Diana Shipping Inc (DSX) 2025 Q1 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to the Diana Shipping Inc., conference call for the first quarter 2025 financial results. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，感謝大家的支持，歡迎參加戴安娜航運公司 2025 年第一季財務業績電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It's now my pleasure to turn the call over to Ms. Semiramis Paliou, please go ahead.

現在我很高興將電話轉給 Semiramis Paliou 女士，請繼續。

Thank you. Good morning, ladies and gentlemen, and welcome to Diana Shipping Inc., first quarter 2025 financial results conference call. I'm Semiramis Paliou, CEO of the company and it's my pleasure to present alongside our esteemed team; Mr. Anastasios Margaronis, Director and President; Mr. Ioannis Zafirakis Director, Co-CFO and Chief Strategy Officer; Mr. Eleftherios Papatrifon, Director; Ms. Maria Dede, Co-CFO.

謝謝。女士們、先生們，早安，歡迎參加 Diana Shipping Inc. 2025 年第一季財務業績電話會議。我是公司執行長 Semiramis Paliou，我很榮幸與我們尊敬的團隊一起出席本次會議；董事兼總裁 Anastasios Margaronis 先生；董事、聯合首席財務官兼首席策略官 Ioannis Zafirakis 先生；董事 Eleftherios Papatrifon 先生；聯合首席財務官 Maria Dede 女士。

Before we begin, I'd like to remind everyone to review the forward-looking statements on page 4 of the accompanying presentation. After a record year for dry bulk volumes through 2019, the market seems to have taken a general breather. This can be attributed to the current closing uncertainty, both economically as well as geopolitical.

在我們開始之前，我想提醒大家查看隨附簡報第 4 頁的前瞻性陳述。2019 年乾散貨運輸量創下歷史新高後，市場似乎普遍得到了喘息。這可以歸因於當前經濟和地緣政治的不確定性。

Even though industry segments, which are tariff sensitive, such as container vessels are very volatile, the dry bulk market has been done and uninspiring so far this year, except for a significant dip in February. The overall market levels are still historically healthy that sentiment is clearly lagging even though cargo volumes are stable compared to the same period in 2024.

儘管貨櫃船等對關稅敏感的行業領域波動很大，但今年迄今為止，幹散貨市場除了 2 月大幅下滑外，表現一直不盡人意。從歷史上看，整體市場水準仍然健康，儘管貨運量與 2024 年同期相比保持穩定，但市場情緒明顯落後。

Nowhere is this more evident than in the newbuilding market where dry bulk vessel contracting so far this year has slumped to only 0.1% of the global fleet. Q1 was the second lowest quarterly contracting level on record. Only Q3 2016 was lower, but the higher rates and asset prices were a fraction of today's levels back it.

這現像在新造船市場表現得最為明顯，今年迄今，幹散貨船新造船數量已下降至全球船隊的 0.1%。第一季的季度合約水準是有記錄以來第二低的。僅 2016 年第三季的利率較低，但當時的利率和資產價格只是今天水準的一小部分。

Unfortunately, scrapping remained at historically low levels, with only 16 vessels scrapped so far 2025 for immediately 0.1% of the fleet. Meanwhile, the forward curve has become flat for all sizes. However, this has not stopped us from securing improved charter hires, especially in the case size segment.

不幸的是，拆解量仍處於歷史低位，到 2025 年為止只有 16 艘船拆解，佔船隊的 0.1%。同時，各種規模的遠期曲線都已趨於平緩。然而，這並沒有阻止我們提高租船價格，特別是在箱裝船領域。

Turning to slide 5. Let's review our company's snapshot as of today. Diana Shipping Inc., founded in 1972 and listed on the New York Stock Exchange since 2005, operates a fleet of 37 dry bulk vessels, 6 of which are mortgage risk. Our fleet has an average age of 11.6 years and the total deadweight capacity of approximately 4.1 million tonnes.

翻到幻燈片 5。讓我們回顧一下我們公司截至今天的狀況。戴安娜航運公司成立於 1972 年，自 2005 年起在紐約證券交易所上市，經營 37 艘乾散貨船，其中 6 艘為抵押風險船。我們的船隊平均船齡為 11.6 年，總載重量約 410 萬噸。

We anticipate the delivery of two methanol dual-fuel newbuilding cancer max driver vessels at the end of 2027 and early 2028, respectively. Fleet utilization reached 99.6% for the first quarter of 2025, highlighting our effective vessel management strategy. As of the end of the first quarter, we employed 974 individuals in sea and the shore. Financially, our net debt stands at 42% of market value, supported by $187.7 million in cash reserves as of quarter end and total secured revenues of approximately $124 million as of May 22.

我們預計將分別於 2027 年底和 2028 年初交付兩艘甲醇雙燃料新建癌症最大驅動船。2025 年第一季船隊利用率達到 99.6%，凸顯了我們有效的船舶管理策略。截至第一季末，我們在海上和岸上僱用了 974 名員工。從財務角度來看，我們的淨債務佔市場價值的 42%，截至季末的現金儲備為 1.877 億美元，截至 5 月 22 日的總擔保收入約為 1.24 億美元。

Moving to slide 6. Let's go over the key highlights from the first quarter and recent developments. In February 2025, continuing the renewal and modernization of our fleet, we announced the sale of motor vessel Alcmene for a purchase price of approximately USD11.9 million before commissions. She was delivered to renew owners in March 13, 2025.

