FORM
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of September
Commission File Number: 001-32458
(Translation of registrant's name into English)
Pendelis 16, 175 64 Palaio Faliro, Athens, Greece
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-
F.
Form 20-F [X] Form 40-F [ ]
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this Report on Form 6-K as Exhibit 99.1 are the unaudited interim consolidated financial statements of
Diana Shipping Inc. (the "Company") as of and for the six months ended
.
The information contained in this Report on Form 6-K is hereby incorporated by reference into the Company's
registration statements on Form F-3 (File Nos. 333-280693 and 333-266999) that were filed with the U.S. Securities
and Exchange Commission and became effective on September 9, 2024 and September 16, 2022, respectively .
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
DIANA SHIPPING INC.
(registrant)
Dated: September 15, 2025
By:
/s/ Maria Dede
Maria Dede
Co-Chief Financial Officer
2
Management's Discussion and Analysis Of
Financial Condition and Results Of Operations
The following management's discussion and analysis should be read in conjunction with our interim
unaudited consolidated financial statements and their notes attached hereto. This discussion contains
forward-looking statements that reflect our current views with respect to future events and financial
performance. Our actual results may differ materially from those anticipated in these forward-looking
statements. For additional information relating to our management's discussion and analysis of financial
condition and results of operations, please see our annual report on form 20-F for the year ended
December 31, 2024 filed with the with the SEC on March 21, 2025.
Our Operations
We charter our vessels, owned and bareboat chartered-in, to customers primarily pursuant to short-,
medium- and long-term time charters. Under our time charters, the charterer typically pays us a fixed
daily charter hire rate and bears all voyage expenses, including the cost of bunkers (fuel oil) and port and
canal charges. We remain responsible for paying the chartered vessel's operating expenses, including
the cost of crewing, insuring, repairing, and maintaining the vessel, the costs of spares and consumable
stores, tonnage taxes and other miscellaneous expenses, and we also pay commissions to one or more
unaffiliated ship brokers and to in-house brokers associated with the charterer for the arrangement of the
relevant charter.
The following table presents certain information concerning the dry bulk carriers in our fleet, as of the
d
ate of this report.
3
Fleet Employment (As of September 12, 2025)
VESSEL
SISTE
R
SHIPS*
GROSS RATE
(USD PER DAY)
COM**
CHARTERERS
DELIVERY
DATE TO
CHARTERERS**
*
REDELIVERY DATE TO
OWNERS****
NOTES
BUILT DWT
9 Ultramax Bulk Carriers
1
DSI Phoenix
A
16,500
5.00%
Bulk Trading SA
6-May-24
8-Aug-25
2017 60,456
13,500
4.75%
Cargill Ocean Transportation
(Singapore) Pte. Ltd.
8-Aug-25
1/Oct/2026 - 30/Nov/2026
2
DSI Pollux
A
14,000
4.75%
Cargill Ocean Transportation
(Singapore) Pte. Ltd.
28-Dec-23
4-Sep-25
1
2015 60,446
3
DSI Pyxis
A
13,100
5.00%
Stone Shipping Ltd
8-Nov-24
20/Feb/2026 - 20/Apr/2026
2018 60,362
4
DSI Polaris
A
15,400
5.00%
Stone Shipping Ltd
20-Jul-24
1-Jul-25
2018 60,404
12,250
4.75%
Cargill Ocean Transportation
(Singapore) Pte. Ltd.
1-Jul-25
21/Jul/2026 - 21/Sep/2026
5
DSI Pegasus
A
15,250
4.75%
Cargill Ocean Transportation
(Singapore) Pte. Ltd
5-Sep-24
25-Jul-25
2
2015 60,508
14,250
4.75%
15-Aug-25
20/May/2026 - 20/Jul/2026
6
DSI Aquarius
B
13,300
5.00%
Bunge SA, Geneva
6-Dec-24
6/Oct/2025 - 21/Dec/2025
2016 60,309
7
DSI Aquila
B
12,250
5.00%
Western Bulk Carriers AS
21-Jan-25
17-Sep-25
3,4
2015 60,309
8
DSI Altair
B
15,750
5.00%
Propel Shipping Pte. Ltd.
28-Sep-24
1/Nov/2025 - 31/Dec/2025
2016 60,309
9
DSI Andromeda
B
14,000
4.75%
Cargill Ocean Transportation
(Singapore) Pte. Ltd
28-Mar-25
15/Nov/2025-15/Jan/2026
5
2016 60,309
6 Panamax Bulk Carriers
10
LETO
12,275
4.75%
Cargill International SA, Geneva
4-Apr-25
16/Jul/2026 - 16/Sep/2026
2010 81,297
11
SELINA
C
6,500
5.00%
Reachy Shipping (SGP) Pte.
Ltd.
13-May-25
12-Jul-25
6
2010 75,700
12
MAERA
C
8,400
5.00%
China Resource Chartering
Limited
15-Dec-24
20/Sep/2025-20/Nov/2025
2013 75,403
13
ISMENE
11,000
5.00%
China Resource Chartering Pte.
Ltd.
24-Apr-25
20/Mar/2026 - 20/May/2026
2013 77,901
14
CRYSTALIA
D
13,900
5.00%
Louis Dreyfus Company Freight
Asia Pte. Ltd.
4-May-24
4/Feb/2026 - 4/Jun/2026
2014 77,525
15
ATALANDI
D
10,100
5.00%
Stone Shipping Ltd
8-Jun-25
15/Jun/2026 - 15/Aug/2026
7
2014 77,529
6 Kamsarmax Bulk Carriers
16
MAIA
E
11,600
5.00%
Paralos Shipping Pte. Ltd.
9-Dec-24
1/Nov/2025 - 31/Dec/2025
2009 82,193
17
MYRSINI
E
13,000
4.75%
Cargill International SA, Geneva
26-Feb-25
1/Jan/2026 - 28/Feb/2026
2010 82,117
18
MEDUSA
E
13,000
4.75%
Cargill International SA, Geneva
16-Mar-25
15/May/2026 - 15/Jul/2026
2010 82,194
19
MYRTO
E
12,000
5.00%
Nippon Yusen Kabushiki Kaisha,
Tokyo
23-Dec-24
1/Mar/2026 - 15/May/2026
2013 82,131
20
ASTARTE
14,000
5.00%
Paralos Shipping Pte. Ltd.
19-Aug-24
31-Jul-25
2013 81,513
12,500
5.00%
Propel Shipping Pte. Ltd.
2-Aug-25
16/Aug/2026 - 16/Oct/2026
4
21
LEONIDAS P. C.
17,000
5.00%
Ming Wah International Shipping
Company Limited
22-Feb-24
28-Aug-25
1
2011 82,165
4 Post-Panamax Bulk Carriers
22
AMPHITRITE
F
12,100
5.00%
Cobelfret S.A., Luxembourg
8-Jan-25
1/Jan/2026 - 15/Mar/2026
8
2012 98,697
23
POLYMNIA
F
17,500
5.00%
Reachy Shipping (SGP) Pte.
Ltd.
8-Jun-24
17-Aug-25
2012 98,704
14,000
5.00%
Oldendorff Carriers GmbH & Co.
KG
17-Aug-25
10/Apr/2026 - 10/Jun/2026
24
ELECTRA
G
14,000
4.75%
Aquavita International S.A.
3-Jun-24
15/Oct/2025 - 31/Dec/2025
2013 87,150
25
PHAIDRA
G
9,750
5.00%
SwissMarine Pte. Ltd.,
Singapore
31-May-25
1/Jan/2026 - 28/Feb/2026
2013 87,146
8 Capesize Bulk Carriers
26
SEMIRIO
H
16,650
5.00%
Solebay Shipping Cape
Company Limited, Hong Kong
11-Feb-25
15/Feb/2026 - 15/Apr/2026
9
2007 174,261
27
NEW YORK
H
17,600
5.00%
SwissMarine Pte. Ltd.,
Singapore
11-Jan-25
15/Jan/2026 - 30/Mar/2026
10
2010 177,773
28
SEATTLE
I
17,500
5.00%
Solebay Shipping Cape
Company Limited, Hong Kong
1-Oct-23
15/Sep/2025 - 30/Sep/2025
3
2011 179,362
29
P. S. PALIOS
I
27,150
5.00%
Bohai Shipping (HEBEI) Co., Ltd
7-May-24
1/Nov/2025 - 31/Dec/2025
2013 179,134
30
G. P. ZAFIRAKIS
J
26,800
5.00%
Nippon Yusen Kabushiki Kaisha,
Tokyo
16-Sep-24
16/Aug/2026 - 16/Nov/2026
2014 179,492
31
SANTA
BARBARA
J
22,000
5.00%
Mitsui O.S.K. Lines, Ltd.
