Diana Shipping, Inc. Q4 FY2024 earnings call

• 2024 was a record year for dry bulk volumes, though rates had a two - half pattern with strong first six months and softer back end. Trade disruption due to Panama Canal drought and Houthi attacks boosted ton - mile demand. - Fleet of 38 dry bulk vessels, with 7 mortgage - free, average age 11.4 years, total deadweight ~4.2 million tons. Anticipated delivery of two methanol dual fuel newbuilding Kamsarmax dry bulk vessels in 2027 and 2028. - Refinanced debt agreements and bonds in 2023 - 2024 to push back maturities and decrease loan margins. - Signed term loan facility, completed bond listing prospectus, did tap issue, released ESG report, repurchased shares, raised funds via warrant exercise. - Secured favorable time charters for nine vessels in different categories. - Declared quarterly cash dividend of $0.01 per common share for Q4 2024. - Committed to ESG initiatives, promoting ecofriendly technologies, modernizing fleet, and developing equity diversity and inclusion program.

For the fourth quarter of 2024, revenue stood at $57.1 million compared to $60 million in the same quarter of 2023, a decrease of about 5%. Adjusted EBITDA was $25.9 million compared to $27.1 million in Q4 2023, a decrease of $1.2 million. Time charter equivalent for Q4 2024 was $15,589 compared to $15,162 in Q4 2023. For the year 2024, revenue was $228.2 million compared to $262.1 million last year. Time charter equivalent for 2024 was $15,267 compared to $16,713 in 2023. Fleet utilization was 99.7% for both Q4 2024 and the comparative quarter in 2023.

• Secured revenues for 63% of the remaining ownership days of 2025, amounting to approximately $125 million and 10% of available ownership days in 2026, amounting to approximately $30 million. - As of December 31, 2024, breakeven rate was $16,314 per day.

• Trade disruption such as Houthi attacks on ships in the Gulf of Aden leading to reduced bulk transit and rerouting. - Panama Canal drought conditions affecting transit slots. - Protectionist measures like potential tariffs from China, Mexico, Canada, etc., which could disrupt grain and minor bulk trade. - Fleet growth outpacing demand in the sector, with supply anticipated to increase by about 3% year - on - year in 2024 while demand grows by about 1%. - Weather - related disruptions like cyclones affecting major loading ports in Australia for iron ore shipments.

Q: No questions at this time A: No questions to answer