Diana Shipping Inc (DSX) 2025 Q2 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to the Diana Shipping, Inc. conference call on the second quarter 2025 financial results. We are joined by the company's Chief Executive Officer, Ms. Semiramis Paliou. (Operator Instructions) Please note that this conference is being recorded.

女士們、先生們，感謝大家的支持，歡迎參加 Diana Shipping, Inc. 2025 年第二季財務業績電話會議。與我們一同出席的還有該公司執行長 Semiramis Paliou 女士。（操作員指示）請注意，本次會議正在錄音。

We will now turn the floor over to Ms. Semiramis Paliou. Please go ahead.

現在我們將把發言權交給塞米勒米斯·帕利烏女士。請繼續。

Thank you and good morning, ladies and gentlemen, and welcome to Diana Shipping Inc.'s second quarter 2025 financial results conference call. It's my pleasure to present alongside our esteemed team, Mr. Stasi Margaronis, Director and President; Mr. Ioannis Zafirakis, Director, Co-CFO and Chief Strategy Officer; and Ms. Maria Dede, Co-CFO.

謝謝大家，女士們、先生們，早安，歡迎參加 Diana Shipping Inc. 2025 年第二季財務業績電話會議。我很榮幸與我們尊敬的團隊一起出席此次會議，包括董事兼總裁 Stasi Margaronis 先生、董事、聯合首席財務官兼首席策略官 Ioannis Zafirakis 先生和聯席首席財務官 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. The dry bulk market posted a mixed performance in Q2. Cape once again outperformed the smaller segments as West African bauxite exports surged, Chinese iron ore demand held steady and Australian miners pushed hard into their fiscal year-end.

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。第二季乾散貨市場表現不一。由於西非鋁土礦出口激增、中國鐵礦石需求保持穩定以及澳洲礦業公司在財年末大力推進，好望角礦業的表現再次優於其他小型礦業板塊。

Cape fleet growth slowed and crawled, slipping below 1.5% year-on-year as only six Newcastlemaxes and three standard Capes joined the fleet. A different story for the other sizes with fleet growth of 2.7% and 4.5% year-on-year for Panamax and geared bulkers, respectively.

好望角型散裝貨船隊成長放緩，年減 1.5% 以下，僅有 6 艘 Newcastlemax 型散裝貨船和 3 艘標準好望角型散裝貨船加入船隊。其他尺寸的船舶情況則有所不同，巴拿馬型船和齒輪散裝貨船的船隊規模分別年增 2.7% 和 4.5%。

Overall, Bulk Carriers markets have been softer in the first half of 2025 with average sector earnings down by about 30% year-on-year amid weaker demand trends in key commodities.

整體而言，由於主要商品需求趨勢疲軟，2025 年上半年散貨船市場表現疲軟，產業平均收益較去年同期下降約 30%。

US government policy remained in focus during the quarter after the branded Liberation Day on April 2. Though generally, the direct impacts of tariffs and counter tariffs on dry bulk trade appear limited and aggregate demand trends in China are seemingly more significant for overall dry bulk demand. The USTR proposal cast a shadow early in the quarter, but towards late April, it became clear that the impact would be limited for dry bulk trade.

4 月 2 日解放日之後，美國政府政策在本季繼續成為焦點。但整體而言，關稅和反關稅對乾散貨貿易的直接影響似乎有限，而中國的總需求趨勢似乎對整體乾散貨需求更為重要。美國貿易代表辦公室的提議在本季初蒙上了一層陰影，但到了四月底，情況已經變得明朗，即其對乾散貨貿易的影響將是有限的。

The quarter also saw escalation in the Middle East conflict at some point causing concern of a closure of the Strait of Hormuz. This situation remains volatile and Red Sea rerouting is likely to continue. Despite these uncertainties, we were able to secure three charters since our last financial results conference call across all segments in the fleet, all with existing clients.

本季中東衝突也出現升級，引發了人們對霍爾木茲海峽關閉的擔憂。局勢依然動盪，紅海改道可能會持續下去。儘管存在這些不確定性，但自上次財務業績電話會議以來，我們仍能與船隊所有部門簽訂三份租船合同，且全部與現有客戶簽訂。

And most notably, we were able to take advantage of the quarter's period of contango in the Capesize segment by fixing those vessels at a considerable premium over the spot market.

