Slides
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W e createto share Financial Results for the 2nd Quarter of 2025 July 30, 2025
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Director & President Anastasios Margaronis Director & Chief Executive Officer Semiramis Paliou Director, Co-Chief Financial Officer, Chief Strategy Officer, Secretary & Treasurer Ioannis Zafirakis Our Presenting Team Our Company’s confidence stems from our established track record We create to share 2 Director Eleftherios Papatrifon Maria Dede Co-Chief Financial Officer
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We create to share 3 Financial Results for the 2nd Quarter of 2025
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Forward Looking Statements Cautionary statement regarding onward-looking statements This presentation does not constitute or form part of and should not be construed as an offer to sell any security or an invitation, solicitation, or inducement to purchase or subscribe for any security. This presentation should not be construed and does not constitute either advice or a recommendation regarding the purchase, holding or sale of any security. No representations or warranties, express or implied, are given in, or in respect of the accuracy or completeness of any information included in, this presentation. Matters discussed in this presentation 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,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements. We undertake no obligation, except as required by law, to publicly update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we 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. We create to share 4
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US$116.8m SECURED REVENUES3 US$149.6m OF CASH2 46% NET DEBT/MARKET VALUE1 4.1m DWT CARRYING CAPACITY 11.66 years AVERAGE AGE3 99.5% AVERAGE FLEET UTILIZATION4 12 groups OF SISTER VESSELS 21% 35%9% 12% 10% 13% Newcastlemax Capesize Post- Panamax Kamsarmax Panamax Ultramax 968 employees2 ACROSS SEA & ASHORE 10.87m MT Cargo Carried2 FOUNDED 1972 LISTED SINCE 2005 STRONG ESG FOCUS GLOBAL OPERATIONS 36 vessels ON THE WATER5 6 vessels MORTGAGE FREE 2 newbuildings TO BE DELIVERED WITH METHANOL DUAL-FUEL PROPULSION Source: Company Information Note 1) Fleet market values as of June 30, 2025. Total market value also includes Company’s investments and property as of Ju ne 30, 2025. Note 2) As of June 30, 2025 Note 3) As of July 22, 2025 Note 4) For the six months ended June 30, 2025. Note 5) 31 vessels are managed by Diana Shipping Services S.A. and 5 vessels are managed by Diana Wilhelmsen Management Limit ed We create to share 5 Diana’s Key Points
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Source: Company information We create to share 6 • In April, we celebrated the Company’s 20-year anniversary of listing on the New York Stock Exchange with a Closing Bell Ceremony and hosted an Investor Day at NYSE. • In June, we announced the sale of m/v Selina for a purchase price of approximately US$11.8 million before commissions. The vessel was delivered to the new owners on July 15, 2025. • As of July 22, 2025, we have secured US$66.1 million of contracted revenues for 69% of the remaining ownership days of the year 2025 and have secured US$49.9 million of contracted revenues for 20% of the ownership days of the year 2026. • In July, we declared a cash dividend in the amount of US$0.01 per common share for the second quarter of 2025. Highlights of the 2nd Quarter 2025 and recent developments
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We create to share 7 Recent Chartering Activity* Fixed Period **Previous Charter Period *From May 28, 2025 until July 22, 2025 **Average Period calculated based on earliest redelivery date Source: Company’s filings with the U.S. Securities and Exchange Commission $12,250 $10,100 $25,000 $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 ULTRAMAX PANAMAX NEWCASTLEMAX Weighted average contracted charter rate ($ per day) 1 vsl 1 vsl 1 vsl 372 days 442 days VESSEL TYPE BUILT RATE CHARTERER Newport News Newcastlemax 2017 $25,000 SwissMarine Pte. Ltd., Singapore DSI Polaris Ultramax 2018 $12,250 Cargill Ocean Transportation (Singapore) Pte. Ltd. Atalandi Panamax 2014 $10,100 Refined Success Limited Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q4/26 385 days
