Diana Shipping Inc. · NYSE:DSX
Diana Shipping — Q1 2025 Earnings Presentation
25 slides from Diana Shipping's earnings presentation, May 29, 2025
Slide 1: Financial Results for the 1st Quarter of 2025
We create to share Financial Results for the 1st Quarter of 2025 May 29, 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 1st Quarter of 2025
Financial Results for the 1st 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 11.57 years AVERAGE AGE Ultramax Newcastlemax 4.1m DWT 13% 42% NET DEBT/MARKET VALUE1 CARRYING 20% Panamax CAPACITY 11% US$187.7m OF CASH2 99.6% AVERAGE FLEET Kamsarmax 12% US$124.0m SECURED REVENUES3 UTILIZATION4 35% 9% Post- Panamax Capesize 12 groups OF SISTER VESSELS 37 vessel
Slide 6: Highlights of the 1st Quarter 2025 and recent developments
Highlights of the 1st Quarter 2025 and recent developments • In February, we announced the sale of m/v Alcmene for a purchase price of approximately US$11.9 million before commissions. • In March, we became strategic partner in two 7,500 cbm semi-refrigerated LPG newbuildings, with an option for two
Slide 7: Recent Chartering Activity
Recent Chartering Activity* Weighted average contracted charter rate $30,000 490 days $24,272 $25,000 $20,000 ($ per day) $15,000 $14,000 232 days $11,764 299 days 2 vsls $10,000 1 vsl 5 vsls $5,000 $0 ULTRAMAX PANAMAX, KAMSARMAX, POST PANAMAX NEWCASTLEMAX VESSEL TYPE BUILT RATE CHARTERER Q1/24 Q2/2
Slide 8: Disciplined & Non-Speculative Chartering Strategy
Disciplined & Non-Speculative Chartering Strategy VESSEL TYPE RATE Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q4/26 Fleet Average $15,854 Florida* Capesize $25,900 u San Francisco Newcastlemax $26,000 Average Daily G. P. Zafirakis Capesize $26,800 TC Rate of Fixed Revenues Leto Panamax $12,750
Slide 9: Financial Highlights for the 1st Quarter 2025
Financial Highlights for the 1st Quarter 2025* 1st Quarter 2025 1st Quarter 2024 TC Revenues $54.9m $57.6m Adjusted EBITDA** $23.3m $24.9m*** Net Income $3.0m $2.1m Earnings Per Common $0.01 $0.01 Share, Diluted March 31, 2025 December 31, 2024 Cash, cash equivalents, $187.7m $207.2m time deposits a
Slide 10: Summary of Selected Financial & Other Data
Summary of Selected Financial & Other Data* Three months ended March 31, 2025 2024 Statement of Income Data US$ Millions US$ Millions Time charter revenues 54.9 57.6 Voyage expenses 3.0 3.3 Vessel operating expenses 20.0 20.9 Net income 3.0 2.1 Net income attributable to common stockholders 1.6 0.6
Slide 11: Current Debt Profile
Current Debt Profile* Debt Amortization Profile 280 CREDIT FACILITIES MATURITIES SLB PURCHASE OBLIGATION SENIOR UNSECURED BOND MATURITY 260 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 $1.0 20 $35
Slide 12: 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 -$2,100 FFA rates as of May 22, 2025 -$1,307 $424 $14,911 Ultramax Panamax Kamsarmax Post-Panamax Capesize Newcastlemax $867 $324 $14,118 $16,218 Q2 2025 $11,700 $10,200 $11,500 $10,200 $16,400
Slide 13: Cumulative dividend payout
Dividend payout since 2021 Cash dividend per share Dividend in kind per share $3.00 Cumulative dividend paid since 2021 = $2.670 per common share $0.010 $0.010 $0.010 $0.075 $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 $0.275 $1.0
Slide 14: 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. • Reappearance of congestion mainly at 25,000 South American and Australian loading port
Slide 15: 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 16: Dry bulk orderbook
Dry bulk orderbook The dry bulk orderbook as % of total fleet is 10.3% 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 17: Positive and negative factors impacting the dry bulk shipping industry
Positive and negative factors impacting the dry bulk shipping industry On the positive side: - Strong Brazilian soybean (as well as other grains) crop season. - The commencement later this year of iron ore shipments from Simandou in Guinea. - Revised measures announced in mid-April by the USTR reduc
Slide 18: 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 19: 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 20: Q&A
Q&A |
Slide 21: Appendix
Appendix - Income Statement for the three months ended March 31, 2025 and 2024 - Adjusted EBITDA calculation for the three months ended March 31, 2025 and 2024 - Balance Sheet as of March 31, 2025 and December 31, 2024 - Organization Structure - Reputable charter counterparts We create to share 21
Slide 22: Income Statement
Income Statement Adjusted EBITDA Calculation We create to share 22
Slide 23: Balance Sheet
Balance Sheet* We create to share 23
Slide 24: Organization structure
Organization structure Diana Shipping Inc.1 (NYSE: DSX) 49% Komi Shipping Company Inc. Diana Ship Diana Energize Cebu Shipping 46 SPCs & Diana Gas Diana Energize Inc. Inc. Management Inc. Inc. Company Inc. Diana General Partner Inc. 50% 25% 45.87% 80% 24% Diana Mariners 50% Bergen Ultra LP Ecogas Ho
Slide 25: Reputable charter counterparts
Reputable charter counterparts Source: Company We create to share 25