Summary of Diana Shipping Inc. Conference Call Company Overview - **Company Name**: Diana Shipping Inc. - **Industry**: Shipping transportation services, specifically dry bulk vessels - **Ticker Symbol**: DSX (listed on the New York Stock Exchange) - **Founded**: Predecessors established in 1972, public since 2005 - **Current Fleet**: 36 vessels with an average age of 12.17 years and a carrying capacity above 4 million deadweight tons [1][6][7] Key Financial Highlights - **Revenue**: Secured $168+ million in revenues as of the latest update [8] - **Cash Position**: Approximately $134 million at the end of Q3 2025 [8] - **Share Repurchase**: Repurchased 11.5 million shares for $22.9 million in 2025 [9] - **Debt Profile**: Net debt to fleet value at 53%, with no debt maturities before 2029 [7][15][33] - **Dividend**: Consistent quarterly dividends since 2021, totaling $2.69 per common share [18] Strategic Developments - **Acquisition of Genco Shipping**: Proposal to acquire all outstanding shares at $20.6 per share, rejected by Genco's board [11][35] - **New Vessel Orders**: Two methanol dual fuel propulsion Kamsarmax vessels expected for delivery in late 2027 to early 2028 [6] - **Chartering Strategy**: Focus on medium to long-term charters, with an average daily rate of $17,700 for 2026 [14] Market Outlook - **2025 Performance**: Mixed results with a strong recovery in the second half, despite initial demand slowdowns [24][25] - **2026 Projections**: Global GDP growth expected at 3.3%, with stable dry bulk trade supported by iron ore and bauxite shipments [26][27] - **Supply Dynamics**: Controlled supply growth with low scrapping rates; fleet size at over 14,500 ships [28] ESG Commitment - **Sustainability Focus**: Strong emphasis on ESG practices, with a published 2024 ESG report highlighting commitment to sustainable operations [20][48] - **Decarbonization Strategy**: Includes operational measures and fleet renewal to improve efficiency by nearly 15% over the past few years [45][46] Management Team - **Key Executives**: - Ioannis Zafirakis (CEO) - Maria Dede (Co-CFO) - Margarita Veniou (Chief Corporate Development Officer) - Evangelos Sfakiotakis (Chief Technical Investment Officer) - Dave van der Linden (Chief Commercial Officer) [4][5] Additional Insights - **Geopolitical Risks**: Ongoing uncertainties in global trade policies and geopolitical tensions affecting the shipping industry [29][30] - **Market Strategy**: Non-speculative and disciplined approach to chartering, maintaining a solid balance sheet and cash position [21][22] This summary encapsulates the key points discussed during the conference call, providing a comprehensive overview of Diana Shipping Inc.'s current status, strategic initiatives, and market outlook.

Core Viewpoint - Diana Shipping Inc. intends to nominate six independent director candidates to Genco's Board of Directors, citing the current Board's failure to engage with Diana regarding its acquisition proposal and the need for meaningful change to maximize shareholder value [1][2][4]. Group 1: Acquisition Proposal - Diana proposed to acquire all outstanding shares of Genco not owned by it for $20.60 per share in cash, which represents an attractive premium for Genco shareholders [2][16]. - The current Genco Board took over six weeks to respond to Diana's proposal and did not engage in discussions regarding its financial or structural elements [2][3]. - Diana's offer is backed by a financing letter from two leading shipping banks, indicating strong financial support for the acquisition [2]. Group 2: Board Nomination - Diana believes that Genco shareholders would benefit from electing directors who are open to exploring strategic alternatives, including a serious consideration of Diana's acquisition proposal [2][4]. - The nominated candidates possess extensive experience in shipping, finance, mergers and acquisitions, and corporate governance, which Diana believes will enhance the Board's effectiveness [1][4][10][16]. - Notable nominees include Gustave Brun-Lie, Chao Sih Hing Francois, and Paul Cornell, each bringing decades of relevant industry experience [4][10][5]. Group 3: Company Background - Diana Shipping Inc. specializes in the ownership and bareboat charter-in of dry bulk vessels, primarily transporting commodities such as iron ore, coal, and grain [7]. - The company currently owns approximately 14.8% of Genco's outstanding shares, making it the largest shareholder [1][16].

