Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 149

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 149
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 acquired

in 2023 amounting

to $20.7 million;

proceeds from

our $175 million

bond issued

in July 2024

which prepaid

the then outstanding $119 million bond and proceeds of $24.2

million from the exercise of warrants

during

2024. This increase

was partly offset

by increased drydock

costs incurred during 2024,

increased capital

expenditures for the acquisition of investments and decreased revenues as a result of the significant drop

of

the

charter

rates

during

2024

compared

to

2023.

The

increase

in

working

capital

in

2024

was

also

affected

by

decreased

current

portion

of

long-term

debt

compared

to

last

year,

as

a

result

of

loan

refinancings

during

2024,

under

which

we

extended

the

relevant

repayment

schedules

and

decreased

annual amortization. We believe that

our working capital is sufficient

to cover our short-term

requirements.

Cash and

cash equivalents, including

restricted cash,

are primarily held

in U. S.

dollars and

amounted to

$143.7 million

as

of

December 31,

2024

and $121.6

million as

of

December 31,

2023. Restricted

cash

represents minimum

liquidity requirements

under our

loan facilities

and as

of December

31, 2024

and 2023,

amounted

to

$19

million

and

$20

million,

respectively.

Also,

as

of

December

31,

2024

and

2023,

time

deposits with maturities

above three

months amounted

to $63.5 million

and $40.0

million, respectively. Our

cash and cash equivalents, restricted cash and time deposits represent our unused sources of

liquidity to

meet our short-

and long-term obligations.

During 2024 and 2023, our sources and uses of cash were as

follows:

Net Cash Provided by Operating Activities

Net cash

provided by operating

activities increased by

$13.1 million,

or 19%.

In 2024, net

cash provided

by

operating

activities

was