ATHENS, Greece, Nov. 20, 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 $7.2 million and net income attributable to common stockholders of $5.7 million for the third quarter of 2025. This compares to a net income of $3.7 million and a net income attributable to common stockholders of $2.3 million for the third quarter of 2024. Earnings per share for th ...

Financial Data and Key Metrics Changes - The company reported a net income of $18.5 million and an adjusted net income of $32.4 million, translating to an adjusted income per share of $0.16 [4] - Adjusted EBITDA for the quarter was $87 million [4] - Total cash reached $454 million, while total debt stood at $1.028 billion, with additional liquidity of $115 million from undrawn revolver facilities, resulting in pro forma liquidity exceeding $570 million [4] - The company repurchased 250,000 shares for $4.4 million during the 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 $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, leading to 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 [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 newbuilding vessels and technology upgrades [13][10] - The capital allocation policy has prioritized returns to shareholders, with a total of $2.8 billion in dividends, share buybacks, and debt repayment since 2021 [6][4] - The company aims to actively manage its scrubber-fitted fleet to capitalize on market opportunities [22] 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 favorable supply dynamics and stricter environmental regulations [22] - The company noted that global port congestion has eased and is expected to follow seasonal trends, having a relatively neutral impact on effective supply growth [16] - The CEO highlighted the spillover effect from larger vessels contributing to strong demand in the sub-cape segments, driven by improved grain trade and coal performance [33] Other Important Information - The company has completed 51 energy-saving device installations, with plans for nine more in 2025 [10] - The average age of the fleet is 11.9 years, with ongoing efforts to optimize fleet efficiency through selective disposals and acquisitions [11] Q&A Session Summary Question: Expectations around total net change in debt in 2026 - The company has secured financing for the first five newbuilds at $130 million, with discussions ongoing for the last three [26] Question: Planned amortization during 2026 - Amortization is expected to remain around $50 million per quarter, with refinanced older facilities and new facilities having a 17-year amortization profile [27] Question: Dividend policy regarding minimum cash balance per vessel - The dividend policy remains unchanged, with the company maintaining a cash balance significantly above the required level [30][32] Question: Strong rate performance in sub-cape segments - Management attributed the strong performance to both spillover effects from larger vessels and improved demand fundamentals in the sub-cape segment [33] Question: Fleet composition and focus on Kamsarmax vessels - The company is renewing its aging Kamsarmax fleet, taking advantage of early deliveries and favorable pricing [38]

Financial Data and Key Metrics Changes - The company reported a net income of $18.5 million and an adjusted net income of $32.4 million, translating to an adjusted income per share of $0.16 [4] - Adjusted EBITDA for the quarter was $87 million [4] - Total cash reached $454 million, while total debt stood at $1.028 billion, with additional liquidity of $115 million from undrawn revolver facilities, resulting in pro forma liquidity exceeding $570 million [4] - The company declared a dividend of $0.11 per share for the quarter, payable on December 18, 2025 [4] Business Line Data and Key Metrics Changes - The time-charter equivalent (TCE) rate was $16,634 per vessel per day, with combined daily operating expenses (OPEX) and net cash general and administrative expenses per vessel at $6,421, resulting in a TCE less OPEX and CAS G&A of approximately $10,213 per vessel per day [5] - 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] 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 [18] - Chinese dry bulk imports recovered, increasing by 4.4% year over year during Q3 after a contraction in the first half [19] - The fleet is aging, with approximately 50% expected to be over 15 years old by the end of 2027, and effective capacity is projected to reduce by about 0.5% per annum during 2026 and 2027 [17] Company Strategy and Development Direction - The company is focused on fleet renewal and energy efficiency, with ongoing investments in newbuilding vessels and technology upgrades [13][10] - The strategy includes opportunistic disposals of non-eco vessels to improve fleet efficiency and reduce average fleet age [11] - The company aims to actively manage its diverse scrubber-fitted fleet to capitalize on market opportunities and deliver shareholder value [23] 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 favorable supply dynamics and stricter environmental regulations [23] - The company noted that global port congestion has eased and is expected to follow seasonal trends, having a relatively neutral impact on effective supply growth [17] - The IMF forecasts global GDP growth at 3.1%, slightly below 2025 levels, while Chinese GDP is projected to slow to 4.2% [19] Other Important Information - The company has completed 51 energy-saving device installations, with plans for nine more in 2025 [10] - The company has been active in the market, securing $130 million in debt for newbuilding vessels and planning for additional financing [10] Q&A Session Summary Question: Expectations around total net change in debt in 2026 - Management clarified that amortization will remain around $50 million per quarter, with new facilities having a 17-year amortization profile [28] Question: Dividend policy and minimum cash balance per vessel - The dividend policy is based on the current fleet size, and the company maintains a cash balance significantly above the required level [31][33] 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 [34] Question: Fleet composition and newbuilding strategy - The company is focusing on Kamsarmax vessels due to their cost-effectiveness and the need to renew an aging fleet [39]

