Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 3

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 3
Chunk 3
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significantly

in

the

past

years, which

may adversely

affect our earnings,

revenues and

profitability and

our ability

to comply

with our loan covenants.

Substantially all of our revenues

are derived from a single

market, the dry bulk segment,

and therefore our

financial results

are subject

to

cyclicality of

the

dry bulk

shipping industry

and any

attendant volatility

in

charter hire

rates and profitability. The

degree of

charter hire

rate volatility

among different types

of dry

bulk

vessels has

varied widely,

and time

charter and

spot market

rates for

dry bulk

vessels have

in the

past

declined below the

operating costs of

vessels. When we

charter our

vessels pursuant to

short-term time

charters, we

are exposed

to changes

in short-term

charter rates

for dry

bulk carriers

and such

changes

may affect our earnings. Fluctuations in charter rates result

from changes in the supply of and demand

for

vessel

capacity

and

changes

in

the

supply

of

and

demand

for

the

major

commodities

carried

by

water

internationally.

Because

the

factors

affecting

the

supply

of

and

demand

for

vessels

are

outside

of

our

control and

are unpredictable,

the nature,

timing, direction

and degree

of changes

in industry

conditions

are also

unpredictable. We

cannot assure

you that

we will

be able

to successfully

charter our

vessels in

10

the

future

or

renew

existing

charters

at

rates

sufficient

to

allow

us

to

meet

our

obligations

or

pay

any

dividends in the future. A significant decrease

in charter rates would adversely affect our profitability, cash

flows

and may

cause vessel

values to

decline, and,

as

a result,

we may

have

to

record an

impairment

charge in our consolidated financial statements which could adversely

affect our financial results.

In 2024, the

dry bulk

shipping market

experienced