Financial Data and Key Metrics - Time charter revenues decreased by approximately $5 million from Q3 2023 to Q3 2024, from $62.1 million to $57.5 million [19] - Net income for Q3 2024 was $3.7 million, compared to $7.4 million in Q3 2023 [19] - Cash and cash equivalents, time deposits, and restricted cash increased to $186.8 million as of September 30, 2024, up from $161 million at the end of 2023 [19] - Long-term debt decreased from $642.8 million to $627 million [19] - Net debt stands at 37% of market value, supported by $186.8 million in cash reserves and $135.3 million in secured revenues as of November 19 [10] Business Line Data and Key Metrics - Fleet utilization reached 99.7% in the first nine months of 2024 [10] - Secured revenue for 78% of remaining ownership days in 2024, amounting to approximately $22.1 million, and 38% of available ownership days in 2025, amounting to approximately $95.8 million [15] - Time charter equivalent rate dropped to $15,333 in Q3 2024, compared to $15,800 in Q3 2023 [20] - Operating expenses increased to $5,964 per day in Q3 2024, up from $5,621 in Q3 2023 [21] Market Data and Key Metrics - Capesize vessels maintained relative strength, averaging higher returns than in the previous quarter, while smaller segments weakened significantly [8] - Red Sea disruption increased bulk carrier ton-mile demand by about 1.2%, with Swiss Canal transits down 40% compared to the second half of 2023 [24] - Chinese economy struggles with property sector drag, but imports remain steady, leading to a buildup of commodity inventories [25] - IMF forecasts global economic growth of 3.2% in 2024 and 3.3% in 2025, with weaker outlooks for China, Latin America, and the EU [26] Company Strategy and Industry Competition - Focus on staggered medium-term to long-term charters to avoid clustered maturities, ensuring earnings visibility and resilience against market downturns [17] - Ongoing fleet modernization efforts, including the delivery of two methanol dual-fuel newbuilding Kamsarmax dry bulk vessels by 2027 and 2028 [9] - ESG initiatives include promoting eco-friendly technologies, transparent emission data sharing, and partnerships to advance sustainability goals [38] Management Commentary on Operating Environment and Future Outlook - Geopolitical developments, particularly in the Red Sea, have significantly impacted the shipping industry [24] - Chinese government stimulus measures are expected to support the economy, despite challenges in the property sector [25] - Clarksons projects a slight easing of bulk carrier earnings in 2025, with ton-mile demand growth of 1.3% versus supply growth of 3% [35] - Positive factors for 2025 include import growth into India and Southeast Asia, a strong Brazilian soybean season, and increased congestion [34] Other Important Information - Declared a quarterly cash dividend of $0.01 per common share, totaling approximately $1.3 million [15] - Issued $150 million senior unsecured bonds with a fixed coupon of 8.75%, maturing in July 2029 [11] - Raised $25.5 million through the exercise of 6,381,900 warrants, with potential to raise an additional $64.9 million [14] Q&A Session Summary Question: Update on minority investment in CSOVs and expected delivery timeline - Total commitment is EUR50 million, with EUR33 million already paid and the remaining EUR15 million expected soon [44] - First vessel delivery expected by September 2025, with subsequent deliveries every three months [44] - Preference for long-term employment contracts, though none have been secured yet [44] Question: Capital allocation priorities and potential share repurchase - Company maintains a disciplined approach to fleet renewal, deleveraging, and shareholder returns [45] - Share repurchases may occur at the appropriate time, depending on market conditions [45] - Balance sheet is prepared to support these actions when deemed necessary [45]

We create to share Financial Results for the 3 rd Quarter of 2024 November 25, 2024 Our Presenting Team Semiramis Paliou Director & Chief Executive Officer Director, Ioannis Zafirakis Maria Dede Chief Accounting Officer Chief Financial Officer, Chief Strategy Officer, Secretary & Treasurer Dave Van der Linden Chief Commercial Officer Of Steamship Shipbroking Enterprises Inc. Our Company's confidence stems from our established track record DSX LISTED We create to share 2 Financial Results for the 3rd Quarter ...

ATHENS, Greece, Nov. 25, 2024 (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 $3.7 million and a net income attributed to common stockholders of $2.3 million for the third quarter of 2024. This compares to net income of $7.4 million and net income attributed to common stockholders of $5.9 million for the third quarter of 2023. Earnings per share for the thir ...

ATHENS, Greece, Nov. 07, 2024 (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 third quarter ended September 30, 2024 are scheduled to be released before the opening of the U.S. financial markets on Monday, November 25, 2024. The Company’s management will conduct a conference call and simultaneous Internet webcast to review these results ...

ATHENS, Greece, Nov. 04, 2024 (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, has today successfully completed a US$25 million tap issue under its outstanding senior unsecured bond issue due July 2, 2029 with ISIN NO0013265835 (the "Bonds"). Total outstanding amount under the Bonds following the tap issue is US$175 million. The tap issue was initiated by a reverse inquiry and was priced ...

ATHENS, Greece, Nov. 04, 2024 (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 the release of its Environmental, Social and Governance Report (the “ESG Report”), for the year ended December 31, 2023. The ESG Report provides an overview of the Company’s policies and practices relating to its environmental, social and governance commitments. The ESG Report is available on t ...

ATHENS, Greece, Oct. 21, 2024 (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 the successful signing of a US$80.2 million seven-year secured term loan facility with Danish Ship Finance A/S on October 18, 2024. The amended and restated loan maturing in April 2031 is secured by seven vessels. The proceeds have been utilized to refinance the Company’s existing loan facility ...

Note: I previously covered Diana Shipping (NYSE: DSX ) in April. I wrote about the company's diverse fleet, financials, and dividends. At the time of publication, the company's fleet had an average age of 10.5 years, and none of the ships had scrubbers I am a voracious reader and self-taught investor. In the past, I was an accountant in the maritime industry. Now, I am a happy retiree passionate about writing and financial markets. As the kids are grown up, I have time to pursue my endeavors: growing my por ...

ATHENS, Greece, Oct. 16, 2024 (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 Raffles Shipping International Pte. Ltd., for one of its Panamax dry bulk vessels, the m/v Selina. The gross charter rate is US$10,500 per day, minus a 5.00% commission paid to third parties, for ...

ATHENS, Greece, Oct. 03, 2024 (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 extended the time charter contract with Aquavita International S.A., for one of its Post-Panamax dry bulk vessels, the m/v Phaidra. The gross charter rate is US$12,000 per day, minus a 4.75% commission paid to third parties, for a period ...