Investor Presentation November 2025 Disclaimer This presentation contains certain statements that may be deemed to be "forward-looking statements" within the meaning of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, including, without limitation, the outlook for fleet utilization and shipping rates, general industry cond ...

Financial Performance - EuroDry reported net revenues of $14.4 million for Q3 2025[10] - The company experienced a net loss attributable to controlling shareholders of $0.7 million, or $0.24 per share, in Q3 2025[10] - Adjusted net loss for Q3 2025 was $0.6 million, or $0.23 per share[10] - Adjusted EBITDA for Q3 2025 was $4.1 million[10] - For the first nine months of 2025, net revenues were $34.88 million, a decrease of 25.1% compared to $46.58 million in the same period of 2024[47] - Adjusted EBITDA for the first nine months of 2025 was $5.0 million, a decrease of 34.0% compared to $7.57 million in the same period of 2024[47] Fleet and Operations - EuroDry's current fleet consists of 11 vessels with a total carrying capacity of 766k DWT and an average age of approximately 12.8 years[15] - The company has two Ultramax vessels under construction, scheduled for delivery in 2027, which will increase the total carrying capacity to 893k DWT[15] - Fixed rate coverage for the remainder of 2025 was about 44.6% as of September 30, 2025[17] - The company sold MV Eirini P for $8.5 million[13] Market Overview - The orderbook is at approximately 10.94% of the fleet[31] - As of November 7, 2025, the 1-year time charter rate for a 75k DWT Panamax vessel stands at $15,125 per day[41]

Financial Data and Key Metrics Changes - Genco recorded a net loss of $1.1 million for Q3 2025, translating to a basic and diluted net loss of 2 cents per share. The adjusted net loss was 1 cent per share, excluding a loss on debt extinguishment of $0.7 million [11] - Adjusted EBITDA for Q3 totaled $21.7 million, marking a 52% increase compared to Q2 [11] - The cash position as of September 30 was $90 million, which increased due to a drawdown of debt for the purchase of a new vessel [11] - Debt outstanding rose to $170 million due to the recent acquisition, down from $450 million in 2021, representing a 62% reduction [12] Business Line Data and Key Metrics Changes - Genco declared a dividend of $0.15 per share for Q3, extending its track record of 25 consecutive quarters of dividends [4] - The company has declared a total of $7.65 in dividends per share since 2021, representing 43% of the current share price [5] - The TCE (Time Charter Equivalent) for Q4 is estimated to exceed $20,000 per day, a more than 25% increase, with Capesize vessels achieving approximately $27,000 per day [5][15] Market Data and Key Metrics Changes - The dry bulk freight rate environment improved significantly in Q3 and into Q4, with Capesize rates driven by record Brazilian iron ore shipments [17] - The Baltic Capesize Index averaged approximately $26,000 per day in Q3, while the Baltic Supramax Index averaged around $14,000 per day [17] - China's iron ore imports rose by 6% year-over-year in Q3, indicating strong demand [18] Company Strategy and Development Direction - Genco's value strategy focuses on returning cash to shareholders, maintaining flexibility for growth, and paying dividends based on cash flows [4][7] - The company aims to operate with a low-leverage, high-dividend model, having invested nearly $347 million in modern vessels and paid down $279 million in debt since 2021 [7][8] - Genco is focused on acquiring larger vessels due to better supply dynamics in the Capesize sector compared to minor bulk vessels [38] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the freight market for the remainder of 2025 and into 2026, citing strong fundamentals and a favorable freight rate environment [5] - The company has completed 90% of its dry docking schedule for 2025, positioning it well for Q4 utilization [5][16] - Management highlighted the importance of strong corporate governance as a differentiator in the industry [10] Other Important Information - Genco has a low cash flow break-even rate of approximately $10,000 per day, which is considered an industry-low [5] - The company has $430 million in undrawn revolver availability, providing significant access to capital for future opportunities [9] Q&A Session Summary Question: Insights on the freight market improvement - Management indicated that the improvement is due to seasonal factors, record Brazilian iron ore exports, increased coal trades, and strong grain demand from South America [25] Question: Impact of USTR fees on dry bulk rates - Management stated that the USTR fees had a negligible impact on Genco's revenues, and the clarification on port fees has removed risks for the company [27][28] Question: Future of coal imports to China - Management noted a shift in coal imports from the U.S. to other sources but expects U.S. coal exports to increase in the next six months as USTR fees are lifted [43] Question: Adoption of a poison pill strategy - Management explained that the poison pill was adopted to slow down a rapid accumulation of shares by a single shareholder, ensuring the best transaction for all shareholders [47][48]

