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FORM
6-K
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
2025
Commission File Number:
001-32458
DIANA SHIPPING INC.
(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
June 30, 2025
.
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:
●
the duration of our charters;
●
our decisions relating to vessel acquisitions and disposals;
●
the amount of time that we spend positioning our vessels;
●
the amount of time that our vessels spend in drydock undergoing
repairs;
●
maintenance and upgrade work;
●
the age, condition and specifications of our vessels;
●
levels of supply and demand in the dry bulk shipping industry.
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.
Time
charter revenues
decreased by
$4.0 million,
or 4%,
to $109.6
million for
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.
Voyage
expenses decreased by
$0.3 million, or
5%, to
$6.1 million in
the six
months
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.
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.
Management fees to a related
party amounted to $0.6
million in the
six
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.
Interest and finance
costs decreased by
$1.8 million or
8% to $21.9
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
$
65,098
$
124,666
Time deposits
66,000
63,500
Accounts receivable, trade
5,101
6,565
Due from related parties (Note 3)
136
194
Inventories
4,333
4,193
Prepaid expenses and other assets
9,922
7,490
Investments in equity securities (Note 4(b))
24,353
-
Vessel held for sale
9,311
-
Total Current Assets
184,254
206,608
Fixed Assets:
Advances for vessels under construction (Note 5)
20,241
19,558
Vessels, net (Note 5)
796,888
833,412
Property and equipment, net (Note 6)
27,529
27,175
Total fixed assets
844,658
880,145
Other Noncurrent Assets
Restricted cash, non-current (Note 7)
18,500
19,000
Due from related parties, non-current (Note 3)
117
155
Equity method investments (Note 3)
57,301
42,826
Investments in a related party (Note 4(a))
6,895
4,415
Other non-current assets
31
31
Deferred costs
19,459
17,838
Total Non-current Assets
946,961
964,410
Total Assets
$
1,131,215
$
1,171,018
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Long-term debt, current, net of deferred financing
costs (Note 7)
$
45,292
$
45,230
Finance liabilities, current (Note 8)
9,820
9,608
Accounts payable
10,992
8,990
Due to related parties (Note 2 and 3)
165
190
Accrued liabilities
9,951
11,896
Deferred revenue
4,073
4,235
Fair value of derivatives (Note 7)
78
31
Total Current Liabilities
80,371
80,180
Non-current Liabilities
Long-term debt, net of current portion and deferred
financing costs (Note 7)
446,722
469,387
Finance liabilities, net of current portion (Note 8)
108,373
113,300
Fair value of derivatives (Note 7)
313
134
Warrant liability (Note 10(g))
1,297
1,802
Other non-current liabilities
1,297
1,158
Total Noncurrent Liabilities
558,002
585,781
Commitments and contingencies (Note 9)
-
-
Stockholders' Equity
Preferred stock (Note 10)
26
26
Common stock, $
0.01
par value;
1,000,000,000
shares authorized and
115,773,562
and
125,203,405
issued and outstanding on June 30, 2025,
and December 31, 2024,
respectively (Note 10)
1,158
1,252
Additional paid-in capital
1,121,695
1,139,363
Accumulated other comprehensive income
3,520
312
Accumulated deficit
(633,557)
(635,896)
Total Stockholders' Equity
492,842
505,057
Total Liabilities and Stockholders' Equity
$
1,131,215
$
1,171,018
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
$
109,625
$
113,648
OPERATING EXPENSES
Voyage expenses
6,064
6,413
Vessel operating expenses
39,962
42,133
Depreciation and amortization of deferred charges
22,839
22,106
General and administrative expenses
17,133
16,729
Management fees to a related party (Note 3(a))
636
666