移至幻燈片 6。讓我們回顧一下第一季度的主要亮點和最近的發展。2025 年 2 月，為了繼續更新和現代化我們的船隊，我們宣布以約 1190 萬美元（不含佣金）的購買價格出售機動船 Alcmene。她將於 2025 年 3 月 13 日交付給新主人。

Furthermore, In March, we became a strategic partner with an 80% equity interest and invested in a newly established joint venture, Ecogas Holding AS. This joint venture has agreed to order to 7,500 cubic meters semi-refrigerated IPG newbuildings with an option for two additional vessels. Delivery of the first vessel is expected in the third quarter of 2027 and was the second vessel in the fourth quarter of 2027.

此外，3月份，我們成為其策略夥伴，擁有80%的股權，並投資於新成立的合資企業Ecogas Holding AS。該合資企業已同意訂購 2 艘 7,500 立方米半冷藏 IPG 新船，並可選擇再訂購 2 艘。第一艘船預計將於 2027 年第三季交付，第二艘船預計將於 2027 年第四季交付。

In April, we celebrated the company's 20-year anniversary of listing on the New York Stock Exchange with a closing bell ceremony and hosted an Investor Day in New York. The investor presentation is available on the company's website.

四月，我們舉行收盤敲鐘儀式慶祝公司在紐約證券交易所上市20週年，並在紐約舉辦投資者日活動。投資者介紹可至公司網站查閱。

As of May 22, the company has raised USD25.6 million from the exercise of 6,400,114 warrants under the ongoing warrant program to purchase common shares for cash. A further USD64.9 million could be raised under the scope of the program if all outstanding warrants are exercised.

截至 5 月 22 日，該公司已透過行使正在進行的認股權證計畫下的 6,400,114 份認股權證籌集了 2,560 萬美元，以現金購買普通股。如果所有未償還認股權證均已行使，則該計劃還可籌集 6,490 萬美元。

As of May 22, 2025, we have also secured USD86.8 million of contracted revenues for 66% of the remaining ownership days of the year 2025 and have secured USD36.5 million of contracted revenue for 13% of the ownership days of the year 2026. Finally, we are pleased to declare a quarterly cash dividend of $0.01 per common share, totaling approximately USD1.2 million.

截至 2025 年 5 月 22 日，我們還已獲得 8,680 萬美元的合約收入，佔 2025 年剩餘所有權天數的 66%，並已獲得 3,650 萬美元的合約收入，佔 2026 年剩餘所有權天數的 13%。最後，我們很高興宣布季度現金股息為每股 0.01 美元，總計約 120 萬美元。

Slide 7 summarizes our recent chartering activities. Since our last earnings presentation, we have secured favorable time charters for nine vessels, one Ultramax vessel at a weighted average daily rate of 14,000 for 232 days; three Panamax, one post Panamax, and one Campermax vessel at a weighted average daily rate of $11,764 for an average of 299 days. Two new capital vessels at 24,720 for an average of 490 days.

投影片 7 總結了我們最近的租船活動。自上次收益報告發布以來，我們已獲得九艘船舶的優惠定期租船合同，其中包括一艘 Ultramax 型船舶，加權平均日租金為 14,000 美元，租期為 232 天；三艘巴拿馬型船舶、一艘超巴拿馬型船舶和一艘 Campermax 型船舶，加權平均日租金為 11,764 美元，租期平均為 29 天。兩艘新主力艦，平均服役時間為 24,720 天。

Slide 8 highlights our disciplined chartering strategy. We focus on staggered medium- to long-term charters to avoid clustered maturities, ensuring earnings visibility and resilience against market downturn.

第 8 張投影片重點介紹了我們嚴謹的租船策略。我們專注於分階段的中長期租船，以避免集中到期，確保獲利可見性和抵禦市場低迷的能力。

Now I'll pass the floor the floor to Maria for a more detailed financial analysis.

現在我將把發言權交給瑪麗亞，讓她進行更詳細的財務分析。

Thank you, Semira. Okay. Going to slide 9. We can say that this first quarter of 2025 was a good quarter for Diana despite the negative market dynamics in the dry bulk sector. Our time charter revenues for the first quarter were $54.9 million, decreased by about 5% compared to the $57.6 million for the same quarter last year.

謝謝你，塞米拉。好的。轉到第 9 張投影片。我們可以說，儘管乾散貨市場的動態不佳，但 2025 年第一季對 Diana 來說仍然是一個好季度。我們第一季的定期租船收入為 5,490 萬美元，與去年同期的 5,760 萬美元相比下降了約 5%。

This decrease was due to the decrease in the size of site and an increase in write-offs rather than time charter as the average times are the rates that our vessels were fixed in the quarter was better than that of the same quarter last year, which we will see later in the presentation.

這一下降是由於場地規模的縮小和注銷量的增加（而非定期租船），因為本季度我們船舶的固定費率平均時間優於去年同期，我們將在後面的演示中看到這一點。

For same reasons, our adjusted EBITDA decreased to $23.3 million compared to $24.9 million in the first quarter of 2024, a decrease of 6%. Our adjusted EBITDA is calculated by deducting from our operating income, depreciation and amortization of deferred charges and the gain on sale of vessels.