Core Insights - The webinar featured key executives from major companies in the dry bulk shipping sector, discussing market dynamics and strategic considerations [1] Group 1: Company Strategies - Wah Kwong Maritime Services employs a strategy that balances spot and time charters based on market views and risk management [2] - EuroDry focuses on mid-sized dry bulk segments, avoiding smaller Handysize and larger Capesize vessels, and emphasizes a balanced fleet post-merger with Eagle Bulk Shipping [3] - Pangaea Logistics Solutions prioritizes customer needs, utilizing voyage charter contracts and long-term COAs while mixing spot market activity with contracted cargoes [4] Group 2: Financial Management - EuroDry advocates for a medium leverage strategy targeting approximately 50% loan-to-value to enhance equity returns while remaining resilient during downturns [5] - Pangaea's debt to fair market value is around 40-45%, indicating a comfortable leverage level, while Star Bulk focuses on using cash flow for stock buybacks rather than increasing leverage [6] Group 3: Market Outlook - The dry bulk shipping market experienced volatility, with a weak first half of the year followed by a stronger second half, leading to cautious optimism among executives [7] - Forecasts suggest a modest market correction, with geopolitical factors becoming increasingly significant in influencing freight rates, which are expected to remain stable with a potential variance of 20%-25% [8] - Optimism remains regarding strong volumes for coal, grain, and minor bulks, despite concerns over coal demand due to warm weather [9][10] Group 4: Fleet and Order Book - The newbuild order book is considered manageable, with Kamsarmax at approximately 14% and Ultramax at 11.5%, well within historical norms [11] - Shifts in Chinese demand, particularly in steel exports and power demand from AI data centers, are creating beneficial long-haul shipping demand for raw materials and finished steel [12]

Core Viewpoint - Star Bulk Carriers Corp. estimates its time charter equivalent (TCE) rate for Q4 2025 to be approximately $19,500 per day for about 93% of its owned available days [1] TCE Rate Estimates by Segment - Newcastlemax/Capesize vessels are expected to have a TCE rate of approximately $27,600 per day for about 91% of owned available days [6] - Post Panamax/Kamsarmax/Panamax vessels are estimated to have a TCE rate of approximately $16,400 per day for about 92% of owned available days [6] - Ultramax/Supramax vessels are projected to have a TCE rate of approximately $17,400 per day for about 94% of owned available days [6] Company Overview - Star Bulk is a global shipping company specializing in dry bulk transportation, with a fleet of 145 vessels and an aggregate capacity of 14.3 million deadweight tons (dwt) [3] - The fleet includes various vessel types such as Newcastlemax, Capesize, Kamsarmax, and Ultramax, with carrying capacities ranging from 55,569 dwt to 209,537 dwt [3] - The company was incorporated in the Marshall Islands in 2006 and is listed on the Nasdaq Global Select Market under the symbol "SBLK" [3]

Core Viewpoint - Globus Maritime Limited reported a gradual improvement in market rates for dry bulk shipping during Q3 2025, leading to increased revenues and a net income for the quarter, despite a net loss for the nine-month period [5][12][16]. Financial Performance - Revenue for Q3 2025 reached $12.6 million, a 41% increase from $8.95 million in Q3 2024, primarily due to a higher average number of vessels operated [15][12]. - For the first nine months of 2025, revenue was $30.8 million, an 18% increase from $26.2 million in the same period of 2024 [17]. - Net income for Q3 2025 was $0.7 million, compared to a net loss of $0.55 million in Q3 2024 [14]. - The nine-month period ended with a net loss of $2.6 million, contrasting with a net income of $2.4 million for the same period in 2024 [16]. Fleet Profile - The company operates a fleet of nine dry bulk carriers, including six Kamsarmax and three Ultramax vessels, with a total carrying capacity of 680,622 DWT and a weighted average age of 8 years [2][29]. - All vessels are currently operating on short-term time charters [4]. Operational Highlights - The average number of vessels operated increased from 6.7 in Q3 2024 to 9.0 in Q3 2025 [18]. - The Time Charter Equivalent (TCE) rate for Q3 2025 was $14,702 per day, a 6% increase from $13,867 per day in Q3 2024 [15]. - Fleet utilization was reported at 98.7% for Q3 2025, slightly down from 99.6% in Q3 2024 [18]. Management Commentary - The management expressed optimism about the market conditions, noting a positive trend in rates for midsize bulk carriers, which are currently around $15,000 to $18,000 per day [6][9]. - The company has secured financing for two new vessels scheduled for delivery in the second half of 2026, enhancing operational flexibility [7][11]. Recent Developments - The company completed the dry-docking of one vessel during the quarter, which temporarily affected utilization but was completed within expected costs [7]. - A vessel sale agreement was made for the River Globe, generating $8.55 million before commissions [9]. Debt Financing - In September 2025, the company amended its CIT loan facility, reducing the margin from 2.70% to 1.95% and extending the maturity date [10]. - The company arranged a $25 million loan facility and a $28 million sale and bareboat back agreement for its new vessels under construction [11]. Balance Sheet Overview - As of September 30, 2025, total assets were reported at $289.8 million, down from $321.0 million in 2024, with total debt at $109.8 million [28].

