Diana Shipping Inc. (DSX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Diana Shipping Inc. (DSX) navega por el complejo panorama marítimo global con un modelo de negocio robusto que transforma las operaciones de operadores de granel seco en una potencia estratégica. Al aprovechar un enfoque innovador para la alquiler de embarcaciones, la gestión de la flota y las relaciones con los clientes, DSX ha forjado un nicho competitivo en el envío internacional. Su dinámico lienzo comercial revela una estrategia sofisticada que equilibra la innovación tecnológica, la eficiencia operativa y las asociaciones estratégicas para brindar servicios de transporte marítimo confiables en los mercados mundiales de productos básicos.

Diana Shipping Inc. (DSX) - Modelo de negocio: asociaciones clave

Fabricantes de barcos y astilleros

Diana Shipping Inc. se asocia con compañías clave de construcción naval para construcción y mantenimiento de buques:

Astillero	Ubicación	Embarcaciones construidas	Valor de contrato
Construcción naval de Daehan	Corea del Sur	Portadores a granel de Ultramax	$ 54.2 millones por barco
Construcción naval de sanoyas	Japón	Portadoras de Panamax	$ 42.7 millones por barco

Sociedades de clasificación

Las asociaciones de cumplimiento regulatorio incluyen:

• DNV GL - Sociedad de clasificación primaria
• Oficina Americana de envío (ABS)
• Registro de Lloyd

Proveedores de seguros marinos

Proveedor de seguros	Tipo de cobertura	Prima anual
Skuld P&I Club	Protección y indemnización	$ 3.6 millones
Seguro de jardín	Casco y maquinaria	$ 2.9 millones

Instituciones financieras marítimas internacionales

• Credit Agricole Corporate and Investment Bank
• DVB Bank SE
• Banco comercial de Hamburgo
• Facilidades de crédito total: $ 425 millones

Diana Shipping Inc. (DSX) - Modelo de negocio: actividades clave

Buques de transportista a granel seco alquilado internacionalmente

A partir de 2024, Diana Shipping Inc. opera una flota de 34 recipientes de transportistas secos. Las actividades internacionales de fletamento de la compañía implican:

• Time Charter contrata con clientes de envío global
• Operaciones de alquiler de mercado spot
• Arreglos de arrendamiento de embarcaciones a largo plazo

Tipo de vaso	Número de embarcaciones	Capacidad de carga total (DWT)
Panamax	10	502,789
Ultramax	8	424,512
Kamsarmax	6	309,768
Supramax	10	421,945

Gestión de la flota y logística operativa

La gestión de la flota de Diana Shipping implica una coordinación operativa precisa y un seguimiento de logística.

• Sistemas de seguimiento de buques 24/7
• Monitoreo del rendimiento en tiempo real
• Optimización de eficiencia de combustible

Métrica operacional	2024 rendimiento
Utilización promedio de la flota	95.6%
Días de operación anuales de embarcaciones	12,410
Gastos operativos diarios promedio por barco	$4,750

Adquisición de embarcaciones y optimización de la flota

Estrategia de renovación de flota Se centra en adquisiciones y reemplazos de vasos estratégicos.

• Gestión de edad de la flota continua
• Adquisición de embarcaciones selectivas
• Consideraciones de actualización tecnológica

Métricas de la edad de la flota	Estado actual
Edad de flota promedio	8.3 años
Adquisición más reciente	2023
Valor total de inversión de la flota	$ 752 millones

Gestión de riesgos marítimos y cumplimiento

Mitigación integral de riesgos y marco de cumplimiento regulatorio.

