Diana Shipping inc.

Thank you for standing by, ladies and gentlemen, and welcome to the Diana Shipping, Inc. conference call on the fourth quarter and year-end 2025 financial results. We are joined by the company's chief executive officer, Ms. Semiramis Paiu. At this time, all participants are in a listen-only mode. There will be a presentation followed by a Q&A session. To ask a question at that time, please press star 1 on your telephone keypad and wait for your name to be announced. Please note that this conference is being recorded. We will now turn the floor over to Ms. Semiramis Paliu. Please go ahead.

Thank you. Good morning, ladies and gentlemen. Welcome to Diana Shipping Inc.' 's fourth quarter and end of the year 2025 financial results conference call. I'm Semiramis Paliu, the CEO of the company, and it is my pleasure to present alongside our esteemed team, Mr. Ioann Zafirakis, Director and President, Ms. Maria Deves, Co-CFO and Treasurer, and Mr. Dave Vanderlinden, Chief Commercial Officer of Diana Shipping Services, SA. Before we begin, I'd like to remind everyone to review the forward-looking statements on page four of the accompanying presentation. Much like 2024, 2025 was a story of two halves, however, in the opposite direction. This time, the first half of the year saw flowing coal demand, and even iron ore imports into China were down year on year. Furthermore, global trade had to contend with shock and awe politics, like Liberation Day on April 2nd, when the U.S. announced a broad slate of tariffs on their trading partners. Nevertheless, we saw a broad-based recovery across all sizes in the second half. This was not necessarily due to an explosion in demand, but rather through utilization tightening caused by longer ton miles, a substantial dry dock schedule for dry bulk ships in general, and weather-related delays in the Pacific. Even another panic-inducing event, this time the USTR, United States Trade Representative, fees, and the subsequent Chinese retaliation season in October did not affect the market in a significant manner. Case-side vessels were the strongest movers, rallying from less than US$10,000 per day early in the year to a brief peak of US$45,000 per day in December. The other segments delivered less volatility but more consistency. and all sizes ended the year comfortably above their historical averages. For Diana, Q4 was particularly active, with one-third of the fleet being fixed for periods at rates higher than their previous charters. Turning to slide five, let's review our company snapshot as of today. Diana Shipping Inc., founded in 1972 and listed on the New York Stock Exchange since 2005, operates a fleet of 36 dry-bought vessels, one of which is mortgage-free. Our fleet has an average age of 12 years and a total deadweight capacity of approximately 1 million tons. We anticipate the delivery of two methanol dual-fuel new-building Camp Hermat dry-bought vessels at the end of 2027 and early 2028, respectively. Fleet utilization reach 99.7% for the year ended December 31st, 2025, highlighting our effective vessel management strategy. As of the end of the fourth quarter, we employed 940 individuals at sea and ashore. Financially, our net debt stands at 51% of market value, supported by $122.3 million in cash reserves. As of quarter end, and total secured revenues of approximately 175.6 million US dollars as of February 18th, 2026. Moving on to slide six, let's go over the key highlights from the fourth quarter and recent developments. In November, we submitted a letter to the Board of Genco Shipping and Trading Limited, outlining a proposal to acquire all outstanding shares of Genco not already owned by Diana, for $20.60 per share in cash. In January, we announced our intention to nominate a slate of six highly qualified director candidates for election to GENTO's board of directors. Despite our good faith efforts, the GENTO board has decided to not actively engage with us to this date. As of February 18th, 2026, We have secured 153 million of contracted revenues for 76% of the ownership days of the year 2026 and have secured 22.6 million US dollars of contracted revenues for 9% of the remaining ownership days of the year 2027. Finally, we are pleased to declare a quarterly cash dividend of one cent per common share with respect to the fourth quarter of 2025, totaling approximately $1.16 million. Slide 7 summarizes our recent chartering activity. From November 13, 2025 until February 19, 2026, we have secured time charters for 12 vessels, Of those, three Ultramax vessels at an average daily rate of 14,700 for an average of 410 days, five CancerMax and post-Panamax vessels at an average daily rate of 14,500 for an average of 397 days, and four CapeSide vessels at an average daily rate of 24,300 for an average of 409 days. Slide 8 highlights our disciplined chartering strategy. We focus on staggered, medium to long-term charters to avoid clustered maturities, ensuring earnings visibility and resilience against market downturns. This disciplined chartering strategy has secured for 2026 approximately 153 million in contracted revenues resulting in an average fixed time charter rate of 17,670 per day. For the rest of 2026, only 24% of days remain unfixed. The average contract duration is 1.24 years, covering some days of 2027. Now, I'll pass the floor to our co-CFO, Maria Dede, for a more detailed financial analysis. Thanks, Amirmi.