27-Dec-24
20/Oct/2025 - 20/Dec/2025
11
2015 179,426
32
NEW ORLEANS
20,000
5.00%
Kawasaki Kisen Kaisha, Ltd.
7-Dec-23
20-Sep-25
3,11
2015 180,960
33
FLORIDA
25,900
5.00%
Bunge S.A., Geneva
29-Mar-22
29/Jan/2027 - 29/May/2027
5
2022 182,063
4 Newcastlemax Bulk Carriers
34
LOS ANGELES
K
28,700
5.00%
Nippon Yusen Kabushiki Kaisha,
Tokyo
20-Jul-24
1/Oct/2025 - 15/Dec/2025
2012 206,104
35
PHILADELPHIA
K
21,500
5.00%
Refined Success Limited
29-May-25
9/Jun/2026 - 8/Aug/2026
2012 206,040
36
SAN
FRANCISCO
L
26,000
5.00%
SwissMarine Pte. Ltd.,
Singapore
1-Mar-25
25/Oct/2026 - 25/Dec/2026
2017 208,006
37
NEWPORT
NEWS
L
25,000
5.00%
Bohai Ocean Shipping
(Singapore) Holding Pte. Ltd.
16-Jun-25
1/Sep/2026 - 31/Oct/2026
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.
1Currently without an active charterparty. Vessel on scheduled drydocking.
2Vessel on scheduled drydocking from July 25, 2025 to August 15, 2025.
3
Based on latest information.
5
4Charterers have agreed to compensate the Owners, for all the days over and above the maximum redelivery date (September 5, 2025), at a hire rate
equal to double the agreed hire rate or the rate of 115% of the average of the relevant Baltic Tess 58 Supramax Index, whichever of the two is higher.
5Bareboat chartered-in for a period of ten years.
6Vessel was sold and delivered to her new Owners on July 15, 2025.
7The charter rate was US$9,000 per day for the first thirty-five (35) days of the charter period.
8The charter rate was US$8,750 per day for the first fifty (50) days of the charter period.
9Vessel currently off hire for drydocking.
10The charter rate was US$6,300 per day for the first trip of the charter period.
1
1Bareboat chartered-in for a period of eight years.
6
Factors Affecting Our Results of Operations
We believe that our results of operations are affected by the following factors:
(1) Average number of vessels is the number of vessels that constituted our fleet for the relevant
period, as measured by the sum of the number of days each vessel was a part of our fleet during the
period divided by the number of calendar days in the period.
(2) Ownership days are the aggregate number of days in a period during which each vessel in our
fleet has been owned by us. Ownership days are an indicator of the size of our fleet over a period and
affect both the amount of revenues and the amount of expenses that we record during a period.
(3) Available days are the number of our ownership days less the aggregate number of days that our
vessels are off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special
surveys and the aggregate amount of time that we spend positioning our vessels for such events. The
shipping industry uses available days to measure the number of days in a period during which vessels
should be capable of generating revenues. Our method of computing available days may not necessarily
be comparable to available days of other companies.
(4) Operating days are the number of available days in a period less the aggregate number of days
that our vessels are off-hire due to any reason, including unforeseen circumstances. The shipping
industry uses operating days to measure the aggregate number of days in a period during which vessels
actually generate revenues.
(5) We calculate fleet utilization by dividing the number of our operating days during a period by the
number of our available days during the period. The shipping industry uses fleet utilization to measure a
company's efficiency in finding suitable employment for its vessels and minimizing the number of days
that its vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel
upgrades, special surveys or vessel positioning for such events.
(6) 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. Our method of
computing TCE rate may not necessarily be comparable to TCE rates of other companies due to
differences in methods of calculation. 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.
(7) 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.
The following table reflects such factors for the periods indicated:
7
For the six months ended June 30,
2025
2024
Ownership days
6,768
7,162
Available days
6,632
7,112
Operating days
6,602
7,078
Fleet utilization
99.5%
99.5%
Time charter equivalent (TCE) rate
$
15,615
$
15,078
The following table reflects the calculation of our TCE rates for the periods presented:
For the six months ended June 30,
2025
2024
in thousands of US Dollars, except for days and
TCE rates
Time charter revenues
$
109,625
$
113,648
less: Voyage expenses
(6,064)
(6,413)
Time charter equivalent revenues
103,561
107,235
Available days
6,632
7,112
Time charter equivalent (TCE) rate
$
15,615
$
15,078
Time Charter Revenues
Our revenues are driven primarily by the number of vessels in our fleet, the number of days during which
our vessels operate and the amount of daily charter hire rates that our vessels earn under charters,
which, in turn, are affected by a number of factors, including:
●
●
●
●
●
●
●
Vessels operating on time charters for a certain period of time provide more predictable cash flows over
that period of time but can yield lower profit margins than vessels operating in the spot charter market
during periods characterized by favorable market conditions. Vessels operating in the spot charter market
generate revenues that are less predictable but may enable their owners to capture increased profit
margins during periods of improvements in charter rates although their owners would be exposed to the
r
isk of declining charter rates, which may have a materially adverse impact on financial performance. As
8
we employ vessels on period charters, future spot charter rates may be higher or lower than the rates at
which we have employed our vessels on period charters. Our time charter agreements subject us to
counterparty risk. In depressed market conditions, charterers may seek to renegotiate the terms of their
existing charter parties or avoid their obligations under those contracts. Should a counterparty fail to
honor their obligations under agreements with us, we could sustain significant losses which could have a
material adverse effect on our business, financial condition, results of operations and cash flows.
Voyage Expenses
We incur voyage expenses that mainly include commissions because all of our vessels are employed
under time charters that require the charterer to bear voyage expenses such as bunkers (fuel oil), port
and canal charges. Although the charterer bears the cost of bunkers, we also have bunker gain or loss
deriving from the price differences of bunkers. When a vessel is delivered to a charterer, bunkers are
purchased by the charterer and sold back to us on the redelivery of the vessel. Bunker gain, or loss,
results when a vessel is redelivered by her charterer and delivered to the next charterer at different
bunker prices, or quantities.
We currently pay commissions ranging from 4.75% to 5.00% of the total daily charter hire rate of each
charter to unaffiliated ship brokers and in-house brokers associated with the charterers, depending on the
number of brokers involved with arranging the charter. In addition, we pay a commission to DWM and to
DSS for those vessels for which they provide commercial management services. The commissions paid
to DSS are eliminated from our consolidated financial statements as intercompany transactions. The
effect of bunker prices cannot be determined, as a gain or loss from bunkers results mainly from the
difference in the value of bunkers paid by the Company when the vessel is redelivered to the Company
from the charterer under the vessel’s previous time charter agreement and the value of bunkers sold by
the Company when the vessel is delivered to a new charterer.
Vessel Operating Expenses
Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses
relating to repairs and maintenance, the cost of spares and consumable stores, tonnage taxes,
environmental plan costs and HSQ and vetting. Our vessel operating expenses generally represent fixed
costs.
Vessel Depreciation
The cost of our vessels is depreciated on a straight-line basis over the estimated useful life of each
vessel. Depreciation is based on the cost of the vessel less its estimated salvage value. We estimate the
useful life of our dry bulk vessels to be 25 years from the date of initial delivery from the shipyard, which
we believe is common in the dry bulk shipping industry. Furthermore, we estimate the salvage values of
our vessels based on historical average prices of the cost of the light-weight ton of vessels being
scrapped.
General and Administrative Expenses
We incur general and administrative expenses which include our onshore related expenses such as
payroll expenses of employees, executive officers, directors and consultants, compensation cost of
restricted stock awarded to senior management and non-executive directors, traveling, promotional and
other expenses of the public company, such as legal and professional expenses and other general
e
xpenses. General and administrative expenses are not affected by the size of the fleet. However, they
9
are affected by the exchange rate of the Euro to US Dollars, as about half of our administrative expenses
are in Euro.
Interest and Finance Costs
We incur interest expenses and financing costs in connection with vessel-specific debt, senior unsecured
bond and finance liabilities. As of June 30, 2025, total long-term debt amounted to $499.0 million and
finance liabilities amounted to $119.1 million.
We manage our exposure to interest rates by maintaining a mix of floating and fixed interest rate
financing agreements. Floating rate agreements include secured loan facilities and fixed rate agreements
include leases and our senior unsecured bond. Also, in 2023, we entered into an interest rate swap
for 30% of our $100 million loan facility with DNB, dated June 26, 2023, under which we pay fixed interest
and receive floating.
Inflation
Since 2022 there have been significant global inflationary pressures which have affected our operating
and drydocking costs.