• Normas internacionales de seguridad marítima
• Adherencia a la regulación ambiental
• Cobertura de seguro avanzada

Área de cumplimiento	Estado 2024
Cumplimiento de la Regulación de Sulphur de la OMI	100%
Puntuación anual de auditoría de seguridad	9.7/10
Calificación de desempeño ambiental	A

Diana Shipping Inc. (DSX) - Modelo de negocio: recursos clave

Flota moderna de portaes secos

Al 31 de diciembre de 2023, Diana Shipping Inc. opera una flota de 34 transportistas secos. La composición de la flota incluye:

Tipo de vaso	Número de embarcaciones	Total de tonelaje de peso muerto (DWT)
Panamax	10	475,363
Ultramax	9	441,534
Kamsarmax	8	394,304
Supramax	7	340,915

Equipo experimentado de gestión marítima

Detalles clave del liderazgo:

• Experiencia total de la industria marítima: más de 90 años combinados
• Promedio de tenencia ejecutiva: más de 15 años
• Alta Gestión con experiencia en el mercado de envío profundo

Balance financiero fuerte

Métricas financieras a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad (USD)
Activos totales	$ 634.2 millones
Equidad total	$ 456.7 millones
Equivalentes de efectivo y efectivo	$ 78.5 millones

Extensa red de envío global

Cobertura operativa global:

• Activo en 42 países
• Sirviendo las importantes rutas comerciales marítimas globales
• Asociaciones con 27 clientes de envío internacional

Tecnologías avanzadas de seguimiento y gestión de buques

Infraestructura tecnológica:

• Sistema de seguimiento de buques en tiempo real
• Software de optimización de ruta automatizada
• Plataforma de gestión de mantenimiento predictivo

Diana Shipping Inc. (DSX) - Modelo de negocio: propuestas de valor

Servicios de transporte marítimo confiables y eficientes

A partir de 2024, Diana Shipping Inc. opera una flota de 37 recipientes de portaaviones secos con una capacidad de carga total de 4,966,125 toneladas de peso muerto (DWT). La composición de la flota de la compañía incluye:

Tipo de vaso	Número de embarcaciones	Capacidad total (DWT)
Panamax	10	1,367,208
Kamsarmax	8	1,186,016
Ultra grande	6	1,070,000
Supramax	13	1,343,001

Opciones de alquiler de embarcaciones flexibles

Diana Shipping Inc. proporciona múltiples arreglos de chárter con las siguientes características clave:

• Contratos de la carta de tiempo que cubren el 72% de la capacidad de la flota
• Exposición al mercado spot de aproximadamente el 28%
• Duración promedio de la carta: 12-18 meses

Flota de embarcaciones de alta calidad y bien mantenida

La compañía mantiene una flota moderna con una edad promedio de buques de 10,2 años. Las métricas de mantenimiento de la flota clave incluyen:

• Gastos anuales de mantenimiento de los buques: $ 8.2 millones
• Eficiencia de gestión de la flota técnica: 98.6% de tiempo de actividad operativo
• Cero incidentes marítimos principales en 2023

Precios competitivos en el mercado global de envío a granel seco

Indicadores de desempeño financiero para el posicionamiento competitivo:

Métrica financiera	Valor 2023
Ganancia	$ 263.4 millones
Gastos operativos	$ 187.6 millones
Lngresos netos	$ 42.1 millones
Tasa de utilización de la flota	96.7%

Diana Shipping Inc. (DSX) - Modelo de negocio: relaciones con los clientes

Acuerdos contractuales a largo plazo con transportistas de carga

Diana Shipping Inc. mantiene una flota de 37 embarcaciones a partir del cuarto trimestre de 2023, con una duración promedio de la carta de 12-18 meses. La cartera de contratos de la compañía era de aproximadamente $ 249.8 millones al 30 de septiembre de 2023.

Tipo de vaso	Número de embarcaciones	Duración promedio de la carta
Portadores a granel secos	37	12-18 meses

Servicio al cliente personalizado

Diana Shipping proporciona administración de cuentas dedicada para clientes clave, con una tasa de retención de clientes de aproximadamente el 85% en 2023.

• Gerentes de cuentas dedicados para los principales clientes
• Soluciones de envío personalizadas
• Servicios de seguimiento de buques en tiempo real

Canales de comunicación transparentes

La compañía utiliza múltiples plataformas de comunicación, incluidos informes financieros trimestrales y presentaciones de inversores. En 2023, Diana Shipping realizó 12 llamadas de conferencia de inversores y participó en 8 conferencias de la industria marítima.

