Diana Shipping Inc. · NYSE:DSX
Diana Shipping — Q2 2026 Earnings Presentation
28 slides from Diana Shipping's earnings presentation, Jul 30, 2026
Slide 1: Financial Results for the 2nd Quarter of 2026
We create to share Financial Results for the 2nd Quarter of 2026 July 30, 2026
Slide 2: Our Presenting Team
Our Ioannis Presenting Semiramis Zafirakis Paliou Dave Van der Team Linden Maria Dede Maria Dede Chief Commercial Officer Director & of Diana Shipping President Services S.A. Director & Chief Executive Officer Co-CFO & Treasurer Our Company’s confidence stems from our established track record We cre
Slide 3: Financial Results for the 2nd Quarter of 2026
Financial Results for the 2nd Quarter of 2026 We create to share 3
Slide 4: Forward Looking Statements
This presentation does not constitute or form part of and should not be construed as an offer to sell any The Company desires to take security or an invitation, solicitation, or advantage of the safe harbor Forward inducement to purchase or subscribe provisions of the Private Securities for any secu
Slide 5: Diana's Key Points
Diana’s Key Points 12.66 years 44% NET DEBT/MARKET VALUE1 AVERAGE AGE3 Ultramax Newcastlemax US$117.9m OF CASH1 4.1m DWT 13% CARRYING 21% Panamax US$155.2m OF EQUITY INVESTMENT IN GENCO CAPACITY 10% SHIPPING & TRADING LIMITED 99.8% 12% AVERAGE FLEET Kamsarmax ~US$0.5/SHARE OF POTENTIAL FREE CASH FLO
Slide 6: Highlights of the 2nd Quarter 2026 and Recent Developments
Highlights of the 2nd Quarter 2026 and Recent Developments • On May 4, 2026, we launched a tender offer to acquire all outstanding shares of Genco Shipping & Trading Limited (NYSE: GNK) (“Genco”) (“Tender Offer”), not already owned by Diana, for US$23.50 per share in cash. • On May 15, 2026, we were
Slide 7: Highlights of the 2nd Quarter 2026 and Recent Developments
Highlights of the 2nd Quarter 2026 and Recent Developments • On June 30, 2026, we extended the fully committed financing supporting Diana’s offer to acquire the outstanding shares of Genco not already owned by Diana, in the amount of US$1.412 billion. • On July 13, 2026, we further extended the Tend
Slide 8: Recent Chartering Activity
Recent Chartering Activity* $20,000 Weighted average contracted charter rate $18,350 $18,000 $16,435 $16,000 382 days 279 days $14,000 ($ per day) $12,000 $10,000 1 vsl $8,000 3 vsls $6,000 $4,000 $2,000 $0 ULTRAMAX PANAMAX, KAMSARMAX VESSEL TYPE BUILT RATE CHARTERER Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2
Slide 9: Disciplined & Non-Speculative Chartering Strategy
Disciplined & Non-Speculative Chartering Strategy VESSEL TYPE BUILT RATE Q1/26 Q2/26 Q3/26 Q4/26 Q1/27 Q2/27 Q3/27 Q4/27 Q1/28 Fleet Average $18,283 New York Capesize $27,500 Average Daily Medusa Kamsarmax $16,850 TC Rate of Myrto Kamsarmax $16,650 Fixed Revenues DSI Pegasus Ultramax $18,350 US$18,3
Slide 10: Financial Highlights for the 2nd Quarter 2026
Financial Highlights for the 2nd Quarter 2026* 2nd Quarter 2026 2nd Quarter 2025 TC Revenues $57.3m $54.7m Adjusted EBITDA** $24.3m $22.0m Net Income $20.8m $4.5m Earnings Per Common $0.16 $0.03 Share, Diluted June 30, 2026 December 31, 2025 Cash, cash equivalents $117.9m $122.3m and restricted cash
Slide 11: Summary of Selected Financial & Other Data (Three Months)
Summary of Selected Financial & Other Data* Three months ended June 30, 2026 2025 Statement of Income Data US$ Millions US$ Millions Time charter revenues 57.3 54.7 Voyage expenses 3.4 3.1 Vessel operating expenses 21.0 20.0 Net income 20.8 4.5 Net income attributable to common stockholders 19.3 3.1
Slide 12: Summary of Selected Financial & Other Data (Six Months)
Summary of Selected Financial & Other Data* Six months ended June 30, 2026 2025 Statement of Income Data US$ Millions US$ Millions Time charter revenues 112.0 109.6 Voyage expenses 6.5 6.1 Vessel operating expenses 40.4 40.0 Net income 49.9 7.5 Net income attributable to common stockholders 47.0 4.6
Slide 13: Current Debt Profile
Current Debt Profile Debt Amortization Profile CREDIT FACILITIES MATURITIES SLB PURCHASE OBLIGATION SENIOR UNSECURED BOND MATURITY CREDIT FACILITIES AMORTIZATION SLB AMORTIZATION 240 $3.8 * 220 200 180 US$ million 160 $175.0 140 120 100 $64.8 80 60 $26.0 40 $52.1 $52.1 $48.3 $43.1 $27.9 $1.0 20 $26.