基於同樣的原因，我們的調整後 EBITDA 下降至 2,330 萬美元，而 2024 年第一季為 2,490 萬美元，下降了 6%。我們的調整後 EBITDA 是透過從我們的營業收入中扣除遞延費用的折舊和攤提以及船舶出售收益來計算的。

Our net income for the quarter increased to $3 million compared to $2.1 million for the same quarter in 2024, an increase that is mainly attributable to decrease interest and finance charges, as a result of the combination of decreased average debt and decreased weighted average interest rate.

本季我們的淨收入從 2024 年同期的 210 萬美元增至 300 萬美元，這一增長主要歸因於利息和財務費用的減少，這是平均債務減少和加權平均利率下降共同作用的結果。

Net income has also been affected by decreased losses from nonoperating activities recorded at share values. Earnings per common share diluted was $0.01 in the first quarter of 2025 and remained unchanged compared to the same quarter of 2024.

淨收入也受到以股票價值記錄的非經營活動損失減少的影響。2025 年第一季每股普通股攤薄收益為 0.01 美元，與 2024 年同期相比維持不變。

On the balance sheet side, our cash includes cash on hand and advanced time deposits maturing periods to three months included in cash and cash equivalents. Deposits with maturities above three months excluded from cash and cash equivalents and restricted cash non-current serving us of a state in cash balance to secure our loan facilities.

在資產負債表方面，我們的現金包括庫存現金和到期期限為三個月的定期存款，包含在現金和現金等價物中。期限超過三個月的存款不包含在現金和現金等價物中，而限制性非流動現金則為我們提供現金餘額以擔保我們的貸款便利。

On March 31, 2025, our cash decreased $187.7 million compared to $207.2 million as of December 31, 2024. In the quarter, we generated positive operating cash flows, which covered our breakeven costs, which include operating costs and net service but cash decreased due to the repair of our common shares in January 2025 in a tender offer, under which we purchased 11.4 million shares for $23 million.

2025 年 3 月 31 日，我們的現金減少了 1.877 億美元，而 2024 年 12 月 31 日為 2.072 億美元。在本季度，我們產生了正的經營現金流，覆蓋了我們的盈虧平衡成本，其中包括營運成本和淨服務，但由於我們在 2025 年 1 月以要約收購的方式修復了普通股，導致現金減少，當時我們以 2,300 萬美元的價格購買了 1,140 萬股普通股。

Long-term debt and finance liabilities, net of deferred financing costs decreased to $623.9 million as of March 31, 2025, compared to $637.5 million until December 31, 2024, a decrease of around 2%, which reflects the steady quarterly amortization of our investments.

截至 2025 年 3 月 31 日，扣除遞延融資成本的長期債務和財務負債減少至 6.239 億美元，而截至 2024 年 12 月 31 日為 6.375 億美元，減少約 2%，這反映了我們投資的穩定季度攤銷。

Going to slide 10. In this slide, we present to you the financial and other data which affected revenues our time charter equivalent rate and the daily operating expenses rate for the periods in review. The average number of vessels was 37.8% in the first quarter of 2025 compared to 39.7% as average assets in the first quarter of 2024 and decreased due to the sale of the vessel like streaming early in March this year, and the sale of two more vessels in the first and third quarters of 2024.

轉到第 10 張投影片。在此幻燈片中，我們向您展示了影響收入、定期租船等值費率和審查期間每日營運費用率的財務和其他數據。2025 年第一季的平均船舶數量為 37.8%，而 2024 年第一季的平均資產數量為 39.7%，由於今年 3 月初出售了類似串流媒體的船舶，以及 2024 年第一季和第三季又出售了兩艘船舶，因此船舶數量有所下降。

This decrease in the size of the fleet is also reflected in the decreased ownership, available and operating gains of the fleet which we use to calculate time charter equivalent daily OpEx and utilization. Our time charter equivalent, which is defined as our revenues less voyage expenses divided by the available days was $15,739 per day for the first quarter of 2025 compared to $15,051 per day in the first quarter of 2024, an increase of 5%, reflecting the better rate achieved in the quarter compared to the same quarter last year.

船隊規模的減少也反映在船隊所有權、可用權和營運收益的下降上，我們用這些來計算定期租船相當於每日營運支出和利用率。我們的定期租船等價物（定義為我們的收入減去航次費用除以可用天數）為 2025 年第一季度的每天 15,739 美元，而 2024 年第一季度的每天 15,051 美元，增長了 5%，反映出本季度與去年同期相比實現了更好的費率。

It is important to note that this increase times are equivalent rate is the result of our consistent and disciplined commercial strategy rather than market conditions, strategy we designed to leverage market volatility, deliver a more resilient performance across cycles and stable earnings. Fleet utilization for the quarter also increased 99.6% compared to 99.1% in the same quarter last year as a result of less of five days.

值得注意的是，這一成長倍數相當於我們的成長率，這是我們一貫嚴謹的商業策略而非市場條件的結果，我們設計的策略旨在利用市場波動，在各個週期中提供更具彈性的表現和穩定的收益。由於減少了五天，本季的車隊利用率也比去年同期的 99.1% 增加了 99.6%。

Vessel operating expenses decreased in absolute numbers by 4% due to the decrease in the average number of vessels, but the daily operating expenses increased by 2% to $5,866 per day compared to $5,775 per day during the same period in 2024. The company actively and consistently monitors its expenses and try to maintain its costs at optimal level without compromising the quality of its fit and its operations.

