Core Viewpoint - Diana Shipping Inc. has entered into a time charter contract with Cargill Ocean Transportation for its Ultramax dry bulk vessel, m/v DSI Polaris, with a gross charter rate of US$12,250 per day, expected to generate approximately US$4.66 million in gross revenue for the minimum charter period [1][2]. Group 1: Charter Agreement Details - The time charter for m/v DSI Polaris is set to commence on July 1, 2025, and will last until at least July 21, 2026, with a maximum end date of September 21, 2026 [1]. - The charter rate is subject to a 4.75% commission paid to third parties [1]. Group 2: Fleet Composition and Future Plans - Following the sale of m/v Selina, Diana Shipping Inc.'s fleet will consist of 36 dry bulk vessels, including various types such as Newcastlemax, Capesize, and Ultramax [3]. - 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]. - The current fleet has a combined carrying capacity of approximately 4.1 million dwt and a weighted average age of 11.65 years [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 engaged 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].

Core Viewpoint - Diana Shipping Inc. has signed a Memorandum of Agreement to sell the 2010-built Panamax vessel "Selina" for approximately US$11.8 million, with delivery expected by August 15, 2025 [1] Fleet Composition - Following the sale, Diana Shipping Inc.'s fleet will consist 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, including the m/v Selina and excluding two vessels not yet delivered, is approximately 4.1 million dwt with a weighted average age of 11.63 years [2] - 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] 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 vessels are primarily employed on short to medium-term time charters, transporting a range of dry bulk cargoes such as iron ore, coal, and grain along worldwide shipping routes [3]

Core Viewpoint - Diana Shipping Inc. has entered into a time charter contract for its Ice Class Panamax dry bulk vessel, m/v Atalandi, with Stone Shipping Ltd, which is expected to generate significant revenue for the company [1][2]. Group 1: Charter Contract Details - The time charter contract for the m/v Atalandi has a gross charter rate of US$9,000 per day for the first 35 days and US$10,100 per day for the remaining period, with a commission of 5.00% paid to third parties [1]. - The charter is set to commence on June 9, 2025, and will last until a minimum of June 15, 2026, and a maximum of August 15, 2026 [1]. Group 2: Revenue Generation - The employment of the m/v Atalandi is anticipated to generate approximately US$3.62 million in gross revenue for the minimum scheduled period of the time charter [2]. Group 3: Fleet Overview - Diana Shipping Inc. currently operates a fleet of 37 dry bulk vessels, including various classes such as Newcastlemax, Capesize, and Panamax [3]. - The combined carrying capacity of the fleet, excluding two vessels not yet delivered, is approximately 4.1 million dwt, with a weighted average age of 11.60 years [3]. - 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 [3]. Group 4: Company Profile - 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 a range of dry bulk cargoes, including iron ore, coal, and grain [4].

Company Overview - Diana Shipping Inc. is a Greece-based dry bulk carrier engaged in the global transportation of commodities such as coal, grain, and iron ore for over twenty years [1]. Investment Focus - The company primarily focuses on small- to mid-cap companies, which are often overlooked by many investors, while occasionally analyzing large-cap names to provide a broader market perspective [1].

Core Viewpoint - Diana Shipping Inc. has entered into a time charter contract for its Newcastlemax dry bulk vessel, the m/v Newport News, with Bohai Ocean Shipping, which is expected to enhance the company's revenue stream through a higher charter rate compared to its previous contract [1][2]. Group 1: Charter Contract Details - The gross charter rate for the m/v Newport News is set at US$25,000 per day, with a 5.00% commission deducted for third parties, for a period extending from June 14, 2025, until a minimum of September 1, 2026, and a maximum of October 31, 2026 [1]. - The anticipated gross revenue from this charter for the minimum scheduled period is approximately US$10.95 million [2]. Group 2: Fleet Composition and Future Plans - Diana Shipping Inc. currently operates a fleet of 37 dry bulk vessels, including 4 Newcastlemax, 8 Capesize, 4 Post-Panamax, 6 Kamsarmax, 6 Panamax, and 9 Ultramax vessels [3]. - The company is set to take delivery of two new methanol dual fuel Kamsarmax vessels by the second half of 2027 and the first half of 2028, which will further enhance its fleet capacity [3]. - The current combined carrying capacity of the fleet, excluding the two vessels not yet delivered, is approximately 4.1 million dwt, with a weighted average age of 11.59 years [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 company's vessels transport a variety of dry bulk cargoes, including iron ore, coal, and grain, along global shipping routes [4].