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*Bareboat chartered-in. **Vessel has been sold, and it is delivered to her new Owners on July 15, 2025. ***As of July 22, 2025. Source: Company We create to share 8 Disciplined & Non-Speculative Chartering Strategy Secured Revenues US$66.1m*** for the remaining of 2025 Average Daily TC Rate of Fixed Revenues US$16,280*** For the remaining of 2025 31% unfixed days*** for the remaining of 2025 Average contract duration*** 1.55 years ** VESSEL TYPE RATE Fleet Average $16,157 Florida* Capesize $25,900 u San Francisco Newcastlemax $26,000 G. P. Zafirakis Capesize $26,800 Newport News Newcastlemax $25,000 DSI Polaris Ultramax $12,250 Leto Panamax $12,750 Atalandi Panamax $10,100 Philadelphia Newcastlemax $21,500 Medusa Kamsarmax $13,000 Crystalia Panamax $13,900 Ismene Panamax $11,000 Myrto Kamsarmax $12,000 DSI Pyxis Ultramax $13,100 Semirio Capesize $16,650 New York Capesize $17,600 Amphitrite Post-Panamax $12,100 Myrsini Kamsarmax $13,000 Phaidra Post-Panamax $9,750 DSI Andromeda* Ultramax $14,000 P.S. Palios Capesize $27,150 Maia Kamsarmax $11,600 Electra Post-Panamax $14,000 DSI Altair Ultramax $15,750 DSI Aquarius Ultramax $13,300 Santa Barbara* Capesize $22,000 Los Angeles Newcastlemax $28,700 Maera Panamax $8,400 New Orleans* Capesize $20,000 Leonidas P. C. Kamsarmax $17,000 DSI Pollux Ultramax $14,000 Seattle Capesize $17,500 DSI Aquila Ultramax $12,250 Polymnia Post-Panamax $17,500 DSI Phoenix Ultramax $16,500 Astarte Kamsarmax $14,000 DSI Pegasus Ultramax $15,250 Selina Panamax $6,500 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q4/26 Q1/27 ▪ Committed to a conservative chartering strategy since inception ▪ Medium to long-term time charters which are spread out to avoid clustered maturities ▪ The strategy provides earnings visibility and strengthens resilience to market downturns
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We create to share 9 2nd Quarter 2025 *Source: Company’s filings with the U.S. Securities and Exchange Commission. The statement may include rounding differences **See appendix for Adjusted EBITDA calculation. Financial Highlights for the 2nd Quarter 2025* 2nd Quarter 2024 June 30, 2025 December 31, 2024 TC Revenues $54.7m $56.0m Adjusted EBITDA** $22.0m $23.2m Net Income/(loss) $4.5m $(2.8)m Earnings/(loss) Per Common Share, Diluted $0.03 $(0.04) Cash, cash equivalents, time deposits and restricted cash $149.6m $207.2m Long-term debt and finance liabilities, net of deferred financing costs $610.2m $637.5m
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Summary of Selected Financial & Other Data* Statement of Income Data US$ Millions US$ Millions Time charter revenues 54.7 56.0 Voyage expenses 3.1 3.1 Vessel operating expenses 20.0 21.3 Net income/(loss) 4.5 (2.8) Net income/(loss) attributable to common stockholders 3.1 (4.2) Fleet data Average number of vessels 37.0 39.0 Number of vessels 37.0 39.0 Weighted average age of vessels 11.7 10.9 Ownership days 3,367 3,549 Available days 3,329 3,499 Operating days 3,312 3,496 Fleet utilization 99.5% 99.9% Average Daily Results US$ US$ Time charter equivalent (TCE) rate** 15,492 15,106 Daily vessel operating expenses*** 5,944 5,993 Three months ended June 30, 2025 2024 *Source: Company’s filings with the U.S. Securities and Exchange Commission. The statement may include rounding differences **Time charter equivalent rates, or TCE rates, are 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. Voyage expenses include port charges, bunker (fuel) expenses, canal cha rges and commissions. TCE is a non -GAAP measure. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on tim e 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 whi le charter hire rates for vessels on time charters are generally expressed in such amounts. ***Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to r epairs and maintenance, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ow nership days for the relevant period. We create to share 10
