DSX

Interested in Genco Shipping & Trading Limited? Here are five stocks we like better. Strong Q2 performance: Genco reported $29.2 million in adjusted net income and $56.7 million in adjusted EBITDA, while TCE rates rose 78% year over year to $24,273 per day. Record dividend and higher payout outlook: The company declared an $0.80-per-share dividend, its largest under the value strategy, and expects quarterly dividends above $1 in Q3 and Q4 based on current freight-rate projections. Positive market and strategic developments: Robust iron ore, bauxite and coal trade, limited Capesize fleet growth and the addition of the Genco Volunteer are supporting earnings, while Genco continues reviewing Diana Shipping’s non-binding acquisition proposal. MarketBeat’s Top-Rated Dividend Stocks for 2026 Genco Shipping & Trading (NYSE:GNK) reported stronger second-quarter results as dry bulk freight rates rose, supported by higher earnings from its expanded fleet and a continued focus on low leverage and shareholder dividends. The company generated net income of $16.6 million, or $0.37 per diluted share, for the second quarter of 2026. Adjusted net income was $29.2 million, or $0.65 per diluted share, excluding items including shareholder and proxy-related expenses, vessel impairment and an unrealized fuel loss. Adjusted EBITDA totaled $56.7 million, up about 300% from a year earlier. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling Spotlight on ZIM: Take Advantage of Shipping Stock Upside Genco's time charter equivalent, or TCE, rate reached $24,273 per day during the quarter, rising 78% year over year and representing its highest quarterly TCE rate since 2022. CEO John Wobensmith said the result exceeded the company's expectations as the dry bulk market strengthened and Genco benefited from its fleet of higher-specification vessels. The board declared a second-quarter dividend of $0.80 per share, more than twice the first-quarter dividend and 433% above the dividend declared a year earlier. Wobensmith said it was Genco's largest quarterly dividend since the company began its comprehensive value strategy in 2021 and its 28th consecutive quarterly dividend. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Danaos Benefits from Increasing Demand in Container Shipping Under Genco's dividend framework, the company targets distributions based on 100% of operating cash flow less a voluntary reserve. CFO Peter Allen said the second-quarter dividend was based on $55 million in operating cash flow and a $19.5 million voluntary quarterly reserve. The dividend represented an annualized yield of about 12% based on the stock price cited by the company. Genco said its vessel acquisitions completed in 2025, which increased its asset base by roughly 20%, were fully incorporated into operations for the first full quarter during the second quarter. Allen said those acquisitions contributed approximately $0.15 per share to the quarterly dividend, or nearly 20% of the $0.80 distribution. → No Hangover: Revisiting Microsoft One Week After Earnings The company expects a higher dividend in the third quarter. It had fixed 66% of its available third-quarter days at about $28,600 per day as of the call, and management projected a third-quarter dividend above $1 per share using the forward freight agreement curve for the remaining available days. It also projected a dividend above $1 per share in the fourth quarter based on the FFA curve, which would result in a full-year dividend above $3.15 per share. Genco expects to take delivery in August of the 2019-built Capesize vessel Genco Volunteer. The vessel will bring the company's total investment in Capesize and Newcastlemax vessels since 2023 to $408 million. Wobensmith said the company has achieved an internal rate of return above 30% to date on those investments. Following the delivery, Genco expects to own 20 Capesize and Newcastlemax vessels as well as 24 Ultramax and Supramax vessels. Wobensmith said the company intends to deploy the Genco Volunteer in the spot market and expects it to earn a premium to the Baltic Capesize Index because of its specifications. The company ended the second quarter with $74 million in cash and $330 million in debt, along with $350 million of undrawn revolver availability. Allen said Genco paid a $6.5 million installment for the Genco Volunteer in the second quarter and had $58.5 million of remaining capital expenditures for the purchase to be paid in the third quarter. The company drew $50 million in July to partially finance the acquisition, with the balance to be funded from cash. Allen said the company expects to maintain approximately 20% net loan-to-value on a pro forma basis after the vessel delivery. Genco cited a cash-flow breakeven rate of approximately $10,000 per vessel per day before maintenance capital expenditures and no mandatory debt amortization. Every $1,000 increase in fleet-wide TCE equates to an estimated $16 million of incremental annualized EBITDA, or $0.36 per share, according to Genco. Every $5,000 increase in TCE for its 20 Capesize and Newcastlemax vessels equates to an estimated $36 million, or $0.81 per share, of incremental earnings and dividend capacity. Vice President of Finance Michael Orr said the Baltic Capesize Index averaged more than $36,000 per day in the second quarter, its highest quarterly level since 2021. The Baltic Supramax Index averaged more than $17,000 per day, its highest level since 2022. In the third quarter to date, the forward curve indicated levels above $35,000 per day for Capesize vessels and above $18,000 per day for Supramax vessels, he said. Orr attributed the freight environment to solid iron ore trade, growing bauxite exports and a re-emergence of coal trade. China’s iron ore imports rose 6% year over year in the first half, while Brazilian iron ore exports increased 2%. In June, China imported a record 113 million tons of iron ore and Brazil shipped a record 42 million tons, according to the company. Management also pointed to West African bauxite exports, including growing shipments from Simandou, as supportive of Capesize demand because of the longer distances involved. Orr said anticipated iron ore growth from Simandou and Brazil, alongside bauxite growth from West Africa, could potentially absorb more than 200 Capesize vessels. Coal shipments from the U.S. and Colombia to Asian destinations have also increased, according to Genco. Wobensmith said concerns over energy security have contributed to demand for coal cargoes, extending trade distances and increasing fleet utilization. The company said global dry bulk fleet growth was 3.9% in the first half, including net fleet growth of 1% for Capesize vessels. Only 21 Capesize vessels were delivered year to date, a 75% reduction from the 15-year average, Orr said. He added that 12% of the existing dry bulk fleet is at least 20 years old, compared with an orderbook equal to 14% of the global fleet. During the question-and-answer session, Wobensmith said a potential El Niño weather event could reduce Panama Canal capacity, particularly during the fourth-quarter grain season. He said the canal had reduced booking capacity from 36 to 34 transits effective at the end of July and noted that transits had fallen as low as 22 during 2023. Wobensmith said auction prices for canal transit slots have ranged from about $500,000 to $1.5 million, with one recent transaction reaching $2.9 million. He said higher demand from tanker and gas shipping traffic has also increased demand for canal access. Genco also provided an update on Diana Shipping’s non-binding proposal to acquire Genco shares for $24.80 in cash plus one Diana share for each Genco share. Wobensmith said Genco’s board and advisers continue to review and discuss the proposal with Diana and its advisers. According to Wobensmith, Genco’s board has directed advisers to address subjects including Genco’s net asset value, an appropriate control premium, potential dilution tied to Diana’s stock issuance, shareholder rights under Diana’s governing documents, and the treatment of Genco dividends. The company said it would provide a further update on the review in due course. Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company's fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco's focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions. In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Genco Shipping & Trading Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Is the 149% Dividend for ZIM Integrated Shipping in Jeopardy? Diana Shipping (NYSE:DSX) reported higher second-quarter revenue, earnings and adjusted EBITDA as improved charter rates, lower interest expense and gains on equity securities supported profitability. For the quarter ended June 30, 2026, time charter revenue rose to $57.3 million from $54.7 million a year earlier. Net income increased to $20.8 million from $4.5 million, while net income attributable to common shareholders rose to $19.3 million from $3.1 million. Diluted earnings per common share were $0.16, compared with $0.03 in the prior-year quarter. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now Adjusted EBITDA increased to $24.3 million from $22 million in the second quarter of 2025. Co-CFO and Treasurer Maria Dede said results benefited from a higher time-charter-equivalent rate, lower interest expense amid debt reduction and lower average interest rates, as well as increased dividend income and a significant gain on equity securities. The dry bulk shipowner operated an average of 36 vessels during the quarter, compared with 37 vessels in the prior-year period, reflecting the impact of a vessel sale completed last year. Its fleet generated a time-charter-equivalent rate of $16,581 per day, up 7% from $15,492 per day a year earlier, while fleet utilization was 99.6%. → Microsoft Just Flipped the AI Spending Narrative Overnight Vessel operating expenses rose to $21 million from $20 million. Daily operating expenses increased to $6,396 from $5,944, which Dede attributed to higher crew-related expenses, stores, repairs and maintenance costs. For the first six months of 2026, time charter revenue increased to $112 million from $109.6 million in the prior-year period. The fleet's time-charter-equivalent rate rose 4% to $16,309 per day, while utilization improved to 99.8% from 99.5%. → Carrier Earnings Could Send the Stock to a New All-Time High At June 30, the company had $117.9 million in cash equivalents and restricted cash. Long-term debt and finance liabilities, net of deferred financing costs, declined to $606.1 million from $636.1 million at the end of 2025. The company said the reduction reflected scheduled debt amortization. Diana Shipping's fleet consisted of 36 dry bulk vessels with approximately 4.1 million tons of carrying capacity and an average age of 12.5 years. The company expects to take delivery of two methanol dual-fuel Kamsarmax newbuildings at the end of 2027 and in early 2028. As of July 22, Diana Shipping had secured approximately $94.7 million in contracted revenue for 88% of its remaining 2026 ownership days, at an average contracted charter rate of about $18,337 per day. Only 12% of the remaining days in 2026 were unfixed, management said. For 2027, the company had secured $61.3 million in contracted revenue for 25% of ownership days, at an average rate of approximately $18,807 per day. Based on forward freight agreement curves as of July 22, management estimated that potential revenue for the remainder of 2026 could reach $110.3 million and potential 2027 revenue could reach $267.9 million, including fixed and unfixed operating days. The company said its cash-flow break-even rate as of June 30 was $16,859 per day, including vessel operating costs, general and administrative expenses, financing costs and debt amortization. Diana Shipping declared a quarterly cash dividend of $0.01 per common share, totaling approximately $1.3 million. Including the latest declaration, cumulative distributions since 2021 total approximately $2.72 per common share, according to the company. Management said future dividends remain subject to board approval and depend on earnings, cash flow, capital requirements and market conditions. Chief Executive Officer Semiramis Paliou said Diana Shipping terminated its tender offer for Genco Shipping & Trading on July 27. The company had initially launched a tender offer in May for $23.50 per Genco share, later raising it to $24.80 in cash. On June 17, Diana submitted a non-binding proposal directly to Genco's board that implied a value of $27.34 per share, consisting of $24.80 in cash plus one Diana share. Paliou said that cash-and-stock offer remains outstanding with Genco's board. Paliou said the company believes market attention on the proposed Genco transaction has diverted focus from Diana Shipping's standalone operating performance. She said management believes the company trades at a substantial discount to net asset value, though she did not provide a specific valuation figure. Chief Commercial Officer Dave Van der Linden said dry bulk spot and period rates improved across vessel sizes in the second quarter, supported by longer ton-mile trades, dry dock activity, slower sailing speeds and congestion rather than a major acceleration in demand. Capesize earnings averaged $39,806 during the second quarter, based on the new 182.5 time-charter index, according to management. Kamsarmax earnings averaged $19,243, while Ultramax earnings averaged $19,402. Van der Linden said the beginning of the third quarter brought some softening in near-term sentiment, particularly for larger vessels. Management cited strong iron ore, bauxite, grain and coal movements as market supports, while identifying fleet growth—particularly in Kamsarmax and Ultramax segments—low demolition activity, macroeconomic risks and geopolitical uncertainty as potential headwinds. The company also said it continues to avoid sending vessels into conflict areas. Diana Shipping Inc is a global shipping company incorporated in the Republic of the Marshall Islands and headquartered in Athens, Greece. The company specializes in the ownership and operation of dry bulk vessels that transport a variety of commodities, including coal, iron ore, grains, fertilizers, steel products and other bulk materials. Diana Shipping’s fleet comprises Panamax, Capesize, Newcastlemax and Supramax/Newcastlemax segments, enabling it to address the needs of customers on key global trade routes. The company conducts its operations by chartering vessels on short‐term voyage charters and longer‐term period charters. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Diana Shipping Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

ATHENS, Greece, July 30, 2026 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company” or “Diana”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today reported net income of $20.8 million and net income attributable to common stockholders of $19.3 million for the second quarter of 2026. This compares to net income of $4.5 million and net income attributable to common stockholders of $3.1 million for the second quarter of 2025. Earnings per share for the second quarter of 2026 were $0.17 basic and $0.16 diluted, compared to $0.03 basic and diluted in the same quarter of 2025. Time charter revenues were $57.3 million for the second quarter of 2026, compared to $54.7 million for the same quarter of 2025. The increase in time charter revenues, compared to the same quarter of the prior year, was due to higher average charter rates and was partially offset by decreased ownership days following the sale of one vessel during the third quarter of 2025. Net income for the six months ended June 30, 2026, amounted to $49.9 million and net income attributable to common stockholders amounted to $47.0 million. This compares to net income of $7.5 million and net income attributable to common stockholders of $4.7 million for the same period in 2025. Time charter revenues for the six months ended June 30, 2026, were $112.0 million, compared to $109.6 million for the same period in 2025. Earnings per share for the six months ended June 30, 2026 were $0.42 basic and $0.41 diluted, compared to $0.04 basic and diluted for the same period in 2025. Dividend Declaration The Company has declared a cash dividend on its common stock of $0.01 per share, based on the Company’s results of operations for the quarter ended June 30, 2026. The cash dividend will be payable on September 11, 2026, to all common shareholders of record as of August 21, 2026. The declaration and payment of future dividends are subject to the sole discretion of the Company’s board of directors and will depend on, among other things, the Company’s earnings, financial condition, cash requirements and future business