Financial Data and Key Metrics Changes - Time charter revenues for Q2 2025 were $54.7 million, a 2% decrease from $56 million in Q2 2024, attributed to a smaller fleet size rather than market conditions [13][14] - Net income for Q2 2025 improved significantly to $4.5 million compared to a net loss of $2.8 million in Q2 2024, driven by decreased interest and finance costs [13][14] - Earnings per diluted share were $0.30 in Q2 2025, compared to a loss of $0.04 per share in Q2 2024 [13][14] - Cash reserves decreased to $149.6 million as of June 30, 2025, from $207.2 million at the end of 2024 [14] Business Line Data and Key Metrics Changes - Fleet utilization reached 99.5% in 2025, slightly down from 99.9% in the same quarter last year [17][21] - Vessel operating expenses decreased by 6% to $20 million in Q2 2025 compared to $21.3 million in Q2 2024 [21][22] - Daily operating expenses decreased by 1% to $5,944 in Q2 2025 from $5,993 in Q2 2024 [21][22] Market Data and Key Metrics Changes - The dry bulk market saw average sector earnings down by about 30% year on year amid weaker demand trends in key commodities [5][28] - The average time charter rate for Capes was around $20,250 per day as of July 28, 2025, showing an increase from earlier in the year [29] - The overall market outlook for 2025 indicates softer earnings than 2024 due to an estimated fleet growth of around 3% [30] Company Strategy and Development Direction - The company focuses on staggered medium to long-term charters to ensure earnings visibility and resilience against market downturns [11] - Ongoing fleet modernization efforts include the delivery of two methanol dual fuel new building Kamsarmax drybulk vessels expected in 2027 and early 2028 [8] - The company has initiated a position in Genco Shipping and Trading Limited, reflecting confidence in long-term value and aligning with broader investment objectives [15] Management Comments on Operating Environment and Future Outlook - Management noted that despite uncertainties in the geopolitical landscape, they secured three charters during the quarter, taking advantage of favorable market conditions [7][28] - The company remains confident in its ability to navigate market cycles, supported by a strong balance sheet and predictable cash flow [26] - Management highlighted ongoing ESG commitments, including promoting eco-friendly technologies and modernizing the fleet [45] Other Important Information - The company declared a quarterly cash dividend of $0.01 per common share, totaling approximately $1.16 million [10] - The average age of the fleet is 11.7 years, with a total deadweight capacity of approximately 4.1 million tons [8] Q&A Session Summary Question: Can you provide insights on the Genco transaction? - Management explained that Genco is a well-run dry bulk company trading at a discount to NAV, and the strategic positioning as a major shareholder offers additional value [48][50] Question: Why not buy back shares instead of acquiring Genco? - The decision to acquire Genco was based on its different chartering strategy and dividend-paying nature, which was considered a better option than buying back shares at a discount [50]

Financial Performance - The company secured revenues of $116.8 million [20] - The company's cash reserves stand at $149.6 million [20] - The company's net debt to market value ratio is 46% [20] - For the second quarter of 2025, the company reported a net income of $4.5 million, compared to a net loss of $2.8 million in the same period of 2024 [29] - Time charter revenues for the second quarter of 2025 were $54.7 million, slightly lower than the $56.0 million in the second quarter of 2024 [29] - For the six months ended June 30, 2025, time charter revenues were $109.6 million, compared to $113.6 million for the same period in 2024 [33] Fleet and Operations - The company's fleet has a carrying capacity of 4.1 million DWT [20] - The average age of the company's fleet is 11.66 years [20] - The average fleet utilization rate for the six months ended June 30, 2025, was 99.5% [20] - The company's fleet consists of 36 vessels [20] - The company sold m/v Selina for approximately $11.8 million [24] - As of July 22, 2025, the company has secured $66.1 million of contracted revenues for 69% of the remaining ownership days of 2025 and $49.9 million for 20% of the ownership days of 2026 [24] - The company declared a cash dividend of $0.01 per common share for the second quarter of 2025 [24] - The dry bulk orderbook as a percentage of the total fleet is 10.8% [58]