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Summary of Selected Financial & Other Data* Statement of Income Data US$ Millions US$ Millions Time charter revenues 109.6 113.6 Voyage expenses 6.1 6.4 Vessel operating expenses 40.0 42.1 Net income/(loss) 7.5 (0.7) Net income/(loss) attributable to common stockholders 4.6 (3.6) Fleet data Average number of vessels 37.4 39.4 Number of vessels 37.0 39.0 Weighted average age of vessels 11.7 10.9 Ownership days 6,768 7,162 Available days 6,632 7,112 Operating days 6,602 7,078 Fleet utilization 99.5% 99.5% Average Daily Results US$ US$ Time charter equivalent (TCE) rate** 15,615 15,078 Daily vessel operating expenses*** 5,905 5,883 Six months ended June 30, 2025 2024 *Source: Company’s filings with the U.S. Securities and Exchange Commission. The statement may include rounding differences **Time charter equivalent rates, or TCE rates, are 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. Voyage expenses include port charges, bunker (fuel) expenses, canal cha rges and commissions. TCE is a non -GAAP measure. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on tim e 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 whi le charter hire rates for vessels on time charters are generally expressed in such amounts. ***Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to r epairs and maintenance, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ow nership days for the relevant period. We create to share 11
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Current Debt Profile* We create to share 12Source: Company * Subject to mutual agreement on margin reset in year 2027 regarding the US$100 million facility with DNB Bank. $300.4 $253.3 $206.1 $159.0 $111.8 $24.2 $0.0 $114.1 $103.9 $93.2 $82.1 $70.5 $34.3 $27.6 $175.0 $175.0 $175.0 $175.0 0 100 200 300 400 500 600 700 2025 2026 2027 2028 2029 2030 2031 2032 US$ million Debt Balance Profile PROJECTED SENIOR UNSECURED BOND BALANCE PROJECTED SLB UNAMORTIZED BALANCE PROJECTED LOAN BALANCES OUTSTANDING $5.0 $10.2 $10.7 $11.2 $11.6 $10.2 $6.7 $3.2 $23.6 $47.1 $47.1 $47.1 $43.3 $22.9 $6.3 $175.0 $26.0 $24.4 $3.8 $64.8 $16.9 $1.0 0 20 40 60 80 100 120 140 160 180 200 220 240 2025 H2 2026 2027 2028 2029 2030 2031 2032 US$ million Debt Amortization Profile CREDIT FACILITIES MATURITIES SLB PURCHASE OBLIGATION SENIOR UNSECURED BOND MATURITY CREDIT FACILITIES AMORTIZATION SLB AMORTIZATION
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We create to share 13 * From July 22, 2025 ** As of June 30, 2025 *** Assumes vessels fixed for 12 months upon redelivery to owners from previous charter Source: Company’s filings with the U.S. Securities and Exchange Commission Ultramax Panamax Kamsarmax Post-Panamax Capesize Newcastlemax Q3 2025 $15,800 $14,200 $15,500 $14,200 $22,800 $27,400 Q4 2025 $14,100 $11,600 $13,000 $11,600 $23,200 $27,900 Q1 2026 $11,000 $9,400 $10,700 $9,400 $14,500 $17,400 Q2 2026 $13,300 $11,300 $12,600 $11,300 $19,300 $23,200 Q3 2026 $13,200 $11,100 $12,500 $11,100 $22,400 $26,900 Q4 2026 $13,000 $10,600 $11,900 $10,600 $23,000 $27,600 Q1 2027 $12,400 $10,400 $11,700 $10,400 $19,600 $23,500 Q2 2027 $12,400 $10,400 $11,700 $10,400 $19,600 $23,500 Q3 2027 $12,400 $10,400 $11,700 $10,400 $19,600 $23,500 Q4 2027 $12,400 $10,400 $11,700 $10,400 $19,600 $23,500 FFA rates as of July 22, 2025 Breakeven vs Estimated Revenue for the remainder of 2025 & 2026 * $5,905 $4,346 $2,676 $1,847 $896 $426 $313 $16,409 Daily Estimated Cash Uses vs TC Revenues Average Daily TC Rate*** -$994 -$1,033 Fixed $16,280 Unfixed $13,478 Fixed $18,897 Unfixed $14,492 $15,415 $15,376 $34.7 $25.5 $15.7 $10.8 $5.3 $2.5 $1.8 $96.3 Estimated Cash Uses vs TC Revenues (2025) TC Revenues*** -$5.8 Unfixed $24.4 Fixed $66.1 $90.5 $77.6 $57.1 $35.2 $24.3 $11.8 $5.6 $4.1 $215.6 Estimated Cash Uses vs TC Revenues (2026) TC Revenues*** -$13.6 Unfixed $152.1 Fixed $49.9 $202.0
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Dividend payout since 2021 We create to share 14Source: Company $0.459 $0.184 $0.101 $0.150 $0.070 $0.100 $0.200 $0.250 $0.275 $0.175 $0.150 $0.150 $0.150 $0.075 $0.075 $0.075 $0.010 $0.010 $0.010 $0.010 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Cumulative dividend payout Cash dividend per share Dividend in kind per share Cumulative dividend paid since 2021 = $2.680 per common share
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We create to share 15 Dry Bulk Market Overview *Source: Clarksons SIN 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 US$/day* Capesize Panamax Ultramax 12 month TC Rates Comments • Increased bulk commodity shipments to India and South East Asia. • Red Sea Transits could gradually return to normal, next year. • Reappearance of congestion mainly at South American grain loading ports. • Significant investments in new and existing production facilities for iron ore, bauxite, manganese ore and grains is expected to continue support further increase in ton- mile demand. • Introduction of tariffs by the U.S. creates huge uncertainties affecting demand.