prospects. As of July 29, 2026, the Company had 124,413,717 common shares issued and outstanding and 15,682,971 warrants outstanding. Statement on Recent Developments Semiramis Paliou, Diana’s Chief Executive Officer, commented: “We believe the market’s attention has been disproportionately focused on the proposed acquisition of Genco, diverting attention from Diana’s own intrinsic value and underlying operating performance. These results clearly demonstrate that Diana’s business continues to perform strongly, with improving profitability, healthy cash generation and meaningful operating momentum. Under normal circumstances, such performance would be expected to receive far greater recognition from the market. Instead, Diana continues to trade at a substantial discount to its NAV. We believe this valuation no longer reflects the Company’s underlying fundamentals, earnings power or asset quality. As investors increasingly refocus on Diana’s standalone performance and intrinsic value, we believe this discount should progressively narrow. Looking further ahead, should the proposed transaction with Genco be completed, the combined company would represent a substantially larger, more diversified and more liquid platform. While no valuation outcome can be assumed, we believe such a company would naturally be evaluated under a different valuation framework than Diana on a standalone basis. We believe Diana’s current valuation represents a compelling opportunity for investors to benefit from the Company’s improving operating performance and the potential for a gradual re-rating over time.” Non-GAAP Measures (1) Time charter equivalent rate, or TCE, is defined as our time charter revenues less voyage expenses for a period divided by the number of our available days for 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 vessel profitability. (2) 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. Management believes daily vessel operating expenses is useful to investors because it provides a standardized, per-vessel metric that enables comparison of operational efficiency across the fleet and against industry. Management uses this measure to monitor and assess the operational performance of vessels. Conference Call and Webcast Information The Company’s management will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Time) on Thursday, July 30, 2026. Investors may access the webcast by visiting the Company’s website at www.dianashippinginc.com and clicking on the webcast link. An accompanying investor presentation also will be available via the webcast link and on the Company’s website. The conference call also may be accessed by telephone by dialing 1-877-407-8291 (for U.S.-based callers) or 1-201-689-8345 (for international callers) and asking the operator for the Diana Shipping Inc. conference call. A replay of the webcast will be available soon after the completion of the call and will be accessible for 30 days on www.dianashippinginc.com. A telephone replay also will be available for 30 days by dialing 1-877-660-6853 (for U.S.-based callers) or 1-201-612-7415 (for international callers) and providing the Replay ID number 13761711. About the Company Diana Shipping Inc. is a global provider of shipping transportation services through its ownership and bareboat charter-in of dry bulk vessels. The Company’s vessels are employed primarily on short to medium-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes. Cautionary Statement Regarding Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, tariff policies and other trade restrictions, potential liability from pending or future litigation, general domestic and international political conditions, including risks associated with the continuing conflict between Russia and Ukraine and related sanctions, potential disruption of shipping routes due to accidents or political events, including the escalation of the conflict in the Middle East, vessel breakdowns and instances of off-hires and other factors. Please see the Company’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. (See financial tables attached) Corporate Contact:Margarita VeniouChief Corporate Development, Governance &Communications Officer and SecretaryTelephone: + 30-210-9470-100Email: [email protected]: www.dianashippinginc.comX: @Dianaship Investor Relations/Media Contact:Nicolas Bornozis / Daniela GuerreroCapital Link, Inc.230 Park Avenue, Suite 1540New York, N.Y. 10169Tel.: (212) 661-7566Email: [email protected]

ATHENS, Greece, May 29, 2026 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX) (the "Company"), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced that the Company's Annual Meeting of Shareholders (the "Meeting") was duly held on May 28, 2026, in a virtual format only via the Internet. Broadridge Financial Solutions, Inc. acted as inspector of the Meeting. At the Meeting, each of the following proposals, which are set forth in more detail in the Notice of Annual Meeting of Shareholders and the Company's Proxy Statement sent to shareholders on or around April 22, 2026, was approved and adopted: The election of three Class III Directors of the Company, to serve until the Company's 2029 Annual Meeting of Shareholders. The approval of the appointment of Deloitte Certified Public Accountants S.A. as the Company’s independent auditors for the fiscal year ending December 31, 2026. About the Company Diana Shipping Inc. is a global provider of shipping transportation services through its ownership and bareboat charter-in of dry bulk vessels. The Company’s vessels are employed primarily on short to medium-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes. Cautionary Statement Regarding Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, tariff policies and other trade restrictions, potential liability from pending or future litigation, general domestic and international political conditions, including risks associated with the continuing conflict between Russia and Ukraine and related sanctions, potential disruption of shipping routes due to accidents or political events, including the escalation of the conflict in the Middle East, vessel breakdowns and instances of off-hires and other factors. Please see the Company’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. Corporate Contact:Margarita VeniouChief Corporate Development, Governance &Communications Officer and SecretaryTelephone: + 30-210-9470-100Email:[email protected]:www.dianashippinginc.comX: @DianashipInvestor Relations/Media Contact:Nicolas Bornozis / Daniela GuerreroCapital Link, Inc.230 Park Avenue, Suite 1540New York, N.Y. 10169Tel.: (212) 661-7566Email:[email protected]

Interested in Diana Shipping inc.? Here are five stocks we like better. Diana Shipping’s Q1 profit surged to $29.1 million from $3 million a year ago, helped by stronger charter rates, lower interest expense, dividend income, and a $26.4 million unrealized gain on its Genco investment. The company said it has 83% of its remaining 2026 ownership days already contracted, with $123.5 million of fixed revenue at an average rate of $18,338 per day, and also declared a $0.01 per share quarterly dividend. Diana Shipping raised its offer for Genco to $24.80 per share in cash and extended the tender deadline to June 26, 2026, while backing the bid with $1.433 billion in committed financing. Is the 149% Dividend for ZIM Integrated Shipping in Jeopardy? Diana Shipping (NYSE:DSX) reported a sharply higher first-quarter profit as the dry bulk shipowner benefited from improved charter rates, lower interest expense and an unrealized gain tied to its investment in Genco Shipping & Trading. Chief Executive Officer Semiramis Paliou said the dry bulk market carried strong momentum into 2026, defying the typical seasonal slowdown. “The Capesize market had its best first quarter since 2010,” Paliou said, attributing the strength not primarily to demand growth, but to tighter vessel utilization caused by longer ton-miles, drydock schedules and disruptions tied to the Middle East conflict and the Strait of Hormuz. → Rocket Lab Keeps Making Headlines and Highs—Here's What's Driving the Latest Move Paliou said Diana Shipping had no vessels directly affected by the Persian Gulf situation, but noted that the conflict had affected parts of the dry bulk fleet and contributed to lower operating speeds, especially on long-haul routes. Co-Chief Financial Officer and