Diana Shipping Inc. (DSX): Business Model Canvas [Jan-2025 Mise à jour]

Diana Shipping Inc. (DSX) navigue dans le paysage maritime mondial complexe avec un modèle commercial robuste qui transforme les opérations de transporteur en vrac sèche en puissance stratégique. En tirant parti d'une approche innovante de l'affrètement des navires, de la gestion de la flotte et des relations avec les clients, DSX a creusé un créneau compétitif dans l'expédition internationale. Leur toile commerciale dynamique révèle une stratégie sophistiquée qui équilibre l'innovation technologique, l'efficacité opérationnelle et les partenariats stratégiques pour fournir des services de transport maritime fiables sur les marchés mondiaux des matières premières.

Diana Shipping Inc. (DSX) - Modèle d'entreprise: partenariats clés

Fabricants de navires et de chantiers navals

Diana Shipping Inc. s'associe aux principales sociétés de construction navale pour la construction et l'entretien des navires:

Chantier naval	Emplacement	Navires construits	Valeur du contrat
Daehan Shipbuilding	Corée du Sud	Porteurs en vrac ultramax	54,2 millions de dollars par navire
Sanoyas Shipbuilding	Japon	Carriers en vrac Panamax	42,7 millions de dollars par navire

Sociétés de classification

Les partenariats de conformité réglementaire comprennent:

• DNV GL - Société de classification primaire
• American Bureau of Shipping (ABS)
• Registre de Lloyd

Fournisseurs d'assurance maritime

Assureur	Type de couverture	Prime annuelle
Skuld P&I Club	Protection et indemnité	3,6 millions de dollars
Assurance-gard	Coque et machinerie	2,9 millions de dollars

Institutions financières maritimes internationaux

• Credit Agricole Corporate and Investment Bank
• DVB Bank SE
• Banque commerciale de Hambourg
• Compétions à crédit total: 425 millions de dollars

Diana Shipping Inc. (DSX) - Modèle d'entreprise: Activités clés

Affréter les navires de transporteur en vrac sec à l'international

Depuis 2024, Diana Shipping Inc. exploite une flotte de 34 navires de transporteur en vrac sec. Les activités de charte internationale de l'entreprise impliquent:

• Time Charter contracte avec les clients de l'expédition mondiale
• Opérations d'affrètement du marché au comptant
• Arrangements de location de navires à long terme

Type de navire	Nombre de navires	Capacité totale de charge (DWT)
Panamax	10	502,789
Ultramax	8	424,512
Kamsarmax	6	309,768
Supramax	10	421,945

Gestion de la flotte et logistique opérationnelle

La gestion de la flotte de Diana Shipping implique une coordination opérationnelle précise et un suivi logistique.

• Systèmes de suivi des navires 24/7
• Surveillance des performances en temps réel
• Optimisation d'efficacité énergétique

Métrique opérationnelle	2024 performance
Utilisation moyenne de la flotte	95.6%
Jours de fonctionnement des navires annuels	12,410
Dépenses de fonctionnement quotidiennes moyennes par navire	$4,750

Acquisition des navires et optimisation de la flotte

Stratégie de renouvellement de la flotte se concentre sur les acquisitions et les remplacements stratégiques des navires.

• Gestion continue de l'âge de la flotte
• Aachat de navires sélectif
• Considérations de mise à niveau technologique

Métriques de l'âge de la flotte	État actuel
Âge moyen de la flotte	8,3 ans
Acquisition plus récente des navires	2023
Valeur d'investissement totale	752 millions de dollars

Gestion et conformité des risques maritimes

Cadre d'atténuation des risques et de conformité réglementaire complet.

