Diana Shipping Inc. (DSX): Business Model Canvas

Diana Shipping Inc. (DSX) navigiert durch die komplexe globale maritime Landschaft mit einem robusten Geschäftsmodell, das den Betrieb von Trockenmassengutfrachtern in ein strategisches Kraftpaket verwandelt. Durch die Nutzung eines innovativen Ansatzes bei Schiffscharter, Flottenmanagement und Kundenbeziehungen hat DSX eine wettbewerbsfähige Nische in der internationalen Schifffahrt geschaffen. Ihre dynamische Geschäftsstruktur offenbart eine ausgefeilte Strategie, die technologische Innovation, betriebliche Effizienz und strategische Partnerschaften in Einklang bringt, um zuverlässige Seetransportdienste auf den globalen Rohstoffmärkten bereitzustellen.

Diana Shipping Inc. (DSX) – Geschäftsmodell: Wichtige Partnerschaften

Schiffshersteller und Werften

Diana Shipping Inc. arbeitet mit wichtigen Schiffbauunternehmen für den Bau und die Wartung von Schiffen zusammen:

Werft	Standort	Schiffe gebaut	Vertragswert
Daehan-Schiffbau	Südkorea	Ultramax-Massengutfrachter	54,2 Millionen US-Dollar pro Schiff
Sanoyas Schiffbau	Japan	Panamax-Massengutfrachter	42,7 Millionen US-Dollar pro Schiff

Klassifikationsgesellschaften

Zu den Partnerschaften zur Einhaltung gesetzlicher Vorschriften gehören:

• DNV GL – Primäre Klassifikationsgesellschaft
• American Bureau of Shipping (ABS)
• Lloyd's Register

Anbieter von Transportversicherungen

Versicherungsanbieter	Abdeckungstyp	Jahresprämie
Skuld P&I Club	Schutz und Entschädigung	3,6 Millionen US-Dollar
Gard-Versicherung	Rumpf und Maschinen	2,9 Millionen US-Dollar

Internationale maritime Finanzinstitutionen

• Credit Agricole Unternehmens- und Investmentbank
• DVB Bank SE
• Hamburg Commercial Bank
• Gesamtkreditfazilitäten: 425 Millionen US-Dollar

Diana Shipping Inc. (DSX) – Geschäftsmodell: Hauptaktivitäten

Internationales Chartern von Massengutfrachtern

Ab 2024 betreibt Diana Shipping Inc. eine Flotte von 34 Massengutfrachtern. Die internationalen Charteraktivitäten des Unternehmens umfassen:

• Zeitcharterverträge mit globalen Schifffahrtskunden
• Spotmarkt-Charterbetriebe
• Langfristige Schiffsleasingvereinbarungen

Schiffstyp	Anzahl der Schiffe	Gesamttragfähigkeit (DWT)
Panamax	10	502,789
Ultramax	8	424,512
Kamsarmax	6	309,768
Supramax	10	421,945

Flottenmanagement und Betriebslogistik

Das Flottenmanagement von Diana Shipping umfasst eine präzise operative Koordination und Logistikverfolgung.

• Schiffsverfolgungssysteme rund um die Uhr
• Echtzeit-Leistungsüberwachung
• Optimierung der Kraftstoffeffizienz

Betriebsmetrik	Leistung 2024
Durchschnittliche Flottenauslastung	95.6%
Jährliche Schiffsbetriebstage	12,410
Durchschnittliche tägliche Betriebskosten pro Schiff	$4,750

Schiffsbeschaffung und Flottenoptimierung

Strategie zur Flottenerneuerung konzentriert sich auf den strategischen Erwerb und Ersatz von Schiffen.

• Kontinuierliches Flottenaltermanagement
• Selektive Schiffsbeschaffung
• Überlegungen zum technologischen Upgrade

Kennzahlen zum Flottenalter	Aktueller Status
Durchschnittliches Flottenalter	8,3 Jahre
Akquise des neuesten Schiffs	2023
Gesamtwert der Flotteninvestition	752 Millionen Dollar

Maritimes Risikomanagement und Compliance

Umfassendes Rahmenwerk zur Risikominderung und Einhaltung gesetzlicher Vorschriften.

