Diana Shipping inc.

Greetings and welcome to the Diana Shippings, Inc. 2020 fourth quarter conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Edward Nebb, Investor Relations, Thank you. You may begin.

Thank you, Daryl, and thanks to all of you for joining us for the Diana Shipping, Inc. Fourth Quarter and Year-End Conference Call. The members of the management team who are with us today include Mr. Simon Palios, Chairman and Chief Executive Officer, Ms. Semiramis Paliu, Deputy Chief Executive Officer and Chief Operating Officer, Mr. Anastasis Margaronis, President, Mr. Yannis Zafirakis, Interim Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary, and Ms. Maria Dede, Chief Accounting Officer. Before management begins their remarks, let me just briefly remind you of the safe harbor notice that certain statements during the call, which are not historical fact, are forward-looking statements under the provisions of the Private Securities Litigation Reform Act. And such forward-looking statements are based on assumptions, expectations, projections and beliefs as to future events that may or may not prove to be accurate. For a description of the risks, uncertainties, and other factors that may cause future results to differ from the forward-looking statements, please refer to the company's filings with the Securities and Exchange Commission. And now with that out of the way, it is my pleasure to turn the call over to Mr. Simon Palios, Chairman and Chief Executive Officer.

Simon Palios Thank you, Ed. Good morning and thank you for joining us today to discuss the results of Diana Shipping Inc. for the fourth quarter and full year 2020. The story of the past year, as we know all too well, was one of uncertainty and economic dislocation caused by the COVID-19 pandemic. Now, as we look forward towards 2021, we can hope that the increasing availability of vaccines will herald an eventual return to more stable, less volatile market conditions. In any event, we will continue to pursue well-established strategies to maintain the company's financial strength manage our fleet in a prudent manner and focus on enhancing shareholders' value. Before I summarize our financial results, I wish to comment on today's announcement regarding several senior management appointments approved by our Board of Directors. These actions will be effective as of March 1st, 2021 and are intended to provide for an orderly succession and to ensure the continued sound strategy management of the company. The leadership appointments are as follows. Mrs. Amira Mispayou has been appointed Chief Executive Officer, having previously served as Chief Operating Officer and Deputy Chief Executive Officer. My position as Chairman of the Board of Directors remains unchanged. I will serve in that capacity as non-executive chairman when the chief executive officer role is assumed by Mrs. Payou. Mr. Anastasios Margaronis will continue to serve in his current capacity as president and the director of the company, positions he has held since 2005. Mr. Ioannis Zafirakis has been appointed Chief Financial Officer on a permanent basis. He has served in that role on an interim basis since February 2020. He also will remain the Chief Strategy Officer, Treasurer and Secretary of the Company. Mr. Eleftherios Papatrifon has joined the company and has been appointed to the position of Chief Operating Officer. Mr. Papatrifon is highly qualified, having most recently served as the Chief Executive Officer, co-founder and director of Quintana Shipping Ltd. and previously as the chief financial officer and a director of Excel Maritime Careers Limited. I'm deeply grateful for the opportunity to serve as the company's chairman and CEO since its establishment, and I'm delighted to continue as non-executive chairman going forward. The orderly and seamless succession approved by our board will ensure that we have both continuity of senior leadership and new perspectives as we maintain the strategic vision and sound management of the company for the future. Our incoming CEO, Mrs. Mira Mispayou, has strong experience in the shipping industry and has served our company well in a range of responsibilities for more than a decade. I have great confidence in the strength and capability of the entire Diana Shipping Inc. team and their ability to lead the company into the future. With respect to our financial results, Diana Shipping reported a net loss of US$7.4 million, a net loss attributed to common stockholders of US$8.9 million for the fourth quarter of 2020, including a US$1.9 million impairment loss. This compares to a net loss of US$14 million, a net loss attributed to common stockholders of $15.4 million reported in the fourth quarter of 2019, including a $6.5 million in permanent loss and $3.3 million loss on sale of assets. For the full year 2020, the net loss was $134.2 million and net loss attributed to common stockholders was $140 million, including a $104.4 million impairment loss and $1.1 million loss on sale of vessels. This compares to a net loss of $10.5 million, a net loss attributed to common stockholders of $16.3 million for 2019, including a $14 million in permanent loss and $6.2 million loss on sale of vessels. Time charter revenues were $42.7 million for the fourth quarter of 2020, compared to $51.5 million for the same quarter in 2019. This was mainly due to the decrease in ownership days resulting from the sale of two vessels in 2020 and also due to decreased average time charter rates that the company achieved for each vessel during the quarter. Time chart revenues were $169.7 million for the whole year 2020, compared with $220.7 million for 2019. Turning to the balance sheet, cash, cash equivalents and restricted cash total $82.9 million at December 31, 2020. Long-term debt was $420.3 million and has decreased by $54.6 million since the end of 2019. Reflecting our ongoing commitment to return value to shareholders, in December 2020, the company announced a self-tender offer to purchase up to six The tender offer was completed in February 2021 at a price of US$2.5 per share. In connection with our activity management of the company's fleet in December 2020, we announced an agreement to sell The 2001-built vessel Okeanis, with delivery to the buyers latest by April 16, 2021, for a sale price of US$5.75 million before commissions. In total, including the Oceanis, we sold five vessels during 2020. We will continue to maintain a fleet of modern efficient vessels to meet the needs of the dry bulk marketplace. As we move forward in 2021, we will continue to navigate the prevailing challenging conditions while remaining sharply focused on preserving and building shareholders' value. With that, I will now turn the call over to our President, Stacey Margaronis, for a perspective on industry conditions. He will then be followed by our Interim Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary, Ioannis Zafirakis, who will provide a more detailed financial overview. Thank you.