由於平均船舶數量的減少，船舶營運費用絕對值下降了 4%，但每日營運費用從 2024 年同期的每天 5,775 美元增加到 5,866 美元，增加了 2%。公司積極且持續地監控其費用，並努力在不影響其組裝和營運品質的情況下將成本維持在最佳水準。

Slide 11 presents our current debt profile. This slide shows how the company has prudently and proactively designed its financing strategy having a mix of variable and fixed rate debt instruments. Variable rate instruments consists of secured loan agreements, fixed at term suffer plus a margin. Fixed rate instruments consists of an unsecured bond for sale and leaseback agreements at very favorable fixed rate and an interest rate swap under which we receive their soft and pay fix.

投影片 11 展示了我們目前的債務狀況。這張投影片展示了公司如何審慎而積極地設計其混合浮動利率和固定利率債務工具的融資策略。浮動利率工具包括有擔保的貸款協議，固定利率為期限損失加上保證金。固定利率工具包括以非常優惠的固定利率出售和回租協議的無擔保債券，以及我們收到軟利率並支付固定利率的利率互換。

We have a fixed annual debt amortization of $47.1 million without any maturities or balance until 2029 when our bond becomes due. This steady amortization provides to visit of our debt service costs, reduces debt in a predictable manner, allows better management of the company's liquidity strengthens our balance sheet and reduces the company's credit risk profile.

我們的年度固定債務攤銷額為 4,710 萬美元，在 2029 年債券到期之前沒有任何到期日或餘額。這種穩定的攤銷有助於降低我們的債務償還成本，以可預測的方式減少債務，更好地管理公司的流動性，增強我們的資產負債表，並降低公司的信用風險狀況。

As of March 31, 2025, in slide 12, consider our breakeven rate was $6,218 per day. As of May 22, 2025, we have fixed 66% of the ownership days for the remainder of 2025 and expect to generate $86.8 million of revenues at an average time charter rate of $15,806 per day. For 2026, we have 13% of the ownership days and expect to generate $36.5 million of revenues at an average time charter rate of $20,363 per day.

截至 2025 年 3 月 31 日，在投影片 12 中，我們的損益平衡率為每天 6,218 美元。截至 2025 年 5 月 22 日，我們已確定 2025 年剩餘時間的 66% 的所有權天數，預計以平均每天 15,806 美元的定期租船費率產生 8,680 萬美元的收入。到 2026 年，我們擁有 13% 的所有權天數，預計以平均每天 20,363 美元的定期租船費率產生 3,650 萬美元的收入。

On top of our contracted revenues, we have calculated the revenues that we could generate for the unfixed date of 2025 and 2026 by using the FFA rate presented in this slide. Based on these assumptions, we have estimated that for the remainder of 2025, we could generate revenues of $123.6 million on aggregate at an average time charter rate of $14,911 per day. And for 2026, we would generate revenues of $190.7 million on aggregate at an average time charter rate of $14,118 per day.

除了合約收入之外，我們還使用此幻燈片中顯示的 FFA 費率計算了我們在 2025 年和 2026 年未固定日期可以產生的收入。基於這些假設，我們估計，在 2025 年剩餘時間內，我們可以以平均每天 14,911 美元的定期租船費率創造總計 1.236 億美元的收入。到 2026 年，我們將以平均每天 14,118 美元的定期租船費率創造總計 1.907 億美元的收入。

Although it appears that the estimated revenues may not be decorate to cover our breakeven rate. Going forward, by taking into account the current FFA rates are not particularly strong due to negative market positions in the dry bulk sector, increased volatility and uncertainty we believe that through our targeting strategy, we could capture any market upside going forward by six investors at one year time (inaudible) for short- to medium-term periods.

儘管看起來預計的收入可能不足以涵蓋我們的損益平衡率。展望未來，考慮到由於乾散貨行業的負面市場地位、波動性和不確定性的增加，當前的 FFA 費率並不是特別強勁，我們相信，透過我們的目標策略，我們可以在一年內（聽不清楚）在短期至中期內捕捉到六位投資者的任何市場上行空間。

Also, we believe that the company is well positioned, having a strong balance sheet and predictable cash flows to navigate through the cycles even if market conditions do not improve. On slide 13, this slide presents our dividend payout since the third quarter of 2021, which has rewarded our shareholders with quarterly distributions of both gas and shares. Consistent with this payout, we have declared another dividend of $0.01 per share, increasing our cumulative dividend paid since 2021 to $2.67 per common share.

此外，我們相信該公司處於有利地位，擁有強勁的資產負債表和可預測的現金流，即使市場狀況沒有改善，也能夠渡過週期。在第 13 張投影片上，展示了我們自 2021 年第三季以來的股息支付情況，我們透過每季分配天然氣和股票來回報股東。與此派息一致，我們宣布再次派發每股 0.01 美元的股息，使自 2021 年以來的累計股息增至每股 2.67 美元。

Thank you for listening to this presentation. And now I will pass the floor to Stasi, who will continue with a dry bulk market overview.

