Diana Shipping (DSX) investor relations material

Executive summary

• Net income surged to $29.1 million in Q1 2026 from $3 million in Q1 2025, with EPS at $0.25 versus $0.01 year-over-year.

• Time charter revenues were $54.7 million, nearly flat compared to $54.9 million in Q1 2025, despite a reduction in ownership days.

• Fleet utilization reached 99.9% for Q1 2026, with a fleet of 36 dry bulk vessels and two methanol dual fuel newbuilds expected in late 2027 and early 2028.

• A revised tender offer for Genco at $24.8/share was launched, representing a 39% premium to its undisturbed price, with $1.433 billion in committed financing.

• Awarded the Global Award in the Governance Leader category at the 2026 ESG Shipping Awards.

Financial highlights

• Adjusted EBITDA was $23.3 million, unchanged from Q1 2025.

• Net income attributable to common stockholders was $27.7 million, up from $1.6 million in Q1 2025.

• Cash reserves at quarter-end were $124.5 million, with net debt at 46% of market value.

• Vessel operating expenses decreased 3% to $19.5 million, but daily operating expenses rose to $6,009.

• Operating income reached $26.4 million, compared to $11.3 million in the prior year.

Outlook and guidance

• 83% of 2026 ownership days are fixed at an average time charter rate of $18,338/day, with $123.5 million in contracted revenues.

• For 2027, 17% of days are fixed at $19,858/day, with $44.1 million in contracted revenues.

• Potential total revenues for 2026 and 2027, including unfixed days at FFA rates, could reach $149.6 million and $252.3 million, respectively.

• Dividend policy remains consistent, with $0.01/share declared for Q1 2026.

• Conservative chartering strategy with 17% of 2026 days unfixed, providing earnings visibility.