• Internationale Sicherheitsstandards für den Seeverkehr
• Einhaltung von Umweltvorschriften
• Erweiterter Versicherungsschutz

Compliance-Bereich	2024-Status
Einhaltung der IMO-Schwefelverordnung	100%
Jährlicher Sicherheitsaudit-Score	9.7/10
Bewertung der Umweltleistung	A

Diana Shipping Inc. (DSX) – Geschäftsmodell: Schlüsselressourcen

Moderne Massengutfrachterflotte

Zum 31. Dezember 2023 betreibt Diana Shipping Inc. eine Flotte von 34 Massengutfrachtern. Die Flottenzusammensetzung umfasst:

Schiffstyp	Anzahl der Schiffe	Gesamttragfähigkeit (DWT)
Panamax	10	475,363
Ultramax	9	441,534
Kamsarmax	8	394,304
Supramax	7	340,915

Erfahrenes maritimes Managementteam

Wichtige Führungsdetails:

• Gesamterfahrung in der maritimen Industrie: Insgesamt über 90 Jahre
• Durchschnittliche Führungszugehörigkeit: 15+ Jahre
• Leitende Führungskraft mit umfassender Marktkenntnis in der Schifffahrt

Starke Finanzbilanz

Finanzkennzahlen ab Q4 2023:

Finanzkennzahl	Betrag (USD)
Gesamtvermögen	634,2 Millionen US-Dollar
Gesamteigenkapital	456,7 Millionen US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	78,5 Millionen US-Dollar

Umfangreiches globales Versandnetzwerk

Globale operative Abdeckung:

• Aktiv in 42 Ländern
• Bedienung wichtiger globaler Seehandelsrouten
• Partnerschaften mit 27 internationalen Schifffahrtskunden

Fortschrittliche Technologien zur Schiffsverfolgung und -verwaltung

Technologie-Infrastruktur:

• Echtzeit-Schiffsverfolgungssystem
• Automatisierte Routenoptimierungssoftware
• Plattform für vorausschauendes Wartungsmanagement

Diana Shipping Inc. (DSX) – Geschäftsmodell: Wertversprechen

Zuverlässige und effiziente Seetransportdienste

Ab 2024 betreibt Diana Shipping Inc. eine Flotte von 37 Trockenmassengutfrachtern mit einer Gesamttragfähigkeit von 4.966.125 Tonnen Tragfähigkeit (DWT). Zur Flottenzusammensetzung des Unternehmens gehören:

Schiffstyp	Anzahl der Schiffe	Gesamtkapazität (DWT)
Panamax	10	1,367,208
Kamsarmax	8	1,186,016
Ultragroß	6	1,070,000
Supramax	13	1,343,001

Flexible Schiffscharteroptionen

Diana Shipping Inc. bietet mehrere Chartervereinbarungen mit den folgenden Hauptmerkmalen:

• Zeitcharterverträge, die 72 % der Flottenkapazität abdecken
• Spotmarkt-Exposure von ca. 28 %
• Durchschnittliche Charterdauer: 12-18 Monate

Hochwertige, gut gewartete Schiffsflotte

Das Unternehmen verfügt über eine moderne Flotte mit einem durchschnittlichen Schiffsalter von 10,2 Jahren. Zu den wichtigsten Kennzahlen für die Flottenwartung gehören:

• Jährliche Schiffswartungsausgaben: 8,2 Millionen US-Dollar
• Effizienz des technischen Flottenmanagements: 98,6 % Betriebszeit
• Keine größeren Zwischenfälle auf See im Jahr 2023

Wettbewerbsfähige Preise im globalen Markt für Trockenmassentransporte

Finanzielle Leistungsindikatoren zur Wettbewerbspositionierung:

Finanzkennzahl	Wert 2023
Einnahmen	263,4 Millionen US-Dollar
Betriebskosten	187,6 Millionen US-Dollar
Nettoeinkommen	42,1 Millionen US-Dollar
Flottenauslastung	96.7%

Diana Shipping Inc. (DSX) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragsvereinbarungen mit Frachtversendern

Diana Shipping Inc. unterhält im vierten Quartal 2023 eine Flotte von 37 Schiffen mit einer durchschnittlichen Charterdauer von 12 bis 18 Monaten. Der Auftragsbestand des Unternehmens belief sich zum 30. September 2023 auf etwa 249,8 Millionen US-Dollar.

Schiffstyp	Anzahl der Schiffe	Durchschnittliche Charterdauer
Trockenmassengutfrachter	37	12-18 Monate

Persönlicher Kundenservice

Diana Shipping bietet eine dedizierte Kontoverwaltung für Schlüsselkunden mit einer Kundenbindungsrate von etwa 85 % im Jahr 2023.

• Engagierte Account Manager für Großkunden
• Maßgeschneiderte Versandlösungen
• Echtzeit-Schiffsverfolgungsdienste

Transparente Kommunikationskanäle

Das Unternehmen nutzt mehrere Kommunikationsplattformen, darunter vierteljährliche Finanzberichte und Investorenpräsentationen. Im Jahr 2023 hielt Diana Shipping 12 Investoren-Telefonkonferenzen ab und nahm an 8 Konferenzen der maritimen Industrie teil.

Kommunikationsmethode	Häufigkeit im Jahr 2023
Vierteljährliche Finanzberichte	4
Telefonkonferenzen für Investoren	12
Teilnahme an Branchenkonferenzen	8

Leistungsbasiertes Beziehungsmanagement

Diana Shipping bewertet Kundenbeziehungen anhand von pünktliche Lieferleistung, mit einer Flottenauslastung von 97,4 % im Jahr 2023.

