulk vessels, including various classes such as Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, and Ultramax, with a combined carrying capacity of approximately 4.1 million dwt and a weighted average age of 11.85 years [3]. New Vessel Deliveries - The company anticipates taking delivery of two methanol dual fuel new-building Kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028 [3].

Core Viewpoint - Diana Shipping Inc. has entered into a time charter contract with Nippon Yusen Kabushiki Kaisha for its Kamsarmax dry bulk vessel, the m/v Leonidas P. C., with a gross charter rate of US$14,000 per day, expected to generate approximately US$4.93 million in gross revenue for the minimum charter period [1][2]. Group 1: Charter Agreement Details - The time charter contract is set for a period from September 24, 2025, until a minimum of September 15, 2026, and a maximum of November 15, 2026 [1]. - The gross charter rate is US$14,000 per day, with a 5.00% commission paid to third parties [1]. Group 2: Vessel and Fleet Information - The m/v Leonidas P. C. is a Kamsarmax dry bulk vessel with a deadweight tonnage (dwt) of 82,165, built in 2011 [2]. - Diana Shipping Inc. currently operates a fleet of 36 dry bulk vessels, including various classes such as Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, and Ultramax [3]. - The combined carrying capacity of the fleet, excluding two new vessels yet to be delivered, is approximately 4.1 million dwt, with a weighted average age of 11.83 years [3]. Group 3: Company Overview - Diana Shipping Inc. specializes in the ownership and bareboat charter-in of dry bulk vessels, primarily engaging in short to medium-term time charters [4]. - The company transports a range of dry bulk cargoes, including iron ore, coal, and grain, along global shipping routes [4].

Core Insights - Diana Shipping Inc. released its Environmental, Social and Governance (ESG) Report for the year ended December 31, 2024, detailing the company's policies and practices related to ESG commitments [1] - The company emphasizes its dedication to creating a sustainable and equitable maritime future, viewing its workforce as a key asset and competitive advantage [2] Company Overview - Diana Shipping Inc. is a global provider of shipping transportation services, focusing on the ownership and bareboat charter-in of dry bulk vessels [2] - The company's vessels primarily operate on short to medium-term time charters, transporting various dry bulk commodities such as iron ore, coal, and grain across global shipping routes [2]

Core Viewpoint - Diana Shipping Inc. has signed a Memorandum of Agreement to sell the Ultramax dry bulk vessel m/v DSI Drammen for approximately US$26.86 million, with delivery to the buyer by October 31, 2025 [1] Group 1: Company Overview - Diana Shipping Inc. is a global provider of shipping transportation services, specializing in the ownership and bareboat charter-in of dry bulk vessels [3] - The company's fleet consists of 36 dry bulk vessels, including 4 Newcastlemax, 8 Capesize, 4 Post-Panamax, 6 Kamsarmax, 5 Panamax, and 9 Ultramax [2] - The combined carrying capacity of the fleet, excluding the m/v DSI Drammen and two vessels not yet delivered, is approximately 4.1 million dwt with a weighted average age of 11.82 years [2] Group 2: Future Developments - The company expects to take delivery of two methanol dual fuel new-building Kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028 [2]

Core Viewpoint - Diana Shipping Inc. has entered into a time charter contract for its Post-Panamax dry bulk vessel, the m/v Polymnia, with Oldendorff Carriers GmbH & Co. KG, which is expected to generate significant revenue for the company [1][2]. Group 1: Charter Contract Details - The gross charter rate for the m/v Polymnia is set at US$14,000 per day, with a 5.00% commission to third parties, for a period from August 17, 2025, until a minimum of April 10, 2026, and a maximum of June 10, 2026 [1]. - The anticipated gross revenue from the charter for the minimum scheduled period is approximately US$3.28 million [2]. Group 2: Fleet Composition and Future Plans - Diana Shipping Inc. currently operates a fleet of 36 dry bulk vessels, including 4 Newcastlemax, 8 Capesize, 4 Post-Panamax, 6 Kamsarmax, 5 Panamax, and 9 Ultramax vessels [3]. - The total carrying capacity of the fleet, excluding two vessels not yet delivered, is approximately 4.1 million deadweight tons (dwt), with a weighted average age of 11.72 years [3]. - The company expects to take delivery of two new methanol dual fuel Kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028 [3]. Group 3: Company Overview - Diana Shipping Inc. is a global provider of shipping transportation services, specializing in the ownership and bareboat charter-in of dry bulk vessels [4]. - The company's vessels primarily engage in short to medium-term time charters, transporting various dry bulk commodities such as iron ore, coal, and grain along global shipping routes [4].

