ATHENS, Greece, May 27, 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 Refined Success Limited, for one of its Newcastlemax dry bulk vessels, the m/v Philadelphia. The gross charter rate is US$21,500 per day, minus a 5.00% commission paid to third parties, for a period ...

Financial Performance - For Q1 2025, the company reported net revenues of $24.2 million, a decrease from $38.3 million in Q1 2024, reflecting a decline of approximately 37.5% [5][4] - The net loss for the quarter was $6.8 million, compared to a net income of $10.2 million in the same period last year [5][4] - Adjusted net loss was $5.2 million, down from an adjusted net income of $11.6 million in Q1 2024 [5][4] - EBITDA for Q1 2025 was $6.6 million, significantly lower than $21.6 million in Q1 2024, indicating a decline of about 69.5% [5][4] - Adjusted EBITDA also fell to $8.0 million from $23.2 million year-over-year [5][4] Fleet and Operational Highlights - The company's fleet achieved a daily Time Charter Equivalent (TCE) of $13,403 in Q1 2025, which is a 44.5% decrease from $24,073 in Q1 2024 [18][5] - Fleet utilization was reported at 96.3%, slightly down from 99.4% in the previous year [18][5] - The company has a total of 21 vessels in its fleet, with an average age of approximately 13.9 years [46][4] Dividend and Shareholder Returns - The company declared a quarterly cash dividend of $0.05 per common share for Q1 2025, marking the 14th consecutive quarterly dividend [4][11] - Cumulative cash dividends paid to shareholders have reached $43.1 million, equating to $2.26 per share [7][11] Market Outlook and Strategy - The company remains optimistic about the Capesize segment, citing expanding global seaborne trade volumes and constrained supply growth due to a low order book and tightening regulations [12][14] - The company has secured approximately one-third of its operating days for 2025 at an average daily rate exceeding $22,000, enhancing earnings visibility [11][10] - The company is focused on selective fleet expansion and strategic refinancing to improve financial flexibility [8][9] Recent Developments - The company successfully delivered two new vessels in Q1 2025, enhancing its fleet capacity [9][31] - It completed $88.1 million in new financing and refinancing transactions, improving terms and addressing near-term debt maturities [7][9] - The company has entered into various time charter agreements, including a new T/C for the M/V Meiship with Costamare [33][32]

Group 1 - The focus has shifted towards offshore drilling, supply industry, and shipping, including tankers, containers, and dry bulk [1] - The fuel cell industry is being monitored as it is still in its early stages of development [1] Group 2 - The individual has extensive experience in auditing and trading, having navigated significant market events such as the dotcom bubble and the subprime crisis [2] - The research provided aims to maintain high quality despite language barriers [2]

Group 1 - The focus has shifted towards offshore drilling, supply industry, and shipping, including tankers, containers, and dry bulk [1] - The fuel cell industry is being monitored as it is still in its early stages of development [1] Group 2 - The individual has extensive experience in auditing and trading, having navigated significant market events such as the dotcom bubble and the subprime crisis [2] - The research provided aims to maintain high quality despite language barriers [2]

Core Viewpoint - The article discusses the rapid increase in shipping demand to the United States due to the recent suspension of tariffs, leading to a surge in shipping prices and a competitive rush among foreign trade companies to fulfill orders within a 90-day window [4][6][10]. Group 1: Shipping Demand and Price Surge - Following the announcement of tariff suspensions, shipping demand to the U.S. has significantly increased, with companies racing to fulfill previously paused orders [4][6]. - Shipping prices have risen sharply, with costs for a 40-foot container to the U.S. increasing by over $1,000, reaching approximately $4,000 for the West Coast and $5,000 for the East Coast [4][6]. - The Shanghai Shipping Exchange reported a decline in container shipping prices from February to April, but a notable recovery began after May 12, with spot rates for shipping from Shanghai to Los Angeles rising by 16% [5][6]. Group 2: Impact on Port Operations - The surge in shipping demand is expected to impact port operations, with major ports like Guangzhou and Ningbo responding to increased activity and anticipating a rise in throughput by late May to early June [10][12]. - In the first quarter, major ports such as Shanghai and Ningbo achieved container throughput exceeding 10 million TEUs, indicating robust trade activity [12]. - Ports are expanding their shipping routes, particularly towards Southeast Asia and Africa, as part of a strategy to mitigate risks from traditional markets like North America [2][12][14]. Group 3: Future Market Trends - Companies are focusing on developing new markets in Southeast Asia and Latin America to diversify their business and reduce reliance on North American markets, which currently account for about 15% of their foreign trade [2][14]. - The shipping industry anticipates continued price increases due to supply and demand dynamics, especially as peak shipping season approaches in the latter half of the year [7][8].