Método de comunicación	Frecuencia en 2023
Informes financieros trimestrales	4
Llamadas a la conferencia de inversores	12
Participación de la conferencia de la industria	8

Gestión de relaciones basada en el desempeño

El envío de Diana evalúa las relaciones con los clientes en función de rendimiento de entrega a tiempo, con una tasa de utilización de la flota del 97.4% en 2023.

• Métricas de rendimiento rastreadas:
  • Tasa de entrega a tiempo
  • Seguridad de la carga
  • Rentabilidad

Los ingresos totales para los nueve meses terminados el 30 de septiembre de 2023, fueron de $ 140.5 millones, con un ingreso neto de $ 24.3 millones.

Diana Shipping Inc. (DSX) - Modelo de negocio: canales

Equipo de ventas directas

Diana Shipping Inc. mantiene un equipo especializado de ventas marítimas de 12 profesionales a partir de 2024. El equipo cubre regiones marítimas clave que incluyen:

Región	Personal de ventas	Enfoque principal
Europa	4	Fletación de buques a granel secos
Asia	3	Envío de productos básicos industriales
América	3	Contratos de buques a largo plazo
Oriente Medio	2	Envío del sector energético

Plataformas de fletos de embarcaciones en línea

El envío de Diana utiliza múltiples plataformas digitales para la alquiler de embarcaciones:

• Plataforma digital VesselTrader Pro
• Sistema de fletos en línea de ShipMatch
• Marítime Connect Digital Marketplace

Conferencias y exposiciones de la industria marítima

Conferencia	Participación anual	Alcance de red
Exposición marítima de posidonia	1	Más de 3,500 profesionales de la industria
Semana del dinero marino	1	2.800 ejecutivos de envío
Conferencias marítimas de comercio marino	2	4.200 participantes globales

Tecnologías de comunicación digital

La infraestructura de comunicación digital incluye:

• Sistemas seguros de videoconferencia
• Tecnologías de seguimiento de buques en tiempo real
• Redes de comunicación cifradas
• Plataformas de colaboración basadas en la nube

Inversión total de canales anuales: $ 1.2 millones

Diana Shipping Inc. (DSX) - Modelo de negocio: segmentos de clientes

Comerciantes de productos básicos globales

Diana Shipping Inc. atiende a las principales empresas comerciales globales de productos básicos con una flota especializada de transportistas a granel secos. A partir de 2024, la compañía opera 39 buques con una capacidad de carga total de 5,253,707 DWT.

Tipo de cliente	Valor anual promedio del contrato	Número de contratos a largo plazo
Comerciantes de productos básicos globales	$ 8.5 millones por barco	17 contratos de la carta de tiempo a largo plazo

Empresas de exportación minera y agrícola

Diana Shipping ofrece servicios de transporte marítimo para las principales corporaciones de exportación de minería y agricultura en múltiples continentes.

• Regiones clave: Brasil, Australia, Sudáfrica
• Tipos de carga primarios: mineral de hierro, carbón, grano
• Composición de la flota dirigida a estos segmentos: Panamax y Ultramax Buques

Tipo de carga	Volumen de transporte anual	Ingresos promedio por envío
Mineral de hierro	3.2 millones de toneladas métricas	$ 4.3 millones
Carbón	2.7 millones de toneladas métricas	$ 3.9 millones

Corporaciones manufactureras

Diana Shipping admite corporaciones de fabricación que requieren transporte de material a granel en cadenas de suministro globales.

• Industrias objetivo: acero, cemento, materiales de construcción
• Tipos de embarcaciones: Handsize, Supramax

Sector manufacturero	Número de clientes activos	Volumen de transporte anual
Fabricación de acero	12 clientes corporativos	1.5 millones de toneladas métricas
Industria del cemento	8 clientes corporativos	0.9 millones de toneladas métricas

Empresas internacionales de envío y logística

Diana Shipping colabora con compañías internacionales de envío y logística para proporcionar soluciones integrales de transporte marítimo.