最值得注意的是，我們能夠利用本季好望角型船市場的期貨溢價期，以高於現貨市場的溢價來定價這些船舶。

Turning to slide 5. Let's review our company snapshot as of today. Diana Shipping, Inc. founded in 1972 and listed on the New York Stock Exchange since 2005, operates a fleet of 36 dry bulk vessels, six of which are mortgage-free. Our fleet has an average age of 11.7 years and a total deadweight capacity of approximately 4.1 million tonnes.

翻到幻燈片 5。讓我們回顧一下截至今天的公司概況。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 36 艘乾散貨船，其中 6 艘無抵押。我們的船隊平均船齡為 11.7 年，總載重量約 410 萬噸。

We anticipate the delivery of two methanol dual-fuel newbuilding Kamsarmax dry bulk vessels at the end of 2027 and early 2028, respectively. Fleet utilization reached 99.5% for the second quarter of 2025, highlighting our effective vessel management strategy.

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 Kamsarmax 乾式散裝貨船。2025 年第二季船隊利用率達 99.5%，凸顯了我們有效的船舶管理策略。

As of the end of June, we employed 968 individuals at sea and the shore. Financially, our net debt stands at 46% of market value, supported by $150 million in cash reserves as of quarter end and total secured revenues of approximately $117 million as of July '22.

截至 6 月底，我們在海上和岸上僱用了 968 名員工。從財務角度來看，我們的淨債務佔市場價值的 46%，截至季末擁有 1.5 億美元的現金儲備，截至 22 年 7 月，總擔保收入約為 1.17 億美元。

Moving on to slide 6. Let's go over the key highlights from the second quarter and recent developments. 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 for your reference.

繼續看投影片 6。讓我們回顧一下第二季度的主要亮點和最近的發展。四月份，我們舉行了收盤鐘儀式，慶祝公司在紐約證券交易所上市20週年，並在紐約舉辦了投資者日。投資人介紹資料可在公司網站查閱，供您參考。

In June, continuing the renewal and modernization of our fleet, we announced the sale of motor vessel Selina for a purchase price of approximately $11.8 million before commission. She was delivered to her new owners in July. As of July 22, we have also secured USD 66.1 million of contracted revenues for 69% of the remaining ownership days of the year 2025 and have secured $50 million of contracted revenues for 20% of the ownership days of the year 2026.

6 月份，為了繼續更新和現代化我們的船隊，我們宣布以約 1180 萬美元（不含佣金）的價格出售機動船 Selina。她於七月被交付給新主人。截至 7 月 22 日，我們也已獲得 2025 年剩餘所有權天數 69% 的合約收入 6,610 萬美元，並已獲得 2026 年剩餘所有權天數 20% 的合約收入 5,000 萬美元。

Finally, we are pleased to declare a quarterly cash dividend of $0.01 per common share with respect to the second quarter of 2025, totaling approximately $1.16 million.

最後，我們很高興地宣布，2025 年第二季每股普通股派發 0.01 美元的季度現金股息，總額約 116 萬美元。

Slide 7 summarizes our recent chartering activity. Since our last earnings presentation, we have secured time charters for three vessels one Ultramax vessel at a daily rate of $12,250 for 385 days, one Panamax vessel at a daily rate of $10,100 for an average of 372 days, and one Newcastlemax vessel at USD25,000 for 442 days.

投影片 7 總結了我們最近的租船活動。自上次收益報告以來，我們已獲得三艘船舶的定期租船合同，其中一艘 Ultramax 型船的日租金為 12,250 美元，租期為 385 天；一艘巴拿馬型船的日租金為 10,100 美元，租期為平均 372 天；一艘 Newcastlemax 型船的租金為 25,000 天租金為 25,000 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 downturns.

幻燈片 8 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 to Maria for a more detailed financial analysis.

現在我將請瑪麗亞進行更詳細的財務分析。

Good morning. Moving to slide 9, financial highlights. The second quarter of 2025 marked another profitable quarter for Diana. Time charter revenues for the second quarter were $54.7 million compared to $56 million for the same quarter last year. This 2% decrease was a result of the decrease in the size of the fleet rather than the market as the average time charter equivalent rate that our vessels were fixed with us during the quarter was higher than the average time charter equivalent rate of the same quarter last year.

