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Diana Shipping Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2024; Declares Cash Dividend of $0.01 per Common Share for the Fourth Quarter 2024

1. Q4 2024 net income rose to $9.7M; common net income reached $8.3M. 2. EPS declined to $0.07 basic and $0.02 diluted; previous EPS were higher. 3. Time charter revenues dropped to $57.1M due to fewer ownership days. 4. Annual net income fell from $49.8M to $12.7M; common net income dropped significantly. 5. Declared a $0.01 dividend payable in March 2025; fleet data detailed charter timelines.

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FAQ

Why Bearish?

Although Q4 net income marginally improved, the significant annual decline and reduced time charter revenues raise concerns. Historically, similar earnings disappointments in shipping stocks have led to downward price pressure.

How important is it?

This earnings release is critical for DSX valuation due to its direct financial data, though mixed quarterly versus annual performance leaves uncertainty among investors.

Why Short Term?

The report is an immediate earnings update likely to affect trading in the near term, as seen in past shipping sector results announcements.

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GOGLDRYS
ATHENS, Greece, Feb. 25, 2025 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today reported net income of $9.7 million and a net income attributed to common stockholders of $8.3 million for the fourth quarter of 2024. This compares to net income of $9.4 million and net income attributed to common stockholders of $7.9 million for the fourth quarter of 2023. Earnings per share for the fourth quarter of 2024 were $0.07 basic and $0.02 diluted, compared to earnings per share of $0.08 basic and $0.06 diluted in the same quarter of 2023. Time charter revenues were $57.1 million for the fourth quarter of 2024, compared to $60.0 million for the same quarter of 2023. The decrease in time charter revenues, compared to the same quarter last year, was due to decreased ownership days. Net income for 2024 amounted to $12.7 million and net income attributed to common stockholders amounted to $7.0 million. This compares to net income of $49.8 million and net income attributed to common stockholders of $44.1 million for 2023. Time charter revenues for 2024 were $228.2 million, compared to $262.1 million for 2023. Earnings per share for 2024 were $0.06 basic and $0.05 diluted, compared to earnings per share of $0.44 basic and $0.42 diluted for 2023. Dividend Declaration The Company has declared a cash dividend on its common stock of $0.01 per share, based on the Company’s results of operations during the fourth quarter ended December 31, 2024. The cash dividend will be payable on March 21, 2025 to all common shareholders of record as of March 12, 2025. As of February 24, 2025, the Company has 113,763,924 common shares issued and outstanding and there were 6,394,709 warrants exercised. Fleet Employment (As of February 24, 2025)           VESSEL SISTER SHIPS*GROSS RATE (USD PER DAY)COM**CHARTERERSDELIVERY DATE TO CHARTERERS***REDELIVERY DATE TO OWNERS****NOTES BUILT DWT 9 Ultramax Bulk Carriers1DSI Phoenix A16,5005.00%Bulk Trading SA6-May-241/Aug/2025 - 30/Sep/2025  2017 60,456       2DSI Pollux A14,0004.75%Cargill Ocean Transportation (Singapore) Pte. Ltd.28-Dec-2320/Aug/2025 - 20/Oct/2025  2015 60,446       3DSI Pyxis A14,2505.00%ASL Bulk Marine Limited24-Sep-238-Nov-24  2018 60,362  13,1005.00%Stone Shipping Ltd8-Nov-2420/Feb/2026 - 20/Apr/2026 4DSI Polaris A15,4005.00%Stone Shipping Ltd20-Jul-241/Jun/2025 - 15/Aug/2025  2018 60,404       5DSI Pegasus A15,2504.75%Cargill Ocean Transportation (Singapore) Pte. Ltd5-Sep-241/Jun/2025 - 1/Aug/2025  2015 60,508       6DSI Aquarius B14,5005.00%Stone Shipping Ltd18-Jan-246-Dec-24  2016 60,309  13,3005.00%Bunge SA, Geneva6-Dec-246/Oct/2025 - 21/Dec/2025 7DSI Aquila B12,5005.00%Western Bulk Carriers AS11-Nov-2323-Jan-25  2015 60,309  12,2505.00%23-Jan-2523/Jun/2025 - 8/Aug/202518DSI Altair B15,7505.00%Propel Shipping Pte. Ltd.28-Sep-241/Nov/2025 - 31/Dec/2025  2016 60,309       9DSI Andromeda B13,5005.00%Bunge