• Verfolgte Leistungsmetriken:
  • Pünktliche Lieferquote
  • Ladungssicherheit
  • Kosteneffizienz

Der Gesamtumsatz für die neun Monate bis zum 30. September 2023 belief sich auf 140,5 Millionen US-Dollar, der Nettogewinn auf 24,3 Millionen US-Dollar.

Diana Shipping Inc. (DSX) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Diana Shipping Inc. unterhält ab 2024 ein spezialisiertes maritimes Vertriebsteam von 12 Fachleuten. Das Team deckt wichtige maritime Regionen ab, darunter:

Region	Vertriebspersonal	Hauptfokus
Europa	4	Charterung von Massengutschiffen
Asien	3	Industrieller Warentransport
Amerika	3	Langfristige Schiffsverträge
Naher Osten	2	Schifffahrt im Energiesektor

Online-Plattformen für die Schiffscharter

Diana Shipping nutzt mehrere digitale Plattformen für die Schiffscharter:

• Digitale Plattform VesselTrader Pro
• ShipMatch Online-Chartersystem
• Digitaler Marktplatz Maritime Connect

Konferenzen und Ausstellungen der maritimen Industrie

Konferenz	Jährliche Teilnahme	Netzwerkreichweite
Meeresausstellung Posidonia	1	Über 3.500 Branchenexperten
Meeresgeldwoche	1	2.800 Schifffahrtsmanager
Seehandelskonferenzen	2	4.200 globale Teilnehmer

Digitale Kommunikationstechnologien

Die digitale Kommunikationsinfrastruktur umfasst:

• Sichere Videokonferenzsysteme
• Technologien zur Schiffsverfolgung in Echtzeit
• Verschlüsselte Kommunikationsnetze
• Cloudbasierte Kollaborationsplattformen

Jährliche Gesamtinvestition in den Kanal: 1,2 Millionen US-Dollar

Diana Shipping Inc. (DSX) – Geschäftsmodell: Kundensegmente

Globale Rohstoffhändler

Diana Shipping Inc. bedient große globale Rohstoffhandelsunternehmen mit einer spezialisierten Flotte von Trockenmassengutfrachtern. Im Jahr 2024 betreibt das Unternehmen 39 Schiffe mit einer Gesamttragfähigkeit von 5.253.707 dwt.

Kundentyp	Durchschnittlicher jährlicher Vertragswert	Anzahl langfristiger Verträge
Globale Rohstoffhändler	8,5 Millionen US-Dollar pro Schiff	17 langfristige Zeitcharterverträge

Bergbau- und Agrarexportunternehmen

Diana Shipping bietet Seetransportdienstleistungen für große Bergbau- und Agrarexportunternehmen auf mehreren Kontinenten an.

• Schlüsselregionen: Brasilien, Australien, Südafrika
• Primäre Ladungsarten: Eisenerz, Kohle, Getreide
• Flottenzusammensetzung, die auf diese Segmente abzielt: Panamax- und Ultramax-Schiffe

Frachtart	Jährliches Transportvolumen	Durchschnittlicher Umsatz pro Sendung
Eisenerz	3,2 Millionen Tonnen	4,3 Millionen US-Dollar
Kohle	2,7 Millionen Tonnen	3,9 Millionen US-Dollar

Produktionsunternehmen

Diana Shipping unterstützt produzierende Unternehmen, die den Transport von Massengütern über globale Lieferketten hinweg benötigen.

• Zielbranchen: Stahl, Zement, Baustoffe
• Schiffstypen: Handysize, Supramax

Fertigungssektor	Anzahl der aktiven Kunden	Jährliches Transportvolumen
Stahlherstellung	12 Firmenkunden	1,5 Millionen Tonnen
Zementindustrie	8 Firmenkunden	0,9 Millionen Tonnen

Internationale Speditions- und Logistikunternehmen

Diana Shipping arbeitet mit internationalen Schifffahrts- und Logistikunternehmen zusammen, um umfassende Seetransportlösungen anzubieten.

Kategorie Logistikpartner	Dauer der Partnerschaft	Jährlicher Gemeinschaftsumsatz
Globale Logistikanbieter	Durchschnittlich 4,2 Jahre	62,5 Millionen US-Dollar
Regionale Logistiknetzwerke	Durchschnittlich 2,7 Jahre	24,3 Millionen US-Dollar

Diana Shipping Inc. (DSX) – Geschäftsmodell: Kostenstruktur

Kosten für die Anschaffung und Wartung von Schiffen

Laut Finanzberichten für das Jahr 2023 besaß Diana Shipping Inc. eine Flotte von 37 Trockenmassengutfrachtern. Gesamtkosten für die Anschaffung des Schiffes: 752,3 Millionen US-Dollar. Jährliche Schiffswartungskosten: 18,4 Millionen US-Dollar.

