Diana Shipping, Inc. Q1 FY2025 earnings call

• Fleet snapshot: Diana Shipping Inc. operates a fleet of 37 dry bulk vessels with an average age of 11.6 years and total deadweight capacity of ~4.1 million tons. Anticipates delivery of two methanol dual-fuel newbuilding Kamsarmax dry bulk vessels in late 2027 and early 2028. Fleet utilization was 99.6% in Q1 2025.
• Key highlights: In February 2025, sold motor vessel Alcmene for ~$11.9 million. In March, became a strategic partner in Ecogas Holding AS with an 80% equity interest. In April, celebrated 20-year NYSE listing and hosted Investor Day. Raised $25.6 million from warrant exercises, secured $86.8 million of contracted revenues for 2025 and $36.5 million for 2026, and declared a $0.01 per common share quarterly dividend.
• Financials: Cash decreased to $187.7 million as of March 31, 2025, from $207.2 million on December 31, 2024. Long-term debt and finance liabilities net of deferred financing costs decreased to $623.9 million as of March 31, 2025.

For Diana Shipping Inc.'s first quarter 2025, time charter revenues were $54.9 million, a 5% decrease compared to $57.6 million in the same quarter of 2024. Adjusted EBITDA was $23.3 million, down 6% from $24.9 million in Q1 2024. Net income increased to $3 million from $2.1 million in Q1 2024. The time charter equivalent rate was $15,739 per day in Q1 2025, up 5% from $15,051 per day in Q1 2024. Vessel operating expenses decreased by 4% in absolute terms, but daily operating expenses increased 2% to $5,866 per day. Revenue contribution is primarily from the dry bulk vessel segment.

• For 2025: 66% of the ownership days for the remainder of the year are fixed, expecting $86.8 million of revenues at an average time charter rate of $15,806 per day.
• For 2026: 13% of the ownership days are fixed, expecting $36.5 million of revenues at an average time charter rate of $20,363 per day. Estimated revenues for unfixed days in 2025 and 2026 based on FFA rates.

• Market volatility due to economic and geopolitical uncertainty. Dry bulk market has been sluggish with low newbuilding contracting and scrapping levels. Tariff-sensitive segments like containers are volatile. Trade war risks affecting freight rates and demand.

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