Gain on sale of vessels (Note 5)
(1,500)
(1,572)
Other operating loss/ (income)
460
(389)
Operating income, total
$
24,031
$
27,562
OTHER INCOME/(EXPENSE)
Interest expense and finance costs (Note 11)
(21,890)
(23,650)
Interest and other income
3,778
3,776
Gain/(loss) on derivative instruments (Note 7)
(227)
361
Gain/(loss) on related party investments (Note 4(a))
2,482
(1,351)
Loss on equity securities (Note 4(b))
(403)
(400)
Gain/(loss) on warrants (Note 10(g))
515
(6,773)
Loss from equity method investments (Note 3)
(747)
(231)
Total other expenses, net
$
(16,492)
$
(28,268)
Net income/(loss)
$
7,539
$
(706)
Dividends on series B preferred shares (Notes 10(b) and 12)
(2,884)
(2,884)
Net income/(loss) attributable to common stockholders
$
4,655
$
(3,590)
Earnings/(loss) per common share, basic and diluted
(Note 12)
$
0.04
$
(0.03)
Weighted average number of common shares outstanding, basic and
diluted
(Note 12)
110,095,604
112,818,414
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)
$
7,539
$
(706)
Currency translation adjustment
3,208
-
Comprehensive income/(loss)
$
10,747
$
(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
2,600,000
$
26
10,675
$
-
-
400
$
-
113,065,725
$
1,131
$
1,101,425
$
308
$
(613,869)
$
489,021
Net loss
-
-
-
-
-
-
-
-
-
-
(706)
(706)
Issuance of Common
Stock (Note 10(e))
-
-
-
-
-
-
9,723,506
97
27,695
-
-
27,792
Issuance of Restricted
Stock and
Compensation Cost
(Note 10(h))
-
-
-
-
-
-
2,300,000
23
4,984
-
-
5,007
Dividends on Common
Stock ($
0.15
per share)
(Note 10(f))
-
-
-
-
-
-
-
-
-
-
(18,368)
(18,368)
Dividends on Preferred
Stock ($
1.109375
per
share)
(Note 10(b))
-
-
-
-
-
-
-
-
-
-
(2,884)
(2,884)
BALANCE, June 30,
2024
2,600,000
$
26
10,675
$
-
400
$
-
125,089,231
$
1,251
$
1,134,104
$
308
$
(635,827)
$
499,862
BALANCE, December
31, 2024
2,600,000
$
26
10,675
$
-
400
$
-
125,203,405
$
1,252
$
1,139,363
$
312
$
(635,896)
$
505,057
Net income
-
-
-
-
-
-
-
-
-
-
7,539
7,539
Issuance of Common
Stock (Note 10(g)
-
-
-
-
-
-
12,802
-
16
-
-
16
Issuance of Restricted
Stock and
Compensation Cost
(Note 10(h))
-
-
-
-
-
-
2,000,000
20
5,250
-
-
5,270
Stock repurchased and
retired (Note 10(e))
-
-
-
-
-
-
(11,442,645)
(114)
(22,934)
-
-
(23,048)
Dividends on Common
Stock ($
0.02
per share)
(Note 10(f))
-
-
-
-
-
-
-
-
-
-
(2,316)
(2,316)
Dividends on Preferred
Stock ($
1.109375
per
share) (Note 10(b))
-
-
-
-
-
-
-
-
-
-
(2,884)
(2,884)
Other Comprehensive
Income
-
-
-
-
-
-
-
-
-
3,208
-
3,208
BALANCE, June 30,
2025
2,600,000
$
26
10,675
$
-
400
$
-
115,773,562
$
1,158
$
1,121,695
$
3,520
$
(633,557)
$
492,842
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
Cash Flows from Operating Activities:
Net income/(loss)
$
7,539
$
(706)
Adjustments
to
reconcile
net
income/(loss)
to
cash
provided
by
operating
activities
Depreciation and amortization of deferred charges
22,839
22,106
Amortization of debt issuance costs (Note 11)
1,073
1,253
Compensation cost on restricted stock (Note 10(h))
5,270
5,007
(Gain)/loss on derivative instruments (Note 7)
227
(361)
Gain on sale of vessels (Notes 5)
(1,500)
(1,572)
(Gain)/loss on related party investments (Note 4)
(2,482)
1,351
Loss from equity method investments, net of dividend (Note 3)
767
231
Loss on equity securities (Note 4(b))
403
400
(Gain)/loss on warrants (Note 10(g))
(515)
6,773
(Increase) / Decrease
Accounts receivable, trade
1,464
(1,408)
Due from related parties
96
164
Inventories
(140)
341
Prepaid expenses and other assets
(2,471)
(43)
Investments in equity securities
-
20,329
Increase / (Decrease)
Accounts payable
2,002
508
Due to related parties
(25)
(540)
Accrued liabilities
(1,945)
(2,139)
Deferred revenue
(162)
(416)
Other non-current liabilities
139
19
Drydock cost
(6,744)
(2,114)
Net Cash Provided by Operating Activities
$
25,835
$
49,183
Cash Flows from Investing Activities:
