Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 9

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 3
Chunk 9
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U. S. on

imports from

Canada

and Mexico,

among other

countries, on

goods including

steel and

aluminum, and

the U. S.

has also

signaled

that it may

impose “reciprocal” tariffs

on foreign imports in

the coming weeks.

It is unknown

whether and

to

what

extent

such

tariffs

(or

other

new

laws

or

regulations)

will

be

retained,

expanded

or

otherwise

modified by the U. S.,

or the effect that

any such actions

will have on us

or our industry, but such measures

could have an adverse effect on our business, financial condition, and results of operations.

The dry bulk

carrier charter market remains

significantly below its

high in 2008,

which may affect

our revenues, earnings and profitability, and our ability to comply with our loan covenants.

The abrupt and

dramatic downturn in the

dry bulk charter

market until the

beginning of 2021,

from which

we

derive

substantially

all

of

our

revenues,

severely

affected

the

dry

bulk

shipping

industry

and

our

business. The

Baltic Dry

Index, or

the BDI,

a daily

average of

charter rates

for key

dry bulk

routes published

by the Baltic Exchange Limited, has long been viewed as the main benchmark to monitor the movements

of the dry bulk vessel charter market and the performance of the entire dry bulk shipping market. The BDI

declined

94%

in

2008

from

a

peak

of

11,793

in

May

2008

to

a

low

of

663

in

December 2008

and

has

remained volatile since then,

reaching a record low of

290 in February 2016.

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. There

can be no

assurance that

the

dry

bulk

charter

market

will

not

decline

further.

The

decline

and

volatility

in

charter

rates

is

due

to

various