感謝您聆聽本次演講。現在我將把發言權交給史塔西，他將繼續介紹乾散貨市場概況。

Thank you, Maria, and welcome to the participants of this quarterly earnings call of Diana Shipping Inc. Looking briefly at the markets, it is troublesome to note that as if the market did not have enough factors creating volatility, such as geopolitical, economic uncertainty, and supply issues. We now have the addition of tariffs and trade restrictions introduced by President, Donald Trump between the US and practically all its trading partners.

謝謝瑪麗亞，歡迎參加戴安娜航運公司季度財報電話會議。簡單回顧市場，我們會發現一個問題：市場似乎沒有足夠的因素造成波動，例如地緣政治、經濟不確定性和供應問題。現在，唐納德·川普總統對美國及其幾乎所有貿易夥伴都實施了關稅和貿易限制。

The effect on spot and time charter rates have been generally negative so far. Sentiments have certainly taken a downturn as a result of such huge uncertainty about the future. As of May 27, the 12-month time charter rates for capes stood at about $19,000 per day for a scrubber-fitted ship after reaching a high of $35,000 a day March 2024.

到目前為止，這對現貨和定期租船費率的影響總體上是負面的。由於未來存在巨大的不確定性，人們的情緒肯定已經低迷。截至 5 月 27 日，裝有洗滌器的船舶的 12 個月定期租船費率約為每天 19,000 美元，而在 2024 年 3 月達到每天 35,000 美元的高位。

Kamsarmax rate stood at $10,750 a day in May with a high of USD21,000 per day in March of last year. Similarly, Ultramax time charter rates have dropped from $19,500 a day in February of last year to $11,400 per day only on May 27.

5 月份，卡姆薩爾型船的運價為每天 10,750 美元，去年 3 月份的最高運價為每天 21,000 美元。同樣，Ultramax 型船的定期租船費率也從去年 2 月的每天 19,500 美元降至 5 月 27 日的每天 11,400 美元。

Some recent good news on the tariff front is the trade deal reached between the US and the UK, which even though leaves plenty of details to be agreed provides for lower tariffs for steel and 10% tariffs for cars. More recently, it appears that China and the US are making progress on leaving behind them, the ridiculously high tariffs announced a few weeks ago, and are settling for tariffs of 51% on average for Chinese imports to the US and 10% baseline Chinese tariffs on US exports with an effective average of 32.6%.

關稅方面最近的一些好消息是美國和英國達成的貿易協議，儘管該協議仍有許多細節有待商定，但其中規定降低鋼鐵關稅，並降低汽車關稅至 10%。最近，中國和美國似乎在取消幾週前宣布的荒謬高額關稅方面取得了進展，並同意對中國進口到美國的商品徵收平均 51% 的關稅，對美國出口的商品徵收 10% 的基準關稅，實際平均關稅為 32.6%。

Moving to the next slide on our macroeconomic development now. In view of recent tariff announcements and the risk of a trade war developing, the IMF has streamed the 2025 growth rate estimates for China, India, the US, and the euro area by between 0.2% and 0.5%. So based on these predictions, China is expected to grow by 4% this year and at the same rate in 2026. India is expected to show a GDP growth of 6.2% this year and 6.3% in 2026.

現在轉到下一張投影片，介紹我們的宏觀經濟發展。鑑於最近的關稅公告和貿易戰爆發的風險，國際貨幣基金組織將中國、印度、美國和歐元區 2025 年的成長率預測上調了 0.2% 至 0.5%。根據這些預測，中國今年的經濟成長率預計為 4%，2026 年也將維持同樣的速度。印度今年的 GDP 成長率為 6.2%，2026 年預計將達到 6.3%。

In the US, the economy is expected to grow by 1.8% this year and by 1.7% in 2026. Most importantly, though, world GDP growth is expected to be 2.8% this year and just 3% in 2026. I Nevertheless, Chinese GDP grew by 5.4% during the first quarter of 2025, driven by robust consumer demand and increased industrial production. Escalating trade tensions with the US and headwinds in the property market create huge challenges going forward.

在美國，預計今年經濟將成長 1.8%，2026 年將成長 1.7%。但最重要的是，預計今年世界 GDP 成長率為 2.8%，2026 年僅 3%。儘管如此，在強勁的消費需求和工業生產成長的推動下，中國 GDP 在 2025 年第一季仍成長了 5.4%。與美國不斷升級的貿易緊張局勢以及房地產市場的逆風給未來帶來了巨大挑戰。

Slight encouragement comes from the fact that the revised measures announced in mid-April by the USTR reduced in scope the number of vessels and port calls that will be impacted versus the previous proposals. We need not go into greater detail in the short presentation, but we'll just mention that the effect on the Diana fleet and its charters of such measures in their current form will be relatively minor.

令人稍感鼓舞的是，美國貿易代表辦公室 4 月中旬宣布的修訂措施與先前的提議相比，減少了受影響的船隻數量和港口停靠數量。我們不需要在簡短的介紹中詳細闡述，但我們只想提一下，以目前的形式採取此類措施對戴安娜船隊及其租船的影響相對較小。

Going for a brief now commodities update. According to Commodore Research, steel output at large and medium-sized steel mills in China is up 5% so far this year. while stockpiles of flat and construction steel have been going down over the last two months.

