Diana Shipping(DSX)2025-02-25 15:53Financial Data and Key Metrics Changes - For Q4 2024, revenue was 60 million in Q4 2023 [18] - Adjusted EBITDA for Q4 2024 was 27.1 million in the same quarter last year [18] - Net income increased to 9.4 million in Q4 2023, primarily due to decreased interest expenses and increased gains from non-operating activities [19] - Cash reserves at the end of 2024 were 161.6 million at the end of 2023 [20] - Long-term debt decreased to 642.8 million year-over-year, a decrease of around 1% [20] Business Line Data and Key Metrics Changes - Fleet utilization remained high at 99.7% for both Q4 2024 and Q4 2023 [22] - Time charter equivalent for Q4 2024 increased to 15,162 in Q4 2023 [22] - For the full year 2024, revenues were 262.1 million in 2023, attributed to decreased average rates and fewer vessels [23] Market Data and Key Metrics Changes - The Baltic Dry Index fluctuated significantly, peaking at 2,419 in March 2024 and dropping to 715 by the end of January 2025 [29] - Time charter rates for Capesize vessels dropped from a high of 18,000 per day in January 2025 [29] - Grain shipments are expected to grow by about 2% during the 2025 grain season, following a 3% increase in 2024 [35] Company Strategy and Development Direction - The company is focused on a disciplined chartering strategy to ensure earnings visibility and resilience against market downturns [16] - Diana Shipping is committed to ongoing fleet modernization and sustainability initiatives, including eco-friendly technologies [50][51] - The company anticipates the delivery of two methanol dual fuel newbuilding Kamsarmax dry bulk vessels by early 2028 [9] Management's Comments on Operating Environment and Future Outlook - Management noted that 2024 was a year of two halves, with strong performance in the first half followed by softer conditions [6] - The forward curve for charter rates remains in steep contango, allowing the company to secure charters at significant premiums [7] - The dry bulk market is expected to face volatility, with modest supply growth and demand growth anticipated to be around 1% in 2025 [37][46] Other Important Information - The company declared a quarterly cash dividend of 1.1 million [15] - The company repurchased 11,442,645 common shares at 125 million [14] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded without further inquiries [54]