SA, Geneva27-Nov-2328/Feb/2025 - 20/Apr/20252 2016 60,309       6 Panamax Bulk Carriers10LETO  16,0005.00%ASL Bulk Shipping Limited3-May-246-Mar-253 2010 81,297       11SELINA C12,0004.75%Cargill International S.A., Geneva20-May-2317-Oct-24  2010 75,700  10,5005.00%Raffles Shipping International Pte. Ltd.17-Oct-241/Mar/2025 - 20/Apr/2025 12MAERA C13,7505.00%ST Shipping and Transport Pte. Ltd.29-Jan-2415-Dec-24  2013 75,403  8,4005.00%China Resource Chartering Limited15-Dec-2420/Sep/2025-20/Nov/2025 13ISMENE  12,6505.00%Paralos Shipping Pte., Ltd.13-Sep-2315/Apr/2025 - 30/Jun/2025  2013 77,901       14CRYSTALIA D13,9005.00%Louis Dreyfus Company Freight Asia Pte. Ltd.4-May-244/Feb/2026 - 4/Jun/2026  2014 77,525       15ATALANDI D14,6004.75%Cargill International SA, Geveva20-Jul-241/Jun/2025 - 31/Jul/2025  2014 77,529       6 Kamsarmax Bulk Carriers16MAIA E13,0005.00%Viterra Chartering B.V.16-Sep-249-Dec-24  2009 82,193  11,6005.00%Paralos Shipping Pte. Ltd.9-Dec-241/Nov/2025 - 31/Dec/2025 17MYRSINI E17,1005.00%Cobelfret S.A. Luxembourg25-Jun-2411-Feb-254 2010 82,117  13,0004.75%Cargill International SA, Geneva26-Feb-251/Jan/2026 - 28/Feb/2026518MEDUSA E14,2505.00%ASL Bulk Shipping Limited14-May-2321-Feb-254 2010 82,194       19MYRTO E12,6505.00%Cobelfret S.A., Luxemburg15-Jul-2323-Dec-24  2013 82,131  12,0005.00%Nippon Yusen Kabushiki Kaisha, Tokyo23-Dec-241/Mar/2026 - 15/May/2026 20ASTARTE  14,0005.00%Paralos Shipping Pte. Ltd.19-Aug-2415/Jul/2025 - 15/Sep/2025  2013 81,513       21LEONIDAS P. C.  17,0005.00%Ming Wah International Shipping Company Limited22-Feb-2420/Aug/2025 - 20/Oct/2025  2011 82,165       5 Post-Panamax Bulk Carriers22ALCMENE  12,0005.00%China Steel Express Corporation30-Sep-2419-Nov-246 2010 93,193  6,0005.00%Lestari Shipping Pte Ltd28-Dec-2416-Jan-25     2,0005.00%Pan Ocean Co., Ltd.16-Jan-256-Mar-257,823AMPHITRITE F15,0005.00%Cobelfret S.A., Luxembourg13-Jan-248-Jan-259 2012 98,697  12,1005.00%8-Jan-251/Jan/2026 - 15/Mar/20261024POLYMNIA F17,5005.00%Reachy Shipping (SGP) Pte. Ltd.8-Jun-241/Aug/2025 - 30/Sept/2025  2012 98,704      25ELECTRA G14,0004.75%Aquavita International S.A.3-Jun-2415/Oct/2025 - 31/Dec/2025  2013 87,150       26PHAIDRA G12,2504.75%Aquavita International S.A.9-May-2312-Oct-24  2013 87,146  12,0004.75%12-Oct-241/May/2025 - 15/Jul/2025 8 Capesize Bulk Carriers27SEMIRIO H14,1505.00%Solebay Shipping Cape Company Limited, Hong Kong18-Aug-2311-Feb-25  2007 174,261  16,6505.00%11-Feb-2515/Feb/2026 - 15/Apr/2026 28NEW YORK H16,0005.00%SwissMarine Pte. Ltd., Singapore11-Jun-2330-Nov-24  2010 177,773  16,0005.00%STX Green Logis Ltd30-Nov-2411-Jan-25     17,6005.00%SwissMarine Pte. Ltd., Singapore11-Jan-2515/Jan/2026 - 30/Mar/202611,1229SEATTLE I17,5005.00%Solebay Shipping Cape Company Limited, Hong Kong1-Oct-2315/Jul/2025 - 30/Sep/2025  2011 179,362       30P. S. PALIOS I27,1505.00%Bohai Shipping (HEBEI) Co., Ltd7-May-241/Nov/2025 - 31/Dec/2025  2013 179,134       31G. P. ZAFIRAKIS J26,8005.00%Nippon Yusen Kabushiki Kaisha, Tokyo16-Sep-2416/Aug/2026 - 16/Nov/2026  2014 179,492      32SANTA BARBARA J21,2505.00%Smart Gain Shipping Co., Limited7-May-233-Dec-24  2015 179,426  22,0005.00%Mitsui O.S.K. Lines, Ltd.27-Dec-2420/Oct/2025 - 20/Dec/202513,1433NEW ORLEANS  20,0005.00%Kawasaki Kisen Kaisha, Ltd.7-Dec-2315/Aug/2025 - 31/Oct/202514 2015 180,960       34FLORIDA  25,9005.00%Bunge S.A., Geneva29-Mar-2229/Jan/2027 - 29/May/20272 2022 182,063       4 Newcastlemax Bulk Carriers35LOS ANGELES K28,7005.00%Nippon Yusen Kabushiki Kaisha, Tokyo20-Jul-241/Oct/2025 - 15/Dec/2025  2012 206,104       36PHILADELPHIA K22,5005.00%Nippon Yusen Kabushiki Kaisha, Tokyo4-Feb-2420/Apr/2025 - 20/Jul/2025  2012 206,040       37SAN FRANCISCO L22,0005.00%SwissMarine Pte. Ltd., Singapore18-Feb-2328-Feb-2515 2017 208,006  26,0005.00%28-Feb-2525/Oct/2026 - 25/Dec/2026538NEWPORT NEWS L20,0005.00%Nippon Yusen Kabushiki Kaisha, Tokyo20-Sep-2310/Mar/2025 - 10/Jun/2025  2017 208,021                 * Each dry bulk carrier is a “sister ship”, or closely similar, to other dry bulk carriers that have the same letter.** Total commission percentage paid to third parties.