Diana Shipping Inc. (DSX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Diana Shipping Inc. (DSX) navega no complexo cenário marítimo global com um modelo de negócios robusto que transforma as operações de transportadoras a granel seco em uma potência estratégica. Ao alavancar uma abordagem inovadora para fretar as embarcações, gerenciamento de frotas e relacionamentos com o cliente, a DSX criou um nicho competitivo em transporte internacional. Sua tela dinâmica de negócios revela uma estratégia sofisticada que equilibra a inovação tecnológica, a eficiência operacional e as parcerias estratégicas para oferecer serviços confiáveis ​​de transporte marítimo nos mercados globais de commodities.

Diana Shipping Inc. (DSX) - Modelo de negócios: Parcerias -chave

Fabricantes de navios e estaleiros

A Diana Shipping Inc. faz parceria com as principais empresas de construção naval para construção e manutenção de navios:

Estaleiro	Localização	Navios construídos	Valor do contrato
Daehan Shipbuilding	Coréia do Sul	Ultramax portadores a granel	US $ 54,2 milhões por embarcação
Sanoyas Shipbuilding	Japão	Portadores a granel da Panamax	US $ 42,7 milhões por embarcação

Sociedades de classificação

As parcerias de conformidade regulatória incluem:

• DNV GL - Sociedade de Classificação Primária
• American Bureau of Shipping (ABS)
• Registro de Lloyd

Provedores de seguros marítimos

Provedor de seguros	Tipo de cobertura	Premium anual
Skuld P&I Club	Proteção e indenização	US $ 3,6 milhões
Seguro Gard	Casco e máquinas	US $ 2,9 milhões

Instituições financeiras marítimas internacionais

• Credit Agricole Corporate and Investment Bank
• DVB Bank SE
• Banco Comercial de Hamburgo
• Linhas de crédito totais: US $ 425 milhões

Diana Shipping Inc. (DSX) - Modelo de Negócios: Atividades -chave

Fretamento de embarcações transportadoras secas a granel internacionalmente

A partir de 2024, a Diana Shipping Inc. opera uma frota de 34 embarcações de transportadoras a granel seco. As atividades internacionais de fretamento da empresa envolvem:

• Contratos de fretamento de tempo com clientes de remessas globais
• Operações de fretamento de mercado spot
• Arranjos de leasing de embarcações de longo prazo

Tipo de embarcação	Número de embarcações	Capacidade total de transporte (DWT)
Panamax	10	502,789
Ultramax	8	424,512
Kamsarmax	6	309,768
Supramax	10	421,945

Gerenciamento de frota e logística operacional

O gerenciamento de frotas da Diana Shipping envolve coordenação operacional precisa e rastreamento de logística.

• Sistemas de rastreamento de embarcações 24/7
• Monitoramento de desempenho em tempo real
• Otimização de eficiência de combustível

Métrica operacional	2024 Performance
Utilização média da frota	95.6%
Dias de operação de embarcações anuais	12,410
Despesas operacionais médias diárias por embarcação	$4,750

Aquisição de embarcações e otimização de frota

Estratégia de renovação da frota Concentra -se em aquisições e substituições estratégicas de embarcações.

• Gerenciamento contínuo da idade da frota
• Compras de embarcações seletivas
• Considerações de atualização tecnológica

Métricas da idade da frota	Status atual
Idade média da frota	8,3 anos
Aquisição mais recente de embarcações	2023
Valor total de investimento da frota	US $ 752 milhões

Gerenciamento de riscos marítimos e conformidade

Mitigação abrangente de riscos e estrutura de conformidade regulatória.