Payments for vessels under construction and vessel improvements (Note 5)
(727)
(16,702)
Proceeds from sale of vessels, net of expenses (Note 5)
11,535
12,504
Return of capital from equity method investment (Note 3)
3,505
-
Payments to acquire investments (Note 3 and 4 (b))
(40,295)
(26,671)
Time deposit placements
(20,000)
-
Time deposit maturities
17,500
20,000
Payments to acquire property, furniture and fixtures (Note 6)
(851)
(2,755)
Net Cash Used in Investing Activities
$
(29,333)
$
(13,624)
Cash Flows from Financing Activities:
Proceeds from issuance of common stock, net of fees (Note 10(g))
69
14,681
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
143,666
121,592
Cash, Cash Equivalents and Restricted Cash, Ending Balance
$
83,598
$
120,041
RECONCILIATION OF CASH, CASH EQUIVALENTS
AND RESTRICTED CASH
Cash and cash equivalents
$
65,098
$
100,541
Restricted cash, non-current
18,500
19,500
Cash, Cash Equivalents and Restricted Cash, Total
$
83,598
$
120,041
SUPPLEMENTAL CASH FLOW INFORMATION
Stock issued in noncash financing activities
-
13,111
Interest paid, net of amounts capitalized
$
21,246
$
22,677
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
50
% 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”):
The
Company
uses
the
services
of
an
affiliated
travel
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 $
1,426
and $
1,288
, 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
$
151
and $
190
, respectively,
was due
to Altair,
included in
due to
related parties
in
the accompanying consolidated balance sheets.
b)
Steamship Shipbroking Enterprises Inc. or
Steamship:
Steamship is a company controlled by
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 $
2,136
and $
2,152
, 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 $
0
and $
0
, respectively, was due to Steamship
.
3.
Equity Method Investments
a)
Diana Wilhelmsen Management Limited, or DWM:
DWM is a joint venture between
Diana Ship
Management Inc., a
wholly owned subsidiary
of DSI, and
Wilhelmsen Ship Management
Holding AS, an
unaffiliated
third
party,
each
holding
50
%
of
DWM.
As
of
June
30,
2025
and
December
31,
2024,
the
investment
in
DWM
amounted
to
$
607
and
$
794
and
is
included
in
equity
method
investments
in
the
accompanying
consolidated
balance
sheets.
For
the
six
months
ended
June
30,
2025
and
2024,
the
investment in DWM resulted
in a loss
of $
187
and a gain of
$
8
, 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 $
636
and
$
666
,
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
$
163
and $
185
,
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
$
53
and $
3
, respectively,
due from
DWM included in due from related parties in the accompanying
consolidated balance sheets.
b)
Bergen
Ultra
LP,
or
Bergen:
Bergen
is
a
limited
partnership
which
was
established
for
the
purpose
of
acquiring,
owning,
chartering
and/or
operating
a
vessel
and
in
which
the
Company
has
partnership
interests
of
25
%.
For
the
six
months
ended
June
30,
2025
and
2024,
the
investment
in
Bergen
resulted
in
a
loss
of
$
60
and
a
gain
of
$
195
,
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
$
4,932
and
$
5,012
,
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
0.8
% 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 $
8
and $
8
, respectively,
included in time charter revenues and income
from the commission received on the
loan
guarantee
amounted
to
$
25
and
$
17
,
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
$
200
and $
246
, respectively,
due from
Bergen included in
due from related parties, current and non-current.
c)
Windward
Offshore
GmbH,
or
Windward:
On
November
7,
2023,
the
Company
through
its
wholly owned subsidiary Diana
Energize Inc., or
Diana Energize, entered into
a joint venture
agreement,
with
two
unrelated
companies
to
form
Windward
Offshore
GmbH
&
Co.
