Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 142

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 142
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 for a

new crew for the

vessel, and where the

vessel is on charter,

in some cases, the

crew must be approved by the charterer;

●

replace all hired equipment on board, such as gas cylinders

and communication equipment;

●

negotiate

and

enter

into

new

insurance

contracts

for

the

vessel

through

our

own

insurance

brokers;

●

register the vessel under a

flag state and perform

the related inspections in order

to obtain new

trading certificates from the flag state;

●

implement a new planned maintenance program for the vessel; and

●

ensure that the new

technical manager obtains new certificates for

compliance with the safety

and vessel security regulations of the flag state.

When we charter

a vessel

pursuant to a

long-term time

charter agreement

with varying rates,

we recognize

revenue on a straight-line basis, equal to the average revenue during

the term of the charter.

The following

discussion is

intended to

help you

understand how

acquisitions of

vessels affect

our business

and results of operations.

Our business is mainly comprised of the following elements:

●

employment and operation of our vessels; and

●

management of

the financial,

general and

administrative elements

involved in

the conduct

of

our business and ownership of our vessels.

The employment and operation of our vessels mainly require the

following components:

●

vessel maintenance and repair;

●

crew selection and training;

●

vessel spares and stores supply;

●

contingency response planning;

●

onboard safety procedures auditing;

●

accounting;

●

vessel insurance arrangement;

●

vessel chartering;

●

vessel security training and security response plans (ISPS);

●

obtaining of

ISM certification

and audit

for each

vessel within

the six

months of

taking over

a

vessel;

74

●

vessel hiring management;

●

vessel surveying; and

●

vessel performance monitoring.

The management of

financial, general and

administrative elements

involved in the

conduct of our

business

and ownership of our vessels mainly requires the following components:

●

management of our

financial resources, including

banking relationships, i. e.,

administration of

bank loans and bank accounts;

●