Company Overview - Globus Maritime Limited is an integrated dry bulk shipping company providing marine transportation services globally [2] - The company's fleet consists of nine dry bulk vessels with a total carrying capacity of 680,622 deadweight tons and a weighted average age of 8 years as of November 26, 2025 [2] Financial Results Announcement - The company will release its financial results for the three-month and nine-month periods ended September 30, 2025, after the market closes in New York on November 28, 2025 [1]

Core Insights - Diana Shipping Inc. (DSX) is a global shipping company based in Athens, Greece, focusing on dry bulk vessels that transport commodities like coal, iron ore, and grain [1] - The company aims to maintain profitability and shareholder value despite fluctuating market conditions [1] Financial Performance - For Q3 2025, DSX reported an EPS of $0.03, surpassing the estimated EPS of $0.005, indicating strong profit generation capabilities [2][6] - The actual revenue for the quarter was $51.86 million, which was below the estimated $57 million, reflecting challenges in revenue generation [2][6] - The net income for Q3 2025 was $7.2 million, with $5.7 million attributable to common stockholders, showing an increase from the previous year's net income of $3.7 million [3] Revenue and Dividends - Time charter revenues for Q3 2025 were $51.86 million, down from $57.5 million in Q3 2024, attributed to the sale of three vessels [4] - Despite the revenue decline, the company declared a cash dividend of $0.01 per common share, demonstrating a commitment to returning value to shareholders [4][6] Financial Metrics - The company has a price-to-earnings (P/E) ratio of approximately 8.91, indicating market valuation of its earnings [5] - The price-to-sales ratio is about 0.87, suggesting that investors pay less than a dollar for each dollar of sales [5] - The debt-to-equity ratio is approximately 1.24, indicating reliance on debt relative to equity, while a current ratio of around 2.22 reflects strong liquidity [5]

Financial Data and Key Metrics Changes - Time charter revenues for Q3 2025 were $51.9 million, down from $57.5 million in the same quarter last year, reflecting the sale of two vessels earlier this year and one vessel in September 2024 [10] - Adjusted EBITDA decreased to $20.3 million from $23.7 million year-over-year, consistent with a smaller fleet [10] - Net income nearly doubled to $7.2 million from $3.7 million in Q3 2024, driven by lower expenses and a $10.6 million gain from the valuation of the investment in Genco [11] - Cash decreased to $133.9 million as of September 30, 2025, from $207.2 million at the end of 2024, due to strategic investments [11] - Long-term debt increased slightly to $651.1 million as of September 30, 2025, from $637.5 million at year-end 2024 [12] Business Line Data and Key Metrics Changes - Fleet utilization reached 99.5% for Q3 2025, indicating effective vessel management [4] - Time charter equivalent averaged $15,178 per day, a 1% decrease compared to $15,333 per day in Q3 2024 due to softer charter rates [12] - Daily operating expenses rose 1% to $6,014 compared to $5,964 last year, mainly due to higher crew costs [13] Market Data and Key Metrics Changes - The dry bulk market showed solid performance in Q3, with record Chinese imports reaching nearly 580 million metric tons [3] - The 12-month time charter rate for a typical Capesize stood at around $24,000 a day, with rates for Campermax and Ultramax at $15,600 and $15,900 per day, respectively [17] - The Baltic Capesize Index was at 3,636, and the Baltic Panamax Index at 1,895 as of November 19 [18] Company Strategy and Development Direction - The company is focused on a disciplined chartering strategy, securing approximately $149 million in contracted revenues with an average time charter rate of $16,200 per day [8] - Ongoing fleet modernization efforts include the delivery of two methanol dual-fuel new-building Campermax dry bulk vessels expected at the end of 2027 and early 2028 [4] - The company is committed to promoting eco-friendly technologies and modernizing its fleet as part of its ESG initiatives [32] Management's Comments on Operating Environment and Future Outlook - Management noted that the bulk carrier market has weathered geopolitical and trade developments well, with positive sentiment and new building orders appearing [17] - The outlook for 2026 appears positive, with potential revenues projected to reach $224.7 million at an average time charter rate of $17,102 per day [15] - The company anticipates that while projected revenues for 2025 may not fully cover break-even, the outlook for 2026 supports a return to cash flow profitability [15] Other Important Information - The company declared a quarterly cash dividend of $0.01 per common share for Q3 2025, totaling approximately $1.16 million [7] - The company has acquired 14.9% of Genco Shipping and Trading Limited's common shares [6] Q&A Session Summary Question: What is the company's strategy regarding its stake in Genco? - Management stated that the position in Genco has strategic value, and they are currently observing developments without direct contact with Genco's management [37] Question: What is the status of the company's holding in Ocean Chow? - Management indicated that Diana Shipping's interest in Ocean Chow is minimal and not material at this stage [39]