早安.前往投影片 9，財務亮點。2025 年第二季是戴安娜又一個獲利的季度。第二季定期租船收入為 5,470 萬美元，而去年同期為 5,600 萬美元。這 2% 的降幅是由於船隊規模的減少而不是市場規模的減少，因為本季度我們船舶的平均定期租船等價費率高於去年同期的平均定期租船等價費率。

Despite the above, net income for the second quarter of 2025 improved significantly to $4.5 million compared to a net loss of $2.8 million for the second quarter of 2024. This turnaround was largely driven by decreased interest and finance costs resulting from a combination of reduced average debt levels and a decline in the weighted average interest rate.

儘管如此，2025 年第二季的淨收入大幅改善至 450 萬美元，而 2024 年第二季的淨虧損為 280 萬美元。這一轉變主要是由於平均債務水準降低和加權平均利率下降導致利息和財務成本下降所致。

Additionally, net income for the quarter was also affected by nonoperating unrealized gains compared to nonoperating losses recorded in the second quarter of 2024, both related to fair value adjustments on our investment in OceanPal and the warrants.

此外，與 2024 年第二季記錄的非營業性虧損相比，本季淨收入也受到非營業性未實現收益的影響，這兩項收益均與我們對 OceanPal 和認股權證的投資的公允價值調整有關。

As a result, earnings per common share diluted was $0.03 in the second quarter of 2025 compared to a loss per share diluted of $0.04 in the second quarter of 2024. On the balance sheet side, our cash, cash equivalents, restricted cash and time deposits as of June 30, 2025, decreased to $149.6 million compared to $207.2 million as of December 31, 2024.

因此，2025 年第二季每股普通股攤薄收益為 0.03 美元，而 2024 年第二季每股普通股攤薄虧損為 0.04 美元。在資產負債表方面，截至 2025 年 6 月 30 日，我們的現金、現金等價物、受限現金和定期存款減少至 1.496 億美元，而截至 2024 年 12 月 31 日為 2.072 億美元。

During the six months ended June 30, 2025, the company generated positive operating cash flows of $25.8 million, which was utilized to service debt obligations. In addition, available cash was strategically deployed across a range of investing and financing activities.

截至 2025 年 6 月 30 日的六個月內，該公司產生了 2,580 萬美元的正經營現金流，用於償還債務。此外，可用現金策略性地部署到一系列投資和融資活動。

More specifically, during the six months ended June 30, 2025, we invested approximately $23 million to repurchase shares of our common stock in a tender offer, reinforcing our commitment to shareholder value.

更具體地說，在截至 2025 年 6 月 30 日的六個月內，我們投資了約 2,300 萬美元以要約收購的方式回購我們的普通股，從而加強了我們對股東價值的承諾。

During the second quarter, we initiated a position at Genco Shipping & Trading Limited, a publicly listed company. And as of June 30, 2025, our investment was $24.8 million. Following that date, we continued to gradually increase our stake and on July 17, 2025, we filed a Schedule 13D disclosing a 7.72% ownership interest. This strategic move reflects our confidence in Genco's long-term value and is aligned with our broader investment objectives.

第二季度，我們入股了上市公司 Genco Shipping & Trading Limited。截至 2025 年 6 月 30 日，我們的投資為 2,480 萬美元。在此日期之後，我們繼續逐步增加我們的股份，並於 2025 年 7 月 17 日提交了 13D 表，揭露了 7.72% 的所有權權益。這項策略性舉措反映了我們對 Genco 長期價值的信心，並符合我們更廣泛的投資目標。

Finally, during the six months ended June 30, 2025, as part of our capital commitment to our equity method investes, we invested $12 million in Windward Offshore, an offshore wind vessel companying building four CSOV vessels as in Ecogas Holdings, a company building two 7,500 cubic meters LPG vessel with delivery in 2027.

最後，在截至 2025 年 6 月 30 日的六個月內，作為我們對權益法投資的資本承諾的一部分，我們向 Windward Offshore 投資了 1200 萬美元，這是一家海上風電船公司，正在建造四艘 CSOV 船；以及 Ecogas Holdings，一家正在建造兩艘 7,500 立方米的公司。

Long-term debt and finance liabilities net of deferred financing costs decreased to $610.2 million as of June 30, 2025, compared to $637.5 million as of December 31, 2024. This represents a reduction of approximately 4%, reflecting the steady debt amortization over the period as illustrated on slide 12.

