Diana Shipping Inc. · NYSE:DSX
Diana Shipping — Q2 2025 Earnings Presentation
27 slides from Diana Shipping's earnings presentation, Jul 30, 2025
Slide 1: Financial Results for the 2nd Quarter of 2025
We create to share Financial Results for the 2nd Quarter of 2025 July 30, 2025
Slide 2: Our Presenting Team
Our Anastasios Presenting Semiramis Margaronis Paliou Eleftherios Team Ioannis Zafirakis Papatrifon Maria Dede Director & President Director Director & Chief Executive Officer Co-Chief Financial Officer Director, Co-Chief Financial Officer, Chief Strategy Officer, Secretary & Treasurer Our Company’s
Slide 3: Financial Results for the 2nd Quarter of 2025
Financial Results for the 2nd Quarter of 2025 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 11.66 years AVERAGE AGE3 Ultramax Newcastlemax 4.1m DWT 13% 46% NET DEBT/MARKET VALUE1 CARRYING 21% Panamax CAPACITY 10% US$149.6m OF CASH2 99.5% 12% AVERAGE FLEET Kamsarmax US$116.8m SECURED REVENUES3 UTILIZATION4 9% 35% Post- Panamax Capesize 12 groups OF SISTER VESSELS 36 vesse
Slide 6: Highlights of the 2nd Quarter 2025 and recent developments
Highlights of the 2nd Quarter 2025 and recent developments • In April, we celebrated the Company’s 20-year anniversary of listing on the New York Stock Exchange with a Closing Bell Ceremony and hosted an Investor Day at NYSE. • In June, we announced the sale of m/v Selina for a purchase price of app
Slide 7: Recent Chartering Activity
Recent Chartering Activity* $30,000 Weighted average contracted charter rate $25,000 442 days $25,000 $20,000 ($ per day) $15,000 385 days $12,250 372 days 1 vsl $10,100 $10,000 1 vsl $5,000 1 vsl $0 ULTRAMAX PANAMAX NEWCASTLEMAX VESSEL TYPE BUILT RATE CHARTERER Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q
Slide 8: Disciplined & Non-Speculative Chartering Strategy
Disciplined & Non-Speculative Chartering Strategy VESSEL TYPE RATE Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q4/26 Q1/27 Fleet Average $16,157 Florida* Capesize $25,900 u San Francisco Newcastlemax $26,000 Average Daily G. P. Zafirakis Capesize $26,800 TC Rate of Fixed Revenues Newport News Newcastl
Slide 9: Financial Highlights for the 2nd Quarter 2025
Financial Highlights for the 2nd Quarter 2025* 2nd Quarter 2025 2nd Quarter 2024 TC Revenues $54.7m $56.0m Adjusted EBITDA** $22.0m $23.2m Net Income/(loss) $4.5m $(2.8)m Earnings/(loss) Per $0.03 $(0.04) Common Share, Diluted June 30, 2025 December 31, 2024 Cash, cash equivalents, $149.6m $207.2m t
Slide 10: Summary of Selected Financial & Other Data (Three Months)
Summary of Selected Financial & Other Data* Three months ended June 30, 2025 2024 Statement of Income Data US$ Millions US$ Millions Time charter revenues 54.7 56.0 Voyage expenses 3.1 3.1 Vessel operating expenses 20.0 21.3 Net income/(loss) 4.5 (2.8) Net income/(loss) attributable to common stockh
Slide 11: Summary of Selected Financial & Other Data (Six Months)
Summary of Selected Financial & Other Data* Six months ended June 30, 2025 2024 Statement of Income Data US$ Millions US$ Millions Time charter revenues 109.6 113.6 Voyage expenses 6.1 6.4 Vessel operating expenses 40.0 42.1 Net income/(loss) 7.5 (0.7) Net income/(loss) attributable to common stockh
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 160 140 $175.0 120 100 $64.8 80 60 40 $26.0 $47.1 $47.1 $47.1 $43.3 $22.9 $1.0 20 $23.6
Slide 13: Breakeven vs Estimated Revenue for the remainder of 2025 & 2026
Breakeven vs Estimated Revenue for the remainder of 2025 & 2026 * Daily Estimated Cash Uses vs TC Revenues -$1,033 FFA rates as of July 22, 2025 -$994 $426 $313 $15,415 $15,376 Ultramax Panamax Kamsarmax Post-Panamax Capesize Newcastlemax $896 $16,409 Q3 2025 $15,800 $14,200 $15,500 $14,200 $22,800
Slide 14: Cumulative dividend payout
Dividend payout since 2021 Cash dividend per share Dividend in kind per share $3.00 Cumulative dividend paid since 2021 = $2.680 per common share $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 $0.184 $0.175 $0.2
Slide 15: Dry Bulk Market Overview
Dry Bulk Market Overview 12 month TC Rates Comments Capesize Panamax Ultramax 35,000 • Increased bulk commodity shipments to India and South East Asia. 30,000 • Red Sea Transits could gradually return to normal, next year. • Reappearance of congestion mainly at 25,000 South American grain loading po
Slide 16: Key demand drivers
Key demand drivers GDP growth Dry bulk trades 8.0 Iron ore Minor bulk Grains & Soybeans Coal 30,000 6.0 25,000 4.0 Billion ton-miles 20,000 % yr/yr 2.0 15,000 0.0 10,000 5,000 -2.0 0 -4.0 • Global GDP growth is weakening. Expected GDP growth • Most major dry bulk commodity shipments expected to eith
Slide 17: Dry bulk orderbook
Dry bulk orderbook The dry bulk orderbook as % of total fleet is 10.8% Dry bulk orderbook in million DWT Dry bulk orderbook in % of existing fleet 350 Panamax Capesize Smaller bulk vessels 120.00 Total dry bulk Capesize Panamax 300 100.00 250 80.00 200 60.00 150 40.00 100 20.00 50 0 0.00 2010 2011 2
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: - Robust South American grain exports, (even though they have dropped sharply over the last few weeks. - Strong Indonesian Coal shipments. - Gradual resolution of reciprocal tariffs between the US and the re
Slide 19: Industry Leading ESG Structure
Industry Leading ESG Structure Environmental Social Governance • Implementing fleet decarbonization and • Promote a safe and “just” culture, through • Strong corporate culture of ethics and integrity. modernization plans. proactive engagement. • Joining the Maritime Anti-corruption Network • Transpa
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
Q&A |
Slide 22: Appendix
Appendix - Income Statement for the three months ended June 30, 2025 and 2024 - Income Statement for the six months ended June 30, 2025 and 2024 - Adjusted EBITDA calculation for the three months ended June 30, 2025 and 2024 - Balance Sheet as of June 30, 2025 and December 31, 2024 - Organization St
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: Organization structure
Organization structure Diana Shipping Inc.1 (NYSE: DSX) 20.24% Komi Shipping Company Inc. Diana Ship Diana Energize Cebu Shipping 45 SPCs & Diana Gas Diana Energize Inc. Inc. Management Inc. Inc. Company Inc. Diana General Partner Inc. 50% 25% 34% 80% 24% 50% Bergen Ultra LP Ecogas Holding (m/v DSI
Slide 27: Reputable charter counterparts
Reputable charter counterparts Source: Company We create to share 27