Results of Operations
Six months ended June 30, 2025, compared to the six months ended June 30, 2024
Time charter revenues.
the six months ended June 30, 2025, compared to $113.6 million for the same period of 2024. The
decrease in time charter revenues was due to the decreased operating days in the six months ended
June 30, 2025, compared to the same period last year, resulting from the decrease in the size of the fleet
compared to the same period last year. Operating days for the six months ended June 30, 2025, were
6,602 compared to 7,078 for the same period of 2024. This decrease was partly offset by the increased
average time charter equivalent rate of $15,615 per vessel per day that the Company achieved for its
vessels in the six months ended June 30, 2025, compared to $15,078 in the same period of 2024,
representing a 4% increase.
Voyage expenses.
ended June 30, 2025, as compared to $6.4 million in the six months ended June 30, 2024. The decrease
was mainly due to commissions, for which voyage expenses is primarily comprised of and which in the
six months ended June 30, 2025 decreased by 5% to $5.5 million compared to $5.8 million in the six
months ended June 30, 2024, due to the decrease in revenues. A further decrease derived from the
decrease in miscellaneous expenses to $0.3 million compared to $0.5 million in the six months ended
June 30, 2024. This decrease was partly offset by a loss on bunkers amounting to $0.3 million compared
to $0.1 million in the same period of 2024. The loss on bunkers was mainly due to the difference in the
price of bunkers paid by the Company to the charterers on the redelivery of the vessels from the
charterers under the previous charter party agreements and the price of bunkers paid by charterers to the
Company on the delivery of the same vessels to their charterers under new charter party agreements.
Vessel operating expenses.
Vessel operating expenses decreased by $2.1 million, or 5%, to $40.0
million in the six months ended June 30, 2025, compared to $42.1 million in the six months ended June
30, 2024. The decrease in operating expenses is mainly attributable to the decrease in ownership days in
the six months ended June 30, 2025 by 394 days, which was due to the decrease in the size of the fleet.
T
he decrease in operating expenses was partly offset by increased crew cost, mainly due to the
10
fluctuation in the exchange rates (USD/EUR), crew travelling expenses and training for crew. Total daily
operating expenses were $5,905 in the six months ended June 30, 2025, compared to $5,883 in the six
months ended June 30, 2024.
Depreciation and amortization of deferred charges.
increased by $0.7 million, or 3%, to $22.8 million in the six months ended June 30, 2025, compared to
$22.1 million in the six months ended June 30, 2024. This fluctuation was attributed to the increased
amortization of deferred cost, due to the increased number of vessels that underwent scheduled drydock
and special surveys in the first half of 2025 compared to the same period in 2024. This was partly offset by
decreased depreciation due to the decrease in the size of the fleet.
General and administrative expenses
. General and administrative expenses increased by $0.4 million, or
2%, to $17.1 million in the six months ended June 30, 2025, compared to $16.7 million in the six months
ended June 30, 2024. The increase was mainly due to increased cost on restricted stock resulting from
increased number of vested shares, including the accelerated vesting of restricted shares of two board
members who resigned in May 2025 and the compensation cost of these shares was recorded on the date
of their resignation. A further increase was attributed due to increased payroll costs.
Management fees to related party.
months ended June 30, 2025, compared to $0.7 million in the six months ended June 30, 2024. The
decrease is attributable to the decreased average number of vessels managed by DWM due to the sale of
vessel Alcmene.
Gain on sale of vessels
. Gain on sale of vessels amounted to $1.5 million in the six months ended June
30, 2025, which is attributed to the sale of vessel Alcmene during the first quarter of 2025, as compared
to $1.6 million in the six months ended June 30, 2024, which is attributed to the sale of vessel Artemis
during the first quarter of 2024.
Interest expense and finance costs.
million in the six months ended June 30, 2025, compared to $23.7 million in the six months ended June
30, 2024. The decrease is attributed to the decreased outstanding balance of debt and finance liabilities.
Gain(loss) on derivative instruments.
Loss on derivative instruments amounted to $0.2 million in the six
months ended June 30, 2025, as compared to a gain of $0.4 million in the same period of 2024, which is
attributable to the gain/(loss) from the interest rate swap with DNB which the Company entered on July 6,
2023.
Gain/(loss) on related party investments.
Gain on related party investments amounted to $2.5 million in the
six months ended June 30, 2025, compared to a loss of $1.4 million for the same period of 2024 which
derives from the fair value measurement of the investment in OceanPal.
Loss on equity securities.
Loss on equity securities amounted to $0.4 million both in the six months ended
June 30, 2025 and 2024. In 2023, the Company acquired equity securities of an entity listed in the NYSE
which were sold during the first quarter of 2024 and recorded a realized loss of $0.4 million. During the
second quarter of 2025, the Company acquired equity securities of an entity listed in the NYSE, which
resulted in an unrealized loss of $0.4 million.
Gain/(loss) on warrants.
Gain on warrants amounted to $0.5 million in the six months ended June 30,
2025, compared to a loss of $6.8 million for the same period of 2024, which is mainly attributable to the
remeasurement of warrant liability and the gain or loss from the settlement of the warrants that were
e
xercised.
11
Loss from equity method investments.
Loss from equity method investments amounted to $0.7 million in
the six months ended June 30, 2025, compared to $0.2 million in the six months ended June 30, 2024,
which is mainly attributed to the loss from the investment in Windward and DWM.
B. Liquidity and Capital Resources
Historically, we finance our short-term and long-term capital requirements with cash from operations,
cash at banks, equity contributions from shareholders, long-term bank debt, finance liabilities and senior
unsecured bonds. Our main uses of funds have been capital expenditures for the acquisition and
construction of new vessels, expenditures incurred in connection with ensuring that our vessels comply
with international and regulatory standards, repayments of bank loans, repurchase of our common stock
and payment of dividends. We believe that these sources of funds will be sufficient to meet our short-
term and long-term liquidity needs.
Our short-term liquidity requirements include capital expenditures in connection with our equity method
investments, expenditures relating to drydocking of vessels to comply with international and regulatory
standards, repayments of bank loans, repurchase of our common stock, payment of dividends and our
bareboat charters. Our primary sources of short-term liquidity include cash generated from operating
activities and sale of vessels, available cash balances and proceeds from the exercise of warrants, if any.
Our long-term liquidity requirements include funding our newbuilding vessel installments, interest and
principal payments on outstanding debt, payment of dividends, expenditures for vessel efficiency
upgrades and drydock costs. Sources of funding for our long-term liquidity requirements include cash
flows from operations, bank borrowings, issuance of debt and equity securities, and vessel sales.
As of June 30, 2025, and December 31, 2024, working capital, which is current assets minus current
liabilities, including the current portion of long-term debt, amounted to $103.9 million and $126.4 million,
respectively.
Cash and cash equivalents, including restricted cash, was $83.6 million on June 30, 2025, and $143.7
million on December 31, 2024. Restricted cash consists of the minimum liquidity requirements under our
loan facilities. As of June 30, 2025, and December 31, 2024, restricted cash, current and non-current,
amounted to $18.5 million and $19.0 million, respectively. Also, as of June 30, 2025, and December 31,
2024, time deposits with maturities above three months amounted to $66.0 million and $63.5 million,
respectively. Our cash and cash equivalents, restricted cash and time deposits represent our unused
sources of liquidity to meet our short- and long-term obligations.
Net Cash Provided by Operating Activities
Net cash provided by operating activities decreased by $23.4 million, or 48%. For the six months ended
June 30, 2025, net cash provided by operating activities was $25.8 million compared to net cash
provided by operating activities of $49.2 million in the six months ended June 30, 2024. This decrease in
cash from operating activities was mainly due to the sale of the equity securities during the first quarter of
2024, the increase in drydock costs and the decreased revenues due to the decrease in the size of the
fleet.
Net Cash Used in Investing Activities
Net cash used in investing activities was $29.3 million for the six months ended June 30, 2025, which
c
onsists of $0.7 million paid for vessel acquisitions and improvements; $11.5 million of proceeds from the
12
sale of vessel Alcmene during the first quarter of 2025; $40.3 million paid for investments consisting of
$15.5 million advances to Windward and Ecogas to fund the construction of vessels and $24.8 million for
the acquisition of equity securities of a listed entity; $3.5 million received as return of capital due to the
fact that a new partner was admitted to the joint venture of Windward; $17.5 million of proceeds from time
deposits that were placed during prior year on time deposits with maturities of over three months; $20.0
million placed on time deposits with maturities of over three months and $0.8 million paid to acquire
property and other assets.
Net cash used in investing activities was $13.6 million for the six months ended June 30, 2024, which
consists of $16.7 million paid for vessel acquisitions and improvements due to new regulations; $12.5
million of proceeds from the sale of vessel Artemis during the first quarter of 2024; $26.7 million paid
mainly for the investment in Windward consisting of advances to fund the construction of four vessels
and working capital; $2.8 million paid to acquire property and other assets and $20.0 million of proceeds
from time deposits that were placed prior year on time deposits with maturities of over three months.
