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 vessels primarily operate on short to medium-term charters, transporting various dry bulk cargoes such as iron ore, coal, and grain along worldwide shipping routes [3] Milestone Celebration - The company will celebrate its 20th anniversary as a NYSE listed company on April 1, 2025, with CEO Ms. Semiramis Paliou and the executive team ringing the Closing Bell [1] - Ms. Paliou expressed gratitude for the trust of shareholders and partners, highlighting two decades of shared progress and partnerships [2] - An investor meeting will be held prior to the Closing Bell, with a presentation available on the company's website [2]

Core Viewpoint - Diana Shipping Inc. has entered into a time charter contract with Cargill International SA for its Panamax dry bulk vessel, the m/v Leto, at a gross charter rate of US$12,750 per day, expected to generate approximately US$5.93 million in gross revenue for the minimum scheduled period of the charter [1][2]. Group 1: Charter Agreement Details - The time charter for the m/v Leto is set to commence on March 31, 2025, and will last until at least July 16, 2026, with a maximum end date of September 16, 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 37 dry bulk vessels, including various types such as Newcastlemax, Capesize, and Panamax [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 11.40 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. 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 filed its 2024 Annual Report on Form 20-F with the United States Securities and Exchange Commission, which includes audited financial statements and is available for download on the company's website [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 [2] - The company's vessels are primarily employed on short to medium-term charters, transporting a variety of dry bulk cargoes such as iron ore, coal, and grain along worldwide shipping routes [2]

Investment and Joint Ventures - Diana Shipping Inc. has agreed to invest in a joint venture, Ecogas Holding AS, acquiring an 80% equity interest for the construction of two 7,500 cbm semi-refrigerated LPG newbuildings, with an option for two additional vessels[1] - The delivery of the first vessel is expected in Q1 2027 and the second vessel in Q4 2027[1] Fleet and Vessel Information - The current fleet consists of 37 dry bulk vessels with a combined carrying capacity of approximately 4.1 million dwt and a weighted average age of 11.39 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] - Diana Shipping Inc. primarily employs its vessels on short to medium-term time charters, transporting various dry bulk commodities[3] Forward-Looking Statements and Risks - The company is focused on leveraging safe harbor provisions for forward-looking statements under the Private Securities Litigation Reform Act of 1995[4] - Forward-looking statements are based on various assumptions, including historical operating trends and data from third parties[6] - The company acknowledges significant uncertainties that could cause actual results to differ materially from forward-looking statements, including market conditions and geopolitical risks[7]