*** In case of newly acquired vessel with time charter attached, this date refers to the expected/actual date of delivery of the vessel to the Company.**** Range of redelivery dates, with the actual date of redelivery being at the Charterers’ option, but subject to the terms, conditions, and exceptions of the particular charterparty. 1 Charterers will compensate the Owners at a rate of 115% of the average Baltic Tess 58 Supramax Index as published by the Baltic Exchange on a daily basis or double the vessel’s present charter party rate, whichever is higher, for the excess period commencing from January 10, 2025 until the actual redelivery date.2 Bareboat chartered-in for a period of ten years.3 Based on latest information.4 Currently without an active charterparty. Vessel on scheduled drydocking.5 Estimated delivery date to the Charterers.6 Vessel on scheduled drydocking from November 19, 2024 until December 17, 2024.7 Redelivery date based on an estimated time charter trip duration of about 40 days.8 Vessel has been sold and it is expected to be delivered to her new Owners by latest March 7, 2025.9 The charter rate was US$12,250 per day for the first thirty (30) days of the charter period.10 The charter rate will be US$8,750 per day for the first fifty (50) days of the charter period.11 The charter rate will be US$6,300 per day for the first trip of the charter period.12 Vessel currently off hire for drydocking.13 Vessel on scheduled drydocking from December 3, 2024 until December 27, 2024.14 Bareboat chartered-in for a period of eight years.15 Estimated redelivery date from the Charterers. Summary of Selected Financial & Other Data (unaudited)    Three months ended December 31, Year ended December 31,   2024 2023 2024 2023          STATEMENT OF INCOME DATA (in thousands of US Dollars) Time charter revenues$57,073 $60,016 $228,209 $262,098  Voyage expenses 3,540  3,326  13,607  13,621  Vessel operating expenses 19,215  21,520  82,587  85,486  Net income 9,737  9,382  12,746  49,844  Net income attributable to common stockholders 8,295  7,940  6,977  44,075 FLEET DATA  Average number of vessels 38.0  40.7  38.9  41.1  Number of vessels 38.0  40.0  38.0  40.0  Weighted average age of vessels 11.3  10.5  11.3  10.5  Ownership days 3,496  3,746  14,219  14,986  Available days 3,434  3,739  14,057  14,867  Operating days 3,423  3,727  14,009  14,824  Fleet utilization 99.7% 99.7% 99.7% 99.7%AVERAGE DAILY RESULTS  Time charter equivalent (TCE) rate (1)$15,589 $15,162 $15,267 $16,713  Daily vessel operating expenses (2)$5,496 $5,745 $5,808 $5,704  Non-GAAP Measures (1)Time charter equivalent rate, or TCE, is defined as our time charter revenues less voyage expenses during a period divided by the number of our available days during the period, which is consistent with industry standards. TCE is a non-GAAP measure, and management believes it is useful to investors because it is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts. TCE is used by management to assess and compare the vessels’ profitability.  (2)Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period. Conference Call and Webcast Information The Company’s management will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Time) on Tuesday, February 25, 2025. Investors may access the webcast by visiting the Company’s website at www.dianashippinginc.com, and clicking on the webcast link. An accompanying investor presentation also will be available via the webcast link and on the Company’s website. The conference call also may be accessed by telephone by dialing 1-877-407-8291 (for U.S.-based callers) or 1-201-689-8345 (for international callers) and asking the operator for the Diana Shipping Inc. conference call. A replay of the webcast will be available soon after the completion of the call and will be accessible for 30 days on www.dianashippinginc.com. A telephone replay also will be available for 30 days by dialing 1-877-660-6853 (for U.S.