Net Cash Used in Financing Activities
Net cash used in financing activities was $56.6 million for the six months ended June 30, 2025, which
consists of $23.0 million payment for the repurchase of common stock; $28.4 million of indebtedness that
we repaid; and $2.9 million and $2.3 million of dividends paid on our Series B Preferred Stock and
common stock, respectively.
Net cash used in financing activities was $37.1 million for the six months ended June 30, 2024, which
consists of $14.7 million net proceeds from issuance of common stock; $30.5 million of indebtedness that
we repaid; $2.9 million and $18.4 million of dividends paid on our Series B Preferred Stock and common
s
tock, respectively.
F-1
Page
DIANA SHIPPING INC.
INDEX TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Balance Sheets as of June 30, 2025 (unaudited) and December 31, 2024 ......
F-2
Unaudited Consolidated Statements of Income/(Loss) for the six months ended June 30,
2025 and 2024 ................................ ................................ ................................ ......................
F-3
Unaudited Consolidated Statements of Comprehensive Income/(Loss) for the six months
ended June 30, 2025 and 2024 ................................ ................................ ..............................
F-3
Unaudited Consolidated Statements of Stockholders' Equity for the six months ended June
30, 2025 and 2024 ................................................................ ................................ .................
F-4
Unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2025
and 2024 ................................ ................................ ................................ ................................
F-5
N
otes to Unaudited Interim Consolidated Financial Statements .............................................
F-6
F-2
DIANA SHIPPING INC.
CONSOLIDATED BALANCE SHEETS
June 30, 2025 (unaudited) and December 31, 2024
(Expressed in thousands of U.S. Dollars – except for share and per share data)
June 30, 2025
December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents
$
$
Time deposits
Accounts receivable, trade
Due from related parties (Note 3)
Inventories
Prepaid expenses and other assets
Investments in equity securities (Note 4(b))
Vessel held for sale
Total Current Assets
Fixed Assets:
Advances for vessels under construction (Note 5)
Vessels, net (Note 5)
Property and equipment, net (Note 6)
Total fixed assets
Other Noncurrent Assets
Restricted cash, non-current (Note 7)
Due from related parties, non-current (Note 3)
Equity method investments (Note 3)
Investments in a related party (Note 4(a))
Other non-current assets
Deferred costs
Total Non-current Assets
Total Assets
$
$
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Long-term debt, current, net of deferred financing costs (Note 7)
$
$
Finance liabilities, current (Note 8)
Accounts payable
Due to related parties (Note 2 and 3)
Accrued liabilities
Deferred revenue
Fair value of derivatives (Note 7)
Total Current Liabilities
Non-current Liabilities
Long-term debt, net of current portion and deferred financing costs (Note 7)
Finance liabilities, net of current portion (Note 8)
Fair value of derivatives (Note 7)
Warrant liability (Note 10(g))
Other non-current liabilities
Total Noncurrent Liabilities
Commitments and contingencies (Note 9)
-
-
Stockholders' Equity
Preferred stock (Note 10)
Common stock, $
respectively (Note 10)
Additional paid-in capital
Accumulated other comprehensive income
Accumulated deficit
(633,557 )
(635,896 )
Total Stockholders' Equity
$
$
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
F-3
DIANA SHIPPING INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME/(LOSS)
For the six months ended June 30, 2025 and 2024
(Expressed in thousands of U.S. Dollars – except for share and per share data)
2025
2024
REVENUES:
Time charter revenues
$
$
OPERATING EXPENSES
Voyage expenses
Vessel operating expenses
Depreciation and amortization of deferred charges
General and administrative expenses
Management fees to a related party (Note 3(a))
Gain on sale of vessels (Note 5)
(1,500 )
(1,572 )
Other operating loss/ (income)
(389 )
Operating income, total
$
$
OTHER INCOME/(EXPENSE)
Interest expense and finance costs (Note 11)
(21,890 )
(23,650 )
Interest and other income
Gain/(loss) on derivative instruments (Note 7)
(227 )
Gain/(loss) on related party investments (Note 4(a))
(1,351 )
Loss on equity securities (Note 4(b))
(403 )
(400 )
Gain/(loss) on warrants (Note 10(g))
(6,773 )
Loss from equity method investments (Note 3)
(747 )
(231 )
Total other expenses, net
$
(16,492 )
$
(28,268 )
Net income/(loss)
$
$
(706 )
Dividends on series B preferred shares (Notes 10(b) and 12)
(2,884 )
(2,884 )
Net income/(loss) attributable to common stockholders
$
$
(3,590 )
Earnings/(loss) per common share, basic and diluted
$
$
(0.03
Weighted average number of common shares outstanding, basic and
diluted
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
F-4
DIANA SHIPPING INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
For the six months ended June 30, 2025 and 2024
(Expressed in thousands of U.S. Dollars)
2025
2024
Net income/(loss)
$
$
(706 )
Currency translation adjustment
Comprehensive income/(loss)
$
$
(706 )
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
F
-5
DIANA SHIPPING INC.
UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the six months ended June 30, 2025 and 2024
(Expressed in thousands of U.S. Dollars – except for share and per share data)
Preferred Stock
Series B
Preferred Stock
Series C
Preferred Stock
Series D
Common Stock
# of Shares
Par
Value
# of
Shares
Par
Value
# of
Shares
Par
Value
# of Shares
Par
Value
Additional
Paid-in
Capital
Other
Comprehensive
Income
Accumulated
Deficit
Total Equity
BALANCE, December
31, 2023
$
$
-
$
$
$
$
$
(613,869 )
$
Net loss
-
-
-
-
-
-
-
-
-
-
(706 )
(706 )
Issuance of Common
Stock (Note 10(e))
-
-
-
-
-
-
-
-
Issuance of Restricted
Stock and
Compensation Cost
(Note 10(h))
-
-
-
-
-
-
-
-
Dividends on Common
Stock ($
(Note 10(f))
-
-
-
-
-
-
-
-
-
-
(18,368 )
(18,368 )
Dividends on Preferred
Stock ($
1.109375
share) (Note 10(b))
-
-
-
-
-
-
-
-
-
-
(2,884 )
(2,884 )
BALANCE, June 30,
2024
$
$
$
$
$
$
$
(635,827 )
$
BALANCE, December
31, 2024
$
$
$
$
$
$
$
(635,896 )
$
Net income
-
-
-
-
-
-
-
-
-
-
Issuance of Common
Stock (Note 10(g)
-
-
-
-
-
-
-
-
Issuance of Restricted
Stock and
Compensation Cost
(Note 10(h))
-
-
-
-
-
-
-
-
Stock repurchased and
retired (Note 10(e))
-
-
-
-
-
-
(11,442,645 )
(114 )
(22,934 )
-
-
(23,048 )
Dividends on Common
Stock ($
(Note 10(f))
-
-
-
-
-
-
-
-
-
-
(2,316 )
(2,316 )
Dividends on Preferred
Stock ($
1.109375
share) (Note 10(b))
-
-
-
-
-
-
-
-
-
-
(2,884 )
(2,884 )
Other Comprehensive
Income
-
-
-
-
-
-
-
-
-
-
BALANCE, June 30,
2025
$
$
$
$
$
$
$
(633,557 )
$
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
F
-6
DIANA SHIPPING INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended June 30, 2025 and 2024
(Expressed in thousands of U.S. Dollars)
2025
2024
Net income/(loss)
$
$
(706 )
Adjustments to reconcile net income/(loss) to cash provided by operating
activities
Depreciation and amortization of deferred charges
Amortization of debt issuance costs (Note 11)
Compensation cost on restricted stock (Note 10(h))
(Gain)/loss on derivative instruments (Note 7)
(361 )
Gain on sale of vessels (Notes 5)
(1,500 )
(1,572 )
(Gain)/loss on related party investments (Note 4)
(2,482 )
Loss from equity method investments, net of dividend (Note 3)
Loss on equity securities (Note 4(b))
(Gain)/loss on warrants (Note 10(g))
(515 )
(Increase) / Decrease
Accounts receivable, trade
(1,408 )
Due from related parties
Inventories
(140 )
Prepaid expenses and other assets
(2,471 )
(43 )
Investments in equity securities
Increase / (Decrease)
Accounts payable
Due to related parties
(25 )
(540 )
Accrued liabilities
(1,945 )
(2,139 )
Deferred revenue
(162 )
(416 )
Other non-current liabilities
Drydock cost
(6,744 )
(2,114 )
Net Cash Provided by Operating Activities
$
$
Payments for vessels under construction and vessel improvements (Note 5)
(727 )
(16,702 )
Proceeds from sale of vessels, net of expenses (Note 5)
Return of capital from equity method investment (Note 3)
Payments to acquire investments (Note 3 and 4 (b))
(40,295 )
(26,671 )
Time deposit placements
(20,000 )
Time deposit maturities
Payments to acquire property, furniture and fixtures (Note 6)
(851 )
(2,755 )
Net Cash Used in Investing Activities
$
(29,333 )
$
(13,624 )
Proceeds from issuance of common stock, net of fees (Note 10(g))
Payments of dividends, preferred stock (Note 10(b))
(2,884 )
(2,884 )
Payments of dividends, common stock (Note 10(f))
(2,316 )
(18,368 )
Payments for repurchase of common stock
(23,048 )
Repayments of long-term debt and finance liabilities (Notes 7 and 8)
(28,391 )
(30,539 )
Net Cash Used in Financing Activities
$
(56,570 )
$
(37,110 )
Cash, Cash Equivalents and Restricted Cash, Period Increase/(Decrease)
(60,068 )
(1,551 )
Cash, Cash Equivalents and Restricted Cash, Beginning Balance
Cash, Cash Equivalents and Restricted Cash, Ending Balance
$
$
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents
$
$
Restricted cash, non-current
Cash, Cash Equivalents and Restricted Cash, Total
$
$
SUPPLEMENTAL CASH FLOW INFORMATION
Stock issued in noncash financing activities
Interest paid, net of amounts capitalized
$
$
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
DIANA SHIPPING INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2025
(Expressed in thousands of U.S. Dollars – except share, per share data, unless otherwise stated)
F-7
1. Basis of Presentation and General Information and Recent Accounting
Pronouncements
The accompanying unaudited interim consolidated financial statements include the accounts of Diana
Shipping Inc., or DSI and its wholly owned subsidiaries (collectively, the “Company”). DSI was formed on
March 8, 1999, as Diana Shipping Investment Corp. under the laws of the Republic of Liberia. In
February 2005, the Company’s articles of incorporation were amended. Under the amended articles of
incorporation, the Company was renamed Diana Shipping Inc. and was re-domiciled from the Republic of
Liberia to the Republic of the Marshall Islands.
