Diana Shipping inc.

Welcome to the Diana Shipping 2024 second quarter conference call and webcast. At this time, all participants are in a listen-only mode. The 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. I would now like to turn the call over to Edward Nebb, Investor Relations Advisor. Thank you. You may begin.

Thank you, Daryl, and thanks to everyone who is joining us today for the Diana Shipping, Inc. 2024 Second Quarter Conference Call. With us today for management is Samira Mispalyu, Chief Executive Officer, who will introduce the other members of the management team. And so without further ado, I will turn the call over to Ms. Mispalyu.

Thank you, Ed. Good morning, ladies and gentlemen, and welcome to Diana Shipping Inc.' 's second quarter 2024 financial results conference call. I'm, as Ed said, Samira Mispaliou, the CEO of Diana Shipping, and it's my pleasure to present alongside our esteemed team Mr. Stacey Magaroni, Director and President, Mr. Ioannis Zafirakis, Director, CFO, and Chief Strategy Officer, Mr. Lesteris Papatrifon, Director, and Ms. Maria Dede, Chief Accounting Officer. Before we begin, please review the forward-looking statements on page four of the accompanying investor presentation. After a strong first quarter, the second quarter has remained resilient. The average Baltic time charter rates for Cape-sized vessels fell around 7%, while Panamax rates increased by 6% and Supermax rates rose by 16%. Compared to recent years, the end of the second quarter and the start of the third quarter are somewhat muted, but sentiment remains strong, as shown by the time charter rates in our most recent period pictures. Turning to slide five, let's review our company snapshot. Founded in 1972 and listed on the New York Stock Exchange since 2005, Diana Shipping Inc. operates a fleet of 39 dry bulk vessels, five of which are mortgage-free, with an average age of 11 years, and a total dead weight of approximately 4.4 million tons. We are expecting the delivery of two methanol geofuel new building Campermax dry bulk vessels in around 2027 and 2028. Our fleet utilization reached 99.5% in the second quarter of 2024, reflecting our efficient vessel management. As of the end of June, we employed 1,000 people at sea and ashore. Financially, our net debt stands at 38% of market value, with $140 million in cash reserves and total secured revenues of approximately $145 million. On slide six, we highlight key developments from the second quarter. We rechartered eight vessels year to date with an average charter rate increase of 11% with high quality counterparts. On June 18th, 2024, we announced the pricing of 150 million placement in the Norwegian market of senior unsecured bonds maturing in July 2029 with an 8.75% fixed rate coupon. The net proceeds from the bonds were used to refinance all of the company's 125 million U.S. dollars senior unsecured bond due in 2026. As of July 24, 2024, we raised 25.3 million U.S. dollars from the exercise of warrants under our ongoing warrants program with a further 65 million U.S. dollars possible. On July 25, 2024, we signed 167.3 million U.S. dollars six-year secured term loan facility with Nordea Bank, secured by 10 vessels. This refinancing released two previously mortgaged vessels. We have secured revenue for 74% of the remaining ownership days of 2024. amounting to approximately 76.8 million US dollars and approximately 68.9 million US dollars for 2025, covering 26% of the available ownership date. Yanis will provide a more detailed analysis of our cash flow generation potential later on. Finally, we are pleased to declare a quarterly cash dividend for the quarter ending June 30th of 7.5 cents per common share, totaling approximately 9.4 million U.S. dollars. Slide 7 summarizes our recent chartering activity. Since our last earnings presentation, we have secured profitable time charters for eight vessels. Specifically, we charted one Ultramax vessel at a daily rate of 15,400 U.S. dollars for 316 days. We charted six Panamax and post-Panamax vessels at a weighted average daily rate of 15,455 U.S. dollars for 259 days, and one Newcastle Max vessel at 28,000 $1,700 for 438 days. Slide 8 illustrates our strategy of staggered charters that we believe will result in positive free cash flows and efficient market participation. Now I'll pass the floor to Yanis for a detailed financial analysis.