Diana Shipping inc. (DSX.W) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for standing by, ladies and gentlemen, and welcome to the Diana Shipping, Inc. conference call on the fourth quarter and year-end 2025 financial results. We are joined by the company's chief executive officer, Ms. Semiramis Paiu. At this time, all participants are in a listen-only mode. There will be a presentation followed by a Q&A session. To ask a question at that time, please press star 1 on your telephone keypad and wait for your name to be announced. Please note that this conference is being recorded. We will now turn the floor over to Ms. Semiramis Paliu. Please go ahead. Thank you. Good morning, ladies and gentlemen. Welcome to Diana Shipping Inc.' 's fourth quarter and end of the year 2025 financial results conference call. I'm Semiramis Paliu, the CEO of the company, and it is my pleasure to present alongside our esteemed team, Mr. Ioann Zafirakis, Director and President, Ms. Maria Deves, Co-CFO and Treasurer, and Mr. Dave Vanderlinden, Chief Commercial Officer of Diana Shipping Services, SA. Before we begin, I'd like to remind everyone to review the forward-looking statements on page four of the accompanying presentation. Much like 2024, 2025 was a story of two halves, however, in the opposite direction. This time, the first half of the year saw flowing coal demand, and even iron ore imports into China were down year on year. Furthermore, global trade had to contend with shock and awe politics, like Liberation Day on April 2nd, when the U.S. announced a broad slate of tariffs on their trading partners. Nevertheless, we saw a broad-based recovery across all sizes in the second half. This was not necessarily due to an explosion in demand, but rather through utilization tightening caused by longer ton miles, a substantial dry dock schedule for dry b...