KG
or
Windward,
based
in
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
50,000,000
Euro, being
45.87
% of the
limited partnership’s
capital. On May 5, 2025, a new partner was admitted to the joint venture and the Company received Euro
3.1
million as return
of capital, which
resulted in its
ownership percentage being
amended to
34
%. 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
$
43,889
and $
36,631
, respectively,
mainly
consisting
of
advances to
fund
the
construction
of
four
vessels
and
working
capital.
For
the
six
months ended June 30, 2025 and 2024, the investment in Windward resulted in a loss
of $
476
and $
434
,
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:
On
September
12,
2023,
the
Company
through
its
wholly owned subsidiary Cebu Shipping Company Inc., or Cebu, acquired
24
% 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
$
365
and $
389
, respectively and there was
an amount of $
14
and $
100
, 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 $
24
and $
0
, 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
two
7,500
cbm
LPG
vessels
with
delivery
in
2027
and
with
an
option
for
two
additional
vessels.
The
Company
agreed
to
contribute
$
18,464
,
being
80
%
equity
interest
for
the
construction
of
the
two
vessels.
As
of
June
30,
2025, the
investment in
Ecogas amounted
to $
7,508
, 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:
As of June
30, 2025 and
December 31, 2024,
the Company is
the
holder
of
500,000
Series
B
Preferred
Shares
and
207
Series
C
Convertible
Preferred
Shares
of
OceanPal and
3,649,474
common shares, being
49
% of OceanPal’s common stock.
Series
B
preferred
shares
entitle
the
holder
to
2,000
votes
on
all
matters
submitted
to
a
vote
of
the
stockholders of the
Company,
provided however,
that the total
number of votes
shall not exceed
34
% 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
49
% 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 $
1,000
and are convertible
into common stock
at the Company’s
option commencing upon the
first anniversary of the
issue date, at a
conversion price equal to
the lesser
of
$
6.5
and
the
10
-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
8
% 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
$
6,715
and
$
4,235
,
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 $
2,482
and an unrealized loss on investment of $
1,351
, 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
$
180
and
$
180
,
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
$
8
and
$
8
,
respectively,
included
in
interest
and
other
income
in
the
accompanying
unaudited interim consolidated statements of income/(loss).
b)
Investments
in
equity
securities:
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
loss
of
$
400
,
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 $
24,353
. The equity securities were initially recorded
at
cost
amounting
to
$
24,756
and
measured
subsequently
at
fair
value,
since
their
fair
values
were
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
$
403
and
is
separately
presented
in
loss
on
equity
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
$
64
and
$
0
,
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
two
81,200 dwt methanol
dual fuel
new-building Kamsarmax dry
bulk vessels, to
be built
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 $
20,241
, including
$
1,811
of capitalized
interest. During
the six
months ended June 30, 2025, an amount of $
683
, including capitalized interest of $
665
, 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 $
11,875
, which resulted in a gain
amounting to $
1,500
. 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 $
11,800
. 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
$
1,069,204
$
(235,792)
$
833,412
- Additions for vessel improvements
44
-
44
- Vessel disposals
(11,434)
2,145
(9,289)
- Depreciation for the period
-
(18,894)
(18,894)
- Vessel held for sale
(12,441)
4,056
(8,385)
Balance, June 30, 2025
$
1,045,373
$
(248,485)
$
796,888
6.
Property and Equipment, net
The Company
owns the
land and
building of
its principal
corporate offices
in Athens,
Greece and
three
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
$
34,660
$
(7,485)
$
27,175
- Additions in property and equipment
851
-
851
- Depreciation for the period
-
(497)
(497)
Balance, June 30, 2025
$
35,511
$
(7,982)
$
27,529
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
175,000
175,000
Secured long-term debt
324,015
347,590
Total long-term
debt
$
499,015
$
522,590
Less: Deferred financing costs
(7,001)
(7,973)
Long-term debt, net of deferred financing costs
$
492,014
$
514,617
Less: Current long-term debt, net of deferred financing
costs,
current
(45,292)
(45,230)
Long-term debt, excluding current maturities
$
446,722
$
469,387
8.75% Senior Unsecured Bond
:
In
2024,
the
Company
issued
a
$
175,000
senior
unsecured
bond
maturing
in
July
2029
having
a
US
Dollar fixed-rate coupon of
8.75
% 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
103.50
% of nominal value;
in January 2028 at
a price equal to
102.625
% of nominal value;
in July 2028 at
a price equal to
101.75
%
and
after
January
2029
at
a
price
equal
to
100.00
%
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,
27
vessels of
the
Company’s
fleet
are
mortgaged
with
first
preferred
or
priority
ship
mortgages,
having
an
aggregate
carrying
value
of
$
573,351
.