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 [2] - The company's vessels primarily operate on short to medium-term time charters, transporting various dry bulk cargoes such as iron ore, coal, and grain along worldwide shipping routes [2] Annual Meeting of Shareholders - The Annual Meeting of Shareholders was held virtually on May 28, 2025, with Broadridge Financial Solutions, Inc. acting as the inspector of the meeting [1] - Several proposals were approved at the meeting, including the election of three Class II Directors to serve until the 2028 Annual Meeting of Shareholders [7] - The appointment of Deloitte Certified Public Accountants S.A. as the independent auditors for the fiscal year ending December 31, 2025, was also approved [7] - An amendment to the Company's Amended and Restated Articles of Incorporation was approved, allowing the Board of Directors to effect one or more reverse stock splits of the Company's issued Common Shares, with a maximum aggregate ratio of 1-for-100 [7]

[Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) Diana Shipping Inc. reported Q1 2025 net income of $3.0 million, with time charter revenues of $54.9 million, driven by improved fleet utilization and TCE rate Q1 2025 vs Q1 2024 Financial Performance (in thousands of US Dollars) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Time charter revenues | $54,937 | $57,648 | | Net income | $2,997 | $2,058 | | Net income attributable to common stockholders | $1,555 | $616 | | Earnings per share (basic and diluted) | $0.01 | $0.01 | - The decrease in time charter revenues compared to Q1 2024 was attributed to a reduction in ownership days, which was partly counteracted by an increase in average charter rates and higher fleet utilization[2](index=2&type=chunk) Q1 2025 vs Q1 2024 Fleet Performance | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Fleet utilization | 99.6% | 99.1% | | Time charter equivalent (TCE) rate | $15,739 | $15,051 | | Daily vessel operating expenses | $5,866 | $5,775 | | Ownership days | 3,401 | 3,613 | [Dividend Declaration](index=1&type=section&id=Dividend%20Declaration) The company declared a cash dividend of $0.01 per common share for Q1 2025, payable around June 24, 2025 - A cash dividend of **$0.01** per share has been declared for Q1 2025[3](index=3&type=chunk) - The dividend will be paid around June 24, 2025, to shareholders of record as of June 17, 2025[3](index=3&type=chunk) - The company has **115,772,780** common shares issued and outstanding[3](index=3&type=chunk) [Fleet Employment (As of May 27, 2025)](index=2&type=section&id=Fleet%20Employment%20%28As%20of%20May%2027%2C%202025%29) As of May 27, 2025, the company's fleet consists of 38 dry bulk vessels across six size categories, with details on their charter status - The fleet consists of **38** dry bulk vessels across six size categories: Ultramax, Panamax, Kamsarmax, Post-Panamax, Capesize, and Newcastlemax[4](index=4&type=chunk)[5](index=5&type=chunk) - The vessel 'Alcmene' was sold and delivered to its new owners on March 13, 2025[8](index=8&type=chunk) - The vessel 'Selina' is currently without an active charter party and is undergoing scheduled drydocking[7](index=7&type=chunk) - Several vessels, including 'Florida' and 'Santa Barbara', are bareboat chartered-in for long-term periods of ten and eight years, respectively[5](index=5&type=chunk)[7](index=7&type=chunk)[9](index=9&type=chunk) [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) This section presents the unaudited consolidated statements of income, balance sheet data, and cash flow information for the company [Unaudited Consolidated Statements of Income](index=7&type=section&id=UNAUDITED%20CONSOLIDATED%20STATEMENTS%20OF%20INCOME) For Q1 2025, time charter revenues decreased to $54.9 million, while net income increased to $3.0 million due to lower other expenses Consolidated Statement of Income Highlights (in thousands of US Dollars) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Time charter revenues | $54,937 | $57,648 | | Total operating expenses | $41,330 | $42,243 | | Operating income, total | $13,607 | $15,405 | | Total other