• Normes internationales de sécurité maritime
• Adhésion à la réglementation environnementale
• Couverture d'assurance avancée

Zone de conformité	Statut 2024
Composition de la réglementation en soufre de l'OMI	100%
Score annuel d'audit de la sécurité	9.7/10
Note de performance environnementale	UN

Diana Shipping Inc. (DSX) - Modèle d'entreprise: Ressources clés

Flotte de porte-vrac sèche moderne

Au 31 décembre 2023, Diana Shipping Inc. exploite une flotte de 34 transporteurs en vrac sec. La composition de la flotte comprend:

Type de navire	Nombre de navires	Tonnage total de poids mort (DWT)
Panamax	10	475,363
Ultramax	9	441,534
Kamsarmax	8	394,304
Supramax	7	340,915

Équipe de gestion maritime expérimentée

Détails clés du leadership:

• Expérience totale de l'industrie maritime: plus de 90 ans combinés
• Pureur exécutif moyen: plus de 15 ans
• Haute haute direction avec une expertise en profondeur du marché du transport d'expédition

Banque financier solide

Mesures financières auprès du quatrième trimestre 2023:

Métrique financière	Montant (USD)
Actif total	634,2 millions de dollars
Total des capitaux propres	456,7 millions de dollars
Equivalents en espèces et en espèces	78,5 millions de dollars

Vaste réseau d'expédition mondiale

Couverture opérationnelle mondiale:

• Actif dans 42 pays
• Servant des routes commerciales maritimes mondiales majeures
• Partenariats avec 27 clients internationaux d'expédition

Technologies avancées de suivi et de gestion des navires

Infrastructure technologique:

• Système de suivi des navires en temps réel
• Logiciel automatisé d'optimisation de l'itinéraire
• Plateforme de gestion de la maintenance prédictive

Diana Shipping Inc. (DSX) - Modèle d'entreprise: propositions de valeur

Services de transport maritime fiables et efficaces

Depuis 2024, Diana Shipping Inc. exploite une flotte de 37 navires de transporteur en vrac sec avec une capacité de charge totale de 4 966 125 tonnes de poids morts (DWT). La composition de la flotte de l'entreprise comprend:

Type de navire	Nombre de navires	Capacité totale (DWT)
Panamax	10	1,367,208
Kamsarmax	8	1,186,016
Ultra grand	6	1,070,000
Supramax	13	1,343,001

Options de charte aux navires flexibles

Diana Shipping Inc. fournit plusieurs arrangements charter avec les caractéristiques clés suivantes:

• Contrats de la charte à l'heure couvrant 72% de la capacité de la flotte
• Exposition au marché au comptant d'environ 28%
• Durée de charte moyenne: 12-18 mois

Flotte de navires de haute qualité et bien entretenue

L'entreprise maintient une flotte moderne avec un âge moyen de 10,2 ans. Les métriques de maintenance des flottes clés comprennent:

• Dépenses de maintenance annuelle des navires: 8,2 millions de dollars
• Efficacité de gestion technique de la flotte: 98,6% de disponibilité opérationnelle
• Zéro incidents maritimes majeurs en 2023

Prix ​​de compétition sur le marché mondial de l'expédition en vrac sec

Indicateurs de performance financière pour le positionnement concurrentiel:

Métrique financière	Valeur 2023
Revenu	263,4 millions de dollars
Dépenses d'exploitation	187,6 millions de dollars
Revenu net	42,1 millions de dollars
Taux d'utilisation de la flotte	96.7%

Diana Shipping Inc. (DSX) - Modèle d'entreprise: relations avec les clients

Accords contractuels à long terme avec des expéditeurs de fret

Diana Shipping Inc. maintient une flotte de 37 navires au quatrième trimestre 2023, avec une durée de charte moyenne de 12 à 18 mois. L'arriéré du contrat de la société était d'environ 249,8 millions de dollars au 30 septembre 2023.

Type de navire	Nombre de navires	Durée de charte moyenne
Porteurs de vrac secs	37	12-18 mois

Service client personnalisé

Diana Shipping fournit une gestion des comptes dédiée aux principaux clients, avec un taux de rétention de la clientèle d'environ 85% en 2023.