Treasurer Maria Dede said time charter revenues were $54.7 million for the first quarter, compared with $54.9 million in the same period last year. The slight decline reflected a smaller fleet, partly offset by a higher time charter equivalent rate achieved during the quarter, she said. → Quantum Stocks Just Got a Lifeline—Who Benefits Most? Adjusted EBITDA was $23.3 million, unchanged from the prior-year quarter. Net income rose to $29.1 million from $3 million a year earlier. Net income attributable to common stockholders was $27.7 million, compared with $1.6 million in the first quarter of 2025. Basic and diluted earnings per common share were $0.25, up from $0.01 a year earlier. Dede said profitability was supported by the higher charter rate environment, reduced interest expense on amortizing debt, increased dividend income and a $26.4 million unrealized gain on Diana Shipping’s investment in Genco. → 5 Stocks Winning the AI Race While Everyone Watches NVIDIA As of March 31, the company had $124.5 million in cash, up from $122.3 million at the end of 2025. Long-term debt and finance liabilities, net of deferred financing costs, declined to $621.1 million from $636.1 million at year-end, reflecting quarterly debt amortization. Dede said the company ended the quarter with a net loan-to-value ratio of 46%. Diana Shipping operated an average of 36 vessels during the quarter, compared with 37.8 vessels in the prior-year period, following the sale of the Alkmini in March 2025 and the Selina in July 2025. Fleet utilization was 99.9%. Paliou said Diana Shipping operates 36 dry bulk vessels, one of which is mortgage-free, with an average age of 12.5 years and total deadweight capacity of about 4 million tons. The company also expects delivery of two methanol dual-fuel newbuild Kamsarmax dry bulk vessels in late 2027 and early 2028. From Feb. 20 to May 20, Diana Shipping secured time charters for five vessels: one Ultramax at $16,000 per day for 408 days; three Panamax, Kamsarmax and Post-Panamax vessels at an average daily rate of $17,297 for an average of 387 days; and one Capesize vessel at $27,500 per day for 641 days. The company said it had secured $123.5 million of contracted revenues for 83% of the remaining ownership days in 2026, at an average time charter rate of $18,338 per day. For 2027, it had fixed 17% of ownership days at an average rate of $19,858 per day, representing $44.1 million in expected revenue. Diana Shipping declared a quarterly cash dividend of $0.01 per common share for the first quarter, totaling about $1.2 million. Dede said cumulative dividends paid since 2021 amount to $2.71 per common share, while noting that dividends remain subject to board discretion and depend on earnings, cash flows and capital needs. A major focus of the call was Diana Shipping’s pursuit of Genco. Paliou said the company had increased its offer to acquire all outstanding Genco shares not already owned by Diana Shipping to $24.80 per share in cash and extended the tender offer deadline to June 26, 2026. She said the revised offer price represents a 39% premium to Genco’s undisturbed share price before Diana Shipping’s initial offer and a 48% premium to its 30-day volume-weighted average price as of that date. Paliou also said the offer is priced at about 1x net asset value, at a time when analysts have described asset values as being near 15-year highs. The company said the offer is backed by $1.433 billion in fully committed financing from six global banks, with no financing conditions. It is also supported by an agreement with Star Bulk Carriers Corp., which would acquire 16 Genco vessels for $470.5 million upon closing. Paliou said Genco’s board had “completely refused to engage” with Diana Shipping over the past six months. She urged Genco shareholders to vote for Diana’s six independent director nominees at Genco’s annual meeting and to tender their shares. During the question-and-answer session, Arctic Securities analyst Kristoffer Barth Skeie asked whether the higher offer increased the likelihood that Genco’s board would start discussions. Ioannis Zafirakis, Diana Shipping’s director and president, said any further action would depend on whether Genco sits down “meaningfully” with Diana Shipping. He added that there is a point at which the transaction would no longer make sense for Diana Shipping, noting that the offer is close to Genco’s current net asset value. Dave Van der Linden, chief financial officer of Diana Shipping Services SA, said the dry bulk market started 2026 strongly across vessel sizes, supported by longer ton-miles, drydock activity and slower speeds rather than a surge in demand. He said first-quarter Capesize earnings averaged $26,405 based on the 180,000-deadweight-ton 5TC index, while Kamsarmax earnings averaged $15,395 and Ultramax earnings averaged $14,577. Van der Linden said market positives include firm seaborne trade, support from iron ore, bauxite and grain cargoes, longer Brazil and West Africa iron ore routes, and a substantial drydock schedule. Potential negatives include fleet growth in the Kamsarmax and Ultramax segments, low demolition levels, pressure on coal demand, policy risks in China and Indonesia, and geopolitical uncertainty. Asked about possible restrictions on bauxite exports from Guinea, management said Diana Shipping remains “agnostic” and would not change its strategy based on the Guinean government’s actions, while acknowledging some downside risk. On ESG, Paliou said Diana Shipping remains committed to strengthening its sustainability practices and noted that the company was awarded the Global Award in the Governance Leader Award category at the Environmental, Social, and Governance Shipping Awards 2026. Diana Shipping Inc is a global shipping company incorporated in the Republic of the Marshall Islands and headquartered in Athens, Greece. The company specializes in the ownership and operation of dry bulk vessels that transport a variety of commodities, including coal, iron ore, grains, fertilizers, steel products and other bulk materials. Diana Shipping’s fleet comprises Panamax, Capesize, Newcastlemax and Supramax/Newcastlemax segments, enabling it to address the needs of customers on key global trade routes. The company conducts its operations by chartering vessels on short‐term voyage charters and longer‐term period charters. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Diana Shipping Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

This article first appeared on GuruFocus. Release Date: May 28, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Diana Shipping Inc (NYSE:DSX) reported a strong first quarter of 2026, with fleet utilization reaching 99.9%, highlighting effective vessel management. The company secured $123.5 million in contracted revenues for 83% of the remaining ownership days of 2026, providing solid earnings visibility. Net income for the first quarter of 2026 was significantly higher at $29.1 million compared to $3 million in the first quarter of 2025. Diana Shipping Inc (NYSE:DSX) maintained a strong balance sheet with $124.5 million in cash reserves and a conservative net debt position. The company was awarded the Global Award in the Governance Leader Award category at the Environmental, Social and Governance Shipping Awards 2026, reflecting its commitment to ESG practices. Time charter revenues slightly decreased to $54.7 million from $54.9 million in the same quarter last year, due to a smaller fleet size. The company faces geopolitical risks, particularly from the Middle East conflict, which could impact shipping patterns and fuel costs. Fleet growth, especially for Kansar Max and Ultra Max vessels, could exceed demand, posing a risk of oversupply in the market. The potential acquisition of Genco faces challenges, as the Genco board has not engaged in discussions despite an increased offer from Diana Shipping Inc (NYSE:DSX). Coal demand is expected to remain under pressure, particularly in China, which could affect future revenue streams. Warning! GuruFocus has detected 9 Warning Signs with DSX. Is DSX fairly valued? Test your thesis with our free DCF calculator. Q: Given the increased offer for Genco, are you seeing any progress in getting Genco's board to engage in discussions? Also, will the transaction with Starbuck Carriers Corp be revised due to the higher offer and asset values? A: Jan Jasilakis, Director and