Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 138

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 138
---
;

●

the age, condition and specifications of our vessels;

●

levels of supply and demand in the dry bulk shipping industry.

Vessels

operating on time

charters for a

certain period of

time provide more

predictable cash flows

over

that

period

of

time

but

can

yield

lower

profit

margins than

vessels

operating in

the

spot

charter market

during periods characterized by favorable market conditions. Vessels operating in the spot charter market

generate

revenues

that

are

less

predictable

but

may

enable

their

owners

to

capture

increased

profit

margins during

periods of

improvements in

charter rates

although their owners

would be

exposed to the

risk of

declining charter rates,

which may have

a materially adverse

impact on financial

performance. As

we employ vessels

on period charters,

future spot charter

rates may be

higher or lower

than the rates

at

which

we

have

employed

our

vessels

on

period

charters.

Our

time

charter

agreements

subject

us

to

counterparty risk.

In depressed

market conditions,

charterers may

seek to

renegotiate the

terms of

their

existing charter parties or

avoid their obligations

under those contracts.

Should a counterparty

fail to honor

their obligations

under agreements

with us,

we could

sustain significant

losses which

could have

a material

adverse effect on

our business,

financial condition,

results of

operations and

cash flows. Revenues

derived

from

time

charter

agreements

in

2024

decreased

compared

to

previous

years

due

to

the

decrease

in

charter

rates

during the

year

and

the

decrease in

the

size

of

our

fleet

following vessel

sales

described

elsewhere in this annual report.

Voyage Expenses

We incur

voyage expenses

that mainly

include commissions

because all

of our

vessels are

employed

under

time charters that require the

charterer to bear voyage expenses

such as bunkers (fuel oil), port

and canal

charges. Although the charter