• Gestionnaires de comptes dédiés aux principaux clients
• Solutions d'expédition personnalisées
• Services de suivi des navires en temps réel

Canaux de communication transparents

La société utilise plusieurs plateformes de communication, notamment des rapports financiers trimestriels et des présentations d'investisseurs. En 2023, Diana Shipping a tenu 12 conférences téléphoniques sur les investisseurs et a participé à 8 conférences de l'industrie maritime.

Méthode de communication	Fréquence en 2023
Rapports financiers trimestriels	4
Conférence téléphonique des investisseurs	12
Participation de la conférence de l'industrie	8

Gestion des relations basées sur la performance

Diana Shipping évalue les relations avec les clients en fonction de Performance de livraison à temps, avec un taux d'utilisation de la flotte de 97,4% en 2023.

• Métriques de performance suivies:
  • Taux de livraison à temps
  • Sécurité de cargaison
  • Rentabilité

Le chiffre d'affaires total pour les neuf mois clos le 30 septembre 2023 était de 140,5 millions de dollars, avec un bénéfice net de 24,3 millions de dollars.

Diana Shipping Inc. (DSX) - Modèle d'entreprise: canaux

Équipe de vente directe

Diana Shipping Inc. maintient une équipe de vente maritime spécialisée de 12 professionnels à partir de 2024. L'équipe couvre les principales régions maritimes, notamment:

Région	Personnel de vente	Focus principal
Europe	4	Navire en vrac sèche
Asie	3	Expédition des produits de base industrielle
Amériques	3	Contrats de navires à long terme
Moyen-Orient	2	Expédition du secteur de l'énergie

Plateformes de charte des navires en ligne

Diana Shipping utilise plusieurs plates-formes numériques pour l'affrètement des navires:

• Vesseltrader pro plate-forme numérique
• Shipmatch en ligne de charte en ligne
• Marché numérique Maritime Connect

Conférences et expositions de l'industrie maritime

Conférence	Participation annuelle	Réalisation de réseautage
Exposition maritime de Posidonia	1	3 500+ professionnels de l'industrie
Marine Money Week	1	2 800 dirigeants d'expédition
Conférences maritimes du commerce de la mer	2	4 200 participants mondiaux

Technologies de communication numérique

L'infrastructure de communication numérique comprend:

• Systèmes de vidéoconférence sécurisés
• Technologies de suivi des navires en temps réel
• Réseaux de communication cryptés
• Plates-formes de collaboration basées sur le cloud

Investissement total annuel des canaux: 1,2 million de dollars

Diana Shipping Inc. (DSX) - Modèle d'entreprise: segments de clientèle

Traders mondiaux de matières premières

Diana Shipping Inc. dessert les grandes sociétés mondiales de commerce de produits de base avec une flotte spécialisée de transporteurs en vrac sec. En 2024, la société exploite 39 navires avec une capacité de charge totale de 5 253 707 DWT.

Type de client	Valeur du contrat annuel moyen	Nombre de contrats à long terme
Traders mondiaux de matières premières	8,5 millions de dollars par navire	17 Contrats de charte à long terme

Sociétés d'exportation d'exploitation et d'agriculture

Diana Shipping fournit des services de transport maritime pour les grandes sociétés d'exportation minière et agricole sur plusieurs continents.

• Régions clés: Brésil, Australie, Afrique du Sud
• Types de chargement primaires: minerai de fer, charbon, grain
• Composition de flotte ciblant ces segments: navires Panamax et ultramax

Type de cargaison	Volume de transport annuel	Revenu moyen par expédition
Minerai de fer	3,2 millions de tonnes métriques	4,3 millions de dollars
Charbon	2,7 millions de tonnes métriques	3,9 millions de dollars

Sociétés de fabrication

Diana Shipping prend en charge les sociétés de fabrication nécessitant un transport de matériaux en vrac dans les chaînes d'approvisionnement mondiales.

• Industries cibles: acier, ciment, matériaux de construction
• Types de navires: Handysize, supramax

Secteur manufacturier	Nombre de clients actifs	Volume de transport annuel
Fabrication d'acier	12 clients d'entreprise	1,5 million de tonnes métriques
Industrie du ciment	8 clients d'entreprise	0,9 million de tonnes métriques

Entreprises internationales d'expédition et de logistique

Diana Shipping collabore avec des sociétés internationales de livraison et de logistique pour fournir des solutions de transport maritime complètes.