Group 1 - The focus has shifted towards offshore drilling, supply industry, and shipping, including tankers, containers, and dry bulk [1] - The fuel cell industry is being monitored as it is still in its early stages of development [1] Group 2 - The individual has extensive experience in auditing with PricewaterhouseCoopers before transitioning to day trading nearly 20 years ago [2] - Successfully navigated significant market events such as the dotcom bubble, the aftermath of the World Trade Center attacks, and the subprime crisis [2]

Financial Data and Key Metrics Changes - In Q1 2025, the company generated revenues of $32.1 million, a 22.5% increase from Q4 2024, and net income of $11.3 million, which is a 190% increase compared to the previous quarter [6][20][25] - The average rates for Suezmax and product tankers were lower by about 25% compared to the same period last year [5][21] - The company ended Q1 2025 with a cash base of approximately $227 million, which is about three times higher than its current market cap [6][22] Business Line Data and Key Metrics Changes - Seven out of the company's 13 ships are currently under time charter employment, with four product tankers having charter expiration dates between May 25 and August 27 [6][7] - The company reported a decrease in voyage costs to $10.5 million, which is $3.1 million lower than Q1 2024, attributed to increased time charter activity [21][22] Market Data and Key Metrics Changes - The tanker market experienced volatility due to geopolitical factors, including sanctions on tankers involved in Russian oil trade, which tightened capacity and strengthened day rates [10][13] - The OPEC announcement to increase output by 500,000 barrels per day positively affected tanker rates [13] Company Strategy and Development Direction - The company plans to expand its fleet significantly, adding seven ships by Q3 2025, which will increase its fleet size by 60% [16][17] - The strategic addition of dry bulk carriers is aimed at diversifying the fleet and minimizing operational costs [17] Management's Comments on Operating Environment and Future Outlook - Management noted that the first quarter began with a low pace but gained momentum, indicating a positive outlook despite market softness [20][25] - The company remains confident in its diversified fleet and expects to continue generating profits without debt [25][26] Other Important Information - The company has maintained recurring profitability since Q4 2021 and has a debt-free balance sheet [22][25] - The daily TCE earnings per fleet stand at approximately $20,500, with a cash flow breakeven per vessel at around $9,000 [23] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.

Financial Data and Key Metrics Changes - In Q1 2025, Imperial Petroleum generated revenues of $32.1 million and net income of $11.3 million, marking a 22.5% increase in revenue and a 190% increase in net income compared to Q4 2024 [6][21][25] - The company has maintained profitability since Q4 2021 and ended Q1 2025 with a cash base of approximately $227 million, which is about three times higher than its current market cap [5][22][25] Business Line Data and Key Metrics Changes - The performance of product tankers improved in Q1 2025, with the company benefiting from increased time charter coverage, as seven out of thirteen ships are currently under time charter employment [6][19] - Voyage costs decreased to $10.5 million, down $3.1 million from Q1 2024, attributed to increased time charter activity and reduced spot days [21] Market Data and Key Metrics Changes - Average rates for Suezmax and product tankers were lower by about 25% compared to the same period last year, reflecting broader market softness [5][21] - The tanker market experienced volatility due to geopolitical factors, including sanctions on tankers involved in Russian oil trade, which tightened capacity and strengthened day rates [10][13] Company Strategy and Development Direction - The company plans to expand its fleet significantly, adding seven new ships by Q3 2025, which will increase its fleet size by 60% [16][18] - The strategic addition of dry bulk carriers is aimed at diversifying the fleet and reducing volatility, as dry bulk carriers typically have a less volatile market cycle than tankers [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, highlighting the positive momentum in Q1 2025 despite a soft market [25] - The company remains optimistic about the tanker market in the short to medium term due to OPEC's production increases and ongoing sanctions on Russian oil [13][24] Other Important Information - The company reported a basic earnings per share of $0.32 for Q1 2025 and noted a 10% increase in available cash during the quarter [22][23] - Imperial Petroleum's daily TCE earnings per fleet stand at approximately $20,500, with a cash flow breakeven per vessel at around $9,000 [23] Q&A Session Summary Question: What are the expectations for the tanker market moving forward? - Management indicated that the tanker market outlook is positive in the short to medium term, primarily due to OPEC's decision to increase output and the ongoing sanctions on Russian oil [13][24] Question: How is the company managing its fleet expansion? - The company is strategically adding dry bulk carriers to diversify its fleet and reduce operational volatility, with plans to increase its fleet size significantly by Q3 2025 [16][17]

