Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 90

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 4
Chunk 90
---

charter

types

and

the

different

dry

bulk

carrier

categories. In the

time charter market,

rates vary depending

on the length

of the charter

period and vessel-

specific factors such as age, speed and fuel consumption.

In the

voyage charter

market, rates

are, among

other things,

influenced by

cargo size,

commodity,

port

dues and canal transit fees, as well

as commencement and termination

regions. In general, a larger

cargo

size is quoted

at a lower

rate per ton

than a smaller

cargo size.

Routes with

costly ports or

canals generally

command higher rates

than routes

with low port

dues and

no canals to

transit. Voyages

with a

load port

within a

region that

includes ports

where vessels

usually discharge

cargo or

a discharge

port within

a region

with

ports

where

vessels

load

cargo

also

are

generally

quoted

at

lower

rates,

because

such

voyages

generally increase vessel utilization

by reducing the unloaded portion

(or ballast leg) that is

included in the

calculation of the return charter to a loading area.

51

Within the dry bulk shipping industry, the

charter hire rate references, most likely to be monitored, are the

freight rate indices

issued by the

Baltic Exchange. These

references are based

on actual charter

hire rates

under

charters

entered

into

by

market

participants

as

well

as

daily

assessments

provided

to

the

Baltic

Exchange by a panel

of major shipbrokers.

The Baltic Panamax

Index is the index

with the longest

history.

The Baltic Capesize Index and Baltic Handymax Index are

of more recent origin.

The Baltic Dry Index, or BDI, is a daily average of charter rates

in 20 shipping routes measured on a time

charter and voyage basis and covering Capesize, Panamax, Supramax, and Handysize dry

bulk carriers.

In 2024, the BDI ranged from a low of 976 to a high of 2,419 and closed

at 1,635 on March 20, 2025.

The Dry Bulk Shipping Industry

The

global

dry

bulk