President, responded that the decision to increase the offer further depends on Genco's willingness to engage in meaningful discussions. The current offer is close to the net asset value, and most recent shipping deals have been done at a discount to NAV. As for the transaction with Starbuck Carriers Corp, no further details can be shared at this stage. Q: What is your outlook on the bauxite market, especially considering potential restrictions from Guinea? A: Dave van der Linden, CFO of Diana Shipping Services SA, mentioned that while there is some downside risk, the situation with Guinea could be posturing. Diana Shipping remains neutral and will not change its strategy based on Guinea's actions. The impact is not expected to be significant. Q: Can you provide an update on Windward and any potential plans for divestment or value realization? A: Jan Jasilakis stated that Diana Shipping is pleased with the progress of Windward. The market conditions have improved, and they are evaluating all options, including chartering activity and potential consolidation, but no specific plans for divestment were mentioned. Q: Could you provide guidance on the mark-to-market value or NAV of the Windward fleet? A: Maria Zedek, Co-CFO and Treasurer, explained that there was a benefit from a new investor entering Windward at an increased company value, resulting in a substantial increase in values, currently around 20% higher than before. Q: How do you view the potential impact of geopolitical and trade disruptions on the dry bulk market? A: Dave van der Linden highlighted that geopolitical and trade disruptions, such as the Middle East conflict, have altered shipping patterns and freight dynamics. However, Diana Shipping remains focused on maintaining flexibility in its commercial strategy to adapt to changing market conditions. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Image source: The Motley Fool. Thursday, May 28, 2026 at 9 a.m. ET Chief Executive Officer — Semiramis Paliou Co-Chief Financial Officer — Maria-Christina Dede Director & Executive — Ioannis G. Zafirakis Chief Strategy Officer — Evangelos Sfakiotakis The first quarter of 2026 continued to show strong momentum which carried over from last year. The usual seasonal slowdown in Q1 did not happen. The Capesize market had its best first quarter since 2010. Again, this was due to several factors none of them necessarily demand driven. We saw more utilization tightening caused by longer ton miles a substantial write off schedule and the situation in the Strait Of Hormuz. Middle East conflict not only caused part of the drybulk fleet to be tied up in that area, but also an overall reduction in operating speed especially on the long haul routes. Capesize vessels were the strongest movers but this time we have also seen a marked improvement in the Kamsarmax market which was supported by a spike in coal movements in the Pacific. Countries like Japan, South Korea, and Vietnam have increased their coal imports to address their energy needs. Interestingly, the growth in grain shipments was also concentrated in other countries aside. China. In the quarter, we took period coverage across all sizes in the fleet, again, at rates significantly higher than their previous charters. I would like to mention that although Diana has no vessels directly affected by the Persian Gulf situation, our costs are with the many seafarers who must fear for their safety and well-being. Turning to Slide 5, let's review our company snapshot as of today. Diana Shipping Inc, founded in 1.97 thousand and listed on the New York Stock Exchange since 2005, operates a fleet of 36 drybulk vessels 1 of which is mortgage free. Our fleet has an average age of 12.5 years a total deadweight capacity of approximately 4 million tons. We anticipate the delivery of 2 methanol fuel newbuildings Kamsarmax drybulk vessels at the end of 27 and early 28 respectively. Fleet utilization reached 99.9% for the 3 months ended 03/31/2026, highlighting our effective debt management strategy. As of the end of the first quarter, we employed 941 individuals at sea and ashore. Financially, our net debt stands at 46% of market value supported by $124.5 million in cash reserves as of quarter end and total secured revenues of approximately $106 million as of 05/20/2026. Moving on to Slide 6, let's go over the key highlights of the first quarter of 2026 and recent developments. In January, we announced our intention to nominate a slate of 6 highly qualified independent candidates for election at Genco's annual meeting on June 18. In March the same year, we increased our efforts to-- our offer to $23.5 per share in cash to acquire all outstanding shares of Genco not already owned by us. The offer is backed by $1.4 billion in full committed financing from 6 leading global banks with no financing conditions. The offer is further supported by a definitive agreement with Starbulk Carriers Corp. Which will acquire 16 Genco vessels for $47.5 million upon closing. In May 2026, we launched a tender offer to acquire all outstanding shares of Genco for $23.5 per share in cash. As of 05/20/2026, we have secured $123 million of contracted revenues for 83% of the remaining ownership days of the year 2026 and have secured US44.1 million dollars of contracted revenues for 17% of the remaining ownership days of the year 2027. In May 2026, we were awarded the Global Award in the Governance Leader Award category. At the Environmental, Social and Governance Shipping Award 26. Today, we are pleased to declare a quarterly cash dividend of $0.01 per common share with respect to the first quarter of 26 totaling approximately $1.2 million Lastly, just yesterday, we amended our offer price to acquire Genco to $24.8 per share in cash and have extended the tender offer deadline to 06/26/2026. The revised offer price will be adjusted on a 1-for-1 basis for any dividend or other distributions declared or paid to shareholders following the announcement of our offer. The new increased offer represents a 39% premium to Genco's undisturbed share price on the day before our initial offer, a 48% premium to its 30 day volume weighted average price as of that date and is priced at approximately 1x net asset value at what analysts have described as 15 years high asset value. It should be noted that Genco's share price is currently trading at or around NAV while the drybulk peers are currently trading at an average 20% discount to NAV. Before our involvement, Genco traded at an average 30% discount to NAV since 2020. As such, Genco shareholders face significant downside risk in the absence of our offer. If the offer is not completed, Genco's share price could decline to approximately $18 per share if the stock reverts towards its historical trading. Unfortunately, for 6 months, Genco Board has completely refused to engage with us. Genco's largest shareholder. Our previous offer have each been met with silence and we are hopeful that the Genco Board will finally sit down with us to engage in a constructive dialogue. This is the path forward that we strongly prefer. But we have also given Genco shareholders the opportunity to vote for our board nominees, who we are confident will explore all opportunities to maximize value, and to tender their shares. We are committed to seeing this through, andyoucanstayinformedbyvisitingourcampaignwebwebsite@cashforgenco.com. We urge Genco shareholders to vote the gold universal proxy card for Diana's 6 Independent Directors nominee at the 26 Annual Meeting. Again, for more information, please visit our website at cashforgenco.com. Moving on to Slide 8, Slide 8 summarizes our recent chartering activity. From 02/20/2026 until May 20, we have secured time charters for 5 vessels. An Ultramax vessel at a daily rate of 16 thousand for 408 days 3, Panamax, and post-Panamax vessels at an average daily rate of $17.3 thousand for an average of 387 days. A Capesize vessel at a daily rate of 27.5 thousand for 641 days. Slide 9 highlights our disciplined chartering strategy. We focus on staggered medium to long term charters to avoid classes maturities ensuring earnings visibility and resilience against market downturns. This disciplined chartering, strategy has secured for the remaining of 2026 approximately US124 million dollars in contracted revenues resulting in an average fixed time charter rate of $18.3 thousand per day. For the rest of 2026, only 17% of