Diana Shipping Inc. (NYSE:DSX) Q2 2024 Results Conference Call July 31, 2024 9:00 AM ET

Company Participants

Edward Nebb - Investor Relations
Semiramis Paliou - Chief Executive Officer
Stasi Margaronis - Director and President
Ioannis Zafirakis - Director, Chief Financial Officer & Chief Strategy Officer
Lefteris Papatrifon - Director
Maria Dede - Chief Accounting Officer

Operator

Welcome to the Diana Shipping 2024 Second Quarter Conference Call and Webcast. At this time, all participants are in a listen-only mode. The question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the call over to Edward Nebb, Investor Relations Advisor. Thank you. You may begin.

Edward Nebb

Thank you, Darrell, and thanks to everyone who is joining us today for the Diana Shipping Inc. 2024 second quarter conference call. With us today from management is Semiramis Paliou, Chief Executive Officer who will introduce the other members of the management team.

And so, without further due, I will turn the call over to Ms. Paliou.

Semiramis Paliou

Thank you, Ed. Good morning, ladies and gentlemen, and welcome to Diana Shipping Inc.’s second quarter 2024 financial results conference call. I'm as Ed said, Semiramis Paliou, the CEO of Diana Shipping, and it's my pleasure to present alongside our esteemed team, Mr. Stasi Margaronis, Director and President; Mr. Ioannis Zafirakis, Director, CFO and Chief Strategy Officer; Mr. Lefteris Papatrifon, Director; and Ms. Maria Dede, Chief Accounting Officer.

Before we begin, please review the forward-looking statements on Page 4 of the accompanying investor presentation.

After a strong first quarter, the second quarter has remained resilient. The average Baltic time charter rates called Capesize vessels fell around 7%, while Panamax rates increased by 6% and Supramax rates arose by 16%. Compared to recent years, the end of the second quarter and the start of the third quarter are somewhat muted, but sentiment remains strong as shown by the time charter rates in our most recent period fixtures.

Turning to Slide 5, let's review our company snapshot, founded in 1972 and listed on the New York Stock Exchange since 2005, Diana Shipping Inc, operates a fleet of 39 dry bulk vessels, five of which are mortgage-free with an average age of 11 years, and the total deadweight of approximately 4.4 million tons. We are expecting the delivery of two methanol dual-fuel newbuildings Kamsarmax dry bulk vessels in around 2027 and 2028.