Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 164

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 164
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which

we

are

aware

through

both

formal

and

informal

communications

with

shipowners,

shipbrokers,

industry

analysts

and

various

other

shipping

industry participants and observers.

As

we

obtain information

from

various industry

and

other

sources, our

estimates

of charter-free

market

value are

inherently uncertain.

In addition,

vessel values

are highly

volatile; as

such, our

estimates may

not be

indicative of the

current or

future charter-free market

value of

our vessels or

prices that

we could

achieve if we

were to sell them.

We also refer

you to the

risk factor in “ Item

3. Key Information - D. Risk

Factors” entitled

“

The market

values of

our vessels

could decline,

which could

limit the

amount of

funds

that we

can borrow

and could

trigger breaches

of certain

financial covenants

contained in

our loan

facilities,

which could adversely

affect our operating results,

and we may

incur a loss

if we sell

vessels following a

decline

in

their

market

values

”

and

the

discussion

under

the

heading

"Item

4.

Information

on

the

Company - B. Business Overview - Vessel Prices.”

Our impairment test

exercise is sensitive

to variances in

the time charter

rates. Our current

analysis, which

also

involved

a

sensitivity

analysis

by

assigning

possible

alternative

values

to

this

significant

input,

indicated that

time charter

rates would

need to

be reduced

by 14%

to result

in impairment

of individual

long-lived assets

with indication

of impairment.

However, there can

be no

assurance as

to how

long charter

rates and vessel values will remain at their current levels.

If charter rates decrease and remain depressed

for

some

time,

it

could

adversely

affect

our

revenue

and

profitability

and

future

assessments

of

vessel

impairment.

A comparison of the average estimated daily time charter equivalent rate used in our impairment analysis

with the average “break-even rate” for each major