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
$
18,500
and
$
19,000
,
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
$
167,263
loan
agreement,
drawn
on
July
25,
2024,
to
refinance
the
balance
of
the
then
outstanding
loans. The loan is repayable in equal quarterly instalments of $
4,454
and a balloon instalment of $
64,827
payable on
July 25, 2030
.
Export-Import Bank of China:
On January 4,
2017, the Company drew
down $
57,240
under a secured
loan
agreement,
which
is
repayable
in
equal
quarterly
instalments
of
$
954
,
each,
until
its
maturity
on
January 4, 2032
.
DNB Bank
ASA or
DNB:
On June
26, 2023, the
Company entered into
a $
100,000
sustainability linked
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
$
3,846
until
December 27, 2029
. 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
30
% 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 $
391
and $
165
, 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 $
227
and a gain of $
361
, 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:
On April
12,
2023, the
Company signed
a term
loan facility
with
Danish,
for
$
100,000
to
refinance
the
outstanding
balance
of
loans
with
other
banks
and
for
working
capital.
On
April
18
and
19,
2023,
the
Company
drew
down
$
100,000
which
was
repayable
in
equal
quarterly instalments
of $
3,301
each and
a balloon
of $
33,972
payable together
with the
last instalment
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
$
2,533
each
and
a
balloon
of
$
14,323
payable together with the last instalment on
April 18, 2031
.
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
$
47,150
Year 2
47,149
Year 3
47,149
Year 4
47,149
Year 5
214,457
Year 6 and
thereafter
95,961
Total
$
499,015
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
to
an
unrelated
third
party
and
leased
back
the
vessel
from
the
buyer
for
a
period
of
ten years
,
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
two
sale and leaseback agreements with two
unaffiliated
third
parties
for
New
Orleans
and
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
eight years
, 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
to
an unrelated
third
party and
leased back
the vessel under a bareboat agreement, for a period of
ten years
, 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
$
9,820
and
$
9,608
,
respectively,
included
in
finance
liabilities,
current
and
$
108,373
and
$
113,300
respectively
included
in
finance
liabilities,
net
of
current
portion.
As
of
June
30,
2025,
the
weighted
average
remaining
lease
term
of
the
above
lease
agreements was
6.21
years, the average interest rate was
4.83
% and the sublease income during the six
months ended June
30, 2025 and
2024 was $
14,603
and $
14,678
, 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
$
10,012
Year 2
10,439
Year 3
10,916
Year 4
11,357
Year 5
11,851
Year 6 and
thereafter
64,509
Total
$
119,084
9.
Commitments and Contingencies
a)
Various
claims, suits,
and complaints,
including those
involving government
regulations and
product
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 $
1
billion per
vessel per incident, by the P&I Association in which the Company’s vessels
are entered.
b)
Pursuant
to
the
sale
and
lease
back
agreements
signed
between
the
Company
and
its
counterparties, the Company has purchase obligations
amounting to $
50,400
, at the end
of the lease
agreements described in Note 8.
c)
On March
30, 2023,
the Company
entered into
a
corporate guarantee
with Nordea
under which
the
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
$
12,910
on that date.
d)
As
of
June
30,
2025,
the
Company
had
total
obligations
under
shipbuilding
contracts
(Note
5),
as
follows:
Period
Amount
Year 1
$
4,600
Year 2
9,200
Year 3
59,800
Total
$
73,600
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
$
112,145
Year 2
11,726
Total
$
123,871
10.