Financial Performance - Time charter revenues decreased by $33.9 million, or 13%, to $228.2 million in 2024 compared to $262.1 million in 2023[374] - The average time charter equivalent (TCE) rate was $15,267 in 2024, representing a 9% decrease from $16,713 in 2023[374] - Operating days decreased to 14,009 in 2024 from 14,824 in 2023 due to the disposal of two vessels[374] - Voyage expenses remained unchanged at $13.6 million in 2024, with commissions decreasing to $11.6 million from $13.3 million in 2023[375] - The average number of vessels in the fleet decreased to 38.9 in 2024 from 41.1 in 2023[357] - Ownership days were 14,219 in 2024, down from 14,986 in 2023, reflecting a reduction in fleet size[357] - Daily vessel operating expenses increased slightly to $5,808 in 2024 from $5,704 in 2023[357] - Vessel operating expenses decreased by $2.9 million, or 3%, to $82.6 million in 2024 compared to $85.5 million in 2023[378] - Depreciation and amortization decreased by $5.1 million, or 10%, to $44.7 million in 2024, compared to $49.8 million in 2023[379] - General and administrative expenses increased by $0.4 million, or 1%, to $33.4 million in 2024 compared to $33.0 million in 2023[380] - Gain on sale of vessels increased by $0.5 million, or 9%, to $5.8 million in 2024 compared to $5.3 million in 2023[381] - Interest expense and finance costs decreased by $1.8 million, or 4%, to $47.5 million in 2024 compared to $49.3 million in 2023[382] - Net cash provided by operating activities increased by $13.1 million, or 19%, to $83.5 million in 2024 compared to $70.4 million in 2023[399] Fleet and Operational Metrics - The fleet utilization rate was 99.7% for both 2024 and 2023, indicating consistent operational efficiency[357] - The number of vessels at year-end was 38.0 in 2024, down from 40.0 in 2023[357] - The weighted average age of vessels at year-end increased to 11.3 years in 2024 from 10.5 years in 2023[357] - The total deadweight tonnage (Dwt) of the vessels is 4,481,283, reflecting the scale of the company's operations in the shipping industry[430] Cash and Financing - Cash and cash equivalents increased to $143.7 million as of December 31, 2024, from $121.6 million as of December 31, 2023[398] - Working capital increased to $126.4 million as of December 31, 2024, compared to $97.1 million as of December 31, 2023[397] - The company has commitments of $73.6 million for the construction of two new vessels expected to be delivered in 2027 and 2028[406] - The company expects to finance part of the construction cost of methanol vessels with new bank debt and cash from operations[407] - As of December 31, 2024, the company had $522.6 million of long-term debt[408] - The company entered into a $200 million loan agreement on September 30, 2022, to finance the acquisition of 9 Ultramax vessels, drawing down $197.2 million in tranches[410] - The company issued a new bond amounting to $150 million on July 2, 2024, with a fixed-rate coupon of 8.75%[416] - The company has been in compliance with all loan covenants as of December 31, 2023, and 2024[414] - The company entered into a corporate guarantee with Nordea on March 30, 2023, for a loan agreement with an outstanding balance of $13.5 million as of December 31, 2024[420] Market Conditions and Risks - The Baltic Dry Index (BDI) ranged from a low of 976 to a high of 2,419 in 2024, closing at 1,635 on March 20, 2025[423] - Approximately 70% of the company's fleet ownership days in 2025 are fixed in time charter agreements at or around the break-even rate[423] - The historical ten-year average rate used in 2024 for Panamax, Kamsarmax, and Post-Panamax vessels was $13,053, compared to $12,775 in 2023[426] - The carrying value plus unamortized deferred costs of vessels with impairment indicators as of December 31, 2024, was $361.4 million[427] - The aggregate carrying value of 12 vessels in the fleet as of December 31, 2024, exceeded their aggregate charter-free market value by approximately $22 million[428] - The aggregate carrying value plus unamortized deferred cost of twelve vessels exceeded their aggregate charter-free market value by approximately $22 million in 2024 and $49 million in 2023[430] - The average estimated daily time charter equivalent rate for Ultramax vessels is $16,626, significantly higher than the average break-even rate of $12,513, indicating a healthy margin[433] - The average estimated daily time charter equivalent rate for Capesize/Newcastlemax vessels is $16,315, compared to a break-even rate of $12,018, suggesting strong profitability potential[433] - A reduction of 14% in time charter rates would trigger impairment of individual long-lived assets, highlighting the sensitivity of the company's impairment tests to market conditions[432] - As of December 31, 2024, the company has identified twelve vessels with indications of impairment due to potential reductions in time charter rates below the average break-even rate[435] - The company’s impairment analysis indicates that the 1-year, 3-year, and 5-year average blended rates would not affect the impairment analysis or the results of operations[435] - The company relies on various industry sources for estimating charter-free market values, which are subject to significant uncertainties and volatility[432] - The company emphasizes the importance of market conditions, including fluctuations in charter hire rates and vessel values, as key factors affecting its financial performance[21] Operational Challenges - The Company is facing changes in operating expenses, including bunker prices, crew costs, drydocking, and insurance costs[6] - The Company's financial condition and liquidity are impacted by the availability of financing and refinancing[6] - There is potential liability from pending or future litigation that could affect the Company's operations[6] - The Company is dependent on key personnel, which may pose risks to its performance[6] - The volatility of the price of the Company's common shares is a concern for investors[6] - The Company must comply with various governmental, tax, environmental, and safety regulations[6] - Global or regional pandemics have an impact on the dry-bulk shipping industry, affecting the Company's operations[6] - The Company is subject to risks from potential disruptions in shipping routes due to various factors[6] - Changes in governmental rules and regulations may affect the Company's business operations[6] - The Company has to navigate general domestic and international political conditions that could impact its performance[6]

Core Viewpoint - Diana Shipping Inc. has announced a strategic partnership and investment in a joint venture, Ecogas Holding AS, acquiring an 80% equity interest for the construction of two semi-refrigerated LPG vessels, with delivery expected in 2027 [1] Group 1: Company Overview - Diana Shipping Inc. is a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, primarily engaged in short to medium-term time charters [3] - The current fleet consists of 37 dry bulk vessels, including various classes such as Newcastlemax, Capesize, and Ultramax, with a combined carrying capacity of approximately 4.1 million dwt and a weighted average age of 11.39 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] - The joint venture with Ecogas Holding AS includes an option for two additional vessels, indicating potential future expansion [1]