The accompanying unaudited interim consolidated financial statements have been prepared in
accordance with U.S. generally accepted accounting principles, or U.S. GAAP, for interim financial
information. Accordingly, they do not include all the information and notes required by U.S. GAAP for
complete financial statements. These unaudited interim consolidated financial statements have been
prepared on the same basis and should be read in conjunction with the financial statements for the year
ended December 31, 2024 included in the Company’s Annual Report on Form 20-F filed with the
Securities and Exchange Commission on March 21, 2025 and, in the opinion of management, reflect all
normal recurring adjustments considered necessary for a fair presentation of the Company's financial
position, results of operations and cash flows for the periods presented. Operating results for the six
months ended June 30, 2025, are not necessarily indicative of the results that might be expected for the
fiscal year ending December 31, 2025.
The consolidated balance sheet as of December 31, 2024, has been derived from the audited
consolidated financial statements as of that date, but does not include all information and footnotes
required by U.S. GAAP for complete financial statements.
The Company is engaged in the ocean transportation of dry bulk cargoes worldwide mainly through the
ownership and bareboat charter in of dry bulk carrier vessels. The Company operates its own fleet
through Diana Shipping Services S.A. (or “DSS”), a wholly owned subsidiary and through Diana
Wilhelmsen Management Limited, or DWM, a
% owned joint venture (Note 3(a)). The fees paid to DSS
are eliminated on consolidation.
2. Transactions with related parties
a) Altair Travel Agency S.A. (“Altair”):
agent, Altair, which is controlled by the Company’s CEO Mrs. Semiramis Paliou. Travel expenses for the
six months ended June 30, 2025 and 2024 amounted to $
, respectively, and are mainly
included in vessel operating expenses and general and administrative expenses in the accompanying
unaudited interim consolidated statements of income/(loss). As of June 30, 2025 and December 31,
2024, an amount of $
, respectively, was due to Altair, included in due to related parties in
the accompanying consolidated balance sheets.
b) Steamship Shipbroking Enterprises Inc. or Steamship:
the Company’s CEO Mrs. Semiramis Paliou. Steamship provides brokerage services to DSI for a fixed
monthly fee, commissions for sale and purchase activities and expenses, pursuant to a Brokerage
Services Agreement. For the six months ended June 30, 2025 and 2024, brokerage fees, including
commissions and other expenses, amounted to $
, respectively, and are included mainly
i
n general and administrative expenses and in gain on sale of vessels in the accompanying unaudited
DIANA SHIPPING INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2025
(Expressed in thousands of U.S. Dollars – except share, per share data, unless otherwise stated)
F-8
interim consolidated statements of income/(loss). As of June 30, 2025, and December 31, 2024, an
amount of $
, respectively, was due to Steamship
.
3. Equity Method Investments
a) Diana Wilhelmsen Management Limited, or DWM:
Management Inc., a wholly owned subsidiary of DSI, and Wilhelmsen Ship Management Holding AS, an
unaffiliated third party, each holding
% of DWM. As of June 30, 2025 and December 31, 2024, the
investment in DWM amounted to $
accompanying consolidated balance sheets. For the six months ended June 30, 2025 and 2024, the
investment in DWM resulted in a loss of $
, respectively, included in loss from equity
method investments in the accompanying unaudited interim consolidated statements of income/(loss).
Since March 31, 2025, DWM provides commercial and technical management to five of the Company’s
vessels, after the disposal of one vessel, for a fixed monthly fee and a percentage of their gross
revenues. Management fees for the six months ended June 30, 2025 and 2024 amounted to $
$
, respectively, and are separately presented as management fees to related party in the
accompanying unaudited interim consolidated statements of income/(loss). Commissions during the six
months ended June 30, 2025 and 2024 amounted to $
, respectively, and are included in
voyage expenses, in the accompanying unaudited interim consolidated statements of income/(loss). As
of June 30, 2025 and December 31, 2024, there was an amount of $
, respectively, due from
DWM included in due from related parties in the accompanying consolidated balance sheets.
b) Bergen Ultra LP, or Bergen:
purpose of acquiring, owning, chartering and/or operating a vessel and in which the Company has
partnership interests of
%. For the six months ended June 30, 2025 and 2024, the investment in
Bergen resulted in a loss of $
, respectively and is included in loss from equity
method investments in the accompanying unaudited interim consolidated statements of income/(loss). As
of June 30, 2025 and December 31, 2024, the investment in Bergen amounted to $
,
respectively, and is included in equity method investments in the accompanying consolidated balance
sheets.
The Company has an administrative agreement with Bergen under which it provides administrative
services and a commission agreement under which it guarantees Bergen’s loan and receives a
commission of
% per annum on the outstanding balance of the loan, paid quarterly (Note 9). For the
six months ended June 30, 2025 and 2024, income from management fees from Bergen amounted to $
and $
, respectively, included in time charter revenues and income from the commission received on the
loan guarantee amounted to $
, respectively, included in interest and other income in the
accompanying unaudited interim consolidated statements of income/(loss). As of June 30, 2025, and
December 31, 2024, there was an amount of $
and $
, respectively, due from Bergen included in
due from related parties, current and non-current.
c) Windward Offshore GmbH, or Windward:
wholly owned subsidiary Diana Energize Inc., or Diana Energize, entered into a joint venture agreement,
with
Germany, for the purpose of establishing and operating an offshore wind vessel company with the aim of
becoming a leading provider of service vessels to the growing offshore wind industry and acquire certain
vessels. Diana Energize agreed to contribute
% of the limited partnership’s
capital. On May 5, 2025, a new partner was admitted to the joint venture and the Company received Euro
%. As of
DIANA SHIPPING INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2025
(Expressed in thousands of U.S. Dollars – except share, per share data, unless otherwise stated)
F-9
June 30, 2025 and December 31, 2024, the investment amounted to $
, respectively,
mainly consisting of advances to fund the construction of
months ended June 30, 2025 and 2024, the investment in Windward resulted in a loss of $
,
respectively, and is included in loss from equity method investments in the accompanying unaudited
interim consolidated statements of income/(loss).
d) Diana Mariners Inc., or Diana Mariners:
wholly owned subsidiary Cebu Shipping Company Inc., or Cebu, acquired
% of Cohen Global Maritime
Inc., or Cohen, a company organized in the Republic of the Philippines for the purpose of providing
manning agency services. In August 2024, Cohen was renamed Diana Mariners and acts as the manning
agent of the Company’s vessels. As of June 30, 2025 and December 31, 2024, the Company’s
investment in Diana Mariners amounted to $
, respectively and there was an amount of $
and $
, included in due to and due from related parties, respectively. For the six months ended June
30, 2025 and 2024, the investment in Diana Mariners resulted in a loss of $
, respectively and is
included in loss from equity method investments in the accompanying unaudited interim consolidated
statements of income/(loss). As of June 30, 2025, two of the Company’s ship-owning subsidiaries have
entered into manning agreements with Diana Mariners.
e) Ecogas Holding AS, or Ecogas:
On March 12, 2025, the Company, through a wholly owned
subsidiary Diana Gas Inc., entered into a joint venture agreement with an unrelated party to establish
Ecogas, a company formed under the laws of Norway, for the purpose of building
vessels with delivery in 2027 and with an option for
contribute $
, being
% equity interest for the construction of the
2025, the investment in Ecogas amounted to $
, representing part of its equity participation to fund
the construction of the vessels and working capital.