Categoría de socio logístico	Duración de la asociación	Ingresos colaborativos anuales
Proveedores de logística global	Promedio de 4.2 años	$ 62.5 millones
Redes de logística regional	Promedio de 2.7 años	$ 24.3 millones

Diana Shipping Inc. (DSX) - Modelo de negocio: Estructura de costos

Gastos de adquisición y mantenimiento de los buques

A partir de los informes financieros de 2023, Diana Shipping Inc. poseía una flota de 37 buques de transportistas secos. Costo total de adquisición de embarcaciones: $ 752.3 millones. Gastos anuales de mantenimiento de la embarcación: $ 18.4 millones.

Tipo de vaso	Número de embarcaciones	Edad promedio	Costo de mantenimiento por barco
Ultramax	14	8.2 años	$520,000
Kamsarmax	11	7.5 años	$480,000
Panamax	12	9.3 años	$450,000

Salarios y entrenamiento de la tripulación

Gastos anuales relacionados con la tripulación: $ 24.6 millones. Salario promedio de la tripulación por barco: $ 215,000 por año.

• Fuerza laboral total de SEAFARER: 550 empleados
• Costos de capacitación y certificación: $ 1.2 millones anuales
• Gasto promedio de capacitación de la tripulación por empleado: $ 2,200

Costos de combustible y operativo

Gastos anuales de combustible: $ 45.3 millones. Consumo promedio de combustible por barco: 25 toneladas métricas por día.

Tipo de combustible	Consumo anual	Costo por tonelada métrica	Costo total de combustible anual
Aceite diesel marino	38,500 toneladas métricas	$620	$ 23.9 millones
Combustible pesado	22,300 toneladas métricas	$450	$ 10.0 millones

Gastos de seguros y cumplimiento regulatorio

Costos totales de seguros y cumplimiento anuales: $ 12.7 millones.

• Seguro de casco y maquinaria: $ 7.3 millones
• Protección y seguro de indemnización: $ 3.9 millones
• Gastos de cumplimiento regulatorio: $ 1.5 millones

Gastos generales administrativos y de gestión

Gastos administrativos totales: $ 16.2 millones anuales.

Categoría de gastos	Costo anual	Porcentaje de gastos generales totales
Gestión ejecutiva	$ 4.5 millones	27.8%
Operaciones corporativas	$ 6.3 millones	38.9%
TI y tecnología	$ 2.4 millones	14.8%
Legal y cumplimiento	$ 3.0 millones	18.5%

Diana Shipping Inc. (DSX) - Modelo de negocio: flujos de ingresos

Contratos de la carta de tiempo

A partir de 2024, Diana Shipping Inc. opera una flota de 37 transportistas a granel seco, generando ingresos principalmente a través de contratos de la carta de tiempo.

Tipo de contrato	Tasa de chárter diaria promedio	Contribución anual de ingresos
Cartas de tiempo a largo plazo	$ 12,500 por día	$136,250,000
Cartas de tiempo a corto plazo	$ 9,750 por día	$71,385,000

Ingresos de la carta de viaje

Ingresos suplementarios generados a través de Charters Voyage Spot Market.

• Ingresos del viaje del mercado spot: $ 45,600,000 en 2023
• Duración promedio de la charter spot: 30-45 días
• Tarifas de la Carta Spot: $ 10,200 por día

Venta de embarcaciones y transacciones de arrendamiento

El envío de Diana genera ingresos adicionales a través de transacciones estratégicas de embarcaciones.

Tipo de transacción	Número de embarcaciones	Valor de transacción total
Ventas de buques	3 embarcaciones	$84,000,000
Acuerdos de arrendamiento	2 recipientes	$56,500,000

Servicios de gestión de activos marítimos

Flujos de ingresos adicionales de los servicios relacionados con el marítimo.

• Tarifas de gestión técnica: $ 3,750,000
• Servicios de consultoría: $ 1,250,000
• Servicios de optimización de flota: $ 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.