Financial Performance - Diana Shipping Inc. reported a net income of $4.5 million for Q2 2025, a significant improvement from a net loss of $2.8 million in Q2 2024 [1] - Net income attributable to common stockholders for Q2 2025 was $3.1 million, compared to a net loss of $4.2 million in the same quarter of the previous year [1] - Earnings per share for Q2 2025 were $0.03, recovering from a loss per share of $0.04 in Q2 2024 [1] Revenue and Expenses - Time charter revenues for Q2 2025 were $54.7 million, slightly down from $56.0 million in Q2 2024, attributed to decreased ownership days, partially offset by increased average charter rates [2] - For the six months ended June 30, 2025, net income was $7.5 million, compared to a net loss of $0.7 million for the same period in 2024 [3] - Time charter revenues for the first half of 2025 totaled $109.6 million, down from $113.6 million in the same period of 2024 [3] Dividend Declaration - The Company declared a cash dividend of $0.01 per share, payable on September 11, 2025, to shareholders of record as of August 21, 2025 [4] Fleet and Employment - As of July 29, 2025, the Company had 37 vessels in operation, with a weighted average age of 11.7 years [14] - Fleet utilization was reported at 99.5% for both the three and six months ended June 30, 2025 [14] Balance Sheet - As of June 30, 2025, total assets were $1.131 billion, a decrease from $1.171 billion at the end of 2024 [28] - Total stockholders' equity was $492.8 million, down from $505.1 million at the end of 2024 [28] Cash Flow - Net cash provided by operating activities for Q2 2025 was $8.6 million, compared to $11.2 million in Q2 2024 [30] - The Company reported net cash used in financing activities of $16.8 million for Q2 2025 [30]

Core Viewpoint - Diana Shipping Inc. has entered into a time charter contract for its Kamsarmax dry bulk vessel, the m/v Astarte, with Propel Shipping Pte. Ltd., 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 Astarte is set at US$12,500 per day, with a 5.00% commission to third parties, for a period from August 2, 2025, until a minimum of August 16, 2026, and a maximum of October 16, 2026 [1]. - The anticipated gross revenue from the charter for the minimum scheduled period is approximately US$4.68 million [2]. Group 2: Fleet Composition and Future Plans - Diana Shipping Inc. currently operates a fleet of 36 dry bulk vessels, including various types such as 4 Newcastlemax, 8 Capesize, 4 Post-Panamax, 6 Kamsarmax, 5 Panamax, and 9 Ultramax [3]. - The company expects to take delivery of two new methanol dual fuel Kamsarmax vessels by the second half of 2027 and the first half of 2028 [3]. - The 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 11.68 years [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 a variety of dry bulk cargoes, including 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 Phoenix, with a gross charter rate of US$13,500 per day, expected to generate approximately US$5.64 million in gross revenue for the minimum charter period [1][2]. Group 1: Charter Agreement Details - The time charter for the m/v DSI Phoenix is set to commence on August 3, 2025, and will last until at least October 1, 2026, with a maximum end date of November 30, 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 yet to be delivered, is approximately 4.1 million deadweight tons (dwt), with a weighted average age of 11.67 years [3]. - The company expects to take 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 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 entered into a time charter contract with Cargill Ocean Transportation for its Ultramax dry bulk vessel, the m/v DSI Phoenix, with a gross charter rate of US$13,500 per day, expected to generate approximately US$5.64 million in gross revenue for the minimum charter period [1][2]. Group 1: Charter Agreement Details - The time charter for the m/v DSI Phoenix is set to commence on August 3, 2025, and will last until at least October 1, 2026, with a maximum end date of November 30, 2026 [1]. - The charter rate is subject to a 4.75% commission paid to third parties [1]. Group 2: Fleet Composition and Future Plans - 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 company is expecting to take delivery of two new methanol dual fuel Kamsarmax vessels by the second half of 2027 and the first half of 2028 [3]. - The total carrying capacity of the fleet, excluding the two vessels not yet delivered, is approximately 4.1 million deadweight tons (dwt), with a weighted average age of 11.67 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].

Group 1 - The company, Diana Shipping Inc., is scheduled to release its financial results for Q2 2025 on July 30, 2025, before the U.S. financial markets open [1] - A conference call and simultaneous Internet webcast will be held at 9:00 A.M. (Eastern Time) on the same day to review the financial results [2] - Investors can access the webcast through the company's website, and an accompanying investor presentation will also be available [3] Group 2 - Diana Shipping Inc. specializes in the ownership and bareboat charter-in of dry bulk vessels, primarily engaging in short to medium-term time charters [5] - The company's vessels transport a variety of dry bulk cargoes, including iron ore, coal, and grain, along global shipping routes [5]

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].