Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 293

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 19
Chunk 293
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DWM is a joint venture between

Diana Ship
Management Inc., a

wholly owned subsidiary

of DSI, and

Wilhelmsen Ship Management

Holding AS, an
unaffiliated third party,

each holding
50
% of DWM. As of December 31, 2024 and 2023, the investment in
DWM

amounted to

$
794
and

$
734
and

is

included

in

equity

method

investments

in

the

accompanying
consolidated balance sheets.

In 2024, 2023

and 2022, the

investment in DWM

resulted in a

gain of $
60,
$
228
and $
894, respectively, included in gain/(loss) from equity method investments in the accompanying
consolidated statements of income.
DWM performs the

technical and commercial

management of
six
vessels of

the Company’s fleet

for a fixed
monthly fee separately presented as management fees to a

related party and a percentage of their gross
revenues included in voyage expenses. Management fees to

DWM in 2024, 2023 and 2022 amounted to
$
1,332,

$
1,313
and

$
511,

respectively.

Voyage

expenses

(commissions)

incurred

by

DWM

under

the
management agreements during 2024,

2023 and 2022, amounted

to $
368, $
390
and $
162, respectively.
As of December 31, 2024 and 2023, there was an amount of $
3
and $
25
due from DWM, included in due
from related parties in the accompanying consolidated balance

sheets.
b)

Bergen Ultra

LP, or Bergen:
Bergen is

a limited

partnership which

was established

for the

purpose
of acquiring,

owning, chartering

and/or operating

a vessel.

Bergen was

a wholly

owned subsidiary

of Diana,
which on February

14, 2023, signed

a Memorandum of

Agreement to acquire

from an unrelated

third-party
an Ultramax dry bulk vessel,

delivered on April 10, 2023. On March

30, 2023, Bergen entered into a loan
agreement with Nordea

for a $
15,400
loan to finance

part