days remain unfixed. The average contract duration is 1.24 years covering some days of 2027. Now I will pass the floor to our Co CFO, Maria Dede: for a more detailed financial analysis. Thank you, Good morning, everyone. Maria Dede: And thank you for joining us today. I will walk you through our financial performance for the first quarter of 2026. Time charter revenues were $54.7 million slightly lower than $54.9 million in the same quarter last year. The decrease reflects the smaller fleet size compared to the prior year period and was largely offset by higher time charter equivalent rate achieved during the quarter. Adjusted EBITDA was 23.3 million for both periods. Net income was $291 million compared to $3 million in the first quarter of 25. Net income attributable to common stockholders was $27.7 million compared to $1.6 million in the first quarter of 25. Basic and diluted earnings per common share was $0.25 for the first quarter of 26, compared to $0.01 for the same quarter last year. Profitability of the quarter was supported by the higher time charter equivalent rate mentioned earlier, decreased interest expense on our steadily amortizing debt, increased dividend income and unrealized gain on our investment in Genco of $26.4 million We continue to maintain a strong balance sheet with increased cash and decreased debt compared to year end 2025. As of 03/31/2026, cash stood at $125 million compared to $122 million as of 12/01/2025. Long term debt and finance liabilities net of deferred financing costs decreased to $621 million as of 03/31/2026, from 636 million as of year end 25 reflecting the quarter's debt amortization. We ended the quarter with a strong liquidity position and a conservative net loan-to-value of 46%. During the quarter, we operated an average of 36 vessels compared to 37.8 vessels in the same quarter last year. Following the sale of Alcmene early in early Maria and Selina in July 2025. This reduction is reflected in lower revenues operating expenses and ownership available and operating days. Time charter equivalent, average $16 thousand a 2% increase compared to $16.7 thousand the first quarter of 25 with a strong fleet utilization of 99.9%. Vessel operating expenses for the quarter decreased by 3% to $19.5 million compared to $20 million in the first quarter of 25, due to the smaller fleet size. On a per day basis, daily operating expenses rose by 2% to $6.01 thousand compared to $5.87 thousand in the first quarter of 25, mainly due to higher group stores supply and environmental costs. We maintain a disciplined approach to leverage. The mix of variable rate secured bank debt the senior unsecured bond with a fixed coupon and certain leaseback facilities at fixed interest rates provides diversification and stability. Our amortization profile is gradual with no significant near term refinancing concentration. Our debt amortization schedule is steady and predictable through 2029 when the $175 million senior unsecured bond matures. We will address this maturity well in advance to ensure liquidity stability minimize refinancing risk and maintain predictable cash flows. In this slide, we compare our free cash flow breakeven leverage against estimated revenues for 2026 and 2027. As of 03/31/2026, our cash flow breakeven rates stood at $16.03 and $44 per day including voyage operating and general and administrative expenses financing costs and debt amortization. The For the remainder of 2026, we have secured 83% of the ownership days at an average time charter rate of $18 thousand per day generating expected revenues of $124 million For 2027, 17% of the ownership days are fixed at an average time charter rate of $19.9 thousand per day with expected revenues of $44.1 million Potential revenues for the remainder of 2026 and for 2027 including the estimated revenues for the unfixed days based on FSA rates as of 05/20/2026 could reach $150 million and $252 million for 2027, respectively. Overall, our competitive breakeven rate reflects disciplined cost control across the fleet. Our contracted revenues provide solid visibility and downside protection, while the market exposure of the unfixed operating days allows us to preserve flexibility in our commercial strategy and participate in improving market conditions. 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. In line with this policy, we declared a dividend of $0.10 per share for the first quarter of 2026, bringing cumulative dividends paid since 2021 to $2.71 per common share. Dividends are declared at the discretion of the Board and depend on earnings, cash flows and capital requirements. I will now hand over to Evangelos Sfakiotakis for an overview of the drybulk market. Evangelos Sfakiotakis: Thank you, Maria-Christina. And again, welcome to all the participants on this latest quarterly earnings call from Diana Shipping Inc. Slide 15 gives a brief dry bulk market overview and some geopolitical and trade developments. The drybulk market started 2026 on strong footing. Continuing the momentum across all sizes, which we saw in the second half of 25. Ignoring again the traditional market seasonality. The factors supporting the markets remain the same. Not necessarily an explosion in demand, but rather a utilization tightening caused by longer ton miles substantial dry dock schedule and slower speed. Capesize vessels again outperformed Q1 earnings at 26.4 thousand based on the new 185 5TC index and the best start of the year since 2010. Midsize vessels have been catching up nicely, with Q1 earnings averaging $15.4 thousand for Kamsarmax and 14.6 thousand for Ultramax vessels. The 12 months time charter rate has increased on all sizes as well. Compared to the previous quarter, underlying positive sentiment. For 182 index type vessels without scrubber, the 1 year rate now stands around 34 thousand a day. The equivalent rate for modern Kamsarmax is around 20 thousand a day. And the modern Ultramax can get about 18.5 thousand a day for a year. Part of this unusually strong first quarter can be attributed to an late Chinese New Year, which saw some early restocking activity. However, much like last year, 2026 has so far witnessed significant geopolitical and trade disruptions that continue to alter shipping patterns and trade dynamics. The Middle East conflict has caused bunker prices to spike and owners have been deviating their vessels to secure adequate supply of fuel. Long distance routes like the Brazil and West Africa to China has caused congestion. Furthermore, we have seen strong coal movements with Japan's Trade and Industry Ministry as well as the South Korean, Vietnamese and Taiwanese governments all indicating stronger interest in coal procurement as a near term solution to alleviate energy security concerns. It is worth noting that analysts see significant effects of the conflict in adjacent industries as well. Such as nickel production and architectural planning. Veson notes that in Australia, farms are switching from wheat to crops like barley and canola that either need less fertilizer or cell for a higher price. The harvest for Australian wheat due towards year end could be between 16-41% smaller. China's economic stimulus measures and infrastructure spending continue to support commodity imports. While India's consistent appetite for coal and iron ore reinforces its position as an increasingly important demand center for drybulk commodities. Nevertheless, according to the Economic Times, Coal India is planning a 10-year roadmap to slash the 243 million tonnes of coal that they import currently through increased domestic production costs quality upgrades and logistical cost parity. In the Capesize sector, we saw particularly strong Australian iron ore flow supporting the Pacific, while the Guinean bauxite exports continue to grow unabated. Having said that, there is some concern about a possible export limit to be imposed by the Guinean government in the second half of the year. Danish Ship Finance notes that the iron ore trade which is still the most durable of Chinese seaborne commodity relationships is changing beneath the surface. Steel industry is beginning to shift away from blast furnaces towards electric arc furnaces, which require cleaner higher grade ore. Australia built an entire export economy around the blast furnace grade and does not produce the new grade at scale. Whereas Brazil and West Africa do. China, by rule the