Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 44

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 3
Chunk 44
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vessel into

drydock, which

would reduce

our fleet

utilization and

increase our

operating costs.

If a

hidden defect

or problem

is not

detected, it

may result

in accidents

or other

incidents for

which we

may

become liable to

third parties.

The market prices

of secondhand and

newbuilt vessels

also tend

to fluctuate

with changes in

charter rates and,

if we sell

the vessels, the

sales prices may

be less than

their carrying

values at that time.

In general, the costs to maintain a vessel in

good operating condition increase with the age of the vessel.

As

of

the

date

of

this

annual

report,

our

fleet

consists

of

39

vessels

of

which

37

vessels,

owned

and

chartered-in, are in operation,

having a combined carrying

capacity of 4.1 million dead

weight tons, or dwt,

and a weighted average age of

11.4 years and

two vessels are under construction. As our

fleet ages, we

will

incur

increased

costs.

Older

vessels

are

typically

less

fuel-efficient

than

more

recently

constructed

vessels

due

to

improvements

in

engine

technology.

Cargo

insurance

rates

increase

with

the

age

of

a

vessel, making older vessels less desirable to charterers.

Furthermore, governmental regulations, safety or other equipment

standards related to the age of vessels

may

require

expenditures for

alterations, or

the addition

of

new equipment

and may

restrict the

type

of

29

activities

in which

the

vessel may

engage. As

our

vessels age,

market conditions

may

not justify

those

expenditures or enable us to operate our vessels profitably during the remainder

of their useful lives. As a

result, regulations and

standards could have

a material adverse

effect on our business,

financial condition,

results of operations, cash flows and ability to pay dividends.

We are subject to certain risks with respect to our counterparties

on contracts, and failure of such

counterparties

to

meet

their

obligations could

cause