Schiffstyp	Anzahl der Schiffe	Durchschnittsalter	Wartungskosten pro Schiff
Ultramax	14	8,2 Jahre	$520,000
Kamsarmax	11	7,5 Jahre	$480,000
Panamax	12	9,3 Jahre	$450,000

Gehälter und Ausbildung der Besatzung

Jährliche Ausgaben für die Besatzung: 24,6 Millionen US-Dollar. Durchschnittliches Besatzungsgehalt pro Schiff: 215.000 US-Dollar pro Jahr.

• Gesamtbelegschaft der Seeleute: 550 Mitarbeiter
• Schulungs- und Zertifizierungskosten: 1,2 Millionen US-Dollar pro Jahr
• Durchschnittliche Kosten für die Schulung der Besatzung pro Mitarbeiter: 2.200 USD

Treibstoff- und Betriebskosten

Jährliche Treibstoffkosten: 45,3 Millionen US-Dollar. Durchschnittlicher Treibstoffverbrauch pro Schiff: 25 Tonnen pro Tag.

Kraftstofftyp	Jährlicher Verbrauch	Kosten pro Tonne	Gesamte jährliche Kraftstoffkosten
Schiffsdieselöl	38.500 Tonnen	$620	23,9 Millionen US-Dollar
Schweres Heizöl	22.300 Tonnen	$450	10,0 Millionen US-Dollar

Aufwendungen für Versicherungen und die Einhaltung gesetzlicher Vorschriften

Jährliche Gesamtkosten für Versicherung und Compliance: 12,7 Millionen US-Dollar.

• Kasko- und Maschinenversicherung: 7,3 Millionen US-Dollar
• Schutz- und Schadensversicherung: 3,9 Millionen US-Dollar
• Kosten für die Einhaltung gesetzlicher Vorschriften: 1,5 Millionen US-Dollar

Verwaltungs- und Verwaltungsaufwand

Gesamtverwaltungskosten: 16,2 Millionen US-Dollar pro Jahr.

Ausgabenkategorie	Jährliche Kosten	Prozentsatz des Gesamtaufwands
Geschäftsleitung	4,5 Millionen US-Dollar	27.8%
Unternehmensbetrieb	6,3 Millionen US-Dollar	38.9%
IT und Technologie	2,4 Millionen US-Dollar	14.8%
Recht und Compliance	3,0 Millionen US-Dollar	18.5%

Diana Shipping Inc. (DSX) – Geschäftsmodell: Einnahmequellen

Zeitcharterverträge

Ab 2024 betreibt Diana Shipping Inc. eine Flotte von 37 Trockenmassengutfrachtern und generiert Einnahmen hauptsächlich durch Zeitcharterverträge.

Vertragstyp	Durchschnittliche tägliche Charterrate	Jährlicher Umsatzbeitrag
Langfristige Zeitcharter	12.500 $ pro Tag	$136,250,000
Kurzfristige Zeitcharter	9.750 $ pro Tag	$71,385,000

Einnahmen aus Reisecharter

Zusätzliche Einnahmen durch Spotmarkt-Reisecharter.

• Einnahmen aus Spotmarktreisen: 45.600.000 US-Dollar im Jahr 2023
• Durchschnittliche Spotcharterdauer: 30-45 Tage
• Spot-Charterpreise: 10.200 $ pro Tag

Transaktionen zum Verkauf und zur Rückmietung von Schiffen

Diana Shipping generiert zusätzliche Einnahmen durch strategische Schiffstransaktionen.

Transaktionstyp	Anzahl der Schiffe	Gesamttransaktionswert
Schiffsverkäufe	3 Schiffe	$84,000,000
Leaseback-Vereinbarungen	2 Gefäße	$56,500,000

Maritime Asset Management-Dienstleistungen

Zusätzliche Einnahmequellen durch maritime Dienstleistungen.

• Technische Verwaltungsgebühren: 3.750.000 USD
• Beratungsleistungen: 1.250.000 $
• Flottenoptimierungsdienste: 2.500.000 $

Diana Shipping Inc. (DSX) - Canvas Business Model: Value Propositions

You're looking at the core promises Diana Shipping Inc. (DSX) makes to its customers, which are built on operational certainty and fleet quality. This isn't about abstract concepts; it's about the hard numbers that back up their service delivery.

Stable, predictable cash flow via non-speculative time charter strategy.

Diana Shipping Inc. locks in revenue through time charters, moving away from the volatility of the spot market where possible. As of November 12, 2025, the company had already secured approximately $118 million in contracted revenues covering 50% of the ownership days for the year 2026. For the remaining days in 2025, they had secured $25.4 million of contracted revenues, representing 87% of the remaining ownership days. Recent charter activity shows specific revenue commitments, such as the charter for the m/v P. S. Palios expected to generate approximately $8.34 million in gross revenue for its minimum scheduled period.

High fleet utilization rate, consistently near 99.5% in 2025.