Core Viewpoint - Diana Shipping Inc. has entered into a time charter contract with Cargill Ocean Transportation for its Ultramax dry bulk vessel, the m/v DSI Pegasus, with a gross charter rate of US$14,250 per day, expected to generate approximately US$3.92 million in gross revenue for the minimum charter period [1][2]. Group 1: Charter Agreement Details - The time charter for the m/v DSI Pegasus is set to commence on August 15, 2025, and will last until at least May 20, 2026, with a maximum end date of July 20, 2026 [1]. - The charter rate is subject to a 4.75% commission paid to third parties [1]. Group 2: Fleet Information - Diana Shipping Inc. currently operates a fleet of 36 dry bulk vessels, including various types such as Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, and Ultramax [3]. - The total carrying capacity of the fleet, excluding two vessels not yet delivered, is approximately 4.1 million dwt, with a weighted average age of 11.71 years [3]. - The company anticipates the delivery of two new methanol dual fuel Kamsarmax vessels by the second half of 2027 and the first half of 2028 [3]. Group 3: Company Overview - Diana Shipping Inc. specializes in shipping transportation services through the ownership and bareboat charter-in of dry bulk vessels, primarily engaging in short to medium-term time charters [4]. - The vessels transport a variety of dry bulk cargoes, including iron ore, coal, and grain, along global shipping routes [4].

[Executive Summary & Financial Highlights](index=1&type=section&id=1.%20Executive%20Summary%20%26%20Financial%20Highlights) Diana Shipping Inc. achieved significant financial improvement in Q2 and H1 2025, reporting net income and positive EPS, and declared a cash dividend [Second Quarter 2025 Financial Performance](index=1&type=section&id=1.1%20Second%20Quarter%202025%20Financial%20Performance) Diana Shipping Inc. reported a significant turnaround in Q2 2025, achieving net income and positive EPS compared to a net loss in Q2 2024. Time charter revenues saw a slight decrease due to fewer ownership days, partially offset by higher average charter rates | Metric | Q2 2025 (USD) | Q2 2024 (USD) | Change (YoY) | | :----------------------------------- | :------------ | :------------ | :----------- | | Net Income | $4.5 million | ($2.8 million) | +$7.3 million | | Net Income Attributable to Common Stockholders | $3.1 million | ($4.2 million) | +$7.3 million | | Earnings Per Share (Basic & Diluted) | $0.03 | ($0.04) | +$0.07 | | Time Charter Revenues | $54.7 million | $56.0 million | -$1.3 million (-2.3%) | - The **decrease** in time charter revenues was primarily due to **decreased** ownership days, partly offset by **increased** average charter rates[2](index=2&type=chunk) [Six Months Ended June 30, 2025 Financial Performance](index=1&type=section&id=1.2%20Six%20Months%20Ended%20June%2030%2C%202025%20Financial%20Performance) For the first half of 2025, the Company also reported net income and positive EPS, a substantial improvement from a net loss in the prior year period. Time charter revenues for the six months decreased slightly | Metric | H1 2025 (USD) | H1 2024 (USD) | Change (YoY) | | :----------------------------------- | :------------ | :------------ | :----------- | | Net Income | $7.5 million | ($0.7 million) | +$8.2 million | | Net Income Attributable to Common Stockholders | $4.7 million | ($3.6 million) | +$8.3 million | | Earnings Per Share (Basic & Diluted) | $0.04 | ($0.03) | +$0.07 | | Time Charter Revenues | $109.6 million | $113.6 million | -$4.0 million (-3.5%) | [Dividend Declaration](index=1&type=section&id=1.3%20Dividend%20Declaration) The Company declared a cash dividend of $0.01 per common share for Q2 2025, payable in September 2025 - A cash **dividend** of **$0.01 per common share** was declared for the quarter ended June 30, 2025[4](index=4&type=chunk) - The **dividend** is payable on September 11, 2025, to shareholders of record as of August 21, 2025[4](index=4&type=chunk) | Metric | Value (as of July 29, 2025) | | :-------------------------------- | :-------------------------- | | Common Shares Issued and Outstanding | 115,775,463 | | Outstanding Warrants | 16,211,330 | [Fleet Employment Overview](index=2&type=section&id=2.