Core Viewpoint - Diana Shipping Inc. has entered into a time charter contract for its Post-Panamax dry bulk vessel, m/v Phaidra, with Nippon Yusen Kabushiki Kaisha, which is expected to enhance the company's revenue stream significantly [1][2]. Group 1: Charter Agreement Details - The gross charter rate for the m/v Phaidra is set at US$14,500 per day, with a 5.00% commission deducted for third parties, for a period extending from February 24, 2026, to a minimum of February 20, 2027, and a maximum of April 20, 2027 [1]. - The m/v Phaidra is currently under a different charter at a gross rate of US$9,750 per day, also subject to a 5.00% commission [1]. Group 2: Revenue Generation - The employment of the m/v Phaidra is projected to generate approximately US$5.18 million in gross revenue for the minimum scheduled period of the time charter [2]. Group 3: Fleet Composition - Diana Shipping Inc. currently operates a fleet of 36 dry bulk vessels, including various classes such as Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, and Ultramax [3]. - The total carrying capacity of the fleet, excluding two vessels yet to be delivered, is approximately 4.1 million dwt, with a weighted average age of 12.22 years [3]. - The company anticipates the 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 4: Company Overview - Diana Shipping Inc. specializes in shipping transportation services through the ownership and bareboat charter-in of dry bulk vessels, primarily engaging 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].

Financial Performance - Diana Shipping Inc. reported a net income of $4.5 million for Q2 2025, a significant improvement from a net loss of $2.8 million in Q2 2024 [1] - Net income attributable to common stockholders for Q2 2025 was $3.1 million, compared to a net loss of $4.2 million in the same quarter of the previous year [1] - Earnings per share for Q2 2025 were $0.03, recovering from a loss per share of $0.04 in Q2 2024 [1] Revenue and Expenses - Time charter revenues for Q2 2025 were $54.7 million, slightly down from $56.0 million in Q2 2024, attributed to decreased ownership days, partially offset by increased average charter rates [2] - For the six months ended June 30, 2025, net income was $7.5 million, compared to a net loss of $0.7 million for the same period in 2024 [3] - Time charter revenues for the first half of 2025 totaled $109.6 million, down from $113.6 million in the same period of 2024 [3] Dividend Declaration - The Company declared a cash dividend of $0.01 per share, payable on September 11, 2025, to shareholders of record as of August 21, 2025 [4] Fleet and Employment - As of July 29, 2025, the Company had 37 vessels in operation, with a weighted average age of 11.7 years [14] - Fleet utilization was reported at 99.5% for both the three and six months ended June 30, 2025 [14] Balance Sheet - As of June 30, 2025, total assets were $1.131 billion, a decrease from $1.171 billion at the end of 2024 [28] - Total stockholders' equity was $492.8 million, down from $505.1 million at the end of 2024 [28] Cash Flow - Net cash provided by operating activities for Q2 2025 was $8.6 million, compared to $11.2 million in Q2 2024 [30] - The Company reported net cash used in financing activities of $16.8 million for Q2 2025 [30]

Core Insights - Pangaea Logistics Solutions, Ltd. operates a fleet of dry bulk vessels focusing on specialized trade routes with less competition, particularly in ice-class operations in the Atlantic and Caribbean [1] Company Overview - Pangaea Logistics Solutions is a U.S.-based shipping company that emphasizes harder-to-access trade routes [1] Market Focus - The company targets specialized shipping routes that are less competitive, which may provide unique investment opportunities [1]