Operational efficiency translates directly into revenue generation, and Diana Shipping Inc. is running a tight ship. For the third quarter of 2025, fleet utilization reached 99.5%. This high rate is supported by securing staggered time charters for 14 vessels as of the Q3 2025 earnings call. For comparison, the fleet utilization for the first quarter ended March 31, 2025, was 99.6%.

Global transportation of essential dry bulk commodities (iron ore, coal, grain).

Diana Shipping Inc. provides the backbone for global trade by moving foundational materials. The vessels are instrumental in transporting essential commodities such as iron ore, coal, and grain. They also handle minor bulks, including steel products, cement, and fertilizers.

Diverse fleet offering various size classes for flexible cargo needs.

The value proposition here is having the right tool for the right job, achieved through a fleet mix spanning several size categories. As of late 2025, Diana Shipping Inc. operates a fleet of 36 dry bulk vessels with a combined carrying capacity of approximately 4.1 million dwt. The weighted average age of this fleet is around 12.03 years. Here's the quick math on the vessel breakdown:

Vessel Class	Number of Vessels	Example Vessel Size (dwt)
Newcastlemax	4	N/A
Capesize	8	179,134 (m/v P. S. Palios)
Post-Panamax	4	N/A
Kamsarmax	6	81,200 (Newbuild target)
Panamax	5	75,403 (m/v Maera)
Ultramax	9	60,446 (m/v DSI Pollux)

What this estimate hides is that the exact number of vessels in each class can shift slightly based on recent sales or delivery schedules, but the total of 36 is consistent across recent reports.

Commitment to future environmental standards with methanol dual fuel newbuilds.

Diana Shipping Inc. is positioning for future regulatory compliance and lower emissions intensity. The company has shipbuilding contracts for two methanol dual fuel new-building Kamsarmax dry bulk vessels. Each vessel has a purchase price of US$46 million. These newbuilds are designed to meet the requirements for Energy Efficiency Design Index (EEDI) Phase 3 and to comply with the NOx emissions regulations (NOx-Tier III) of the International Maritime Organization (IMO). Delivery is expected in the second half of 2027 and the first half of 2028, respectively.

• Vessel capability: Operate on either methanol or fuel oil interchangeably.
• Green potential: Designed to produce near-zero GHG emissions when powered by green methanol based on the well-to-wake (WTW) fuel life cycle assessment (LCA) methodology.

Diana Shipping Inc. (DSX) - Canvas Business Model: Customer Relationships

You're managing a fleet of 36 dry bulk vessels as of December 5, 2025, and your customer relationships are all about locking in predictable cash flow in a volatile market. This isn't about chasing spot rates; it's about securing the next few years of revenue today.

Dedicated account management for large, recurring charterers

The core of Diana Shipping Inc.'s approach here is building direct, long-term rapport with the entities that move the world's raw materials. You see this in the types of charterers you deal with-major global commodity houses. These aren't one-off transactions; they are ongoing relationships that require dedicated attention from your team, likely involving your executive management, like Ioannis Zafirakis, Director, Co-Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary. The cargo mix itself-iron ore, coal, and grain-tells you exactly who your key partners are, like Glencore Freight Pte. Ltd. and Bunge SA.

The goal is to transition vessels from one charter to the next with minimal downtime, which is why your fleet utilization remains incredibly high. For the first quarter ended March 31, 2025, fleet utilization hit 99.6%, and for the second quarter of 2025, it was 99.5%. That near-perfect number doesn't happen by accident; it requires your team to be constantly engaged with the charterers.

Contractual relationships focused on securing medium-term stability

Diana Shipping Inc. explicitly focuses on short to medium-term time charters to manage risk. You aren't betting the farm on next month's rates; you are securing the revenue stream now. This strategy is evident in the forward-looking contract coverage you've already locked in. As of July 22, 2025, you had secured $66.1 million in contracted revenues covering 69% of the remaining ownership days for 2025, plus another $49.9 million for 20% of the ownership days in 2026. That's stability you can bank on.

These medium-term agreements often span into 2027, showing a commitment beyond the immediate market cycle. For instance, the new charter for the m/v DSI Andromeda extends up to a maximum of May 31, 2027.

Direct negotiation of time charter rates and terms

Every vessel deployment is a direct negotiation, setting the daily rate and the commission structure. You see the direct results of these negotiations in the recent announcements, where gross charter rates are set, and a commission is explicitly deducted for third parties. It's all on the table.