-based callers) or 1-201-612-7415 (for international callers) and providing the Replay ID number 13751556. About the Company Diana Shipping Inc. is a global provider of shipping transportation services through its ownership and bareboat charter-in of dry bulk vessels. The Company’s vessels are employed primarily on short to medium-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes. Cautionary Statement Regarding Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, including risks associated with the continuing conflict between Russia and Ukraine and related sanctions, potential disruption of shipping routes due to accidents or political events, including the escalation of the conflict in the Middle East, vessel breakdowns and instances of off-hires and other factors. Please see the Company’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. (See financial tables attached) DIANA SHIPPING INC.FINANCIAL TABLESExpressed in thousands of U.S. Dollars, except share and per share data          CONSOLIDATED STATEMENTS OF INCOME   Three months ended December 31, Year ended December 31,   2024 2023 2024 2023REVENUES:         Time charter revenues$57,073 $60,016 $228,209 $262,098 OPERATING EXPENSES         Voyage expenses 3,540  3,326  13,607  13,621  Vessel operating expenses 19,215  21,520  82,587  85,486  Depreciation and amortization of deferred charges 11,368  11,508  44,691  49,785  General and administrative expenses 8,322  8,364  33,435  32,968  Management fees to a related party 333  333  1,332  1,313  Gain on sale of vessels -  (329) (5,799) (5,323) Other operating income (215) (572) (422) (1,464) Operating income, total$14,510 $15,866 $58,778 $85,712           OTHER INCOME/(EXPENSE)         Interest expense and finance costs (11,620) (12,649) (47,468) (49,331) Interest and other income 2,361  2,129  8,369  8,170  Gain/(loss) on derivative instruments 461  (592) 274  (439) Loss on extinguishment of debt -  -  (3,475) (748) Gain on deconsolidation of subsidiary -  -  -  844  Gain/(loss) on related party investments (1,606) 740  (3,905) 1,502  Gain/(loss) on equity securities -  2,813  (400) 2,813  Gain on warrants 5,519  1,583  719  1,583  Gain/(loss) from equity method investments 112  (508) (146) (262) Total other expenses, net$(4,773)$(6,484)$(46,032)$(35,868)          Net income$9,737 $9,382 $12,746 $49,844 Dividends on series B preferred shares (1,442) (1,442) (5,769) (5,769)          Net income attributable to common stockholders 8,295  7,940  6,977  44,075           Earnings per common share, basic$0.07 $0.08 $0.06 $0.44           Earnings per common share, diluted$0.02 $0.06 $0.05 $0.42 Weighted average number of common shares outstanding, basic 119,087,512  102,910,653  115,956,249  100,166,629 Weighted average number of common shares outstanding, diluted 119,685,417  105,488,012  118,655,243  101,877,142              Three months ended December 31, Year ended December 31,   2024 2023 2024 2023          Net Income$9,737 $9,382 $12,746 $49,844 Other comprehensive income (Defined benefit plan) 4  55  4  55 Comprehensive Income$9,741 $9,437 $12,750 $49,899  CONDENSED CONSOLIDATED BALANCE SHEET DATA(in thousands of U.S. Dollars)           2024 2023*ASSETS (unaudited)            Cash, cash equivalents, restricted cash and time deposits$207,166** $161,592** Investments in equity securities -  20,729 Other current assets 18,443  19,900 Fixed assets 880,145  924,474 Investments in related parties and equity method investments 47,240  24,087 Other noncurrent assets 18,024  15,628  Total assets$1,171,018 $1,166,410         LIABILITIES AND STOCKHOLDERS' EQUITY              Long-term debt and finance liabilities, net of deferred financing costs$637,525 $642,772 Other liabilities 28,436  34,617 Total stockholders' equity 505,057  489,021  Total liabilities and stockholders' equity$1,171,018 $1,166,410         *The balance sheet data has been derived from the audited consolidated financial statements at that date.**Includes time deposits of $64 million and $40 million as of December 31, 2024 and 2023, respectively. OTHER FINANCIAL DATA (unaudited)      Three months ended December 31, Year ended December 31,  2024 2023 2024 2023         Net cash provided by/(used in) operating activities$15,144 $(2,235)$83,530 $70,380 Net cash provided by/(used in) investing activities (30,660) 31,037  (39,783) 24,929 Net cash provided by/(used in) financing activities$7,377 $(16,762)$(21,673)$(71,145)

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