expenses, net | ($10,610) | ($13,347) | | Net income | $2,997 | $2,058 | | Net income attributable to common stockholders | $1,555 | $616 | [Condensed Consolidated Balance Sheet Data](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEET%20DATA) As of March 31, 2025, total assets were $1.144 billion, with cash decreasing to $187.7 million and total stockholders' equity at $484.8 million Condensed Consolidated Balance Sheet (in thousands of US Dollars) | Category | March 31, 2025 (unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **ASSETS** | | | | Cash, cash equivalents, etc. | $187,653 | $207,166 | | Fixed assets | $861,924 | $880,145 | | **Total assets** | **$1,143,647** | **$1,171,018** | | **LIABILITIES & EQUITY** | | | | Long-term debt and finance liabilities | $623,895 | $637,525 | | **Total stockholders' equity** | **$484,812** | **$505,057** | | **Total liabilities and stockholders' equity** | **$1,143,647** | **$1,171,018** | [Other Financial Data (Cash Flow)](index=8&type=section&id=OTHER%20FINANCIAL%20DATA%20%28unaudited%29) Net cash from operating activities decreased to $17.2 million in Q1 2025, while investing activities provided $10.5 million, and financing activities used $39.8 million Cash Flow Summary (in thousands of US Dollars) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $17,212 | $37,965 | | Net cash provided by/(used in) investing activities | $10,544 | ($21,049) | | Net cash used in financing activities | ($39,769) | ($16,534) | [Supplementary Information](index=5&type=section&id=Supplementary%20Information) This section provides details on non-GAAP measures, conference call information, company overview, and cautionary statements regarding forward-looking information [Non-GAAP Measures](index=5&type=section&id=Non-GAAP%20Measures) The Time Charter Equivalent (TCE) rate, a non-GAAP measure, is used to assess and compare vessel profitability across different charter types - Time charter equivalent rate (TCE) is a non-GAAP measure used by management to assess vessel profitability and compare earnings across different charter types[12](index=12&type=chunk) - TCE is calculated as time charter revenues less voyage expenses, divided by the number of available days in the period[12](index=12&type=chunk) [Conference Call and Webcast Information](index=5&type=section&id=Conference%20Call%20and%20Webcast%20Information) A conference call and webcast for Q1 2025 results will be held on Thursday, May 29, 2025, at 9:00 A.M. Eastern Time, with replay options - The company will host a conference call and webcast on Thursday, May 29, 2025, at 9:00 A.M. (Eastern Time)[13](index=13&type=chunk) - Investors can access the webcast and an accompanying presentation via the company's website or by telephone[14](index=14&type=chunk) - A replay of the webcast and a telephone replay will be available for **30 days** after the call[15](index=15&type=chunk) [About the Company](index=6&type=section&id=About%20the%20Company) Diana Shipping Inc. is a global provider of dry bulk shipping services, owning and chartering vessels for transporting commodities on short to medium-term charters - Diana Shipping Inc. provides global shipping services through its ownership and bareboat charter-in of dry bulk vessels[16](index=16&type=chunk) - The vessels transport dry bulk commodities like iron ore, coal, and grain, and are typically employed on short to medium-term time charters[16](index=16&type=chunk) [Cautionary Statement Regarding Forward-Looking Statements](index=6&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) This section outlines forward-looking statements, subject to uncertainties and risks including economic conditions, charter rates, operating expenses, and geopolitical events - The report contains forward-looking statements based on management's assumptions, which are subject to significant uncertainties[17](index=17&type=chunk)[19](index=19&type=chunk) - Key risk factors include world economic conditions, charter rate fluctuations, changes in operating expenses, geopolitical events (e.g., Russia-Ukraine conflict, Middle East conflict), and potential litigation[20](index=20&type=chunk)