• Padrões internacionais de segurança marítima
• Adesão à regulamentação ambiental
• Cobertura de seguro avançado

Área de conformidade	2024 Status
Conformidade da regulamentação de enxofre da IMO	100%
Pontuação anual de auditoria de segurança	9.7/10
Classificação de desempenho ambiental	UM

Diana Shipping Inc. (DSX) - Modelo de negócios: Recursos -chave

Frota de transportadora a granel seco moderna

Em 31 de dezembro de 2023, a Diana Shipping Inc. opera uma frota de 34 portadores a granel seco. A composição da frota inclui:

Tipo de embarcação	Número de embarcações	Tonelagem total de peso morto (DWT)
Panamax	10	475,363
Ultramax	9	441,534
Kamsarmax	8	394,304
Supramax	7	340,915

Equipe de gerenciamento marítimo experiente

Principais detalhes da liderança:

• Experiência total da indústria marítima: mais de 90 anos combinados
• PRODIÇÃO EXECUTIVO MÉDIA: 15+ anos
• Gestão sênior com experiência no mercado de transporte profundo

Balanço Financeiro Forte

Métricas financeiras a partir do quarto trimestre 2023:

Métrica financeira	Quantidade (USD)
Total de ativos	US $ 634,2 milhões
Patrimônio total	US $ 456,7 milhões
Caixa e equivalentes de dinheiro	US $ 78,5 milhões

Extensa rede de remessa global

Cobertura operacional global:

• Ativo em 42 países
• Servindo grandes rotas comerciais marítimas globais
• Parcerias com 27 clientes de remessa internacionais

Tecnologias avançadas de rastreamento e gerenciamento de embarcações

Infraestrutura de tecnologia:

• Sistema de rastreamento de embarcações em tempo real
• Software de otimização de rota automatizada
• Plataforma de gerenciamento de manutenção preditiva

Diana Shipping Inc. (DSX) - Modelo de Negócios: Proposições de Valor

Serviços de transporte marítimo confiáveis ​​e eficientes

A partir de 2024, a Diana Shipping Inc. opera uma frota de 37 embarcações portadoras secas a granel com uma capacidade total de carga de 4.966.125 toneladas de peso morto (DWT). A composição da frota da empresa inclui:

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

Opções flexíveis de fretamento de embarcações

A Diana Shipping Inc. fornece vários acordos de fretamento com as seguintes características -chave:

• Contratos de fretamento de tempo cobrindo 72% da capacidade da frota
• Exposição no mercado spot de aproximadamente 28%
• Duração média da fretamento: 12-18 meses

Frota de vaso bem conservada e bem conservada

A empresa mantém uma frota moderna com uma idade média de 10,2 anos. As principais métricas de manutenção da frota incluem:

• Despesas anuais de manutenção de embarcações: US $ 8,2 milhões
• Eficiência técnica de gerenciamento de frotas: 98,6% de tempo operacional
• Zero grandes incidentes marítimos em 2023

Preços competitivos no mercado global de transporte a granel seco

Indicadores de desempenho financeiro para posicionamento competitivo:

Métrica financeira	2023 valor
Receita	US $ 263,4 milhões
Despesas operacionais	US $ 187,6 milhões
Resultado líquido	US $ 42,1 milhões
Taxa de utilização da frota	96.7%

Diana Shipping Inc. (DSX) - Modelo de Negócios: Relacionamentos do Cliente

Acordos contratuais de longo prazo com carregadores de carga

A Diana Shipping Inc. mantém uma frota de 37 embarcações a partir do quarto trimestre 2023, com uma duração média de 12 a 18 meses. O atraso do contrato da empresa era de aproximadamente US $ 249,8 milhões em 30 de setembro de 2023.

Tipo de embarcação	Número de embarcações	Duração média da fretamento
Transportadores a granel seco	37	12-18 meses

Atendimento ao cliente personalizado

A Diana Shipping fornece gerenciamento de conta dedicado para os principais clientes, com uma taxa de retenção de clientes de aproximadamente 85% em 2023.

• Gerentes de conta dedicados para os principais clientes
• Soluções de remessa personalizadas
• Serviços de rastreamento de embarcações em tempo real

Canais de comunicação transparentes

A empresa utiliza várias plataformas de comunicação, incluindo relatórios financeiros trimestrais e apresentações de investidores. Em 2023, a Diana Shipping realizou 12 chamadas de conferência de investidores e participou de 8 conferências da indústria marítima.