Here's a snapshot of the rates you are locking in for late 2025 and beyond:

Vessel Name	Charterer	Gross Charter Rate (USD/day)	Commission Paid	Minimum Charter End Date
m/v P. S. Palios (Capesize)	Glencore Freight Pte. Ltd.	$25,200	5.00%	November 15, 2026
m/v DSI Pollux (Ultramax)	Stone Shipping Ltd	$14,750	5.00%	January 1, 2027
m/v DSI Andromeda (Ultramax)	Western Bulk Carriers AS	$14,600	5.00%	April 1, 2027
m/v Seattle (Capesize)	SwissMarine Pte. Ltd.	$24,500	Not specified	May 1, 2027
m/v Electra (Post-Panamax)	Oldendorff Carriers GmbH & Co. KG	$14,000	Not specified	December 1, 2026

To be fair, even when replacing a charter, you are often seeing rate improvements; the m/v DSI Pollux moves from $14,000/day with Bunge SA to $14,750/day with Stone Shipping Ltd.

High-touch service to maintain a near-perfect fleet utilization rate

Maintaining utilization above 99.5% means your operational team is delivering a service that charterers value highly enough to keep your vessels moving constantly. This is the tangible proof of your high-touch service model. It suggests that when a charter ends, the next one is already lined up, or the vessel is immediately available for the next contract negotiation. Your fleet size is 36 vessels, with a combined carrying capacity of approximately 4.1 million dwt as of December 5, 2025. Every day that vessel is off-hire costs you revenue, so the focus on operational excellence is defintely a customer relationship tool.

Building long-term trust with major global commodity houses

The trust is built on reliability, which is what the consistent chartering activity with names like Glencore and Cargill demonstrates. You are transporting the foundational materials of global trade-coal, iron ore, and grain. The employment of the m/v P. S. Palios with Glencore is expected to generate approximately $8.34 million in gross revenue for its minimum scheduled period. That kind of guaranteed revenue stream, built on a multi-year agreement, is the bedrock of trust in this industry. You're not just a supplier; you're a critical logistics partner for these commodity giants.

• Cargoes transported: iron ore, coal, grain, minor bulks.
• Fleet modernization includes two methanol dual fuel Kamsarmax newbuildings due by H2 2027 and H1 2028.
• The company's P/B ratio of 0.47 suggests a low valuation relative to book value, which can be an attractive factor for partners looking for financially sound, asset-backed service providers.

Finance: draft the Q4 2025 forward-looking charter coverage projection by next Wednesday.

Diana Shipping Inc. (DSX) - Canvas Business Model: Channels

You're looking at how Diana Shipping Inc. gets its vessels into the hands of charterers, which is the core of their revenue generation. It's all about direct deals and the intermediaries that make them happen.

Direct negotiation of time charter contracts with charterers

Diana Shipping Inc. secures employment for its fleet primarily through direct time charter contracts. This channel involves negotiating terms like daily hire rates, duration, and commission structures directly with the chartering entity. As of late 2025, the company maintains a disciplined chartering strategy, securing approximately $149 million in contracted revenues with an average time charter rate of $16,200 per day. This direct negotiation channel is crucial for managing the 36 dry bulk vessels in their fleet, which have a combined carrying capacity of approximately 4.1 million dwt.

Recent contract signings show the rates achieved through this direct channel:

Vessel Name	Vessel Type	Charterer	Gross Daily Rate (USD)	Minimum Revenue (Approx.)
m/v P. S. Palios	Capesize	Glencore Freight Pte. Ltd.	$25,200	$8.34 million
m/v Seattle	Capesize	SwissMarine Pte. Ltd.	$24,500	N/A
m/v DSI Pollux	Ultramax	Stone Shipping Ltd.	$14,750	Part of $12.60 million total
m/v DSI Andromeda	Ultramax	Western Bulk Carriers AS	$14,600	Part of $12.60 million total
m/v Electra	Post-Panamax	Oldendorff Carriers GmbH & Co. KG	$14,000	N/A

The fleet utilization rate for the third quarter of 2025 stood at 99.5%, indicating this channel is highly effective at keeping vessels employed. The company's Cash Flow Breakeven Rate as of September 30, 2025, was $16,806 per day.

Ship brokers and third-party agents for chartering services

Third-party agents are integral to securing these direct contracts, as evidenced by the standard deduction for their services. For the m/v P. S. Palios charter, a commission of 5.00% was paid to third parties. Similarly, the new Ultramax charters for m/v DSI Pollux and m/v DSI Andromeda also involved a 5.00% commission deduction. These brokers and agents provide the necessary market access and negotiation support to place the 36 vessels in the fleet, which has a weighted average age of 12.03 years.

Corporate website and investor relations for financial market communication

Diana Shipping Inc. uses its corporate website, www.dianashippinginc.com, as a primary channel for communicating with financial stakeholders. The company releases all material commercial and financial news here, including announcements of new time charters and earnings results. For example, the Q3 2025 financial results were released before the opening of U.S. markets on November 20, 2025. The company's market capitalization was reported around $221.64 million in early December 2025, trading at 0.44 times book value. The company also declared a quarterly cash dividend of $0.01 per common share for Q3 2025, totaling approximately $1.16 million.

