Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 134

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 4A
Chunk 134
---
umstances.

The

shipping industry

uses operating

days to

measure the

aggregate number

of days

in a

period

during which vessels actually generate revenues.

(5)

We calculate

fleet utilization

by dividing

the number

of our

operating days

during a

period by

the number of our available days

during the period. The shipping industry uses

fleet utilization

to measure

a company's

efficiency in

finding suitable

employment for

its vessels

and minimizing

the

amount

of

days

that

its

vessels

are

off-hire

for

reasons

other

than

scheduled

repairs

or

repairs

under

guarantee,

vessel

upgrades,

special

surveys

or

vessel

positioning

for

such

events.

(6)

Time

charter

equivalent

rates,

or

TCE

rates,

are

defined

as

our

time

charter

revenues

less

voyage expenses

during a

period divided

by the

number of

our available

days during

the period,

which

is

consistent

with

industry

standards.

Voyage

expenses

include

port

charges,

bunker

(fuel)

expenses,

canal

charges

and

commissions.

TCE

rate

is

a

non-GAAP

measure,

and

management

believes

it

is

useful

to

investors

because

it

is

a

standard

shipping

industry

performance measure used primarily

to compare daily earnings

generated by vessels on

time

charters

with

daily

earnings

generated

by

vessels

on

voyage

charters,

because

charter

hire

rates

for

vessels

on

voyage

charters

are

generally

not

expressed

in

per

day

amounts

while

charter hire rates for vessels on time charters are generally expressed

in such amounts.