%20Fleet%20Employment%20Overview) This section details the Company's dry bulk carrier fleet composition, including vessel types, operational status, and recent changes like vessel sales or drydocking schedules [Fleet Details (As of July 29, 2025)](index=2&type=section&id=2.1%20Fleet%20Details%20(As%20of%20July%2029%2C%202025)) As of July 29, 2025, Diana Shipping Inc. operates a diverse fleet of dry bulk carriers, including Ultramax, Panamax, Kamsarmax, Post-Panamax, Capesize, and Newcastlemax vessels. The report provides detailed charter information for each vessel, including daily rates, charterers, and redelivery dates - The fleet includes **9 Ultramax**, **6 Panamax**, **6 Kamsarmax**, **4 Post-Panamax**, **8 Capesize**, and **4 Newcastlemax** bulk carriers[5](index=5&type=chunk)[7](index=7&type=chunk) - Vessel 'SELINA' was sold and delivered to new owners on July 15, 2025[9](index=9&type=chunk) - Several vessels are currently undergoing scheduled drydocking or are off-hire, including DSI Pegasus, LETO, SELINA, NEW YORK, and NEW ORLEANS[9](index=9&type=chunk)[10](index=10&type=chunk) [Summary of Selected Financial & Other Data](index=6&type=section&id=3.%20Summary%20of%20Selected%20Financial%20%26%20Other%20Data) This section provides a concise overview of key financial and operational metrics, highlighting improved profitability, changes in fleet size and age, and enhanced daily earnings [Income Statement Data](index=6&type=section&id=3.1%20Income%20Statement%20Data) The summary financial data shows improved net income for both the quarter and six months ended June 30, 2025, compared to losses in the prior year. Time charter revenues decreased, while voyage and vessel operating expenses also saw slight reductions | Metric (in thousands of USD) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :----------------------------------- | :------ | :------ | :------ | :------ | | Time charter revenues | 54,688 | 56,000 | 109,625 | 113,648 | | Voyage expenses | 3,114 | 3,145 | 6,064 | 6,413 | | Vessel operating expenses | 20,012 | 21,269 | 39,962 | 42,133 | | Net income/(loss) | 4,542 | (2,764) | 7,539 | (706) | | Net income/(loss) attributable to common stockholders | 3,100 | (4,206) | 4,655 | (3,590) | [Fleet Operational Data](index=6&type=section&id=3.2%20Fleet%20Operational%20Data) The Company's fleet size decreased from 39 to 37 vessels, leading to fewer ownership and available days. The weighted average age of vessels increased slightly, while fleet utilization remained high | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :---------------------- | :------ | :------ | :------ | :------ | | Average number of vessels | 37.0 | 39.0 | 37.4 | 39.4 | | Number of vessels | 37.0 | 39.0 | 37.0 | 39.0 | | Weighted average age of vessels | 11.7 | 10.9 | 11.7 | 10.9 | | Ownership days | 3,367 | 3,549 | 6,768 | 7,162 | | Available days | 3,329 | 3,499 | 6,632 | 7,112 | | Operating days | 3,312 | 3,496 | 6,602 | 7,078 | | Fleet utilization | 99.5% | 99.9% | 99.5% | 99.5% | [Average Daily Results](index=6&type=section&id=3.3%20Average%20Daily%20Results) Average daily Time Charter Equivalent (TCE) rates increased for both the quarter and six-month periods, indicating improved daily earnings. Daily vessel operating expenses remained relatively stable | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :-------------------------------- | :------ | :------ | :------ | :------ | | Time charter equivalent (TCE) rate | $15,492 | $15,106 | $15,615 | $15,078 | | Daily vessel operating expenses | $5,944 | $5,993 | $5,905 | $5,883 | [Non-GAAP Measures](index=6&type=section&id=4.