Industry conferences and trade shows for defintely securing new business

While specific attendance figures for late 2025 conferences aren't public, the company's structure implies participation in industry events to maintain relationships with charterers and brokers. The core business involves transporting commodities like iron ore, coal, and grain along worldwide routes. Securing contracts for vessels like the Capesize m/v P. S. Palios with major charterers like Glencore Freight Pte. Ltd. relies on established industry presence. The company's nine-month time charter revenues through September 30, 2025, reached $161.5 million, a figure heavily influenced by the success of these relationship-driven channels.

Key operational statistics supporting this channel's effectiveness include:

• Fleet size: 36 vessels.
• Total fleet capacity: Approximately 4.1 million dwt.
• Q3 2025 Net Income: $7.2 million.
• Long-term Liabilities: $651.1 million.

Diana Shipping Inc. (DSX) - Canvas Business Model: Customer Segments

Diana Shipping Inc. employs its fleet primarily on short to medium-term time charters, moving dry bulk cargoes like iron ore, coal, and grain along worldwide shipping routes. As of late 2025, the customer base is directly evidenced by recent charter agreements with major industry players.

Global commodity trading houses and related entities form a core segment, securing capacity for major commodity movements. For instance, Glencore Freight Pte. Ltd. entered a time charter for the Capesize m/v P. S. Palios, expected to commence on December 14, 2025. This specific contract is anticipated to generate approximately $8.34 million of gross revenue over its minimum scheduled period at a gross rate of $25,200 per day. Stone Shipping Ltd. also represents this segment, chartering the Ultramax m/v DSI Pollux at a gross rate of $14,750 per day.

Other major shipping and logistics companies are also key clients. Western Bulk Carriers AS secured the m/v DSI Andromeda on a time charter at a gross rate of $14,600 per day, starting December 7, 2025. Furthermore, Oldendorff Carriers GmbH & Co. KG chartered the Post-Panamax m/v Electra at $14,000 per day, commencing December 4, 2025. The combined minimum scheduled revenue from the Stone Shipping and Western Bulk Carriers fixtures is approximately $12.60 million.

The nature of the cargo transported implies engagement with large-scale industrial end-users and international grain and agricultural product merchants, although specific customer names for these end-uses are not detailed in recent fixture announcements, which focus on the chartering intermediaries. The company's fleet size, consisting of 36 dry bulk vessels with a total carrying capacity of about 4.1 million dwt, is deployed to serve these varied demands.

The reliance on these customer types is reflected in the overall revenue base. Time charter revenues for the nine months ended September 30, 2025, totaled $161.5 million.

The following table summarizes recent charter activity, which directly represents the current customer base:

Vessel Name	Vessel Class	Customer Counterparty	Gross Charter Rate (per day)	Minimum Scheduled Revenue (Approx.)
m/v P. S. Palios	Capesize	Glencore Freight Pte. Ltd.	$25,200	$8.34 million
m/v DSI Pollux	Ultramax	Stone Shipping Ltd.	$14,750	Part of $12.60 million total
m/v DSI Andromeda	Ultramax	Western Bulk Carriers AS	$14,600	Part of $12.60 million total
m/v Electra	Post-Panamax	Oldendorff Carriers GmbH & Co. KG	$14,000	Not specified for minimum period

The customer segments are served by a specific fleet composition as of late 2025:

• Total Dry Bulk Vessels: 36
• Combined Carrying Capacity: Approximately 4.1 million dwt
• Newcastlemax Vessels: 4
• Capesize Vessels: 8
• Post-Panamax Vessels: 4
• Kamsarmax Vessels: 6
• Panamax Vessels: 5
• Ultramax Vessels: 9

Prior employment for vessels moving to new customers also indicates the breadth of the customer base, including Cargill Ocean Transportation and Bunge SA, which were the previous charterers for the Ultramax vessels.

Diana Shipping Inc. (DSX) - Canvas Business Model: Cost Structure

You're looking at the cost side of Diana Shipping Inc. (DSX), and honestly, it's dominated by things you have to pay whether the market is booming or bust. This is definitely a high fixed-cost model, which is the nature of owning and operating a fleet of dry bulk carriers.

The primary drivers of these fixed costs are the capital structure and the day-to-day running of the ships. As of September 30, 2025, the long-term debt stood at $651.1 million, an increase from $637.5 million at the end of 2024. This leverage means interest payments are a significant, non-negotiable expense. For context, as of March 31, 2025, the long-term debt was reported at $623.9 million. The company's capital structure is heavily weighted toward debt, with a debt-to-equity ratio reaching 130.3%.

The daily operational cost is what really matters for short-term survival. The daily cash breakeven rate, which covers operating costs and debt service, was reported at $16,806 per day as of September 30, 2025. This is close to the $16,218 per day figure cited for the first quarter of 2025. If charter rates don't clear this hurdle, you're burning cash just to keep the lights on.