Slide 14: Breakeven vs Estimated Revenue for the Remainder of 2026 & 2027
Breakeven vs Estimated Revenue for the Remainder of 2026 & 2027 * Daily Estimated Cash Uses vs TC Revenues $3,538 $1,945 $20,397 FFA rates as of July 22, 2026 $18,804 Unfixed Ultramax Panamax Kamsarmax Post-Panamax Capesize Newcastlemax $443 $399 $22,230 $995 Q3 2026 $21,000 $17,900 $19,300 $17,900
Slide 15: Dividend Payout Since 2021
Dividend Payout Since 2021 Cash dividend per share Dividend in kind per share $3.00 Cumulative dividend paid since 2021 = $2.72 per common share $0.010$0.010 $0.010 $0.010 $0.010 $0.010 $0.075 $0.010 $0.010 $2.50 $0.075 $0.075 $0.070 $0.150 Cumulative dividend payout $0.150 $2.00 $0.101 $0.150 $0.15
Slide 16: Dry Bulk Market Overview
Dry Bulk Market Overview 12 month TC Rates Comments Capesize Panamax Ultramax 40,000 • Q2 2026 continued the strong momentum of Q1 2026. 35,000 • Capesize vessels outperformed, with Q2 average earnings at $39,806. One year T/C rate for a modern 182k DWT stands around 30,000 $31,000 per day. • Midsiz
Slide 17: Key Demand Drivers
Key Demand Drivers GDP growth Dry bulk trades Iron ore Minor bulk Grains & Soybeans Coal 8.0 30,000 6.0 25,000 Billion ton-miles 20,000 4.0 15,000 % yr/yr 2.0 10,000 0.0 5,000 0 -2.0 -4.0 • Global GDP coming increasingly under pressure in Q2, with China GDP GDP growth down to 4.3% from 5% in Q1. 202
Slide 18: Supply Outlook
Supply Outlook The dry bulk orderbook as % of total fleet is 13%. Dry bulk deliveries in million DWT Dry bulk orderbook in % of existing fleet 100.00 Panamax Capesize Smaller bulk vessels 100.00 Total dry bulk Capesize Panamax 90.00 90.00 80.00 80.00 70.00 70.00 60.00 60.00 50.00 50.00 40.00 40.00 3
Slide 19: Positive and Negative Factors Impacting the Dry Bulk Shipping Industry
Positive and Negative Factors Impacting the Dry Bulk Shipping Industry On the positive side: - Global seaborne trade is expected to stay firm for the balance of the year, supported by iron ore demand and minor bulks, such as bauxite and grains. - Tonne-mile support is expected to continue, with long
Slide 20: Summary
Summary Leading pure play dry bulk Legacy Listed on NYSE Experienced Excellent ongoing Rewarding our carrier safely navigated since 2005 management team stakeholder shareholders company... through shipping cycles ready to deliver on the engagement with attractive cash since 1972 challenges of the ma
Slide 21: DSX Q&A
DSX LISTED NYSE Q&A
Slide 22: Appendix
Appendix - Income Statement for the three months ended June 30, 2026 and 2025 - Income Statement for the six months ended June 30, 2026 and 2025 - Adjusted EBITDA calculation for the three and six months ended June 30, 2026 and 2025 - Balance Sheet as of June 30, 2026 and December 31, 2025 - Organiz
Slide 23: Income Statement
Income Statement Adjusted EBITDA Calculation We create to share 23
Slide 24: Income Statement
Income Statement Adjusted EBITDA Calculation We create to share 24
Slide 25: Balance Sheet
Balance Sheet We create to share 25
Slide 26: Organizational Structure
Organizational Structure Komi Shipping Company Inc. Diana Ship Diana Energize Cebu Shipping 45 SPCs Management Inc. & Inc. DianaDiana Gas Inc. Energize Inc. Company Inc. Diana General Partner Inc. 50% 25% 34% 80% 24% 50% Bergen Ultra LP Note 1) 100% owned if not indicated otherwise We create to shar
Slide 27: Industry Leading Sustainability Structure
Industry Leading Sustainability Structure Our ESG Reports Climate & Environmental Transparency Corporate Sustainability & ESG Performance Participant of: The 2024 report has been limited assured in accordance with International Standard on Assurance Engagements 3000 (Revised), Assurance Engagements
Slide 28: Reputable Charter Counterparts
Reputable Charter Counterparts Source: Company We create to share 28