Catégorie de partenaire logistique	Durée du partenariat	Revenus collaboratifs annuels
Fournisseurs de logistique mondiaux	Moyenne de 4,2 ans	62,5 millions de dollars
Réseaux logistiques régionaux	En moyenne 2,7 ans	24,3 millions de dollars

Diana Shipping Inc. (DSX) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de maintenance des navires

En 2023 rapports financiers, Diana Shipping Inc. possédait une flotte de 37 navires de transporteur en vrac sec. Coût d'acquisition total des navires: 752,3 millions de dollars. Frais de maintenance des navires annuels: 18,4 millions de dollars.

Type de navire	Nombre de navires	Âge moyen	Coût de maintenance par navire
Ultramax	14	8,2 ans	$520,000
Kamsarmax	11	7,5 ans	$480,000
Panamax	12	9.3 ans	$450,000

Salaires et formation d'équipage

Dépenses annuelles liées à l'équipage: 24,6 millions de dollars. Salaire moyen de l'équipage par navire: 215 000 $ par an.

• Total de la main-d'œuvre de la mer: 550 employés
• Coûts de formation et de certification: 1,2 million de dollars par an
• Dépenses de formation moyenne par l'équipage par employé: 2 200 $

Coûts de carburant et d'exploitation

Dépenses de carburant annuelles: 45,3 millions de dollars. Consommation de carburant moyenne par navire: 25 tonnes métriques par jour.

Type de carburant	Consommation annuelle	Coût par tonne métrique	Coût annuel total de carburant
Huile de diesel marin	38 500 tonnes métriques	$620	23,9 millions de dollars
Fourniture de carburant	22 300 tonnes métriques	$450	10,0 millions de dollars

Frais d'assurance et de conformité réglementaire

Coûts annuels totaux d'assurance et de conformité: 12,7 millions de dollars.

• Assurance de la coque et des machines: 7,3 millions de dollars
• Assurance de protection et d'indemnisation: 3,9 millions de dollars
• Dépenses de conformité réglementaire: 1,5 million de dollars

Administrative et au-dessus de la direction

Dépenses administratives totales: 16,2 millions de dollars par an.

Catégorie de dépenses	Coût annuel	Pourcentage de frais généraux totaux
Direction	4,5 millions de dollars	27.8%
Opérations d'entreprise	6,3 millions de dollars	38.9%
TI ET TECHNOLOGIE	2,4 millions de dollars	14.8%
Juridique et conformité	3,0 millions de dollars	18.5%

Diana Shipping Inc. (DSX) - Modèle d'entreprise: Strots de revenus

Contrats de la charte à l'heure

En 2024, Diana Shipping Inc. exploite une flotte de 37 transporteurs en vrac sec, générant des revenus principalement par le biais de contrats de charte.

Type de contrat	Taux de charte quotidien moyen	Contribution annuelle des revenus
Chartes à long terme	12 500 $ par jour	$136,250,000
Chartes à court terme	9 750 $ par jour	$71,385,000

Revenus charter de voyage

Revenus supplémentaires générés par les chartes de voyage sur le marché au comptant.

• Revenus de voyage sur le marché au comptant: 45 600 000 $ en 2023
• Durée moyenne de la charte Spot: 30-45 jours
• Tarifs de charte au compteur: 10 200 $ par jour

Vente des navires et transactions de location

Diana Shipping génère des revenus supplémentaires grâce à des transactions stratégiques pour les navires.

Type de transaction	Nombre de navires	Valeur totale de transaction
Ventes de navires	3 navires	$84,000,000
Accords de location	2 navires	$56,500,000

Services de gestion des actifs maritimes

Des sources de revenus supplémentaires provenant des services maritimes.

• Frais de gestion technique: 3 750 000 $
• Services de conseil: 1 250 000 $
• Services d'optimisation de la flotte: 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.