4. Investments in related parties and other
a) OceanPal Inc., or OceanPal:
holder of
OceanPal and
% of OceanPal’s common stock.
Series B preferred shares entitle the holder to
stockholders of the Company, provided however, that the total number of votes shall not exceed
% of
the total number of votes, provided further, that the total number of votes entitled to vote, including
common stock or any other voting security, would not exceed
% of the total number of votes. Series B
Preferred Shares have no dividend or distribution rights.
Series C preferred shares do not have voting rights unless related to amendments of the Articles of
Incorporation that adversely alter the preference, powers or rights of the Series C Preferred Shares or to
issue Parity Stock or create or issue Senior Stock. Series C preferred shares have a liquidation
preference equal to the stated value of $
option commencing upon the first anniversary of the issue date, at a conversion price equal to the lesser
of $
-trading day trailing VWAP of OceanPal’s common shares, subject to adjustments.
Dividends on each share of Series C Preferred Shares are cumulative and accrue at the rate of
% per
annum. Dividends are payable in cash or, at OceanPal’s election, in kind.
As of June 30, 2025 and December 31, 2024, the Company’s investment in the common stock of
O
ceanPal amounted to $
, respectively, being the fair value of OceanPal’s common
DIANA SHIPPING INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2025
(Expressed in thousands of U.S. Dollars – except share, per share data, unless otherwise stated)
F-10
shares on that date, determined through Level 1 inputs of the fair value hierarchy. For the six months
ended June 30, 2025 and 2024, the investment’s valuation in fair values resulted in an unrealized gain on
investment of $
, respectively, included in gain/(loss)
on related party investments, separately presented in the accompanying unaudited interim consolidated
statements of income/(loss).
As of June 30, 2025 and December 31, 2024, the Company’s investment in Series B preferred shares
and Series C preferred shares, amounted to $
, respectively, included in investments in
related parties in the accompanying consolidated balance sheets.
For the six months ended June 30, 2025 and 2024, dividend income from the Series C preferred shares
amounted to $
, respectively, included in interest and other income in the accompanying
unaudited interim consolidated statements of income/(loss).
b) Investments in equity securities:
listed in the NYSE which were sold during the first quarter of 2024 and recorded a loss of $
,
presented in gain/(loss) on investments in the accompanying unaudited interim consolidated statements
of income/(loss).
During the second quarter of 2025, the Company acquired equity securities of an entity listed in the
NYSE which as of June 30, 2025 had a fair value of $
. The equity securities were initially recorded
at cost amounting to $
readily determinable, determined through Level 1 of the fair value hierarchy. The securities are
considered marketable securities that are available to be converted into cash to fund current operations
and classified in current assets in the accompanying consolidated balance sheet as of June 30, 2025.
Unrealized loss on the investment amounted to $
securities in the accompanying unaudited interim consolidated statements of income/(loss).
For the six months ended June 30, 2025 and 2024, dividend income from the Investment in equity
securities amounted to $
, respectively and included in interest and other income in the
accompanying unaudited interim consolidated statements of income/(loss).
5. Advances for vessels under construction and Vessels, net
It is in the Company’s normal course of business from time to time to acquire and sell vessels.
Accordingly, as of June 30, 2025, the Company had entered into the below transactions.
Vessels under construction
On February 8, 2024, the Company signed an agreement with an unaffiliated third party, for the
construction of
at Tsuneishi Group (Zhoushan) Shipbuilding Inc., China. The vessels are expected to be delivered to the
Company by the second half of 2027 and the first half of 2028. As of June 30, 2025, advances for
vessels under construction amounted to $
, including $
months ended June 30, 2025, an amount of $
, including capitalized interest of $
, was capitalized.
Vessel Disposals
DIANA SHIPPING INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2025
(Expressed in thousands of U.S. Dollars – except share, per share data, unless otherwise stated)
F-
11
On February 10, 2025, the Company, through a wholly owned subsidiary, entered into an agreement with
an unrelated third party to sell the vessel Alcmene for the sale price of $
, which resulted in a gain
amounting to $
. The vessel was delivered to the new owners on March 13, 2025.
On June 13, 2025, the Company, through a wholly owned subsidiary, entered into an agreement with an
unrelated third party to sell the vessel Selina for the sale price of $
. At the date of the agreement
to sell the vessel, the vessel was measured at the lower of its carrying amount or fair value (sale price)
less costs to sell, which was the vessel’s carrying value and was classified in current assets as vessel
held for sale, according to the provisions of ASC 360, as all criteria required for this classification were
met. The vessel was delivered to the new owners on July 15, 2025 (Note 14).
The amount reflected in Vessels, net in the accompanying consolidated balance sheets is analyzed as
follows:
Vessel Cost
Accumulated
Depreciation
Net Book
Value
Balance, December 31, 2024
$
$
(235,792 )
$
- Additions for vessel improvements
-
- Vessel disposals
(11,434 )
(9,289 )
- Depreciation for the period
-
(18,894 )
(18,894 )
- Vessel held for sale
(12,441 )
(8,385 )
Balance, June 30, 2025
$
$
(248,485 )
$
6. Property and Equipment, net
The Company owns the land and building of its principal corporate offices in Athens, Greece and
plots of land acquired for corporate purposes. Other assets consist of office furniture and equipment,
computer software and hardware and vehicles. The amount reflected in “Property and equipment, net” is
analyzed as follows:
Property and
Equipment
Accumulated
Depreciation
Net Book
Value
Balance, December 31, 2024
$
$
(7,485 )
$
- Additions in property and equipment
-
- Depreciation for the period
-
(497 )
(497 )
Balance, June 30, 2025
$
$
(7,982 )
$
7. Long-term debt
The amount of long-term debt shown in the accompanying consolidated balance sheets is analyzed as
f
ollows:
DIANA SHIPPING INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2025
(Expressed in thousands of U.S. Dollars – except share, per share data, unless otherwise stated)
F-12
June 30, 2025
December 31, 2024
Senior unsecured bond
Secured long-term debt
Total long-term debt
$
$
Less: Deferred financing costs
(7,001 )
(7,973 )
Long-term debt, net of deferred financing costs
$
$
Less: Current long-term debt, net of deferred financing costs,
current
(45,292 )
(45,230 )
Long-term debt, excluding current maturities
$
$
8.75% Senior Unsecured Bond
:
In 2024, the Company issued a $
Dollar fixed-rate coupon of
% payable semi-annually in arrears in January and July of each year. The
proceeds from the bond were used to prepay the balance of the then outstanding bond and for working
capital. The bond is callable in whole or in part in July 2027 at a price equal to
% of nominal value;
in January 2028 at a price equal to
% of nominal value; in July 2028 at a price equal to
%
and after January 2029 at a price equal to
% of nominal value. The bond ranks ahead of
subordinated capital and ranks the same with all other senior unsecured obligations of the Company
other than obligations which are mandatorily preferred by law. The bond includes financial and other
covenants and is trading on the Oslo Stock Exchange under the ticker symbol “DIASH03”.
Secured Term Loans:
Under the secured term loans outstanding as of June 30, 2025,
mortgaged with first preferred or priority ship mortgages, having an aggregate carrying value of
$
. Additional securities required by the banks include first priority assignment of all earnings,
insurances, first assignment of time charter contracts that exceed a certain period, pledge over the
shares of the borrowers, manager’s undertaking and subordination and requisition compensation and
either a corporate guarantee by DSI (the “Guarantor”) or a guarantee by the ship owning companies
(where applicable), financial covenants, as well as operating account assignments. The lenders may also
require additional security in the future in the event the borrowers breach certain covenants under the
loan agreements. The secured term loans generally include restrictions as to changes in management
and ownership of the vessels, additional indebtedness, as well as minimum requirements regarding hull
cover ratio and minimum liquidity per vessel owned by the borrowers, or the Guarantor, maintained in the
bank accounts of the borrowers, or the Guarantor.
As of June 30, 2025 and December 31, 2024 minimum cash deposits required to be maintained at all
times under the Company’s loan facilities, amounted to $
, respectively and are
included in restricted cash, non-current in the accompanying consolidated balance sheets. Furthermore,
the secured term loans contain cross default provisions and additionally the Company is not permitted to
pay any dividends following the occurrence of an event of default. All of the Company’s secured term
loans bear interest at SOFR plus a margin.
