Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 17

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 3
Chunk 17
---

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. As a

result, our revenues

may be weaker

during the

fiscal quarters ending

June 30

and

September 30,

and,

conversely,

our

revenues

may

be

stronger

in

fiscal

quarters

ending

December 31 and March 31.

While this seasonality

does not directly

affect our operating

results, it could

materially

affect

our

operating results

to

the

extent

our

vessels

are

employed

in

the

spot

market

in

the

future.

An increase in the price of fuel, or bunkers, may adversely affect our

profits.

While we generally will not bear the cost

of fuel or bunkers for vessels

operating on time charters, fuel is

a

significant

factor

in

negotiating

charter

rates.

As

a

result,

an

increase

in

the

price

of

fuel

beyond

our

expectations

may

adversely

affect

our

profitability

at

the

time

of

charter

negotiation.

Fuel

is

also

a

significant, if not

the largest, expense

in shipping when

vessels are under

voyage charter.

The price and

supply of

fuel is

unpredictable and

fluctuates based

on events

outside our

control, including

geopolitical

developments, such as the ongoing conflict between Russia and Ukraine and between

Israel and Hamas,

supply

and

demand for

oil

and

gas,

actions

by

the

Organization

of

Petroleum Exporting

Countries

(the

17

"OPEC"), and other oil and gas producers, war and unrest in

oil producing countries and regions, regional

production patterns

and environmental

concerns. Any

future increase

in the

cost of

fuel may

reduce the

profitability and competitiveness of our business.

We

are

subject

to

complex

laws