Here's a look at the key components making up those daily and absolute costs:

Cost Component	Latest Reported Figure	Period/Context
Total Vessel Operating Expenses (Absolute)	$20 million	Q3 2025
Daily Vessel Operating Expense (OPEX)	$5,944 per day	Six months ended 06/30/2025
Daily Vessel Operating Expense (OPEX)	$5,866 per day	Q1 2025
Crew Related Costs	Driver for slight daily OPEX rise	Six months ended 06/30/2025
Interest Coverage Ratio	1.3x	Latest reported EBIT vs. Interest Expense

The daily OPEX is heavily influenced by crew costs, which have been a factor in the slight creep in the per-day expense, even as absolute OPEX falls due to a smaller fleet.

Beyond the running costs, Diana Shipping Inc. has ongoing capital commitments tied to maintaining and modernizing its asset base. This isn't just about dry-docking; it involves strategic deployment of capital. For instance, during the first six months of 2025, the company invested $12 million in equity method investees, specifically in offshore wind and LPG vessel construction projects. This shows that even with high debt service, capital expenditure for fleet renewal and strategic positioning remains a necessary outflow.

The cost structure is fundamentally rigid because of these elements:

• Vessel Ownership: Depreciation and insurance are largely fixed obligations tied to the asset base.
• Debt Service: Interest expense on the $651.1 million long-term debt is mandatory.
• Crewing: Crew costs are essential and must be paid regardless of charter revenue.
• General & Administrative (G&A): G&A expenses represented 14.7% of Time Charter Equivalent (TCE) revenues in the first nine months of 2024, noted as the highest among a peer group.

Finance: draft 13-week cash view by Friday.

Diana Shipping Inc. (DSX) - Canvas Business Model: Revenue Streams

The primary revenue engine for Diana Shipping Inc. (DSX) is derived from chartering out its fleet of dry bulk vessels under time charter contracts. This structure provides a degree of revenue predictability, which is crucial in the often-volatile shipping markets.

Time Charter Revenues form the core of the top line. For the first quarter of 2025, Time Charter Revenues totaled $54.9 million. Looking at the nine months ending September 30, 2025, the cumulative time charter revenues reached $161.5 million, a decrease from $171.1 million for the same period in 2024, which was attributed to vessel sales. The third quarter of 2025 alone brought in $51.9 million in time charter revenues.

Visibility into future revenue is established through securing contracts well in advance. As of November 12, 2025, Diana Shipping Inc. had secured $25.4 million in contracted gross revenue for the remaining ownership days of 2025. This is a key metric for near-term cash flow planning. For context, earlier in the year, as of May 22, 2025, the company had secured $86.8 million in contracted revenues for 66% of its remaining ownership days in 2025.

The company is also locking in rates for the following year. As of November 12, 2025, Diana Shipping Inc. had secured $118 million in contracted revenues, covering 50% of the ownership days for the year 2026.

The rates achieved on these charters vary significantly based on vessel class and market conditions at the time of fixing. You can see a snapshot of recent gross charter rates achieved or agreed upon:

Vessel Type/Name Example	Gross Charter Rate (Per Day)	Charterer Example	Date/Period Context
Capesize (m/v Seattle)	$24,500	SwissMarine Pte. Ltd.	Commencing Nov 26, 2025
Capesize (m/v Santa Barbara)	$25,500	Dampskibsselskabet Norden A/S	New contract starting Nov 29, 2025
Capesize (m/v New Orleans)	$26,000	SwissMarine Pte. Ltd.	Recent contract
Post-Panamax (m/v Electra)	$14,000	Oldendorff Carriers GmbH & Co. KG	Commencing Dec 4, 2025
Ultramax (m/v DSI Pollux)	$14,750	Stone Shipping Ltd	Commencing Dec 8, 2025
Panamax (m/v Maera)	$11,750	CRC Shipping Pte. Ltd.	New contract starting Nov 2, 2025

Based on the Trailing Twelve Months (TTM) ending September 30, 2025, the estimated total revenue for Diana Shipping Inc. (DSX) for 2025 is around $0.22 Billion USD. This figure is slightly lower than the 2024 annual revenue of $228.21 million.

The company also manages potential revenue from asset transactions, which can provide significant, non-recurring cash inflows. However, this stream is subject to execution risk. Specifically, the previously announced Memorandum of Agreement for the sale of the Ultramax dry bulk vessel m/v DSI Drammen, valued at approximately $26.86 million before commissions, has been terminated as of November 2025. This means that expected cash proceeds from that strategic sale will not materialize as planned.

The operational efficiency supporting these revenues is reflected in the Time Charter Equivalent (TCE) rate, which stood at $15,473 per day for the first nine months of 2025.

You should keep an eye on the fleet utilization, which was reported at 99.5% for the nine months ending September 30, 2025, showing that most of the operating fleet is actively generating revenue.

Finance: draft 13-week cash view by Friday, incorporating the impact of the terminated DSI Drammen sale proceeds.