As of June 30, 2025, the Company had the following agreements with banks, either as a borrower or as a
guarantor, to guarantee the loans of its subsidiaries:
Nordea Bank AB, London Branch (“Nordea”):
On July 25, 2024, the Company entered into a
DIANA SHIPPING INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2025
(Expressed in thousands of U.S. Dollars – except share, per share data, unless otherwise stated)
F-13
$
loans. The loan is repayable in equal quarterly instalments of $
payable on
.
Export-Import Bank of China:
loan agreement, which is repayable in equal quarterly instalments of $
, each, until its maturity on
.
DNB Bank ASA or DNB:
loan agreement which was drawn on June 27, 2023, to refinance the outstanding balance of another loan
and for working capital purposes. The loan is repayable in equal quarterly instalments of $
. The loan is subject to a margin reset and unless the parties agree on a new margin,
the loan will be mandatorily repayable on June 27, 2027. On July 6, 2023, the Company entered into an
interest rate swap with DNB for a notional amount for the
% of the loan amount. Under the interest rate
swap, the Company pays a fixed rate and receives floating under term SOFR. The swap has a
termination date on December 27, 2029, and a mandatory break on June 27, 2027, according to which
the swap will be terminated if the loan is prepaid. As of June 30, 2025 and December 31, 2024, the fair
value of the interest rate swap was $
, respectively, and is separately presented in current
and non-current liabilities. During the six months ended June 30, 2025 and 2024, the Company
recognized a loss of $
, respectively, from the swap valuation separately presented
as gain/(loss) on derivative instruments in the accompanying unaudited interim consolidated statements
of income.
Danish Ship Finance A/S or Danish:
Danish, for $
capital. On April 18 and 19, 2023, the Company drew down $
quarterly instalments of $
on April 19, 2028. On October 18, 2024, the Company refinanced the outstanding balance of this loan
with a loan which is repayable in equal quarterly instalments of $
payable together with the last instalment on
.
As of June 30, 2025 and December 31, 2024, the Company was in compliance with all of its loan
covenants.
As of June 30, 2025, the maturities of the Company’s bond and debt facilities throughout their term, are
shown in the table below and do not include related debt issuance costs.
Period
Principal Repayment
Year 1
$
Year 2
Year 3
Year 4
Year 5
Year 6 and thereafter
Total
$
8. Finance Liabilities
DIANA SHIPPING INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2025
(Expressed in thousands of U.S. Dollars – except share, per share data, unless otherwise stated)
F-14
On March 29, 2022, the Company sold
Florida
from the buyer for a period of
, under which the Company pays a fixed monthly hire. The
Company has the option to repurchase the vessel at specific prices, after the end of the third year of the
charter period and for each year thereafter, and the obligation to purchase the vessel on the expiration of
the lease on the tenth year.
On August 17, 2022, the Company entered into
third parties for
New Orleans
Santa Barbara
. The vessels were delivered to their buyers on
September 8, 2022 and September 12, 2022, respectively and the Company chartered-in both vessels
under bareboat charter parties for a period of
, each, under which the Company pays a fixed
monthly hire. Under the bareboat charter, the Company has the option to repurchase the vessel at
specific prices, after the end of the third year of the charter period and for each year thereafter, and the
obligation to purchase the vessel on the expiration of the lease on the eighth year.
On December 6, 2022, the Company sold
DSI Andromeda
the vessel under a bareboat agreement, for a period of
, under which the Company pays a fixed
monthly hire. The Company has the option to repurchase the vessel at specific prices, after the end of
the third year of the charter period and for each year thereafter, and the obligation to purchase the vessel
on the expiration of the lease on the tenth year.
The Company determined that, under ACS 842-40 Sale and Leaseback Transactions, the transactions
are failed sales and consequently the assets were not derecognized from the financial statements and
the proceeds from the sale of the vessels were accounted for as financial liabilities. As of June 30, 2025
and December 31, 2024, finance liability amounted to $
, respectively, included in
finance liabilities, current and $
current portion. As of June 30, 2025, the weighted average remaining lease term of the above lease
agreements was
% and the sublease income during the six
months ended June 30, 2025 and 2024 was $
, respectively, included in time charter
revenues.
As of June 30, 2025, and throughout the term of the leases, the Company has annual finance liabilities
as shown in the table below:
Period
Principal Repayment
Year 1
$
Year 2
Year 3
Year 4
Year 5
Year 6 and thereafter
Total
$
9. Commitments and Contingencies
a)
liability, arise in the ordinary course of the shipping business. In addition, losses may arise from
d
isputes with charterers, agents, insurance and other claims with suppliers relating to the operations
DIANA SHIPPING INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2025
(Expressed in thousands of U.S. Dollars – except share, per share data, unless otherwise stated)
F-15
of the Company’s vessels. The Company accrues for the cost of environmental and other liabilities
when management becomes aware that a liability is probable and is able to reasonably estimate the
probable exposure. The Company’s vessels are covered for pollution in the amount of $
vessel per incident, by the P&I Association in which the Company’s vessels are entered.
b)
counterparties, the Company has purchase obligations amounting to $
, at the end of the lease
agreements described in Note 8.
c)
Company guarantees the performance by Bergen of all of its obligations under the loan until the
maturity of the loan on March 30, 2028 (Note 3 (b)). The Company considers the likelihood of having
to make any payments under the guarantee to be remote, as the loan is also secured by an account
pledge by Bergen, first preferred mortgage on the vessel, a first priority general assignment of the
earnings, insurances and requisition compensation of the vessel, a charter party assignment, a
partnership interests security deed, and a manager’s undertaking. Accordingly, as of June 30, 2025,
the Company did not record a provision for losses under the guarantee of Bergen’s loan amounting to
$
d)
follows:
Period
Amount
Year 1
$
Year 2
Year 3
Total
$
e)
As of June 30, 2025, the Company’s vessels, owned and chartered-in, were fixed under time charter
agreements, considered operating leases. The minimum contractual gross charter revenue expected
to be generated from fixed and non-cancelable time charter contracts existing as of June 30, 2025
and until their expiration was as follows:
Period
Amount
Year 1
$
Year 2
$
10. Capital Stock and Changes in Capital Accounts
a) Preferred stock
:
preferred stock consists of
share, of which
shares are designated as Series B Preferred Shares,
Preferred Shares and
December 31, 2024, the Company had
outstanding.
DIANA SHIPPING INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2025
(Expressed in thousands of U.S. Dollars – except share, per share data, unless otherwise stated)
F-16
b) Series B Preferred Stock:
per share and with liquidation preference at $
shares with respect to dividends, distributions and payments upon liquidation and are subordinated to all
of the existing and future indebtedness.
Dividends on the Series B Preferred Shares are cumulative from the date of original issue and are
payable on the 15th day of January, April, July and October of each year at a dividend rate of
% per
annum, or $
on Series B Preferred Shares amounted to $
, respectively. Since February 14, 2019,
the Company may redeem, in whole or in part, the Series B Preferred Shares at a redemption price of
$
redemption, whether or not declared.
c) Series C Preferred Stock
: As of June 30, 2025, and December 31, 2024, the Company had
owned by an affiliate of its Chief Executive Officer, Mrs. Semiramis Paliou.
no dividend or liquidation rights and cannot be transferred without the consent of the Company except to
the holder’s affiliates and immediate family members.
d) Series D Preferred Stock
: As of June 30, 2025, and December 31, 2024, the Company had
shares of Series D Preferred Stock, issued and outstanding, with par value $
affiliate of its Chief Executive Officer, Mrs. Semiramis Paliou. The Series D Preferred Stock is not
redeemable and has
provided however, that, notwithstanding any other provision of the Series D Preferred Stock statement of
designation, to the extent that the total number of votes one or more holders of Series D Preferred Stock
is entitled to vote (including any voting power of such holders derived from Series D Preferred Stock,
shares of Common Stock or any other voting security of the Company issued and outstanding as of the
date hereof or that may be issued in the future) on any matter submitted to a vote of stockholders of the
Company would exceed
% of the total number of votes eligible to be cast on such matter, the total
number of votes that holders of Series D Preferred Stock may exercise derived from the Series D
Preferred Stock together with Common Shares and any other voting securities of the Company
beneficially owned by such holder, shall be reduced to
% of the total number of votes that may be cast
on such matter submitted to a vote of stockholders.
e) Issuance and Repurchase of Common Shares:
On December 2, 2024, the Company
commenced a tender offer to purchase up to
$
offer was settled and the Company repurchased and retired a total of
stock for an aggregate amount of $
.
f) Dividend on Common Stock
c
ommon stock of $
DIANA SHIPPING INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2025
(Expressed in thousands of U.S. Dollars – except share, per share data, unless otherwise stated)
F-17
18, 2024, the Company paid a cash dividend on its common stock of $
, to
shareholders of record as of June 12, 2024. On March 21, 2025, the Company paid a cash dividend on
its common stock of $
, to all shareholders of record as of March 12, 2025. On
June 24, 2025, the Company paid a cash dividend on its common stock of $
, to
all shareholders of record as of June 17, 2025.
g) Warrants:
On December 14, 2023, the Company distributed
shareholders of record on December 6, 2023. Holders received
one warrant for every five shares
issued and outstanding shares of common stock held as of the record date (rounded down to the nearest
whole number for any fractional warrant. Each Warrant entitles the holder to purchase, at the holder’s
sole and exclusive election, at the exercise price of $
plus a bonus share fraction. A bonus share fraction entitles a holder to receive an additional part of a
share of common stock for each warrant exercised without payment of any additional exercise price.
