Diana Shipping, Inc. Q3 FY2025 earnings call

• Diana Shipping Inc. was founded in 1972 and listed on the New York Stock Exchange in 2005, operating a fleet of 36 dry bulk vessels with an average age of just under five years and a total deadweight capacity of approximately 4.1 million tons. • In June 2025, the company announced the sale of motor vessel Selena for a purchase price of approximately $11.8 million before commissions. • In September 2025, it signed a term loan facility with the Bank of Greece, secured by five vessels, and drew down $55 million. • The company released its 2024 ESG report in September 2025, highlighting its ESG strategy and commitment to sustainable practice. • As of September 29, 2025, it had acquired 14.9% of Genco Shipping and Trading Limited issued and outstanding common shares. • As of November 12, 2025, it had secured $25.4 million of contracted revenues for 87% of the remaining ownership days of 2025 and $118 million of contracted revenues for 50% of the ownership days of 2026. • It declared a quarterly cash dividend of $0.01 per common share with respect to 2025, totaling approximately $1.16 million.

For the third quarter of 2025, time charter revenues were $51.9 million, which was slightly lower than the €57.5 million in the same quarter of the previous year. Adjusted EBITDA was $20.3 million compared to $23.7 million in the third quarter of the previous year. Net income nearly doubled to $7.2 million from $3.7 million in 2024. For the nine months ended September 30, 2025, time charter revenues dropped by 6% to $161.5 million from $171.1 million in the same period of the previous year. Time charter equivalent averaged $15,178 per day in the third quarter of 2025, a 1% decrease compared to the same period of the previous year due to softer charter rates. Fleet utilization remained strong at 99.4% for the quarter and 99.5% for the whole of 2025.

• For the remainder of 2025, potential revenues based on FSAA could reach $29.1 million at an estimated average time charter rate of $18,900 per day. • For 2026, potential revenues could reach $224.7 million at an average time charter rate of $17,102 per day. • While projected revenues for 2025 may not recover cash flow breakeven, the outlook for 2026 is positive, supporting a return to cash flow profitability.

• Continuing war-related activity in both the Red Sea and the Black Sea, which remains volatile and likely to continue avoidance of the area. • Market fluctuations affecting charter rates and overall market conditions. • Uncertainty regarding the impact of macroeconomic factors on commodity demand and shipping volumes.

Q: How should we think about your quite significant stake in Genco now? Is there any sort of dialogue with the Board? You previously mentioned that the holding is of strategic character, but I mean, they tightened the poison pill with the 15% threshold now. So sort of how does that impact your thoughts on sort of further dialogue here? And if you are just sort of opting for a passive stake, would you consider a Board seat?

A: As we have said in the past, our position in Genco has strategic value. Nevertheless, we are observing at the moment, and we are examining our various options on what we'll do and how to do it. We are not in contact with the current management of Genco. And we are observing the development.

Q: Can you just comment a bit around the recent development in Ocean Tau? Do you still have a holding there? And what's the percent if that's the case?

A: Diana Shipping Inc.'s interest in Ocean Farm is very minimal after the latest raising of equity that they did, the one before the sovereign one. And it is certainly not material at this stage. So there is nothing to comment.