Diana Shipping inc.

Good morning. Thank you for your patience. The conference will be beginning in just a few minutes. Again, we want to thank you for your patience. The conference will be beginning in just a few minutes. Greetings. Welcome to Diana Shipping Incorporated third quarter 2023 conference call and webcast. 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. Please note this conference is being recorded. I will now turn the conference over to Ed Nebb, Investor Relations. Thank you. You may begin.

Well, thank you very much, and thanks to everyone joining us for the Diana Shipping, Inc. 2023 third quarter conference call. With us today for management are Semiramis Paliu, chief executive officer, and other members of the management team whom she will introduce. And so without further ado, I will turn the call over to Ms. Paliu.

Thank you, Ed. So good morning, ladies and gentlemen. and welcome to Diana Shipping Inc's Third Quarter 2023 Financial Results Conference Call. I'm Samira Misparliou, the CEO of the company, and it is my pleasure to present alongside our esteemed team Mr. Stacey Margaronis, Director and President, Mr. Ioannis Zafirakis, Director, CFO and Chief Strategy Officer, Mr. Lefteris Papadrifon, Director, and Ms. Maria Dede, Chief Accounting Officer. Before we begin, I'd like to remind everyone to review the forward-looking statement on page four of the accompanying presentation. Q3 2023 has proven to be a profitable quarter for our company, despite less robust market conditions. Our disciplined chartering strategy once again has largely insulated us from market weakening, enabling us to generate positive free cash flows. In line with the guidance provided during the company's previous earning calls, we are pleased to declare the distribution of a dividend for this quarter amounting to 15 cents per share, payable as common stock. Since November 2021, we have paid $1.45 per share, a total of $130 million in cash dividends. In addition to that, we have distributed to our common shareholders in-kind dividends in the form of newly issued Diana Shipping Inc. common shares, as well as OceanPal Inc.' 's common and preferred shares. Turning to slide five, Our fleet comprises of 42 vessels with a total dead weight of approximately 4.7 million deadweight tons. Our fleet utilization has remained consistently high, reaching 99.7% for the nine months ending September 30th, 2023, attributed to our prudent and efficient management of our vessels. Additionally, as of the end of the third quarter, we employed 1,040 people at sea and ashore. Moving on to slide 6, let's go over the key highlights from the third quarter and recent developments. We recently announced our intention to order two 81,200 deadweight methanol dual-fuel new building CAMSAMAC dry bulk vessels built at Shunesi Group, for a purchase price of 46 million US dollars each. These vessels are expected to be delivered to the company by the second half of 2027 and the first half of 2028, respectively. We take pride in our role as an industry leader, continually striving to enhance our fleet and operations for the benefit of our stakeholders and the environment. This investment underscores our dedication to sustainable shipping and positions us to meet the evolving demands of our industry while reducing our carbon footprint. In addition, we announced our participation in a joint venture entity that has ordered two high-spec commissioning service operation vessels, otherwise known as CSMVs, to be built at Vard Yard. with the option to acquire two additional offshore wind service vessels. This is another reflection of our commitment to a greener and more sustainable shipping industry. Furthermore, continuing to the renewal and modernization of our fleet, we have agreed to sell the motor vessel Boston for approximately 18 million US dollars. Also, we have converted the vast majority of OceanPal Inc. Series C preferred stock into OceanPal common shares at the point in time that we considered opportune. As of November 10th, the company has secured revenue for 90% of the remaining ownership days of 2023, amounting to approximately $30.7 million of contracted revenues. Additionally, The company has secured approximately 108 million of contracted revenue for the year 2024, representing 46% of the available ownership dates for the entire year. Yanis will provide a more detailed analysis of our cash flow generation potential based on the current market environment. Today, we are pleased to announce a quarterly dividend of 15 cents per common share totaling approximately 16.2 million US dollars to be paid in the form of Diana Shipping Inc's common shares. Moving on to slide seven, let's review a summary of our recent chartering activity. We have continued to implement our disciplined chartering strategy by securing profitable time charters for eight vessels since our last earnings presentation in August 2023. To provide some detail, we have charted two Ultramax vessels with a weighted average daily rate of $13,398 for a remaining average period of 351 days. Additionally, three Panamax Camp Thermax vessels have been charted at a weighted average daily rate of $12,642 per day for a remaining average period of 283 days. and three Cape-sized Newcastle MAX vessels have been chartered with a weighted average daily rate of 17,380 U.S. dollars per day and the remaining average period of 494 days. Slide 8 illustrates our commitment to strategically chartering our vessels in a staggered manner. Our emphasis is on securing positive free cash flows through our disciplined employment strategy and positioning ourselves in a balanced way to participate in the market efficiently. I will now pass on the floor to Yannis to provide a more detailed analysis of our financials.