We create to share Financial Results for the 1 st Quarter of 2025 May 29, 2025 Our Presenting Team Semiramis Paliou Director & Chief Executive Officer Anastasios Margaronis Director & President Ioannis Zafirakis Director, Co-Chief Financial Officer, Chief Strategy Officer, Secretary & Treasurer Our Company's confidence stems from our established track record Eleftherios Papatrifon Maria Dede Director Co-Chief Financial Officer We create to share 2 Financial Results for the 1st Quarter of 2025 We create to s ...

Financial Data and Key Metrics Changes - Time charter revenues for Q1 2025 were $54.9 million, a decrease of about 5% compared to $57.6 million in Q1 2024, attributed to a smaller fleet size and increased drydock days [14] - Adjusted EBITDA decreased to $23.3 million from $24.9 million in Q1 2024, a decrease of 6% [15] - Net income increased to $3 million from $2.1 million in Q1 2024, mainly due to decreased interest and finance charges [15] - Cash reserves decreased to $187.7 million from $207.2 million at the end of 2024 [16] - Long-term debt decreased to $623.9 million from $637.5 million, reflecting a 2% reduction [16] Business Line Data and Key Metrics Changes - Fleet utilization reached 99.6% in Q1 2025, up from 99.1% in the same quarter last year [19] - The average time charter equivalent rate was $50,739 per day, an increase of 5% compared to $15,051 per day in Q1 2024 [17][18] - Daily operating expenses increased by 2% to $5,866 per day compared to $5,775 per day in Q1 2024 [19] Market Data and Key Metrics Changes - The dry bulk market has shown dull performance in 2025, with new building vessel contracting slumping to only 0.1% of the global fleet [5][6] - The overall market levels remain historically healthy, but sentiment is lacking despite stable cargo volumes compared to 2024 [5] - Time charter rates for Capes dropped from a high of $35,000 per day in March 2024 to about $19,000 per day as of May 2025 [25] Company Strategy and Development Direction - The company focuses on a disciplined chartering strategy to ensure earnings visibility and resilience against market downturns [12][18] - Ongoing fleet modernization efforts include the sale of older vessels and investment in new joint ventures [8][10] - The company aims to leverage market volatility to deliver stable earnings through its commercial strategy [18] Management Comments on Operating Environment and Future Outlook - Management noted that the market is facing significant geopolitical and economic uncertainties, impacting sentiment and charter rates [5][24] - Despite current challenges, the company believes it is well-positioned with a strong balance sheet and predictable cash flows to navigate through cycles [22] - Future growth is expected to be influenced by macroeconomic conditions, with a cautious outlook for 2025 and 2026 [40][41] Other Important Information - The company declared a quarterly cash dividend of $0.01 per common share, totaling approximately $1.2 million [11] - The company has raised $25.6 million from the exercise of warrants under an ongoing program [10] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating that the Q&A session may not have included detailed inquiries or responses. The management concluded the call without further comments [45][46]

Financial Data and Key Metrics Changes - Time charter revenues for Q1 2025 were $54.9 million, a decrease of about 5% compared to $57.6 million in Q1 2024, attributed to a decrease in fleet size and increased drydock days [11] - Adjusted EBITDA decreased to $23.3 million from $24.9 million in Q1 2024, a decrease of 6% [12] - Net income increased to $3 million from $2.1 million in Q1 2024, mainly due to decreased interest and finance charges [12] - Cash reserves decreased to $187.7 million from $207.2 million at the end of 2024 [13] - Long-term debt decreased to $623.9 million from $637.5 million, reflecting a decrease of around 2% [13] Business Line Data and Key Metrics Changes - Fleet utilization reached 99.6% in Q1 2025, up from 99.1% in the same quarter last year [15] - The average time charter equivalent rate was $50,739 per day, an increase of 5% compared to $15,051 per day in Q1 2024 [14] - Daily operating expenses increased by 2% to $5,866 per day compared to $5,775 per day in Q1 2024 [16] Market Data and Key Metrics Changes - The dry bulk market has shown dull performance in 2025, with new building vessel contracting slumping to only 0.1% of the global fleet [4] - The overall market levels remain historically healthy, but sentiment is lacking despite stable cargo volumes compared to 2024 [4] - Time charter rates for Capesize vessels dropped from $35,000 per day in March 2024 to about $19,000 per day as of May 2025 [22] Company Strategy and Development Direction - The company focuses on staggered medium to long-term charters to avoid clustered maturities, ensuring earnings visibility and resilience against market downturns [10] - The company is modernizing its fleet and has secured improved charter hires, especially in the Capesize segment [5] - A strategic partnership was formed with an 80% equity interest in a joint venture to order new LPG vessels, indicating a diversification strategy [7] Management's Comments on Operating Environment and Future Outlook - Management noted that the market is facing global economic and geopolitical uncertainties, impacting sentiment and performance [4] - Despite negative market conditions, the company believes it is well-positioned with a strong balance sheet and predictable cash flows to navigate through cycles [19] - The company anticipates that current FFA rates are not strong due to market conditions, but it aims to capture market upside through its chartering strategy [19] Other Important Information - The company declared a quarterly cash dividend of $0.01 per common share, totaling approximately $1.2 million [9] - The company has raised $25.6 million from the exercise of warrants under an ongoing program, with potential to raise up to $64.9 million if all warrants are exercised [8] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating that the Q&A session may have been brief or not included in the records [41][42]