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 ...

ATHENS, Greece, Feb. 25, 2025 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today reported net income of $9.7 million and a net income attributed to common stockholders of $8.3 million for the fourth quarter of 2024. This compares to net income of $9.4 million and net income attributed to common stockholders of $7.9 million for the fourth quarter of 2023. Earnings per share for the fo ...

ATHENS, Greece, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced that through a separate wholly-owned subsidiary, it has entered into a time charter contract with Cargill International SA, Geneva, for one of its Kamsarmax dry bulk vessels, the m/v Myrsini. The gross charter rate is US$13,000 per day, minus a 4.75% commission paid to third parties, for a peri ...

ATHENS, Greece, Feb. 18, 2025 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced that its financial results for the fourth quarter and year ended December 31, 2024 are scheduled to be released before the opening of the U.S. financial markets on Tuesday, February 25, 2025. The Company’s management will conduct a conference call and simultaneous Internet webcast to review the ...