%20Non-GAAP%20Measures) This section defines and explains the calculation and management's use of key non-GAAP financial measures, including Time Charter Equivalent (TCE) rate and Daily Vessel Operating Expenses [Time Charter Equivalent (TCE) Rate](index=6&type=section&id=4.1%20Time%20Charter%20Equivalent%20(TCE)%20Rate) TCE rate is a non-GAAP measure calculated as time charter revenues less voyage expenses divided by available days. It is used by management to compare daily earnings and assess vessel profitability - **TCE rate** is defined as time charter revenues less voyage expenses divided by the number of available days[13](index=13&type=chunk) - Management uses **TCE** to assess and compare vessels' profitability and to compare daily earnings from time charters with voyage charters[13](index=13&type=chunk) [Daily Vessel Operating Expenses](index=6&type=section&id=4.2%20Daily%20Vessel%20Operating%20Expenses) Daily vessel operating expenses include crew wages, insurance, repairs, maintenance, spares, and tonnage taxes, calculated by dividing total vessel operating expenses by ownership days - Daily vessel operating expenses include crew wages, insurance, repairs, maintenance, spares, consumable stores, tonnage taxes, and other miscellaneous expenses[14](index=14&type=chunk) - These expenses are calculated by dividing total vessel operating expenses by ownership days for the relevant period[14](index=14&type=chunk) [Detailed Financial Statements](index=8&type=section&id=5.%20Detailed%20Financial%20Statements) This section presents the unaudited consolidated statements of comprehensive income, balance sheet, and cash flow, detailing the Company's financial position and performance for the periods presented [Unaudited Consolidated Statements of Comprehensive Income/(Loss)](index=8&type=section&id=5.1%20Unaudited%20Consolidated%20Statements%20of%20Comprehensive%20Income%2F(Loss)) The detailed income statement shows a shift from net loss to net income for both the second quarter and six months ended June 30, 2025. Key changes include a significant gain on related party investments and warrants in 2025, contrasting with losses in 2024, contributing to the improved profitability despite a slight decrease in time charter revenues | Metric (in thousands of USD) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :----------------------------------- | :------ | :------ | :------ | :------ | | Time charter revenues | 54,688 | 56,000 | 109,625 | 113,648 | | Operating income, total | 10,424 | 12,156 | 24,031 | 27,562 | | Interest expense and finance costs | (10,812) | (11,594) | (21,890) | (23,650) | | Gain/(loss) on related party investments | 3,540 | (3,467) | 2,482 | (1,351) | | Gain/(loss) on warrants | 474 | (2,090) | 515 | (6,773) | | Net income/(loss) | 4,542 | (2,764) | 7,539 | (706) | | Earnings/(loss) per common share, basic and diluted | 0.03 | (0.04) | 0.04 | (0.03) | - Total other expenses, net, significantly **decreased** from **$(14,920) thousand** in Q2 2024 to **$(5,882) thousand** in Q2 2025, and from **$(28,268) thousand** in H1 2024 to **$(16,492) thousand** in H1 2025, largely due to **gains** on related party investments and warrants[24](index=24&type=chunk) - Comprehensive Income/(loss) **improved** from a **loss of $(2,764) thousand** in Q2 2024 to an **income of $7,750 thousand** in Q2 2025, and from a **loss of $(706) thousand** in H1 2024 to an **income of $10,747 thousand** in H1 2025, including currency translation adjustments[24](index=24&type=chunk) [Condensed Consolidated Balance Sheet Data](index=8&type=section&id=5.2%20Condensed%20Consolidated%20Balance%20Sheet%20Data) The balance sheet as of June 30, 2025, shows a decrease in total assets and total stockholders' equity compared to December 31, 2024. Cash and cash equivalents, along with long-term debt, also decreased | Metric (in thousands of USD) | June 30, 2025 | December 31, 2024 | | :------------------------------------------------- | :------------ | :---------------- | | Cash, cash equivalents, restricted cash and time deposits | $149,598 | $207,166 | | Investments in equity securities | $24,353 | - | | Total assets | $1,131,215 | $1,171,018 | | Long-term debt and finance liabilities, net | $610,207 | $637,525 | | Total stockholders' equity | $492,842 | $505,057 | | Total liabilities and