Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 143

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 143
---

management of our accounting system and records and financial

reporting;

●

administration of the legal and regulatory requirements affecting our business

and assets; and

●

management of the relationships with our service providers and customers.

The principal factors

that affect our profitability, cash

flows and shareholders’

return on investment

include:

●

rates and periods of charter hire;

●

levels of vessel operating expenses;

●

depreciation expenses;

●

financing costs;

●

the war in the Ukraine;

●

inflation, and

●

fluctuations in foreign exchange rates.

Results of Operations

Year ended December 31, 2024 compared to the year ended December 31, 2023

Time

charter revenues.

Time

charter revenues

decreased by

$33.9 million,

or 13%,

to $228.2

million in

2024, compared to $262.1 million

in 2023. The

decrease in time charter

revenues was due to

decreased

average time

charter rates

achieved during

the year, reflected

in our

TCE rate

of $15,267

in 2024

compared

to $16,713 in 2023,

representing a 9% decrease.

A further decrease was due

to the decrease in the

size

of our fleet resulting from the disposal

of two vessels during 2024, which

decreased operating days during

2024, as compared to last year. Operating days in 2024 were 14,009 compared to 14,824 in 2023.

Voyage

expenses.

Voyage

expenses

amounted

to

$13.6

million

in

2024

and

remained

unchanged

compared

to

2023.

Although

commissions,

included

in

voyage

expenses,

decreased

in

2024

to

$11.6

million compared to $13.3

million in 2023, this

decrease was offset by

increased port expenses

and loss in

bunkers amounting

to $0.7

million in

2024 compared

to a

gain of

$0.5 million

in 2023.

The gain/loss

on

bunkers was mainly due

to the difference in the

price of bunkers paid

by