During the six months ended June 30, 2025, the Company issued
having a value of $
, net of expenses, or $
2023 and distributed as dividend to the Company’s shareholders. The Company received $
proceeds, net of fees, from the exercise of warrants. If all warrants were exercised as of June 30, 2025,
the Company would have issued
would have received $
at fair value, determined through Level 1 account hierarchy, being the opening price of the warrants on
the NYSE on the date of distribution as they are listed under the ticker DSX_W. As of June 30, 2025 and
December 31, 2024, the warrant liability, measured at fair value, amounted to $
,
respectively. During the six months ended June 30, 2025 and 2024, gain and loss on warrants amounted
to $
, respectively, separately presented in the accompanying unaudited interim
consolidated statements of income/(loss).
h) Incentive Plan:
As of June 30, 2025,
according to the Company’s incentive plan.
Restricted stock as of June 30, 2025 and 2024 is analyzed as follows:
Number of Shares
Weighted Average
Grant Date Price
Outstanding as of December 31, 2023
$
Granted
Vested
(2,996,334 )
Outstanding as of June 30, 2024
$
Outstanding as of December 31, 2024
$
Granted
Vested
(3,134,365 )
Outstanding as of June 30, 2025
$
The fair value of the restricted shares has been determined with reference to the closing price of the
Company’s stock on the date such awards were approved by the Company’s board of directors. The
aggregate compensation cost is recognized ratably in the accompanying unaudited interim consolidated
statements of income/(loss) over the respective vesting periods. For the six months ended June 30, 2025
a
nd 2024, compensation cost amounted to $
, respectively, and is included in general
DIANA SHIPPING INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2025
(Expressed in thousands of U.S. Dollars – except share, per share data, unless otherwise stated)
F-18
and administrative expenses in the accompanying unaudited interim consolidated statements of
income/(loss).
As of June 30, 2025 and December 31, 2024, the total unrecognized cost relating to restricted share
awards was $
, respectively. As of June 30, 2025, the weighted-average period over
which the total compensation cost related to non-vested awards not yet recognized is expected to be
recognized is
11. Interest and Finance Costs
The amounts in the accompanying unaudited interim consolidated statements of income/(loss) are
analyzed as follows:
For the six months ended June 30,
2025
2024
Interest expense, debt
$
$
Finance liabilities interest expense
Amortization of debt and finance liabilities issuance costs
Loan and other expenses
Interest expense and finance costs
$
$
12. Earnings/(loss) per Share
All common shares issued (including the restricted shares issued under the Company’s incentive plans)
are the Company’s common stock and have equal rights to vote and participate in dividends. The
calculation of basic earnings per share does not treat the non-vested shares (not considered participating
securities) as outstanding until the time/service-based vesting restriction has lapsed.
The dilutive effect
on unexercised warrants that are in-the-money, is computed using the treasury stock method which
assumes that the proceeds upon exercise of these warrants are used to purchase common shares at the
average market price for the period. Incremental shares are the number of shares assumed issued under
the treasury stock method weighted for the periods the non-vested shares were outstanding. During the
six months ended June 30, 2025 and 2024, there were
denominator of the diluted earnings per share calculation. Securities that could potentially dilute basic
earnings per share in the future but were not included in the computation of diluted earnings per share—
because their inclusion would have been anti-dilutive—consist of any incremental shares from
unexercised warrants that were out of the money during the reporting period and any incremental shares
resulting from the non-vested restricted share awards.
For the six months ended June 30,
2025
2024
Net income/(loss)
$
$
(706 )
Dividends on series B preferred shares
(2,884 )
(2,884 )
Net income/(loss) attributable to common stockholders
$
$
(3,590 )
Weighted average number of common shares, basic and diluted
Earnings/(loss) per share, basic and diluted
$
$
(0.03
DIANA SHIPPING INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2025
(Expressed in thousands of U.S. Dollars – except share, per share data, unless otherwise stated)
F-19
13. Financial Instruments and Fair Value Disclosures
Interest rate risk and concentration of credit risk
Financial instruments, which potentially subject the Company to significant concentrations of credit risk,
consist principally of cash and trade accounts receivable. The ability and willingness of each of the
Company’s counterparties to perform their obligations under a contract depend upon a number of factors
that are beyond the Company’s control and may include, among other things, general economic
conditions, the state of the capital markets, the condition of the shipping industry and charter hire
rates. The Company’s credit risk with financial institutions is limited as it has temporary cash investments,
consisting mostly of deposits, placed with various qualified financial institutions and performs periodic
evaluations of the relative credit standing of those financial institutions. The Company limits its credit risk
with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition
and by receiving payments of hire in advance. The Company, generally, does not require collateral for its
accounts receivable and does not have any agreements to mitigate credit risk.
During the six months ended June 30, 2025 and 2024 charterers that individually accounted for
% or
more of the Company’s time charter revenues were as follows:
For the six months ended June 30,
Charterer
2025
2024
Cargill International SA
*
Nippon Yusen Kaisha
*
*Less than 10%
The Company is exposed to interest rate fluctuations associated with its variable rate of borrowings.
Such exposure is managed by fixed interest indebtedness such as a bond, an interest rate swap with
DNB (Note 7) and finance liabilities at fixed rates (Note 8).
Fair value of assets and liabilities
The carrying values of financial assets reflected in the accompanying consolidated balance sheet
approximate their respective fair values due to the short-term nature of these financial instruments. Cash
and cash equivalents and restricted cash are considered Level 1 items as they represent liquid assets
with short-term maturities. The fair value of long-term bank loans with variable interest rates
approximates the recorded values, generally due to their variable interest rates.
Fair value measurements disclosed
As of June 30, 2025, the Bond having a fixed interest rate and a carrying value of $
a fair value of $
FASB guidance for Fair Value Measurements.
DIANA SHIPPING INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2025
(Expressed in thousands of U.S. Dollars – except share, per share data, unless otherwise stated)
F-20
Other Fair value measurements
December 31,
2024
Quoted Prices
in Active
Markets
(Level 1)
Significant
Other
Observable
Inputs (Level 2)
Significant
Other
Observable
Inputs (Level 3)
Assets
Recurring fair value measurements
Investments in related party
-
Total recurring fair value measurements
$
$
$
$
Liabilities
Recurring fair value measurements
Warrant liability
$
$
$
-
Interest rate swap, liability
-
Total recurring fair value measurements
$
$
$
June 30, 2025
Quoted Prices
in Active
Markets
(Level 1)
Significant
Other
Observable
Inputs (Level 2)
Significant
Other
Observable
Inputs (Level 3)
Assets
Recurring fair value measurements
Investments in equity securities
-
-
Investments in related party
$
$
$
-
$
Total recurring fair value measurements
$
$
$
$
Liabilities
Recurring fair value measurements
Warrant liability
$
$
$
-
Interest rate swap, liability
-
Total recurring fair value measurements
$
$
$
14. Subsequent Events
a)
: On July 15, 2025, the Company paid a quarterly dividend on
its series B preferred stock, amounting to $
, to its stockholders of
record as of April 14, 2025.
b)
Delivery of Vessel:
On July 15, 2025, m/v Selina was delivered to her new owners, and the
Company recognized a gain on sale of approximately $
c)
common stock of $
months ended June 30, 2025. The cash dividend was paid on September 11, 2025, to all
shareholders of record as of August 21, 2025.
d)
On July 28, 2025 OceanPal reported
issued and outstanding following an offering of units completed on July 22, 2025. As a result of this
transaction our ownership decreased to
%. Additionally, on August 25, OceanPal effected a
r
everse stock split which decreased our shares from
.
DIANA SHIPPING INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2025
(Expressed in thousands of U.S. Dollars – except share, per share data, unless otherwise stated)
F-21
e)
:
increased to $
, following additional purchases of shares of common stock of the same entity
(Note 4).