ATHENS, Greece, May 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 its financial results for the first quarter ended March 31, 2025 are scheduled to be released before the opening of the U.S. financial markets on Thursday, May 29, 2025. The Company’s management will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 ...

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 [2] - The company's vessels are primarily employed on short to medium-term charters, transporting a range of dry bulk cargoes including iron ore, coal, and grain along worldwide shipping routes [2] Annual Meeting Announcement - The company will hold its 2025 Annual Meeting of Shareholders on May 28, 2025, at 8:00 a.m. Eastern Time in a virtual format only [1] - All shareholders of record as of April 21, 2025, are invited to attend the meeting by following the instructions in the Notice of Annual Meeting of Shareholders and accompanying proxy statement available on the SEC website [1]

Core Viewpoint - Diana Shipping Inc. has entered into a time charter contract with China Resource Chartering Pte. Ltd. for its Panamax dry bulk vessel, the m/v Ismene, with a gross charter rate of US$11,000 per day, expected to generate approximately US$3.54 million in gross revenue for the minimum scheduled period of the charter [1][2]. Group 1: Charter Contract Details - The time charter for the m/v Ismene is set to commence on April 26, 2025, and will last until at least March 20, 2026, with a maximum end date of May 20, 2026 [1]. - The charter rate is US$11,000 per day, with a 5.00% commission paid to third parties [1]. Group 2: Fleet Information - Diana Shipping Inc. currently operates a fleet of 37 dry bulk vessels, including various types such as Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, and Ultramax [3]. - The total carrying capacity of the fleet, excluding two vessels not yet delivered, is approximately 4.1 million dwt, with a weighted average age of 11.46 years [3]. - 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 [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].

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 [3] - The company's vessels primarily operate on short to medium-term charters, transporting various dry bulk cargoes such as iron ore, coal, and grain along worldwide shipping routes [3] Milestone Celebration - The company will celebrate its 20th anniversary as a NYSE listed company on April 1, 2025, with CEO Ms. Semiramis Paliou and the executive team ringing the Closing Bell [1] - Ms. Paliou expressed gratitude for the trust of shareholders and partners, highlighting two decades of shared progress and partnerships [2] - An investor meeting will be held prior to the Closing Bell, with a presentation available on the company's website [2]

Core Viewpoint - Diana Shipping Inc. has entered into a time charter contract with Cargill International SA for its Panamax dry bulk vessel, the m/v Leto, at a gross charter rate of US$12,750 per day, expected to generate approximately US$5.93 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 Leto is set to commence on March 31, 2025, and will last until at least July 16, 2026, with a maximum end date of September 16, 2026 [1]. - The charter rate is subject to a 4.75% commission paid to third parties [1]. Group 2: Fleet Information - Diana Shipping Inc. currently operates a fleet of 37 dry bulk vessels, including various types such as Newcastlemax, Capesize, and Panamax [3]. - The total carrying capacity of the fleet, excluding two vessels not yet delivered, is approximately 4.1 million deadweight tons (dwt), with a weighted average age of 11.40 years [3]. - The company expects to take 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 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 filed its 2024 Annual Report on Form 20-F with the United States Securities and Exchange Commission, which includes audited financial statements and is available for download on the company's website [1] 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 [2] - The company's vessels are primarily employed on short to medium-term charters, transporting a variety of dry bulk cargoes such as iron ore, coal, and grain along worldwide shipping routes [2]

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].