Good morning, everyone, and thank you for joining us today. I will walk you through our financial performance for the fourth quarter and year-end, December 31, 2025. For the fourth quarter, time-shattered revenues were $52.1 million, slightly lower than $57.1 million in the same quarter last year. Adjusted EBITDA was $19.3 million compared to $25.9 million in the fourth quarter last year. Net income amounted to $3.1 million compared to $9.7 million in the fourth quarter of 2024. Our results for the quarter were affected by the sale of two vessels during the year, which decreased ownership days, and the fleets are variable days for hire, a lower time charter equivalent rate compared to last year, reflecting the timing of renewals under our short- to medium-term chartering strategy, and increased expenses. On the other hand, we had lower interest and finance costs and higher non-operating gains compared to the first quarter last year. Diluted earnings per common share were $0.02 for both quarters. On the balance sheet, cash decreased to $122.3 million as of December 31st, 2025, from $207.2 million as of December 31st, 2024. This reduction reflects cash deployed in strategic investments during the year, including $103.5 million used in the acquisition of our 14.8% ownership interest in Genco, and $18.3 million invested in new and existing equity method investments. We also allocated cash to the repertory of common shares in the amount of $23 million, the payment of dividends common and preferred, and scheduled debt service. We also completed scheduled dry docking and special surveys for 14 vessels during the year, with capitalized costs of approximately $18 million which resulted in higher depreciation and amortization charges and lower profits. To strengthen the equity, we sold two of our older investors in the feed, generating approximately 23 million, and drew down 55 million under a new loan facility with National Bank of Greece. Long-term debt decreased slightly to 636.1 million as of December 31st, 2025, from 637.5 million out of December 31st, 2024. Overall, we ended the quarter with a strong liquidity position and a conservative net loan to value of 51%. During the quarter, we operated an average of 36 vessels compared to 38 vessels in the same quarter last year. following the sale of Alkmini early in March and Celina in July 2025. This reduction affected ownership available in operating days. Time charter equivalent averaged $15,397, a 1% decrease, compared to $15,589 in the fourth quarter of 2024 for fleet utilization of 100%. Vessel operating expenses for the quarter increased by 6% to $20.3 million, compared to $19.2 million in the fourth quarter of 2024, despite the smaller freeze size. On a per day basis, daily operating expenses rose 11% to $6,123, compared to $5,496 in the fourth quarter of 2024, mainly due to higher crew costs, supplies for stores and spares, and repairs. For 2025, time started revenues were $213.5 million compared to $228.2 million in 2024, a decline mainly due to the smaller average fleet size of 36.7 vessels versus 38.9 vessels last year. Despite fewer versions, net income increased to $17.8 million compared with $12.7 million in 2024. This increase was mainly due to lower interest expense and finance costs and non-operating gains in 2025 compared to losses in 2024. Similarly, net income attributable to common shareholders was $12.1 million versus $7 million last year. Time shutter equivalent improved to $15,454 compared to $15,267 in 2024 with fleet utilization of 99.7%. Daily operating expenses in 2025 rose slightly to $5,986 compared to $5,808 mainly due to higher crew-related costs offset by savings in other cost categories. The average age of our fleet is approximately 12 years. In debt, we maintain a disciplined approach to leverage. The mix of secure bank debt, our 175 million senior unsecured bonds, and the amortizing sale and liftback facilities provides diversification and stability. Our amortization schedule is steady and predictable through 2029 when our 175 million senior unsecured bonds mature. This maturity will be addressed well in advance to ensure liquidity stability, minimize refinancing risk, and maintain predictable cash flows. Thank you very much. In this slide 13, we compare our free cash flow breakeven levels against estimated revenues for 2026 and 2027. As of December 31st, 2025, our cash flow breakeven rate stood at $16,883 per day. For the remainder of 2026, we have secured 76% of ownership days at an average time chart rate of $17,670 per day, generating expected revenues of $153 million. For 2027, 9% of the ownership days are fixed at an average time chart rate of $19,261 per day, with expected revenues of $22.6 million. Potential revenues for the unfixed days based on SFA rates could reach $201.3 million for the remainder of 2026 and $241.9 million for 2027. Overall, our competitive break-even rate reflects disciplined cost control across the fleet, and our fixed revenues provide solid revenue visibility and downside protection, while the affixed portion of the fleet allows us to preserve flexibility in our commercial decisions and to participate in improving market conditions. In this slide, this slide highlights dividend distributions. The company has consistently rewarded shareholders with quarterly dividends since the third quarter of 2021 in both cash and shares. And in line with this policy, we declared a dividend of $0.01 per share for the fourth quarter of 2025, bringing cumulative dividends paid since 2021 to $2.7 per common share. In closing, 2025 was a year marked by active fleet renewal, disciplined capital allocation, and consistent operational performance. As always, we remain focused on maintaining a high-quality fleet, prudent financial management, and generating sustainable value for our shareholders. I will now hand over to Dave van der Linden, who will provide an overview of the drive-by market.