Diana Shipping Inc. · NYSE:DSX
Diana Shipping — Q4 2025 Earnings Presentation
27 slides from Diana Shipping's earnings presentation, Feb 26, 2026
Slide 1: Financial Results for the 4th Quarter of 2025
We create to share Financial Results for the 4th Quarter of 2025 February 26, 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 4th Quarter of 2025
Financial Results for the 4th 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 12.24 years AVERAGE AGE3 Ultramax Newcastlemax 4.1m DWT 13% 51% NET DEBT/MARKET VALUE1 CARRYING 21% Panamax CAPACITY 10% US$122.3m OF CASH2 99.7% 12% AVERAGE FLEET Kamsarmax US$175.6m SECURED REVENUES3 UTILIZATION4 9% 35% Post- Panamax Capesize 11 groups OF SISTER VESSELS 36 vesse
Slide 6: Highlights of the 4th Quarter 2025 and recent developments
Highlights of the 4th Quarter 2025 and recent developments • In November 2025, we submitted a letter to the Board of Genco Shipping & Trading Limited (NYSE: GNK) (“Genco”) outlining a proposal to acquire all outstanding shares of Genco not already owned by Diana for US$20.60 per share in cash. • In
Slide 7: Recent Chartering Activity
Recent Chartering Activity* Weighted average contracted charter rate $30,000 $24,363 409 days $25,000 $20,000 ($ per day) $14,691 $14,483 $15,000 410 days 397 days 4 vsls $10,000 3 vsls $5,000 5 vsls $0 ULTRAMAX KAMSARMAX, POST-PANAMAX CAPESIZE VESSEL TYPE BUILT RATE CHARTERER Q1/25 Q2/25 Q3/25 Q4/2
Slide 8: Disciplined & Non-Speculative Chartering Strategy
Disciplined & Non-Speculative Chartering Strategy VESSEL TYPE BUILT RATE Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q4/26 Q1/27 Q2/27 Q3/27 Fleet Average $17,038 Maia Kamsarmax $14,000 Average Daily Seattle Capesize $24,500 TC Rate of DSI Andromeda* Ultramax $14,600 Fixed Revenues US$17,670** Florida* Capesize $
Slide 9: Financial Highlights for the 4th Quarter 2025
Financial Highlights for the 4th Quarter 2025* 4th Quarter 2025 4th Quarter 2024 TC Revenues $52.1m $57.1m Adjusted EBITDA** $19.3m $25.9m Net Income $3.1m $9.7m Earnings Per Common $0.02 $0.02 Share, Diluted December 31, 2025 December 31, 2024 Cash, cash equivalents, $122.3m $207.2m time deposits a
Slide 10: Summary of Selected Financial & Other Data (Quarter)
Summary of Selected Financial & Other Data* Three months ended December 31, 2025 2024 Statement of Income Data US$ Millions US$ Millions Time charter revenues 52.1 57.1 Voyage expenses 3.1 3.5 Vessel operating expenses 20.3 19.2 Net income 3.1 9.7 Net income attributable to common stockholders 1.7 8
Slide 11: Summary of Selected Financial & Other Data (Year)
Summary of Selected Financial & Other Data* Year ended December 31, 2025 2024 Statement of Income Data US$ Millions US$ Millions Time charter revenues 213.5 228.2 Voyage expenses 12.4 13.6 Vessel operating expenses 80.2 82.6 Net income 17.8 12.7 Net income attributable to common stockholders 12.1 7.
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 $52.1 $48.3 $43.1 $27.9 $1.0 20
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 $1,527 $756 $18,410 FFA rates as of February 18, 2026 $17,639 $430 $234 Ultramax Panamax Kamsarmax Post-Panamax Capesize Newcastlemax $926 $16,883 Unfixed $1,916 $17,541 Q1 2026 $14,300 $14,400
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 = $2.70 per common share $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 $0.18
Slide 15: Dry Bulk Market Overview
Dry Bulk Market Overview 12 month TC Rates Comments Capesize Panamax Ultramax 35,000 • 2025 was a solid mid-cycle earnings year, with a particularly strong second half. • Capesize vessels outperformed, with Q4 30,000 average earnings at $28,892 to close the year at an average of $21,301. 25,000 • Mi
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. GDP growth • Modest demand growth of around 1%, but with tonne-mile growth o
Slide 17: Supply Outlook
Supply Outlook The dry bulk orderbook as % of total fleet is 12.5% 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
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 dry bulk trade is expected to grow by 1 to 2%, supported by stable iron ore demand and continued growth in minor bulks, particularly bauxite. - Tonne-mile support is expected to continue, w
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 December 31, 2025 and 2024 - Income Statement for the year ended December 31, 2025 and 2024 - Adjusted EBITDA calculation for the three months and year ended December 31, 2025 and 2024 - Balance Sheet as of December 31, 2025 and 2024 - Organizat
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 44 SPCs Management Inc. & Inc. DianaDiana Gas Inc. Energize Inc. Company Inc. Diana General Partner Inc. 50% 25% 80% 34% 24% 50% Bergen Ultra LP Note 1) 100% owned if not indicated otherwise We create to shar
Slide 27: Reputable charter counterparts
Reputable charter counterparts Source: Company We create to share 27