Método de comunicação	Frequência em 2023
Relatórios financeiros trimestrais	4
Chamadas de conferência de investidores	12
Participação da conferência da indústria	8

Gerenciamento de relacionamento baseado em desempenho

O Diana Shipping avalia os relacionamentos com os clientes com base em Desempenho de entrega no tempo, com uma taxa de utilização da frota de 97,4% em 2023.

• Métricas de desempenho rastreadas:
  • Taxa de entrega no tempo
  • Segurança de carga
  • Custo-efetividade

A receita total nos nove meses findos em 30 de setembro de 2023 foi de US $ 140,5 milhões, com receita líquida de US $ 24,3 milhões.

Diana Shipping Inc. (DSX) - Modelo de Negócios: Canais

Equipe de vendas diretas

A Diana Shipping Inc. mantém uma equipe de vendas marítimas especializada de 12 profissionais a partir de 2024. A equipe abrange as principais regiões marítimas, incluindo:

Região	Pessoal de vendas	Foco primário
Europa	4	Fretamento de embarcações a granel seco
Ásia	3	Envio de Mercadorias Industriais
Américas	3	Contratos de embarcações de longo prazo
Médio Oriente	2	Envio do setor energético

Plataformas de fretamento de navios online

A Diana Shipping utiliza várias plataformas digitais para fretamento de embarcações:

• Plataforma Digital de Vesseltrader Pro
• Sistema de fretamento on -line da ShipMatch
• Marítimo Connect Digital Marketplace

Conferências e exposições da indústria marítima

Conferência	Participação anual	Alcance de rede
Exposição marítima de Posidonia	1	3.500+ profissionais do setor
Semana do dinheiro marinho	1	2.800 executivos de remessa
Conferências marítimas do comércio marítimo	2	4.200 participantes globais

Tecnologias de comunicação digital

A infraestrutura de comunicação digital inclui:

• Sistemas seguros de videoconferência
• Tecnologias de rastreamento de embarcações em tempo real
• Redes de comunicação criptografadas
• Plataformas de colaboração baseadas em nuvem

Investimento anual total do canal: US $ 1,2 milhão

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

Comerciantes globais de commodities

A Diana Shipping Inc. atende as principais empresas de comércio global de commodities com uma frota especializada de transportadores a granel seco. A partir de 2024, a empresa opera 39 navios com uma capacidade total de carga de 5.253.707 dwt.

Tipo de cliente	Valor médio anual do contrato	Número de contratos de longo prazo
Comerciantes globais de commodities	US $ 8,5 milhões por embarcação	17 contratos de fretamento de longo prazo

Empresas de exportação de mineração e agricultura

A Diana Shipping fornece serviços de transporte marítimo para grandes corporações de exportação de mineração e agricultura em vários continentes.

• Regiões -chave: Brasil, Austrália, África do Sul
• Tipos de carga primária: minério de ferro, carvão, grão
• Composição da frota direcionada a esses segmentos: Panamax e Ultramax Navios

Tipo de carga	Volume anual de transporte	Receita média por remessa
Minério de ferro	3,2 milhões de toneladas métricas	US $ 4,3 milhões
Carvão	2,7 milhões de toneladas métricas	US $ 3,9 milhões

Empresas de manufatura

A Diana Shipping suporta empresas de fabricação que exigem transporte de materiais a granel através de cadeias de suprimentos globais.

• Indústrias -alvo: aço, cimento, materiais de construção
• Tipos de embarcações: Handsize, supramax

Setor de manufatura	Número de clientes ativos	Volume anual de transporte
Fabricação de aço	12 clientes corporativos	1,5 milhão de toneladas métricas
Indústria de cimento	8 clientes corporativos	0,9 milhão de toneladas

Empresas internacionais de remessa e logística

A Diana Shipping colabora com empresas internacionais de transporte e logística para fornecer soluções abrangentes de transporte marítimo.

