Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 82

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 4
Chunk 82
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operate

our

vessels

worldwide,

in

markets

that

have

historically

exhibited

seasonal

variations

in

demand and,

as a

result, in

charter hire

rates. The

dry bulk

carrier market

is typically

stronger in the

fall

and winter months in

anticipation of increased

consumption of coal and

other raw materials

in the northern

hemisphere during the winter months. In addition, unpredictable weather patterns

in these months tend to

disrupt vessel scheduling

and supplies of certain

commodities. This seasonality

has a limited direct

impact

on our operating

results as we

charter our vessels to

customers pursuant to medium-term

and long-term

time charter agreements.

Management of Our Fleet

The commercial and technical management of our fleet,

owned and bareboat chartered-in, as well as the

provision of administrative services

relating to the fleet’s

operations, are carried out

by our wholly-owned

subsidiary, Diana Shipping Services S. A., which we refer to as DSS, and Diana Wilhelmsen Management

Limited, a 50/50 joint

venture with Wilhelmsen

Ship Management, which

we refer to as

DWM. In exchange

for

providing

us

with

commercial

and

technical

services,

personnel

and

office

space,

we

pay

DSS

a

commission,

which

is

a

percentage

of

the

managed

vessels’

gross

revenues,

a

fixed

monthly

fee

per

managed vessel and an additional monthly fee for the administrative services provided to Diana Shipping

Inc. Such services may

include budgeting, reporting,

monitoring of bank accounts,

compliance with banks,

payroll

services

and

any

other

possible

service

that

Diana

Shipping

Inc.

would

require

to

perform

its

operations. Similarly, in exchange

for providing

us with

commercial and

technical services,

we pay

to DWM

a commission

which is

a percentage

of the

managed vessels’

gross revenues

and a

fixed management

monthly fee

for each

managed vessel.

The amounts

deriving from

the agreements

with DSS

are considered

inter-company transactions and, therefore, are eliminated from

our consolidated financial statements. The