Financial Performance - Himalaya Shipping reported a net profit of $9.5 million and an EBITDA of $29.3 million for Q3 2025[9] - The company achieved time charter equivalent (TCE) earnings of approximately $35,600 per day, gross, outperforming the Baltic Capesize Index which was at $24,684 during the same period[9] - Operating revenues decreased by $1.3 million compared to Q3 2024, attributed to a reduction in average TCE from approximately $36,800/day to $35,600/day[14] - Cash flow from operations was $18.3 million in Q3 2025[18] Fleet and Chartering - Four vessels' index-linked time charters were converted to fixed rates averaging approximately $35,300 per day (gross) from August 1, 2025, to September 30, 2025[9] - An additional four vessels had their index-linked time charters converted to fixed rates averaging approximately $38,500 per day (gross) from October 1, 2025, to December 31, 2025[9] - Himalaya Shipping's average premium versus the Baltic index is approximately 50%, and versus peers, it's about 23%[23] Market Dynamics - Total Capesize tonne-mile growth saw a 2% year-over-year increase in Q3, with iron ore contributing a 3% increase and bauxite a 15% increase, while coal decreased by 15%[34] - Brazil's iron ore exports increased by 4%, Australia's by 2%, and Guinea's bauxite exports increased by 18% year-over-year in Q3[34] - Approximately 60% of the Capesize fleet will be over 20 years old by 2034[51] - The orderbook represents 93% of the existing Capesize fleet DWT[54]

Core Viewpoint - Diana Shipping Inc. has extended time charter contracts for two of its dry bulk vessels, the m/v Semirio and the m/v Maera, which are expected to generate significant revenue for the company [1][3][4]. Group 1: Charter Contracts - The time charter contract for the m/v Semirio has been extended with Solebay Shipping Cape Company Limited at a gross charter rate of US$21,650 per day, effective from March 15, 2026, until a minimum of January 31, 2027, and a maximum of April 15, 2027 [1]. - The m/v Semirio is currently chartered at a gross rate of US$16,650 per day [1]. - The m/v Maera has entered into a time charter contract with CRC Shipping Pte. Ltd. at a gross charter rate of US$11,750 per day, expected to commence on November 2, 2025, and lasting until a minimum of October 20, 2026, and a maximum of December 20, 2026 [3]. Group 2: Revenue Generation - The employments of the m/v Semirio and m/v Maera are anticipated to generate approximately US$10.93 million in gross revenue for the minimum scheduled period of the time charters [4]. Group 3: Fleet Overview - 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 [5]. - 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 11.91 years [5]. - 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 [5]. 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, primarily engaged in short to medium-term time charters [6].

