Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 140

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 140
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 in

different markets, during

the

last 15 years.

72

General and Administrative Expenses

We incur general

and administrative

expenses which

include our

onshore related

expenses such

as payroll

expenses

of

employees,

executive

officers,

directors

and

consultants,

compensation

cost

of

restricted

stock

awarded

to

senior

management

and

non-executive

directors,

traveling,

promotional

and

other

expenses of

the public

company,

such as

legal and

professional expenses and

other general expenses.

General and administrative expenses are not affected

by the size of the fleet.

However, they are

affected

by the exchange rate of Euro to US Dollars,

as about half of our administrative expenses are in Euro.

Interest and Finance Costs

We incur

interest expense and

financing costs

in connection with

vessel-specific debt,

senior unsecured

bond and finance liabilities. As of December 31, 2024 our aggregate debt amounted

to $522.6 million and

our finance

liabilities amounted

to $123.9

million. During

2023, we

replaced LIBOR,

being the

reference

rate to

calculate interest

expense in

our loan

facilities having

a floating

rate, with

term SOFR.

Interest rates,

which have

been increasing

since the

beginning of

2022, started

to decrease

from the

third quarter

of 2024.

We manage our exposure to interest

rates by maintaining a mix

of floating and fixed

interest rate financing

agreements. Floating

rate agreements

include secured

loan facilities

and fixed

rate agreements

include

leases and our senior unsecured

bond. Also, in 2023, we

entered into an interest

rate swap for 30% of

our

$100 million

loan facility

with DNB,

dated June

26, 2023,

under which

we pay

fixed interest

and receive

floating.

Lack of Historical Operating Data for Vessels before Their Acquisition

Although vessels are generally acquired free of charter, we have acquired (and may in the future acquire)

some vessels with time charters. It is rare in

the shipping industry for the last charterer of

the vessel in the

hands of the seller to continue as the first charterer

of the vessel in the hands of the