stockholders' equity | $1,131,215 | $1,171,018 | - Cash, cash equivalents, restricted cash, and time deposits **decreased** by approximately **$57.6 million** from December 31, 2024, to June 30, 2025[25](index=25&type=chunk) - The Company reported **$24.353 million** in investments in equity securities as of June 30, 2025, which were not present at the end of 2024[25](index=25&type=chunk) [Other Financial Data (Cash Flow)](index=9&type=section&id=5.3%20Other%20Financial%20Data%20(Cash%20Flow)) Cash flow from operating activities decreased significantly for both the quarter and six-month periods. Investing activities shifted from providing cash in Q2 2024 to using cash in Q2 2025, while financing activities continued to use cash | Metric (in thousands of USD) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--------------------------------------- | :------ | :------ | :------ | :------ | | Net cash provided by operating activities | $8,623 | $11,218 | $25,835 | $49,183 | | Net cash provided by/(used in) investing activities | ($39,877) | $7,425 | ($29,333) | ($13,624) | | Net cash used in financing activities | ($16,801) | ($20,576) | ($56,570) | ($37,110) | - Net cash provided by operating activities **decreased** by approximately **23%** in Q2 2025 YoY and by approximately **47%** in H1 2025 YoY[28](index=28&type=chunk) - Investing activities **shifted** from a net **cash inflow of $7.425 million** in Q2 2024 to a net **cash outflow of $39.877 million** in Q2 2025[28](index=28&type=chunk) [Corporate Information](index=6&type=section&id=6.%20Corporate%20Information) This section provides an overview of Diana Shipping Inc.'s business, details for the upcoming conference call and webcast, and a cautionary statement regarding forward-looking information [About the Company](index=6&type=section&id=6.1%20About%20the%20Company) Diana Shipping Inc. is a global provider of dry bulk shipping transportation services, primarily employing its vessels on short to medium-term time charters for various dry bulk cargoes - Diana Shipping Inc. specializes in the ownership and bareboat charter-in of dry bulk vessels[17](index=17&type=chunk) - Vessels are primarily used for short to medium-term time charters, transporting commodities like iron ore, coal, and grain globally[17](index=17&type=chunk) [Conference Call and Webcast Information](index=6&type=section&id=6.2%20Conference%20Call%20and%20Webcast%20Information) The Company's management will host a conference call and webcast on July 30, 2025, to discuss the financial results, with replay options available for 30 days - A conference call and webcast to review results will be held on Wednesday, July 30, 2025, at 9:00 A.M. (Eastern Time)[14](index=14&type=chunk) - Access to the webcast and an accompanying investor presentation is available via the Company's website[15](index=15&type=chunk) - A replay of the webcast and telephone replay will be available for **30 days** post-call[16](index=16&type=chunk) [Cautionary Statement Regarding Forward-Looking Statements](index=6&type=section&id=6.3%20Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) This section highlights that the press release contains forward-looking statements, which are subject to significant uncertainties and risks beyond the Company's control. Factors such as global economic conditions, charter rate fluctuations, operating expenses, and geopolitical events could cause actual results to differ materially - The press release includes forward-looking statements, protected by the Private Securities Litigation Reform Act of 1995[18](index=18&type=chunk)[19](index=19&type=chunk) - These statements are based on assumptions that are inherently subject to significant uncertainties and contingencies, making future achievements uncertain[21](index=21&type=chunk) - Key risks include global economic strength, fluctuations in charter rates and vessel values, changes in demand, operating expenses, financing availability, regulatory changes, and geopolitical conflicts (e.g., Russia-Ukraine, Middle East)[22](index=22&type=chunk)