Financial Performance (Q3 2025) - Time charter revenues were $51.9 million, compared to $57.5 million in Q3 2024[33, 34] - Net income was $7.2 million, an increase from $3.7 million in Q3 2024[33, 34] - Earnings per common share, diluted, were $0.05, compared to $0.00 in Q3 2024[33] - Adjusted EBITDA was $20.3 million, compared to $23.7 million in Q3 2024[33, 75] Financial Position (as of September 30, 2025) - Cash, cash equivalents, time deposits, and restricted cash totaled $133.9 million, a decrease from $207.2 million as of December 31, 2024[21, 33] - Long-term debt and finance liabilities, net of deferred financing costs, were $651.1 million, an increase from $637.5 million as of December 31, 2024[33] - Net debt to market value was 54%[21] Fleet and Chartering - The company had 36 vessels on the water[21, 34] - Average fleet utilization was 99.5% for the nine months ended September 30, 2025[21, 37] - Secured revenues of $25.4 million for 87% of the remaining ownership days of 2025 and $118.3 million for 50% of the ownership days of 2026[26, 32] - Average daily TC rate of fixed revenues is $16,223 for the remaining of 2025[32] Other Key Points - The company acquired 14.93% of Genco Shipping & Trading Ltd issued and outstanding common shares as of September 29, 2025[26] - Declared a cash dividend of $0.01 per common share for Q3 2025[26] - The dry bulk orderbook as % of total fleet is 10.9%[61]

Financial Data and Key Metrics Changes - The company reported a net income of $18.5 million, with an adjusted net income of $32.4 million, translating to an adjusted income per share of $0.16. Adjusted EBITDA for the quarter was $87 million [4] - Total cash reached $454 million, while total debt stood at $1.028 billion. Pro forma liquidity, including undrawn revolver facilities, exceeded $570 million [4] - The company repurchased 250,000 shares for $4.4 million during the third quarter and an additional 360,000 shares for $6.7 million in the fourth quarter to date [4] Business Line Data and Key Metrics Changes - Operating expenses for Q3 2025 were reported at $5,096 per vessel per day, with net cash G&A expenses at $1,325 per vessel per day [9] - The time-charter equivalent (TCE) rate was $16,634 per vessel per day, resulting in a TCE less OpEx and CAS G&A of approximately $10,213 per vessel per day [5] Market Data and Key Metrics Changes - Total dry bulk trade volumes increased by 5.1% year-over-year during Q3, supported by strong iron ore, grain, and minor bulk exports [17] - Chinese dry bulk imports rose by 4.4% year-over-year in Q3 after a contraction in the first half of the year [18] - The fleet growth for the first ten months of 2025 was 2.6%, with a modest newbuilding order book at 10.9% of the existing fleet [15] Company Strategy and Development Direction - The company is focused on fleet renewal and energy efficiency, with ongoing investments in green technologies and compliance with environmental regulations [13] - The strategy includes selective disposals and acquisitions to optimize fleet efficiency, with a focus on Kamsarmax vessels due to their favorable economics compared to Capesize vessels [38][39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the medium to long-term outlook for the dry bulk market, supported by a favorable supply outlook and easing trade tensions [22] - The company anticipates a gradual normalization of trade activity in 2026, particularly in light of recent geopolitical developments [18] Other Important Information - The company has completed 51 energy-saving device installations, with plans for additional upgrades in 2025 [10] - The board declared a dividend of $0.11 per share for the quarter, payable on December 18, 2025 [4] Q&A Session Summary Question: Expectations around total net change in debt in 2026 - The company secured financing for five newbuilds at $130 million and is in discussions for the remaining three, with amortization expected to remain around $50 million per quarter [26][27] Question: Dividend policy and cash balance calculations - The dividend policy is based on maintaining a cash balance above $2.1 million per vessel, which is currently well covered by the company's cash reserves [30][32] Question: Strong rate performance in sub-cape segments - Management attributed the strong performance to spillover effects from larger vessels and improved demand fundamentals in the grain and coal markets [33] Question: Fleet composition and Kamsarmax focus - The company is renewing its aging Kamsarmax fleet and taking advantage of favorable pricing and early delivery schedules for newbuilds [38][39] Question: Opportunities in the Capesize market - Management noted that finding Capesize vessels at reasonable prices is challenging, and current market conditions favor investments in Kamsarmax vessels [44]