Slide 1: Financial Results for the 4th Quarter of 2024
We create to share Financial Results for the 4th Quarter of 2024 February 25, 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 4th Quarter of 2024
Financial Results for the 4th Quarter of 2024 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 11.39 years AVERAGE AGE Ultramax Newcastlemax 4.2m DWT 13% 40% NET DEBT/MARKET VALUE1 CARRYING 20% Panamax CAPACITY 11% US$207.2m OF CASH2 99.7% AVERAGE FLEET Kamsarmax 12% 33% US$154.8m SECURED REVENUES3 UTILIZATION4 11% Post- Panamax Capesize 12 groups OF SISTER VESSELS 38 vesse
Slide 6: Highlights of the 4th Quarter 2024 and recent developments
Highlights of the 4th Quarter 2024 and recent developments • In October, we signed a term loan facility with Danish Ship Finance A/S, secured by 7 vessels, and drew down US$80.2m to refinance the existing term loan facility with the bank, releasing 2 previously financed vessels. • In October, the Fi
Slide 7: Recent Chartering Activity
Recent Chartering Activity* Weighted average contracted charter rate $20,000 $18,312*** $18,000 264 days $16,000 $14,000 $12,952 $11,259** ($ per day) $12,000 228 days $10,000 252 days 4 vsls $8,000 $6,000 $4,000 2 vsls 7 vsls $2,000 $0 ULTRAMAX PANAMAX, KAMSARMAX, POST-PANAMAX CAPESIZE VESSEL TYPE
Slide 8: Disciplined & Non-Speculative Chartering Strategy
Disciplined & Non-Speculative Chartering Strategy VESSEL TYPE RATE Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Fleet Average $16,193 Florida* Capesize $25,900 u San Francisco Newcastlemax $26,000 u Average Daily G. P. Zafirakis Capesize $26,800 u TC Rate of Fixed Revenues Crystalia Panamax
Slide 9: Financial Highlights for the 4th Quarter 2024
Financial Highlights for the 4th Quarter 2024* 4th Quarter 2024 4th Quarter 2023 TC Revenues $57.1m $60.0m Adjusted EBITDA** $25.9m $27.1m Net Income $9.7m $9.4m Earnings Per Common $0.02 $0.06 Share, Diluted December 31, 2024 December 31, 2023 Cash, cash equivalents, $207.2m $161.6m time deposits a
Slide 10: Summary of Selected Financial & Other Data (Quarter)
Summary of Selected Financial & Other Data* Three months ended December 31, 2024 2023 Statement of Income Data US$ Millions US$ Millions Time charter revenues 57.1 60.0 Voyage expenses 3.5 3.3 Vessel operating expenses 19.2 21.5 Net income 9.7 9.4 Net income attributable to common stockholders 8.3 7
Slide 11: Summary of Selected Financial & Other Data (Year)
Summary of Selected Financial & Other Data* Year ended December 31, 2024 2023 Statement of Income Data US$ Millions US$ Millions Time charter revenues 228.2 262.1 Voyage expenses 13.6 13.6 Vessel operating expenses 82.6 85.5 Net income 12.7 49.8 Net income attributable to common stockholders 7.0 44.
Slide 12: 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 $47.1 $43.3 $22.9
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 -$1,300 FFA rates as of February 14, 2025 -$819 $406 $15,495 $15,014 Ultramax Panamax Kamsarmax Post-Panamax Capesize Newcastlemax $453 $957 $16,314 Q1 2025 $9,800 $8,200 $9,500 $8,200 $9,500 $
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 = $2.660 per common share $2.50 $2.00 Cumulative dividend payout $0.075 $0.010 $0.075 $0.010 $1.50 $0.075 $0.150 $0.150 $0.070 $0.150 $0.101 $1.00 $0.150 $0.175 $0.184 $0.275 $0.50
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. • Reappearance of congestion mainly at 25,000 South American and Australian loading port
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 -2.0 5,000 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 10.3% Dry bulk orderbook in million DWT Dry bulk orderbook in % of existing fleet 350 Panamax Capesize Smaller bulk vessels 120.0% Total dry bulk Capesize Panamax 300 100.0% 250 80.0% 200 60.0% 150 40.0% 100 20.0% 50 0 0.0% 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: - Continued import growth into India and Southeast Asia - Record low number of countries expected to be in recession in 2025/2026 - Strong Brazilian soybean crop season - Gradual increase in congestion - Loo
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: DSX Q&A
DSX LISTED NYSE Q&A
Slide 22: Appendix
Appendix - Income Statement for the three months ended December 31, 2024 and 2023 - Income Statement for the year ended December 31, 2024 and 2023 - Balance Sheet as of December 31, 2024 and 2023 - Organization Structure - Reputable charter counterparts We create to share 22
Slide 23: Income Statement
Income Statement* We create to share 23
Slide 24: Income Statement
Income Statement* 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) 49% Komi Shipping Company Inc. Diana Shipping Diana Ship OceanPal Inc. Cebu Shipping 46 SPCs & Diana Energize Inc. Services S.A. Management Inc. (NASDAQ: OP) Company Inc. Diana General Partner Inc. 50% 25% 45.87% 24% 50% Bergen Ultra LP Diana M
Slide 27: Reputable charter counterparts
Reputable charter counterparts Source: Company We create to share 27