Capital Stock and Changes in Capital Accounts
a)
Preferred
stock
:
As
of
June
30,
2025,
and
December
31,
2024,
the
Company’s
authorized
preferred stock
consists of
50,000,000
shares, respectively
(all
in
registered form),
par
value
$
0.01
per
share, of
which
1,000,000
shares are
designated as
Series A
Participating Preferred
Shares,
5,000,000
shares
are
designated
as
Series
B
Preferred
Shares,
10,675
shares
are
designated
as
Series
C
Preferred Shares and
400
shares are designated as Series D Preferred Shares. As of June 30, 2025 and
December
31,
2024,
the
Company
had
zero
Series
A
Participating
Preferred
Shares
issued
and
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:
As
of
June
30,
2025,
and
December
31,
2024,
the
Company
had
2,600,000
Series B
Preferred Shares
issued and
outstanding with
par value
$
0.01
per share,
at $
25.00
per share and with liquidation preference at $
25.00
per share.
Holders of Series B Preferred Shares have
no voting rights other than the ability, subject to certain exceptions, to elect one director if dividends for
six quarterly dividend periods (whether or not consecutive) are in arrears and certain other limited
protective voting rights.
Also, holders
of Series
B Preferred
Shares rank
prior to
the holders
of common
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
8.875
% per
annum, or $
2.21875
per share per annum. For the six
months ended June 30, 2025 and
2024, dividends
on
Series
B
Preferred
Shares amounted
to
$
2,884
and
$
2,884
,
respectively.
Since February
14,
2019,
the
Company may
redeem, in
whole or
in part,
the
Series B
Preferred Shares
at a
redemption price
of
$
25.00
per share
plus an
amount equal
to all
accumulated and
unpaid dividends
thereon to
the date
of
redemption, whether or not declared.
c)
Series
C
Preferred
Stock
:
As
of
June
30,
2025,
and
December
31,
2024,
the
Company
had
10,675
shares
of
Series
C
Preferred
Stock,
issued
and
outstanding,
with
par
value
$
0.01
per
share,
owned by an affiliate
of its Chief Executive Officer,
Mrs. Semiramis Paliou.
The Series C Preferred Stock
votes with the common shares of the Company, and each share entitles the holder thereof to 1,000 votes
on all matters submitted to a vote of the shareholders of the Company.
The Series C Preferred Stock has
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
400
shares of Series D Preferred Stock, issued and outstanding, with par value $
0.01
per share, owned by an
affiliate
of
its
Chief
Executive
Officer,
Mrs.
Semiramis
Paliou.
The
Series
D
Preferred
Stock
is
not
redeemable
and
has
no
dividend
or
liquidation
rights.
The Series D Preferred Stock vote with the
common shares of the Company, and each share of the Series D Preferred Stock entitles the holder
thereof to up to 200,000 votes,
on
all matters
submitted to
a vote
of the
stockholders of
the
Company,
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
36.0
% 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
36
% 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
15,000,000
shares
of
its
outstanding
common
stock,
at
$
2.00
per share,
using funds
available from
cash and
cash equivalents. On
January 7,
2025, the
tender
offer
was
settled
and
the
Company
repurchased
and
retired
a
total
of
11,442,645
shares
of
common
stock for an aggregate amount of $
22,885
.
f)
Dividend
on
Common
Stock
On
March
12,
2024,
the
Company
paid
a
cash
dividend
on
its
c
ommon stock
of $
0.075
per share,
or $
8,989
to shareholders
of record
as of
March 5,
2024. On
June
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
$
0.075
per
share,
or
$
9,379
,
to
shareholders of
record as
of June
12, 2024.
On March
21, 2025,
the Company
paid a
cash dividend
on
its common
stock of
$
0.01
per share,
or $
1,158
, 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 $
0.01
per share, or $
1,158
, to
all shareholders of record as of June 17, 2025.
g)
Warrants:
On
December
14,
2023,
the
Company
distributed
22,613,070
warrants
to
its
shareholders
of
record
on
December
6,
2023.
Holders
received
one warrant for every five shares
of
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
$
4
per
warrant,
1.10346
shares
of
common
stock
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
12,802
shares
of
common
stock,
having a value of $
16
, net of expenses, or $
1.24
per share, upon the exercise of
7,825
warrants issued in
2023
and
distributed
as
dividend
to
the
Company’s
shareholders.
