Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 160

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 160
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applicable. When the

10-year average of historical 1 year time charter rates is

not available for a type of vessels, the Company

uses

the

average

of

historical

1

year

time

charter

rates

of

the

available

period.

The

historical

ten-year

average rate

used in

2024 to

calculate undiscounted

projected net

operating cash

flow was

$13,053 for

Panamax,

Kamsarmax

and

Post-Panamax

vessels,

$16,626

for

Ultramax

vessels

and

$16,315

for

our

Capesize

and

Newcastlmax

vessels,

compared

to

$12,775,

16,608

and

$16,115,

respectively

in

2023.

Other assumptions

used in

developing estimates

of future

undiscounted cash

flow are

the charter

rates

calculated for

the fixed

days using

the fixed

charter rate

of each

vessel from

existing time

charters, the

expected outflows

for scheduled

vessels’ maintenance;

vessel operating

expenses; fleet

utilization, and

the vessels’ residual

value if sold

for scrap. Assumptions

are in line

with our

historical performance

and our

expectations for future

fleet utilization under

our current fleet

deployment strategy. The difference between

the carrying amount of a vessel plus unamortized deferred costs and its fair value would be recognized in

our accounts as impairment loss,

if the undiscounted cash

flows were lower compared to carrying

value of

that vessel.

Although no impairment loss

was identified or recorded

in 2024, according to

our assessment,

82

the carrying value plus unamortized deferred cost of vessels for which impairment indicators

existed as of

December 31, 2024, was $361.4 million.

Historically,

the

market

values

of

vessels

have

experienced

volatility,

which

from

time

to

time

may

be

substantial.

As a result, the

charter-free market value of certain

of our vessels may

have declined below

those

vessels’

carrying

value

plus

unamortized