現在來簡單介紹一下商品的最新情況。據 Commodore Research 稱，今年迄今為止，中國大中型鋼廠的鋼鐵產量已增長 5%，而過去兩個月板材和建築鋼材的庫存一直在下降。

Indian steel production has also risen this year by about 9% on a year on year basis. However, there is considerable overall weakness on steel output outside of China and India, which is bound to create a headwind for the driver market.

今年印度鋼鐵產量年增約9%。然而，中國和印度以外的國家鋼鐵產量整體相當疲軟，這必然會對驅動市場造成阻力。

Global iron ore trade is expected to fall by 1% this year with Chinese demand dropping, while field production trends remain soft in most key economies outside China and India. World seaborne volumes are expected to drop to 1.57 billion tonnes. And for 2026, shipments are expected to be flat compared to this year.

由於中國需求下降，預計今年全球鐵礦石貿易將下降 1%，而中國和印度以外的大多數主要經濟體的現場生產趨勢仍然疲軟。預計全球海運量將下降至15.7億噸。預計 2026 年的出貨量將與今年持平。

Global seaborne coking coal trade is expected by Clarkson to decline by 1% this year as macroeconomic headwinds put pressure on demand for steel in key economies. Chinese imports are expected to go down by 4% this year, mainly due to softer Chinese demand, thermal coal shipments are expected by Clarksons to drop by 4% this year to just over 1 billion tonnes and dropped by a further 2% in 2026. Chinese imports are expected to drop by 6% this year compared to 2024.

克拉克森預計，由於宏觀經濟逆風對主要經濟體的鋼鐵需求造成壓力，今年全球海運焦煤貿易量將下降 1%。今年中國進口量預計將下降 4%，主要原因是中國需求疲軟，克拉克森預計今年動力煤出貨量將下降 4%，至略高於 10 億噸，2026 年將進一步下降 2%。預計今年中國進口量將比2024年下降6%。

Again, due to softer Chinese demand, seaborne grain trade is expected to drop by 2% in the 2024, '25 season. Strong stockpiling and high domestic output are faced as the main causes for this trend.

同樣，由於中國需求疲軟，預計 2024 年和 2025 年海運穀物貿易量將下降 2%。造成這一趨勢的主要原因是大量庫存和國內產量高。

In the coming trade years, starting next month, the trend is expected to reverse costs. The USDA anticipates growth of between 4% and 6% for global corn, soybeans, and wheat exports. Growth in soybean exports will be led by Brazil, where exports of this commodity alone are expected to reach 112 million tonnes.

從下個月開始的未來貿易年度，預計成本趨勢將發生逆轉。美國農業部預計全球玉米、大豆和小麥出口將增加 4% 至 6%。大豆出口成長將由巴西引領，預計僅巴西的大豆出口量就將達到 1.12 億噸。

According to Braemar, the greatest significance for shipping of the soybean projections would be first, the ever greater reliance from Brazil's port and supply chain infrastructure. Plus secondly, additional long fall Panamax trade from Brazil to China, Taiwan, and Vietnam.

布雷馬爾認為，大豆運輸的最大意義首先在於對巴西港口和供應鏈基礎設施的依賴程度不斷提高。其次，巴西至中國、台灣和越南的長秋巴拿馬型航線也將增加。

Minor bulk trades are expected to remain stable this year and increased by 2% in 2026, reaching nearly 2.3 billion tonnes. metals such as bauxite as well as minerals such as cement, pet coke, and aggregates are anticipated to play a key role in achieving growth for shipments in this sector going forward.

預計今年小宗散貨貿易將維持穩定，到2026年將成長2%，達到近23億噸。預計鋁土礦等金屬以及水泥、石油焦和骨材等礦物將在未來該產業出貨量成長中發揮關鍵作用。

Moving now to our slide on fleet development. Looking at the order book, this stood at the end of March this year at the 107.2 million deadweight, representing 10.3% of the trading fleet. On the Handymax side, there were 28.6 million that weight on order, equivalent to 11.5% of the fleet.

現在轉到有關船隊發展的幻燈片。從訂單量來看，截至今年 3 月底，全球船舶訂單量為 1.072 億載重噸，佔貿易船隊的 10.3%。靈便型散裝貨船方面，訂單量為 2,860 萬載重噸，佔散裝船隊的 11.5%。

On Panamax, Kamsarmaxes, the 35.9 million deadweight on order represents 13.3% of the fleet and on capes, the 32.1 million deadweight on the order book are equivalent to just 8% of the trading fleet of capes.

就巴拿馬型船和卡姆薩爾型船而言，訂單量為 3,590 萬載重噸，佔船隊的 13.3%；就海岬型船而言，訂單量為 3,210 萬載重噸，僅相當於海岬型船貿易船隊的 8%。

Deliveries this year are projected by Clarksons traction to reach 38 million deadweight followed by an increase to 42 million deadweight in 2026. So far this year, the bulk carrier fleet has increased by 1.1% in deadweight terms with 135 ships delivered with an aggregate of 9.3 million deadweight.

克拉克森牽引公司預計，今年的交付量將達到 3,800 萬載重噸，到 2026 年將增至 4,200 萬載重噸。今年迄今為止，散裝船隊以載重量計算增長了1.1%，共交付135艘船，總載重量為930萬載重量。

Dry bulk contracting as our CEO mentioned earlier, was very subdued during the first quarter of this year with just 14 vessels of a combined 1.4 million deadweight reported orders down 88% year on year on an annualized basis.

