Diana Shipping, Inc. Q4 FY2025 earnings call

• 2025 was a year with first half slow dry bulk demand and second half broad base recovery across all sizes. Fourth quarter saw one third of the fleet fixed at higher rates. - Company snapshot: Founded in 1972, listed on NYSE since 2005, operates 36 dry-bulk vessels, average age 12 years, total deadweight ~1 million tons. Anticipates delivery of two methanol dual-fuel new-building dry-bulk vessels in 2027 and 2028. Fleet utilization 99.7% in 2025. - Fourth quarter chartering activity: Secured time charters for 12 vessels from Nov 13, 2025 to Feb 19, 2026. - 2026 secured $153 million of contracted revenues for 76% of ownership days, 2027 secured $22.6 million for 9% of ownership days. - Declared quarterly cash dividend of one cent per common share for Q4 2025. - ESG performance: CDP score of B, S&P Global ESG score 31%.

For the fourth quarter, time charter revenues were $52.1 million, slightly lower than $57.1 million in the same quarter last year. Adjusted EBITDA was $19.3 million compared to $25.9 million in the fourth quarter last year. Net income amounted to $3.1 million compared to $9.7 million in the fourth quarter of 2024. For 2025, time charter revenues were $213.5 million compared to $228.2 million in 2024. Despite fewer vessels, net income increased to $17.8 million compared with $12.7 million in 2024. The fleet's utilization reached 99.7% for the year ended December 31st, 2025.

• For 2026, secured 76% of ownership days at an average time charter rate of $17,670 per day, generating expected revenues of $153 million. - For 2027, 9% of ownership days fixed at an average time charter rate of $19,261 per day, with expected revenues of $22.6 million. - Potential revenues for unfixed days in 2026 could reach $201.3 million and in 2027 $241.9 million.

• Global trade shock and awe politics like US tariffs and Chinese retaliation. - Bulk carrier fleet growth outpacing demand growth in 2026 (except cape side). - Anticipated long-term reduction in Chinese coal imports. - Geopolitical uncertainties regarding policies, tariffs, etc.

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