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 Andromeda, at a gross charter rate of US$14,000 per day, expected to generate approximately US$3.18 million in gross revenue for the minimum scheduled period of the charter [1][2]. Group 1: Charter Agreement Details - The time charter for the m/v DSI Andromeda is set to commence on March 29, 2025, and will last until at least November 15, 2025, with a maximum end date of January 15, 2026 [1]. - The previous charter for the m/v DSI Andromeda was with Bunge SA at a gross rate of US$13,500 per day [1]. Group 2: Fleet Composition and Future Plans - Diana Shipping Inc. currently operates a fleet of 37 dry bulk vessels, including various classes such as Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, and Ultramax [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]. - The total carrying capacity of the fleet, excluding the two vessels not yet delivered, is approximately 4.1 million dwt, with a weighted average age of 11.39 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 entered into a time charter contract with Cargill International SA for its Kamsarmax dry bulk vessel, the m/v Medusa, with a gross charter rate of US$13,000 per day, expected to generate approximately US$5.46 million in gross revenue for the minimum charter period [1][2]. Group 1: Charter Agreement Details - The time charter for the m/v Medusa is set to commence on March 15, 2025, and will last until at least May 15, 2026, with a maximum end date of July 15, 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 the m/v Alcmene, Diana Shipping Inc.'s fleet will consist of 37 dry bulk vessels, including various classes such as Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, 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 4.2 million dwt and a weighted average age of 11.45 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 [4].

Financial Data and Key Metrics Changes - For Q4 2024, revenue was $57.1 million, a decrease of about 5% from $60 million in Q4 2023 [18] - Adjusted EBITDA for Q4 2024 was $25.9 million, down from $27.1 million in the same quarter last year [18] - Net income increased to $9.7 million from $9.4 million in Q4 2023, primarily due to decreased interest expenses and increased gains from non-operating activities [19] - Cash reserves at the end of 2024 were $207.2 million, up from $161.6 million at the end of 2023 [20] - Long-term debt decreased to $637.5 million from $642.8 million year-over-year, a decrease of around 1% [20] Business Line Data and Key Metrics Changes - Fleet utilization remained high at 99.7% for both Q4 2024 and Q4 2023 [22] - Time charter equivalent for Q4 2024 increased to $15,589 compared to $15,162 in Q4 2023 [22] - For the full year 2024, revenues were $228.2 million, down from $262.1 million in 2023, attributed to decreased average rates and fewer vessels [23] Market Data and Key Metrics Changes - The Baltic Dry Index fluctuated significantly, peaking at 2,419 in March 2024 and dropping to 715 by the end of January 2025 [29] - Time charter rates for Capesize vessels dropped from a high of $25,000 per day in March 2024 to $18,000 per day in January 2025 [29] - Grain shipments are expected to grow by about 2% during the 2025 grain season, following a 3% increase in 2024 [35] Company Strategy and Development Direction - The company is focused on a disciplined chartering strategy to ensure earnings visibility and resilience against market downturns [16] - Diana Shipping is committed to ongoing fleet modernization and sustainability initiatives, including eco-friendly technologies [50][51] - The company anticipates the delivery of two methanol dual fuel newbuilding Kamsarmax dry bulk vessels by early 2028 [9] Management's Comments on Operating Environment and Future Outlook - Management noted that 2024 was a year of two halves, with strong performance in the first half followed by softer conditions [6] - The forward curve for charter rates remains in steep contango, allowing the company to secure charters at significant premiums [7] - The dry bulk market is expected to face volatility, with modest supply growth and demand growth anticipated to be around 1% in 2025 [37][46] Other Important Information - The company declared a quarterly cash dividend of $0.01 per common share for Q4 2024, totaling approximately $1.1 million [15] - The company repurchased 11,442,645 common shares at $2 per share in December 2024 [13] - As of February 19, 2025, the company secured revenues for 63% of the remaining ownership days of 2025, amounting to approximately $125 million [14] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded without further inquiries [54]

We create to share Financial Results for the 4 th Quarter of 2024 February 25, 2025 Our Presenting Team Semiramis Paliou Director & Chief Executive Officer Anastasios Margaronis Director & President Eleftherios Papatrifon Director Director, Co-Chief Financial Officer, Chief Strategy Officer, Secretary & Treasurer Our Company's confidence stems from our established track record Co-Chief Financial Officer We create to share 2 Ioannis Zafirakis Maria Dede Financial Results for the 4th Quarter of 2024 We create ...