Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 4

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 3
Chunk 4
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 significant

volatility, especially in

the Capesize segment,

with fluctuating demand

and a notable

drop in rates

during the fourth

quarter.

Geopolitical tensions, stricter

environmental

regulations,

including

EU

fuel

rules,

and

disruptions

in

the

Panama

and

Suez

Canals

impacted

market

dynamics.

Infrastructure

projects

and

agricultural

exports

supported

demand,

keeping

freight rates for

Panamax and Ultramax segments relatively

stable, with an exception

towards the end

of

2024.

Freight rate

volatility stemmed

from seasonal

demand shifts,

with recovery

periods driven

by key

commodity

demand,

such

as

China’s

demand

for

coal

and

iron

ore

which

remained

crucial,

while

also

limited fleet

growth provided

partial support.

The introduction

of stricter

environmental

regulations, including

IMO 2030

and EU

fuel mandates,

is expected

to raise

operational costs,

potentially affecting

shipping rates.

The

Russia-Ukraine

war

and

tensions

in

Israel

disrupted

supply

chains

and

shipping

routes,

causing

unpredictable shifts in dry bulk demand. Despite these challenges, the market outlook remains cautiously

optimistic,

though

subject

to

shifts

in

global

trade

patterns,

economic

conditions,

and

geopolitical

developments.

Factors that influence demand for dry bulk vessel capacity include:

●

supply

of

and

demand

for

energy

resources,

commodities,

and

semi-finished

and

finished

consumer and industrial products;

●

changes in the exploration or production of energy

resources, commodities, and semi-finished and

finished consumer and industrial products;

●

the location of regional and global exploration, production and manufacturing

facilities;

●

the

location

of

consuming

regions

for

energy

resources,

commodities,

and

semi-finished

and

finished consumer and industrial products;

●

the globalization of production and manufacturing;

●

global

and

regional

economic

and

political

conditions,

armed

conflicts,

including

the

ongoing

conflicts

between

Russia

and

Ukraine

and

Israel

and

Hamas,