正如我們的執行長之前提到的，今年第一季乾散貨運輸合約非常低迷，僅有 14 艘船舶報告訂單，總載重量為 140 萬載重噸，按年率計算同比下降 88%。

As for demolitions, Clarksons expect these to reach 5.8 million deadweight this year and about 8.6 million in 2026. These figures will obviously depend on the state of the freight market for the rest of this year and sentiment based on anticipated future developments and earnings.

至於拆船量，克拉克森預計今年將達到 580 萬載重噸，到 2026 年將達到 860 萬載重噸左右。這些數字顯然取決於今年剩餘時間貨運市場的狀況以及基於預期未來發展和收益的情緒。

A quick look at asset values and how they have developed. According to Clarksons, asset values in bulk shipping remained surprisingly robust compared to the end of 2024 levels in the face of relative weakness seen in current and projected earnings.

快速了解資產價值及其發展。克拉克森表示，儘管當前和預計盈利相對疲軟，但散裝航運資產價值與 2024 年底的水平相比仍然保持著驚人的強勁勢頭。

Newbuilding cape resales are trading at around $76 million, about the same as the end of last year. while the price of a 10-year-old cape has gone up from $43 million at the end of last year to around $45 million this month. Kantermac resale prices have come down slightly to $38.5 million since the end of last year, 10-year-old vessel values have remained steady at around $25 million.

新造好望角船的轉售價格約為 7,600 萬美元，與去年年底的價格大致相同。而一艘 10 年船齡的好望角船的價格已從去年年底的 4,300 萬美元上漲至本月的 4,500 萬美元左右。自去年年底以來，Kantermac 號轉售價格略有下降至 3,850 萬美元，而 10 年船齡的船舶價值則保持穩定在 2,500 萬美元左右。

Prices for Ultramaxes have remained steady according to Clarksons on both the retail and 10-year-old vessel price levels. Resales are at around $37 million and 10-year-old vessels are trading at around $23.5 million. On a 12-month basis, however, prices have eased off by about 20% on average from the firm levels seen around the middle of last year on the back of firm earnings and expectations.

克拉克森表示，Ultramax 型散裝貨船的零售價和 10 年船齡散裝貨船價格一直保持穩定。轉售價格約為 3700 萬美元，而 10 年船齡的船隻交易價格約為 2350 萬美元。然而，以 12 個月為週期，受企業獲利和預期影響，價格較去年年中水準平均下跌約 20%。

Let's look at the market outlook now. The overall market outlook according to Clarksons for 2025 is for a softer year than 2024, with the fleet expected to grow by a reasonably modest 3% year on year, but demand on track to fall this year due to several headwinds. However, given slower speed, greater off-hire time due to special surveys and dry docking. as well as pockets of port congestion could not limit the downside. Red fee rerouting is expected to continue in 2025 and with arrivals in the Gulf of Aiden still 70% below 2023 levels.

現在我們來看看市場前景。克拉克森對 2025 年的整體市場前景預測將比 2024 年更為疲軟，預計船隊規模將同比增長 3%，但由於多種不利因素，今年的需求將下降。然而，由於速度較慢、特殊調查和乾船塢導致的停租時間較長，以及部分港口擁堵，這些都無法限制下滑趨勢。預計 2025 年紅色費用改道仍將持續，而抵達艾登灣的遊客數量仍將比 2023 年的水準低 70%。

On the demand side, seaborne dry bulk trade according to Clarksons is expected to drop by 1% this year with a more modest decline of 0.4% projected in tonne miles, supported by firm growth in long-haul bauxite shipments from Guinea reduced market share for short-haul Indian iron ore shipments to China and expectations for growth in South American grain exports promoted by fresh Chinese at US grain, assuming, of course, these materialize.

在需求方面，克拉克森表示，預計今年海運乾散裝貿易將下降 1%，噸英里數預計下降 0.4%，原因是幾內亞長途鋁土礦運輸量強勁增長，印度對華短途鐵礦石運輸量市場份額下降，以及中國新鮮穀物對美國穀物出口增長的預期（當然，前提是這些預期能夠實現）。

Commodore Research expressed some concern, which we share as regards Chinese steam coal imports going forward. For as long as coal, derived electricity remains in contraction, which was 7% year-to-date. And domestic coal production continues to surge. It is obvious that Chinese coal imports will go down. This is not good news for the dry bulk carrier market, if it continues for several quarters. Braemer agreed with this forecast and state that China's coal import requirements will do much to determine vessel demand across I Panamax and Supramax Ultramax sectors.

Commodore Research 表達了一些擔憂，我們對未來中國動力煤進口也抱持相同的擔憂。只要煤炭存在，發電量就持續萎縮，今年迄今已萎縮 7%。國內煤炭產量持續激增。中國煤炭進口量下降是顯而易見的。如果這種情況持續幾個季度，對於乾散貨船市場來說，這不是好消息。Braemer 同意這項預測，並表示中國的煤炭進口需求將在很大程度上決定 I Panamax 和 Supramax Ultramax 領域的船舶需求。

According to Comodo research, there is no other trade that can increase sufficiently to compensate a year-on-year contraction in global coal trade imports. Looking out to 2026, Clarksons predict another year of softer earnings for bulk carriers with fleet projected to grow by 3% year on year and trade growth being determined by prevailing macroeconomic conditions at the time, which are not sufficiently positive to justify much optimism. However, we need to wait for more developments on the macroeconomic front, which will affect demand next year.