world's largest steelmaker has secured majority control of the Simandou deposit in the largest untapped high grade iron ore reserve on the planet. The Kamsarmax sector has seen the most impressive growth so far, relatively supported by grain shipments in the Atlantic and coal shipments in the Pacific. The Ultramax sector has managed to take advantage of the same trading pattern and has additionally seen an increase in Atlantic coal shipments. However, Indonesia, which is a major factor for these vessel sizes, plans to tighten control over commodity exports, including coal, palm oil, to clamp down on tax evasion and bolster plunging rupiah. Moving to the next slide, we look at some macroeconomic considerations. And some key demand drivers. As mentioned before, the year has started historically strong. Iron ore and bauxite support the Capesize vessels and long haul grain shipments for the midsize vessels. Iron ore exports have been particularly well supported through Q1. Driven by consistently strong shipments from both Australia and Brazil, and complemented by additional cargoes from West Africa and Canada, thereby tightening some in the Atlantic. Total seaborne trade in coal continues to be under pressure. With China's imports recording negative growth for the quarter combined with an increase of inland imports with Mongolia. Bauxite, continues to be the big success story. And it is worth noting that in Q1, the Diana Newcastle MAX fleet was almost entirely employed in the bauxite trade whereas the Capesize trade carried mostly iron ore and coal. Meanwhile, seaborne grain loading staged a strong recovery in Q1, with Veson data showing volumes rising nearly 11% year-on-year. U. S. And Brazil together accounted for nearly 50% of the total grain shipments, It was for the first time since 2022, that The U. S. Shipped more volumes in Brazil in Q2. Interestingly, China still the world's largest grain imported and accounted for only a limited share of this growth. Towards the end of the quarter, however, the agricultural sector started facing some headwinds. Due to war related uncertainty revised phytosanitary inspection procedures in Brazil, at China's request and the surge of nitrogen fertilizer prices by nearly 40%. It is worth noting that BIMCO estimates that the Strait Of Hormuz disruption has caused an 8% increase in Panama Canal transits with slots being auctioned at record levels. And delays last seen since the during the severe 2023 drought. Canal is currently operating near maximum capacity and any further disruption such as reduced rainfall during the expected El Nino, may cause vessels to reroute via the Cape of Good Hope. Regarding global GDP, it is clear that the impact of the Middle East conflict is starting to bite. With several countries including Germany already revising their 2026 forecast downwards. The IMF itself presented 3 separate scenarios. In their latest world economic outlook. A reference forecast whereby the conflict is relatively short lived growth is slightly revised down to 3.1% for 2026, and 3.2% for 2027. Second scenario is a more protracted conflict for the IMF called the adverse scenario where world GDP growth forecast of 2026 falls to 2.5% assuming the petroleum spot price index will average $100 a barrel in 2026 and around $75 in 2027. And then they also have a severe scenario, which is based on average petroleum spot prices of about 110 barrels in 2026 and 1 hundred and 25 in 2027 which could cause the global economy to grow. Barely 2%. For 2026. Moving to the tonnage supply on Slide 17, elevated new building prices remain a deterrent for most prospective buyers with Cape values for Capesize reaching their highest level in 17 years. Around $76 million $77 million for late 29, early 2 thousand and 30 delivery. Extended delivery slots at major shipyards which remain heavily committed to high margin container and oil and gas projects have further constrained ordering appetite. Q1 ordering in the tanker market, however, was the highest on record and is continuing to be very strong. According to Clarksons, the bulk carrier fleet is forecast to grow by 3.2% in 2026, and only 1.7% for Capes, and Q1 saw the lowest delivery total in Capesize vessels since 2 thousand. For Kamsarmax and Ultramax vessels, the fleet projected increase is a substantial 4.3-4.5% respectively. And the deliveries for both these segments were substantial in Q1. However, this was partly offset by the number of vessels affected by the Middle East conflict which are either stuck in the Persian Gulf or still have cargo on board destined to that area. Braemar notes that on March 1.2% of the dry bulk fleet capacity was off market due to the war in the Middle East. Either stranded west of the Strait Of Hormuz or carrying cargoes bound for Middle East. Gulf ports. Today, this figure has fallen to about 1.2% of dry bulk capacity. Impact varies by fleet sector, 2% of Panamax, 1.4% of Ultramax and only 0.3% of Capesize capacity. Regarding the bulk carrier fleet order book, according to Braemar, it now stands at around 100 million ton deadweight, nearly 1.8 thousand vessels, which represents nearly 13% of the existing fleet. Sentiment in the ship recycling industry remains cautious Markets in Pakistan and Bangladesh saw firm fundamentals. Despite the shortage of available units rupee depreciation and rising gas costs are dampening buyer activity in India. Barely 1 million tons of deadweight dry bulk vessels were recycled in Q1. And then let's end in Slide 18 with the main positive and negative factors that analysts expect will influence the dry bulk carrier market going forward. On the positive side, we have global seaborne trade which is expected to stay firm for the balance of the year, supported by iron ore demand and minor bulks, mainly bauxite and grains. Ton mile support is expected to continue with longer iron ore flows from Brazil and West Africa. Grain exports from East Coast South America are expected to remain strong, and the significant dry dock schedule combined with modest deliveries, especially in the Capesize segments. Could be seen as a positive. 2025 saw a surge in driving dock activity with more than 3.2 thousand dry-docked vessels undergoing special surveys, and 2026 is scheduled to be similar. On the negative side, fleet growth, especially for Kamsarmax and Ultramax could exceed demand and demolition is expected to stay historically low. Coal demand, seeing a temporary increase, is expected to remain under pressure especially in China. Macro and policy risks also especially in China and Indonesia as mentioned before. Then, of course, the geopolitical uncertainty which can highly influence the global economy. It is very hard to predict. The medium to long term effects of the Middle East conflict on dry bulk and the economy in general. And on this note, I will pass the call back to our CEO, Ms. Semiramis Paliou, for some important takeaway points from this earnings call. Semiramis Paliou: Thank you, Evangelos. Thank you. Before concluding today's presentation, I would like to highlight our ESG performance. At Diana Shipping Inc, we remain committed to maintaining an industry leading ESG structure and continuously strengthening our sustainability practices. You can find our latest ESG report published in September 2025 on our website. In summary, Diana Shipping Inc. Stands on a strong foundation built on over 50 years of industry experience and 21 years on the New York Stock Exchange. A seasoned management team, adapt to addressing industry challenges and identifying opportunities. Strong stakeholder relationship and a disciplined strategic approach. A solid balance sheet with a strong cash position and a cautious mindset. Ongoing fleet modernization efforts are focused on rewarding our shareholders when possible under a robust ESG strategy. Thank you for joining us today. We are now happy to take your questions and ask you to keep them focused on our first quarter performance and related topics. Operator: Thank you. We will now be conducting a question and answer session. Our first questions come from the line of Christopher Barth with Arctic Securities. Please proceed with your questions. Analyst (Christopher Barth): Hello. Thank you for the presentation on good afternoon. I was wondering first if you can touch upon the potential Genco transaction Given you have upped your offer, Are you seeing sort of increased