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Key demand drivers We create to share 16 GDP growth Dry bulk trades • Global GDP growth is weakening. • Most major dry bulk commodity shipments expected to either remain steady or drop somewhat, with the exception of grain shipments. • The grain trade has shown steady growth over the past decade. • Minor bulk trade has contributed to overall growth, reflecting the diverse demand for various bulk commodities, particularly bauxite and Minerals. Expected GDP growth 2025e 4.0% 6.2% 1.8% 0.8% 2.8% Source: Clarksons SIN -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 % yr/yr 0 5,000 10,000 15,000 20,000 25,000 30,000 Billion ton-miles Iron ore Minor bulk Grains & Soybeans Coal
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Source: Clarksons SIN Dry bulk orderbook The dry bulk orderbook as % of total fleet is 10.8% We create to share 17 Dry bulk orderbook in million DWT Dry bulk orderbook in % of existing fleet 0 50 100 150 200 250 300 350 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD Panamax Capesize Smaller bulk vessels 0.00 20.00 40.00 60.00 80.00 100.00 120.00 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD Total dry bulk Capesize Panamax
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Positive and negative factors impacting the dry bulk shipping industry On the positive side: - Robust South American grain exports, (even though they have dropped sharply over the last few weeks. - Strong Indonesian Coal shipments. - Gradual resolution of reciprocal tariffs between the US and the rest of the world. - Red Sea re-routing expected to continue for the rest of the year. - Lifting of sanctions against Syria and the cessation of the mini war with Israeli backed militia, leading to the reconstruction of Syria. - The commencement later this year of iron ore shipments from Simandu in Guinea. On the negative side: - Worldwide lower steel production (outside India). - Bulk Carrier fleet growth outpacing demand growth for 2025/26, (less so in the Cape sector). - Increase in wind, nuclear and solar power production particularly in China. - Anticipated long term reduction in coal imports by China. - Possible failure in trade talks between the US and their trading partners (except for China, Vietnam, Japan, and the UK) leading to high tariffs and trade disruption. We create to share 18
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Industry Leading ESG Structure We create to share 19Source: Company Note 1) Vessels managed by Diana Shipping Services S.A. Note 2) For the year ended December 31, 2023. • Implementing fleet decarbonization and modernization plans. • Transparent emission data sharing with stakeholders. • Investing in eco-friendly technologies and next- generation fuels. • Promote a safe and “just” culture, through proactive engagement. • We invest in continuous training and development of both onshore and seagoing personnel. • Developed equality, diversity and inclusion program to foster a positive and equitable work environment. • Strong corporate culture of ethics and integrity. • Joining the Maritime Anti-corruption Network (MACN) and adopting a Sanctions Compliance Policy. • Adherence to NYSE governance standards. • Majority independent Board, two female board members, including CEO. • Consistency in annual sustainability reporting adhering to recognized frameworks i.e. SASB, TCFD, GRI, SDGs. Environmental Social Governance
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Leading pure play dry bulk carrier company... …with a consistent, non- speculative and disciplined strategy Experienced management team ready to deliver on the challenges of the shipping industry Maintaining a solid balance sheet with strong cash position of US$149.6m and net LTV of 46% Rewarding our shareholders with attractive cash and in-kind dividends, whenever possible. Listed on NYSE since 2005 Legacy safely navigated through shipping cycles since 1972 Countercyclical approach through strengthening the balance sheet in strong markets. No restructuring at any time in the cycle Focusing on a modern high quality fleet to ensure efficient operations Excellent ongoing stakeholder engagement maintaining its high reputation and strong relationships Consistently staggered chartering strategy targeting quality counterparts Summary ESG Strategy a strong ethical culture a solid governance, and advanced digitalization initiatives, ensuring long-term excellence. We create to share 20
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Q & A
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Appendix We create to share 22 - Income Statement for the three months ended June 30, 2025 and 2024 - Balance Sheet as of June 30, 2025 and December 31, 2024 - Organization Structure - Reputable charter counterparts - Adjusted EBITDA calculation for the three months ended June 30, 2025 and 2024 - Income Statement for the six months ended June 30, 2025 and 2024
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We create to share 23 Income Statement Adjusted EBITDA Calculation
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We create to share 24 Income Statement Adjusted EBITDA Calculation
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Balance Sheet We create to share 25
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Organization structure Note 1) 100% owned if not indicated otherwise We create to share 26 Diana Energize Inc. 24% Bergen Ultra LP (m/v DSI Drammen) 45 SPCs Diana Shipping Inc.1 (NYSE: DSX) 50% 50% 34% 20.24% 25% Diana Ship Management Inc. Komi Shipping Company Inc. & Diana General Partner Inc. Diana Energize Inc. Diana Gas Inc. Cebu Shipping Company Inc. Ecogas Holding A/S 80%
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Reputable charter counterparts Source: Company We create to share 27