The
Company received
$
69
in
proceeds, net
of fees,
from the
exercise of warrants.
If all
warrants were exercised
as of
June 30,
2025,
the
Company would
have issued
36,685,379
shares of
common stock
with
a
fair
value
of
$
67,242
and
would have received $
90,452
of gross proceeds. The warrants were measured on the
date of distribution
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
$
1,297
and
$
1,802
,
respectively. During the
six months ended June 30, 2025 and 2024,
gain and loss on warrants amounted
to
$
515
and
$
6,773
,
respectively,
separately
presented
in
the
accompanying
unaudited
interim
consolidated statements
of income/(loss).
h)
Incentive
Plan:
As
of
June
30,
2025,
9,144,759
shares
remained
reserved
for
issuance
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
6,793,836
$
3.45
Granted
2,300,000
2.96
Vested
(2,996,334)
3.38
Outstanding as of June 30, 2024
6,097,502
$
3.30
Outstanding as of December 31, 2024
6,097,502
$
3.30
Granted
2,000,000
1.84
Vested
(3,134,365)
3.37
Outstanding as of June 30, 2025
4,963,137
$
2.67
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
$
5,270
and
$
5,007
, 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
$
10,084
and $
11,674
, 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
1.62
years.
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
$
17,745
$
19,074
Finance liabilities interest expense
2,969
3,217
Amortization of debt and finance liabilities issuance costs
1,073
1,253
Loan and other expenses
103
106
Interest expense and finance costs
$
21,890
$
23,650
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
no
incremental
shares
included
in
the
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)
$
7,539
$
(706)
Dividends on series B preferred shares
(2,884)
(2,884)
Net income/(loss) attributable to common stockholders
$
4,655
$
(3,590)
Weighted average number of common shares, basic
and diluted
110,095,604
112,818,414
Earnings/(loss) per share, basic and diluted
$
0.04
$
(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
10
% 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
12%
*
Nippon Yusen Kaisha
18%
*
*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
$
175,000
(Note 7) had
a
fair
value
of
$
178,588
determined
through
the
Level
1
input
of
the
fair
value
hierarchy
as
defined
in
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
4,415
4,235
-
180
Total
recurring fair value measurements
$
4,415
$
4,235
$
-
$
180
Liabilities
Recurring fair value measurements
Warrant liability
$
1,802
$
1,802
$
-
Interest rate swap, liability
165
-
165
Total
recurring fair value measurements
$
1,967
$
1,802
$
165
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
24,353
24,353
-
-
Investments in related party
$
6,895
$
6,715
$
-
$
180
Total
recurring fair value measurements
$
31,248
$
31,068
$
-
$
180
Liabilities
Recurring fair value measurements
Warrant liability
$
1,297
$
1,297
$
-
Interest rate swap, liability
391
-
391
Total
recurring fair value measurements
$
1,688
$
1,297
$
391
14.
Subsequent Events
a)
Series B Preferred Stock Dividends
: On July 15, 2025,
the Company paid a quarterly dividend on
its
series
B
preferred stock,
amounting to
$
0.5546875
per
share,
or
$
1,442
,
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 $
2,000
(Note 5).
c)
Common
Stock
Dividend:
On
July
30,
2025,
the
Company
declared
a
cash
dividend
on
its
common
stock
of
$
0.01
per
share,
based
on
the
Company’s
results
of
operations
during
the
six
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)
Investment
in
OceanPal
Inc.:
On
July
28,
2025
OceanPal
reported
70,407,833
common
shares
issued and outstanding following an
offering of
units completed on July
22, 2025. As
a result of this
transaction
our
ownership
decreased
to
3.29
%.
Additionally,
on
August
25,
OceanPal
effected
a
r
everse stock split which decreased our shares from
3,649,474
(Note 4) to
145,978
.
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)
Equity
securities
:
As
of
September
15,
2025,
the
Company’s
investment
in
equity
securities
increased to $
61,732
, following additional
purchases of shares
of common stock
of the same
entity
(Note 4).