likelihood that you can get the Board of Directors of Genco to initiate discussions? And on the second half of this transaction that you have agreed with Star Bulk. Should transaction go through In terms of that transaction, Should not that also have some type of revision given that the offer is higher and also asset values are higher since the initial offer. And also if you could share the specific vessels that you have agreed to sell should transaction go through Okay. Ioannis G. Zafirakis: This is Ioannis Zafirakis, and thank you for the question. We have everybody has to understand that the response to your question, highly, whether we are there to increase the price further, is highly dependent on whether Genco will be sitting on a table meaningfully to do so. On the other hand, you understand that we are at the 15 year high in our shipping cycle. And also, there is a point where this deal does not make sense for Diana to happen. And we have shown to everybody that what we are paying is very close to current net asset value of the company. And actually, most of the shipping deals that have been done recently, were done at a discount to NAV close to 82%. As regards your second questions, question, this is something that we cannot we cannot respond at this stage. Sure. Okay. Analyst (Christopher Barth): Thank you, Ioannis. And a question on the market, especially related to bauxite. How do you see this risk going into second half? And do you sort of personally believe that it makes sense for Guinea to impose restrictions when, sort of, China is the main importer here. Thank you, Christopher. Evangelos Sfakiotakis: No, it could be bluster. I mean, we have seen things like this with the Guinean government before. It could also be that China is using this to give the impression that the demand is not as strong or that they have been overbuying. it is hard to say. it is hard to say where this is going to go. We remain at Diana agnostic on the situation and we will not change our strategy according to what the government in Tafghini will do. But yes, there is definitely some downside risk. But at the end of the day, I do not think it will be very significant. Analyst (Christopher Barth): Okay, perfect. Thank you. And a final question for me. Can you please give an update on Windward and how that company is developing? It would be interesting to hear your view on the market there and whether we potentially could see some type of divestment or crystallization of values here on a later stage? Ioannis G. Zafirakis: We as regards our investment in Windward we are generally speaking very happy The momentum is much better than when we started the prices of newbuildings and vessel are similar to ours. That have gone up. The availability of charters that even the period of charter has improved. And we are at this stage where we are evaluating all of our options as regards our chartering activity even consolidation. This does not mean that we are there to be consolidated or to consolidate. We are evaluating all of our options. Sure. Analyst (Christopher Barth): Thank you. And then just 1 final note on that. Windward, is there any sort of guiding on the value here? Of the fleet on a mark to market basis? Or the NAV? For you? Ioannis G. Zafirakis: And now, are you asking how we treat this investment in our books. Is that your question? Yes. There was an our investment, they have it there was a benefit From our investment in Windward in our numbers. Was it Maria-Christina? Yes. We have the benefit when the new investor came in, in Windward, And because he entered at an increased value of the company. So we, and the other shareholders the other shareholders, have the benefit from this from this new investment? Also, as we got the value. There was an increase certainly of the values. More than 20% easily. Now the values have gone a little bit down, but still we are talking of a substantial increase in the values. In the vicinity of 20% currently, A few months ago, it was close to 30%. Okay. Analyst (Christopher Barth): Perfect. that is it from me. Thanks. Operator: Thank you. I am showing no further questions at this time. I would like to hand the call back over to management for any closing remarks. Semiramis Paliou: Thank you for joining us for Diana's first quarter of the year 26 financial results. We look forward to presenting to you again in the next quarter. Thank you. Operator: Thank you, ladies and gentlemen. This does now conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day. 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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Diana Shipping (DSX) Q1 2026 Earnings Transcript was originally published by The Motley Fool

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributed the absence of a typical Q1 seasonal slowdown to utilization tightening caused by longer ton-miles and slower operating speeds due to the Middle East conflict. The Capesize market experienced its strongest first quarter since 2010, driven by non-demand factors including a substantial dry dock schedule and fleet displacement in the Strait of Hormuz. Operational performance was bolstered by a spike in coal movements in the Pacific as Japan, South Korea, and Vietnam increased imports to address energy security needs. The company maintained a disciplined chartering strategy, securing period coverage across all vessel sizes at rates significantly higher than previous contracts. Management highlighted that while the fleet is not directly affected by Persian Gulf tensions, the conflict has caused bunker price spikes and forced vessel deviations. Profitability for the quarter was significantly impacted by a $26.4 million unrealized gain on the company's investment in Genco Shipping & Trading Ltd. Contracted revenues for the remainder of 2026 are secured for 83% of ownership days at an average fixed time charter rate of $18.3 thousand per day. Management is pursuing a methanol-fueled newbuilding strategy with two Kamsarmax vessels scheduled for delivery in late 2027 and early 2028. The company's financial planning assumes a steady debt amortization schedule through 2029, with plans to address the $175 million senior unsecured bond maturity well in advance. Future market projections are sensitive to IMF scenarios regarding the Middle East conflict, where a 'severe scenario' could see global GDP growth fall to 2% in 2026. Management anticipates continued ton-mile support from shifting iron ore trade patterns as China seeks higher-grade ore from Brazil and West Africa over traditional Australian sources. Diana Shipping increased its cash offer for Genco to $24.8 per share, representing a 39% premium to the undisturbed price and approximately 1x Net Asset Value (NAV). A definitive agreement is in place with Starbulk Carriers Corp. to acquire 16 Genco vessels for $47.5 million contingent upon the successful closing of the Genco acquisition. Management flagged potential downside risks for Genco shareholders, estimating the stock could decline to $18 per share if the board continues to refuse engagement and the offer expires. The company noted a potential headwind in the second half of 2026 due to possible bauxite export limits being considered by the Guinean government. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management stated that further price increases are highly dependent on Genco's board sitting down for meaningful discussions. They cautioned that with asset values at 15-year highs, there is a limit where the deal no longer makes strategic sense for Diana Shipping. The current offer is priced at NAV, whereas peers typically trade at a 20% discount, suggesting limited room for upward revision without engagement. Management remains agnostic regarding the Guinean government's rhetoric, noting similar past instances may have been posturing. They do not intend to alter their commercial strategy based on these potential limits, viewing the overall downside risk as likely insignificant. Management expressed satisfaction with the Windward investment, noting that new investor entry has already validated increased company valuation. Asset values within that investment have increased by approximately 20% currently, down from a peak of 30% a few months prior. The company is evaluating all options for this investment, including potential consolidation or divestment, but has made no definitive decisions.