Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 281

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 19
Chunk 281
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accounts

as
impairment loss.
The Company’s impairment

assessment did not

result in the

recognition of impairment

on any vessel
and therefore
no
impairment loss was identified or recorded in 2024, 2023 and 2022.

DIANA SHIPPING INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2024

(Expressed in thousands of U. S. Dollars - except share, per share

data, unless otherwise stated)

F-16

For

the

building,

the

Company

determines

undiscounted

projected

net

operating

cash

flows

by
considering the

estimated monthly rent

the Company would

have to

pay in order

to lease

a similar
building for a period equal to its remaining useful life.
No
impairment loss was identified or recorded
for 2024, 2023 and

2022 and the Company has

not identified any other facts

or circumstances that
would require the write down of the value of its land or building in

the near future.
m)
Vessel

Depreciation:
Depreciation is

computed using

the straight-line

method over

the estimated
useful

life

of

the

vessels,

after

considering

the

estimated

salvage

(scrap)

value.

Each

vessel’s
salvage

value

is

equal

to

the

product

of

its

lightweight

tonnage

and

estimated

scrap

rate.
Management estimates

the useful

life of

the Company’s vessels

to be
25 years
from the date

of initial
delivery from

the shipyard.

Second-hand vessels are

depreciated from the

date of

their acquisition
through their remaining estimated useful life. When regulations place limitations over the ability of a
vessel to trade on

a worldwide basis,

its remaining useful

life is adjusted at

the date such regulations
are

adopted.
Effective July 1, 2023, the Company reassessed the estimated scrap rate used to
calculate depreciation and, based on the average demolition prices in different markets during the
last 15 years, adjusted upwards the estimated scrap rate of its vessels. This change in estimate
resulted

in

increased

salvage

values,

decreased

depreciation

expense