Diana Shipping Inc. · NYSE:DSX
Diana Shipping — Q1 2026 Earnings Presentation
26 slides from Diana Shipping's earnings presentation, May 28, 2026
Slide 1: Financial Results for the 1st Quarter of 2026
We create to share Financial Results for the 1st Quarter of 2026 May 28, 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 1st Quarter of 2026
Financial Results for the 1st 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 12.49 years AVERAGE AGE3 Ultramax Newcastlemax 4.1m DWT 13% 46% NET DEBT/MARKET VALUE1 CARRYING 21% Panamax CAPACITY 10% US$124.5m OF CASH2 99.9% 12% AVERAGE FLEET Kamsarmax US$168.5m SECURED REVENUES3 UTILIZATION4 9% 35% Post- Panamax Capesize 11 groups OF SISTER VESSELS 36 vesse
Slide 6: Highlights of the 1st Quarter 2026 and recent developments
Highlights of the 1st Quarter 2026 and recent developments • In January 2026, we announced our intention to nominate a slate of six highly qualified director candidates for election to the Board of Directors of Genco Shipping & Trading Limited (NYSE: GNK) (“Genco”) at Genco’s 2026 Annual Meeting of
Slide 7: Increased All-Cash Offer to Acquire Genco Shipping & Trading to $24.80 per share
Increased All-Cash Offer to Acquire Genco Shipping & Trading to $24.80 per share We amended our Tender Offer Price to $24.80 per share in cash and extended the Tender Offer deadline to June 26, 2026 • The revised offer price will be adjusted on a one-for-one basis for any dividends or other distribu
Slide 8: Recent Chartering Activity
Recent Chartering Activity* $30,000 Weighted average contracted charter rate $27,500 641 days $25,000 $20,000 $17,297 ($ per day) $16,000 387 days $15,000 408 days 1 vsl $10,000 3 vsls 1 vsl $5,000 $0 ULTRAMAX PANAMAX, KAMSARMAX, POST-PANAMAX CAPESIZE VESSEL TYPE BUILT RATE CHARTERER Q1/25 Q2/25 Q3/
Slide 9: Disciplined & Non-Speculative Chartering Strategy
Disciplined & Non-Speculative Chartering Strategy VESSEL TYPE BUILT RATE Q4/25 Q1/26 Q2/26 Q3/26 Q4/26 Q1/27 Q2/27 Q3/27 Q4/27 Fleet Average $17,753 New York Capesize $27,500 u Average Daily Myrto Kamsarmax $16,650 TC Rate of Maia Kamsarmax $14,000 Fixed Revenues US$18,338** DSI Pyxis Ultramax $16,0
Slide 10: Financial Highlights for the 1st Quarter 2026
Financial Highlights for the 1st Quarter 2026* 1st Quarter 2026 1st Quarter 2025 TC Revenues $54.7m $54.9m Adjusted EBITDA** $23.3m $23.3m Net Income $29.1m $3.0m Earnings Per Common $0.25 $0.01 Share, Diluted March 31, 2026 December 31, 2025 Cash, cash equivalents $124.5m $122.3m and restricted cas
Slide 11: Summary of Selected Financial & Other Data
Summary of Selected Financial & Other Data* Three months ended March 31, 2026 2025 Statement of Income Data US$ Millions US$ Millions Time charter revenues 54.7 54.9 Voyage expenses 3.1 3.0 Vessel operating expenses 19.5 20.0 Net income 29.1 3.0 Net income attributable to common stockholders 27.7 1.
Slide 12: 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 $24.4
Slide 13: 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 $2,857 $2,039 FFA rates as of May 20, 2026 $19,201 $18,383 Ultramax Panamax Kamsarmax Post-Panamax Capesize Newcastlemax Unfixed $445 $240 $18,600 Q2 2026 $18,500 $18,200 $19,500 $18,200 $36,80
Slide 14: Dividend payout since 2021
Dividend payout since 2021 Cash dividend per share Dividend in kind per share $3.00 Cumulative dividend paid since 2021 = $2.71 per common share $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 $0.150 $1.50
Slide 15: Dry Bulk Market Overview
Dry Bulk Market Overview 12 month TC Rates Comments Capesize Panamax Ultramax 35,000 • Q1 2026 continued the strong momentum of second half 2025. • Capesize vessels outperformed, with Q1 30,000 average earnings at $26,405. One year T/C rate for a modern 182K DWT stands 25,000 around $34,000 per day.
Slide 16: 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 growth remains steady, but warnings of downward revisions GDP growth from individual countries, lik
Slide 17: 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 18: 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 19: Industry Leading Sustainability Structure
Industry Leading Sustainability Structure Climate & Environmental Corporate Sustainability & ESG Performance Transparency Participant of: This report has been limited assured in accordance with International Standard on Assurance Engagements 3000 (Revised), Assurance Engagements Other than Audits or
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: Q&A
DSX LISTED NYSE Q&A
Slide 22: Appendix
Appendix - Income Statement for the three months ended March 31, 2026 and 2025 - Adjusted EBITDA calculation for the three months ended March 31, 2026 and 2025 - Balance Sheet as of March 31, 2026 and December 31, 2025 - Organization Structure - Reputable charter counterparts We create to share 22
Slide 23: Income Statement
Income Statement Adjusted EBITDA Calculation We create to share 23
Slide 24: Balance Sheet
Balance Sheet We create to share 24
Slide 25: 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 26: Reputable charter counterparts
Reputable charter counterparts Source: Company We create to share 26