Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 31

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 3
Chunk 31
---
 resulting

in a

loss and

a reduction in

earnings. In

addition, if

vessel values decline,

we may have to record an impairment adjustment in our financial statements which could

adversely affect

our financial

results.

Conversely, if vessel

values are

elevated at

a time

when we

wish to acquire

additional

vessels,

the

cost

of

acquisition

may

increase

and

this

could

adversely

affect

our

business,

results

of

operations, cash flow and financial condition.

We charter

some of

our vessels

on short-term time

charters in

a volatile

shipping industry and

a

decline in charter hire rates could affect our results of operations and our ability to

pay dividends.

Although significant exposure to

short-term time charters is

not unusual in the

dry bulk shipping industry,

the short-term

time charter

market is

highly competitive

and spot

market charter

hire rates

(which affect

time charter

rates) may

fluctuate significantly

based upon

available charters

and the

supply of,

and demand

for,

seaborne

shipping

capacity.

While

the

short-term

time

charter

market

may

enable

us

to

benefit

in

periods

of

increasing charter

hire

rates,

we

must

consistently

renew

our

charters

and

this

dependence

makes us

vulnerable to

declining charter

rates. As

a result

of the

volatility in

the dry

bulk carrier

charter

market, we may

not be able

to employ our

vessels upon the

termination of their

existing charters at their

current charter hire rates

or at all.

The dry bulk

carrier charter market is

volatile, and since

the beginning

of 2025, short-term time charter and spot market charter rates for some dry bulk carriers have declined at

or

below

the

operating

costs

of

those

vessels. We

cannot

assure you

that

future

charter

hire

rates

will

enable us to operate our vessels profitably, or to pay dividends.

Rising crew costs could adversely affect our results of operations.

Due to an increase in the size of the global shipping fleet,