Financial Performance - Revenues for Q1 2025 were $32.1 million, a 22.1% decrease compared to $41.2 million in Q1 2024 due to stronger market rates in the previous year[8] - Net income for Q1 25' was $11.3 million, compared to $16.7 million in Q1 24', also attributed to higher revenue generation in the stronger market of Q1 24'[8] - EBITDA for Q1 25' was $14.7 million[8] - Cash and cash equivalents, including time deposits, totaled $227.4 million, approximately 170% higher than the company's current market capitalization[8] - Income from time deposits was $2.2 million for Q1 25'[36] Fleet Operations and Expansion - Fleet operational utilization was 84.2% for Q1 25', compared to 86% in Q4 24' and 80.6% in Q1 24'[8] - Approximately 47% of Q1 25' fleet calendar days were dedicated to time charter activity, while 53% were dedicated to spot activity[8] - The company took delivery of the drybulk carrier Supra Pasha (2012 built) on April 26th, 2025, with the remaining six drybulk carriers expected to be delivered by June 25'[8] - The company is adding seven drybulk carriers, increasing fleet size by 60% in both vessel number and deadweight tonnage (dwt) capacity[21] Market Dynamics - Tanker rates in Q1 25' were stronger than in the second half of 2024, influenced by OFAC sanctions imposed in March 2025[13] - A one-year time charter (TC) rate for a Kamsarmax vessel in March 2025 was estimated at around $14,100 per day, while spot day rates for Supramax vessels were close to $10,000[24] - Total capital commitment for the drybulk vessel acquisitions is $129 million, to be paid within Q3 25'[27]

Core Viewpoint - Imperial Petroleum Inc. reported a decline in revenues and net income for Q1 2025 compared to Q1 2024, primarily due to decreased spot market tanker rates, but showed significant improvement in comparison to Q4 2024 [4][9]. Operational and Financial Highlights - Fleet operational utilization was 83.8% in Q1 2025, down from 86% in Q4 2024 and up from 80.6% in Q1 2024 [4]. - Revenues for Q1 2025 were $32.1 million, a decrease of 22.1% from $41.2 million in Q1 2024, attributed to stronger market rates in the previous year [4][28]. - Net income for Q1 2025 was $11.3 million, down from $16.7 million in Q1 2024, with an EPS of $0.32 compared to $0.56 in the same period last year [4][7]. - EBITDA for Q1 2025 was $14.7 million, with an adjusted EBITDA of $15.6 million [7][23]. - Cash and cash equivalents, including time deposits, totaled $227.4 million as of March 31, 2025, which is 167.5% higher than the current market capitalization of approximately $85 million [4][9]. Fleet and Employment - The company owns a total of 13 vessels with a combined capacity of 807,000 deadweight tons (dwt) and has contracted to acquire an additional six drybulk carriers, increasing the fleet to 19 vessels with a total capacity of 1.2 million dwt by mid-2025 [13][15]. - As of May 23, 2025, the fleet includes seven M.R. product tankers, two Suezmax tankers, and four Handysize drybulk carriers [13]. Cost and Expense Management - Voyage expenses decreased to $10.5 million in Q1 2025 from $13.5 million in Q1 2024, primarily due to increased time charter activity [4][28]. - Vessels' operating expenses increased to $7.1 million in Q1 2025 from $6.0 million in Q1 2024, attributed to an increase in fleet size [4][28]. - Drydocking costs were nil in Q1 2025, compared to $0.6 million in Q1 2024 [4]. Interest and Foreign Exchange - Interest income for Q1 2025 was $2.2 million, up from $1.0 million in Q1 2024, due to higher time deposits [7]. - The company reported a foreign exchange gain of $1.7 million in Q1 2025, compared to a loss of $0.8 million in Q1 2024 [7]. Management Commentary - The CEO expressed confidence in the company's growth trajectory, highlighting the expansion of the fleet and the achievement of a debt-free capital structure [9].