根據Comodo的研究，沒有其他貿易能夠實現足夠的成長來彌補全球煤炭貿易進口的年減。展望2026年，克拉克森預測散裝貨船的獲利將再次走低，預計船隊規模將年增3%，而貿易成長將取決於當時的宏觀經濟狀況，而宏觀經濟狀況並不夠積極，不足以讓人感到樂觀。然而，我們需要等待宏觀經濟方面的更多發展，這將影響明年的需求。

Turning to the last slide of this presentation. Analysts quoted in this short presentation mentioned several factors which they expect will influence the short- and medium-term future of the dry bulk carrier market. We summarize the most important point.

翻到本次簡報的最後一張投影片。這篇簡短的演講中引用了分析師的觀點，他們提到了幾個他們預計會影響乾散貨船市場短期和中期前景的因素。我們總結最重要的一點。

On the positive side, we see strong Brazilian soybean as well as other grain crop season. The commencement later this year of iron ore shipments from Simandou in Guinea. Revised measures announced in mid-April by the USTR, reducing the number of vessels and port calls that will be impacted by them. Red rerouting expected to continue for the rest of the year. Gradual resolution of conflicts affecting Ukraine and Israel, leading to reconstruction. And finally, lifting of sanctions against serial leading to the reconstruction of [Syria] itself.

從積極的一面來看，我們預計巴西大豆以及其他穀物作物的產量將十分強勁。今年晚些時候，幾內亞西芒杜將開始發運鐵礦石。美國貿易代表辦公室於四月中旬宣布了修訂措施，減少了受影響的船隻數量和港口停靠次數。預計紅色改道將在今年剩餘時間內持續下去。烏克蘭和以色列衝突逐步解決，走向重建。最後，解除對敘利亞的製裁將有利於敘利亞的重建。

On the negative side, worldwide lower steel production outside India and China. Protectionist measures with high tariffs leading to trade wars bulk carrier fleet growth outpacing demand growth for 2025, '26, except for the cape sector, large increases of hydropower output in India and in China, anticipated long-term reduction in coal imports by China and finally, weaker world GDP growth if tariffs don't settle soon at reasonable levels.

不利的一面是，除印度和中國外，全球鋼鐵產量均有所下降。高關稅等保護主義措施將引發貿易戰；2025年和2026年，散裝貨船隊成長速度將超過需求成長（好望角型船除外）；印度和中國的水力發電量將大幅增加；預計中國將長期減少煤炭進口；如果關稅不能盡快穩定在合理水平，全球GDP成長將放緩。

On this note, I will pass the call to our CEO, Semiramis Paliou to present the most important financial highlights on the first quarter of this year as well as some takeaway points from this earnings call. Thank you for your attention.

在此，我將把電話轉交給我們的執行長 Semiramis Paliou，以介紹今年第一季最重要的財務亮點以及本次財報電話會議的一些要點。感謝您的關注。

Thank you, Stasi. So before we conclude today's presentation, I'd like to highlight our ongoing ESG initiatives. So Diana Shipping Inc., is committed to promoting eco-friendly technologies and modernizing our fleet, transparently sharing emission data to ensure accountability. And amongst other things, building on partnerships and collaborations to advance our sustainability goals.

謝謝你，史塔西。因此，在今天的演講結束之前，我想強調我們正在進行的 ESG 舉措。因此，Diana Shipping Inc. 致力於推廣環保技術、實現船隊現代化，透明地共享排放數據以確保問責制。除此之外，我們還將建立夥伴關係和合作關係，以推動我們的永續發展目標。

So moving on to slide 19. In summary, dietitians on a strong foundation built on over 50 years of industry experience and 20 years on the New York Stock Exchange. A seasoned management team adapts to addressing industry challenges, strong stakeholder relationships and a disciplined strategic approach a solid balance sheet with a strong capital position and the countercyclical mindset and ongoing fleet modernization efforts a focus on rewarding our shareholders well possible and a robust ESG strategy.

請繼續看第 19 張投影片。總而言之，營養師擁有超過 50 年的行業經驗和 20 年的紐約證券交易所經驗，奠定了堅實的基礎。經驗豐富的管理團隊適應應對產業挑戰，擁有強大的利害關係人關係和嚴謹的策略方針，擁有穩健的資產負債表、強大的資本狀況和逆週期思維，持續進行船隊現代化努力，注重盡可能地回報股東，並擁有強大的 ESG 策略。

So thank you for joining us today. We now look forward to addressing your questions during the Q&A session.

感謝您今天加入我們。我們現在期待在問答環節解答您的問題。

(Operator Instructions)

（操作員指示）

We reached the end of our question-and-answer session. I'd like to turn the floor back over to management for any further or closing comments.

我們的問答環節已經結束。我想將發言權交還給管理階層，請他們發表進一步的評論或結束評論。

Thank you very much for joining us today at the Diana first quarter 2025 financial results. We look forward to presenting to you again in the next quarter. Thank you for joining.

非常感謝您今天參加戴安娜 2025 年第一季財務業績發表會。我們期待下個季度再次向您展示。感謝您的加入。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路，祝您有美好的一天。我們感謝您今天的參與。