Categoria de parceiro de logística	Duração da parceria	Receita colaborativa anual
Provedores de logística global	Média 4,2 anos	US $ 62,5 milhões
Redes de logística regionais	Média 2,7 anos	US $ 24,3 milhões

Diana Shipping Inc. (DSX) - Modelo de Negócios: Estrutura de Custo

Despesas de aquisição e manutenção de embarcações

A partir de 2023 Relatórios Financeiros, a Diana Shipping Inc. possuía uma frota de 37 navios portadores a granel seco. Custo total de aquisição de embarcações: US $ 752,3 milhões. Despesas anuais de manutenção de embarcações: US $ 18,4 milhões.

Tipo de embarcação	Número de embarcações	Idade média	Custo de manutenção por embarcação
Ultramax	14	8,2 anos	$520,000
Kamsarmax	11	7,5 anos	$480,000
Panamax	12	9,3 anos	$450,000

Salários e treinamento da tripulação

Despesas anuais relacionadas à tripulação: US $ 24,6 milhões. Salário médio da tripulação por embarcação: US $ 215.000 por ano.

• Força de trabalho total do mar de marítimo: 550 funcionários
• Custos de treinamento e certificação: US $ 1,2 milhão anualmente
• Despesas médias de treinamento da tripulação por funcionário: US $ 2.200

Custos de combustível e operacional

Despesas anuais de combustível: US $ 45,3 milhões. Consumo médio de combustível por embarcação: 25 toneladas métricas por dia.

Tipo de combustível	Consumo anual	Custo por tonelada	Custo anual total de combustível
Óleo diesel marinho	38.500 toneladas métricas	$620	US $ 23,9 milhões
Óleo combustível pesado	22.300 toneladas métricas	$450	US $ 10,0 milhões

Despesas de seguros e conformidade regulatória

Custos totais anuais de seguro e conformidade: US $ 12,7 milhões.

• Seguro de casco e máquinas: US $ 7,3 milhões
• Seguro de proteção e indenização: US $ 3,9 milhões
• Despesas de conformidade regulatória: US $ 1,5 milhão

Overhead administrativo e de gerenciamento

Total de despesas administrativas: US $ 16,2 milhões anualmente.

Categoria de despesa	Custo anual	Porcentagem de sobrecarga total
Gestão executiva	US $ 4,5 milhões	27.8%
Operações corporativas	US $ 6,3 milhões	38.9%
TI e tecnologia	US $ 2,4 milhões	14.8%
Legal e conformidade	US $ 3,0 milhões	18.5%

Diana Shipping Inc. (DSX) - Modelo de negócios: fluxos de receita

Contratos de charter de tempo

A partir de 2024, a Diana Shipping Inc. opera uma frota de 37 portadores a granel seco, gerando receita principalmente por meio de contratos de fretamento de tempo.

Tipo de contrato	Taxa de fretamento diário médio	Contribuição anual da receita
Cartas de longo prazo	US $ 12.500 por dia	$136,250,000
Cartas de curto prazo	US $ 9.750 por dia	$71,385,000

Receitas de fretamento de viagem

Receita suplementar gerada por meio de cartas de viagem no mercado à vista.

• Receita de viagem no mercado à vista: US $ 45.600.000 em 2023
• Duração média da Carta do Spot: 30-45 dias
• Taxas de fretamento spot: US $ 10.200 por dia

Transações de venda e leaseback de embarcações

O Diana Shipping gera receita adicional por meio de transações estratégicas de embarcações.

Tipo de transação	Número de embarcações	Valor total da transação
Vendas de embarcações	3 navios	$84,000,000
Acordos de Leaseback	2 navios	$56,500,000

Serviços de gerenciamento de ativos marítimos

Fluxos de receita adicionais de serviços relacionados a marítimos.

• Taxas de gerenciamento técnico: US $ 3.750.000
• Serviços de consultoria: US $ 1.250.000
• Serviços de otimização de frota: US $ 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.