Financial Data and Key Metrics Changes - In Q3 2025, the average market spot rates for Handysize and Supramax vessels were approximately $11,600 and $14,300 net per day, reflecting a decrease of 1% and an increase of 4% respectively compared to the same period in 2024 [5] - The average TCE earnings for Handysize and Supramax vessels were $11,680 and $13,410, representing a year-on-year decrease of 15% for Handysize and an increase of 10% for Supramax [8] - The company has utilized approximately $26 million of its announced $40 million share buyback program, completing about 65% of the targeted buyback [20] Business Line Data and Key Metrics Changes - The core business generated average TCE earnings of $11,680 for Handysize and $13,410 for Supramax in Q3 2025, with performance against market indices showing a $90 per day outperformance for Handysize but a $100 per day underperformance for Supramax [8][9] - Operating activities generated a daily average margin of $750 over 6,830 operating days in Q3 [10] Market Data and Key Metrics Changes - Global mined bulk loadings rose 4% year-on-year, driven by bauxite, fertilizers, and mined ores, while grain loadings decreased by 9% [5][6] - Coal earnings reduced by 6% year-on-year due to weaker demand from major markets, with China’s coal imports falling by 15% [7] - The combined global fleet of Handysize and Supramax vessels is estimated to grow by 4.3% in 2025, with newbuilding deliveries accounting for 4.4% of this growth [13] Company Strategy and Development Direction - The company aims to strategically renew and grow its fleet, maintaining fixed price purchase options on 13 long-term chartered vessels and planning to take delivery of newbuildings in 2026 [15] - The focus remains on expanding growth optionality while managing fleet renewal in a disciplined manner [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the dry bulk market, anticipating steady minor bulk demand growth and potential supply disruptions that could support tighter freight market conditions [21] - The company is prepared for ongoing macroeconomic and industry uncertainties, leveraging its financial strength and agile business model to navigate challenges [21] Other Important Information - The company has taken proactive steps to comply with new port tariffs, including transferring vessels to Singapore ownership to mitigate potential impacts [16][18] - The company does not believe it is subject to special tariffs under U.S. and Chinese regulations, as it maintains a diverse shareholder base [17][18] Q&A Session Summary Question: Can you elaborate on congestion and disruptions related to port tariffs? - Management noted that while there are concerns about congestion, the market has improved since summer, and strategic leadership has shifted to Singapore to align with regulatory definitions [28][29] Question: What is the expectation from the ongoing IMO meeting regarding supply dynamics? - Management expressed hope for regulations on decarbonization, which could positively impact the business and support new building initiatives [33] Question: How is the company managing disruptions from new port fees? - Management acknowledged that disruptions create inefficiencies, which could positively impact the market in the short term, while emphasizing the need for clarity on regulations [39][84] Question: What is the outlook for the spot market and outperformance in Q4? - Management indicated a positive outlook for the market, driven by demand growth and seasonal factors, while acknowledging the typical lag in performance during rising markets [56][58] Question: What are the CapEx plans and new building market expectations? - Management outlined a cautious approach to CapEx, focusing on share buybacks and monitoring the secondhand market, while noting that newbuilding orders remain low due to market uncertainties [72][76]

Core Viewpoint - Diana Shipping Inc. has entered into a time charter contract for its Capesize dry bulk vessel, the m/v New Orleans, with SwissMarine Pte. Ltd., which is expected to generate significant revenue for the company [1][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, primarily engaged in short to medium-term time charters [4]. Charter Details - The gross charter rate for the m/v New Orleans is set at US$26,000 per day, with a 5.00% commission to third parties, for a period extending from October 28, 2025, until a minimum of December 1, 2026, and a maximum of February 15, 2027 [1]. - The anticipated gross revenue from the charter for the minimum scheduled period is approximately US$10.22 million [2]. Fleet Composition - The current fleet of Diana Shipping Inc. consists of 36 dry bulk vessels, including various types such as 4 Newcastlemax, 8 Capesize, and others, with a combined carrying capacity of approximately 4.1 million dwt and a weighted average age of 11.89 years [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].