截至 2025 年 6 月 30 日，扣除遞延融資成本後的長期債務和財務負債減少至 6.102 億美元，而截至 2024 年 12 月 31 日為 6.375 億美元。這代表約 4% 的減少，反映了該期間內穩定的債務攤銷，如幻燈片 12 所示。

Going to the next slide, we present the financial and other data that influenced our revenue, time charter equivalent rate and daily operating expenses rate for the period in review. In the second quarter of 2025, the average number of vessels was 37 compared to 39 in the second quarter of 2024. This reduction reflects the sale of motor vessel at mainly early in March as well as the sale of one additional vessel in the third quarter of 2024.

在下一張投影片中，我們展示了影響我們收入、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 年第二季度，平均船舶數量為 37 艘，而 2024 年第二季為 39 艘。這一減少主要反映了 3 月初機動船的出售以及 2024 年第三季另一艘船舶的出售。

This reduction impacted ownership days, available days and operating days which are key inputs in calculating time charter equivalent, daily OpEx and fleet utilization. Our time charter equivalent, which is defined as our revenue less voyage expenses divided by the available days was $15,492 compared to $15,106 in the second quarter of 2024.

這一減少影響了所有權天數、可用天數和營運天數，而這些是計算定期租船等值、每日營運支出和船隊利用率的關鍵輸入。我們的定期租船等價物（定義為我們的收入減去航程費用除以可用天數）為 15,492 美元，而 2024 年第二季為 15,106 美元。

This increase of 3% reflects the stronger charter rates secured during the quarter compared to the same quarter last year. This improvement is a direct result of our consistent and disciplined chartering strategy, which allowed us to secure favorable employment for our vessels even in a challenging market environment.

3% 的成長反映出本季租船費率與去年同期相比有所提高。這項改善直接歸功於我們一貫且嚴謹的租船策略，即使在充滿挑戰的市場環境下，該策略也使我們能夠為船舶確保良好的就業。

Fleet utilization decreased to 99.5% compared to 99.9% in the same quarter last year as a result of increased off-hire days incurred in the second quarter of 2025 compared to the same quarter of 2024. Vessel operating expenses for the quarter decreased by 6% to $20 million compared to $21.3 million in the second quarter of 2024 due to the decrease in the size of the fleet.

由於 2025 年第二季與 2024 年同期相比停租天數增加，車隊利用率從去年同期的 99.9% 下降至 99.5%。由於船隊規模縮小，本季船舶營運費用較 2024 年第二季的 2,130 萬美元下降 6% 至 2,000 萬美元。

On a per day basis, the daily operating expenses in the second quarter of 2025 also decreased by 1% to $5,944 compared to $5,993 in the second quarter of 2024. This was a result of our ongoing efforts to manage cost effectively without compromising the quality of our fleet and our operations.

以每日計算，2025 年第二季的每日營運費用也從 2024 年第二季的 5,993 美元下降了 1%，至 5,944 美元。這是我們不斷努力有效管理成本且不損害我們機隊和營運品質的結果。

Going to slide 11, similar to the previous one, presents key operating metrics for the six months ended June 30, 2025. Net income for the six months ended June 30, 2025 was $7.5 million compared to a net loss of $0.7 million for the same period last year. The average number of vessels in the first half of 2025 was 37.4 compared to 39.4 for the same period in 2024, reflecting the impact of vessel sales.

第 11 張投影片與上一張類似，展示了截至 2025 年 6 月 30 日的六個月的關鍵營運指標。截至 2025 年 6 月 30 日的六個月淨收入為 750 萬美元，而去年同期淨虧損為 70 萬美元。2025年上半年平均船舶數量為37.4艘，而2024年同期為39.4艘，反映了船舶銷售的影響。

Despite the smaller fleet size, our time charter equivalent for the first half of 2025 improved to $15,615, up 4% from $15,078 in the first half of 2024. Fleet utilization for the six months ended June 30, 2025 remained high at 99.5%, consistent with the same period last year.

儘管船隊規模較小，但我們 2025 年上半年的定期租船等價價格仍升至 15,615 美元，較 2024 年上半年的 15,078 美元上漲 4%。截至 2025 年 6 月 30 日的六個月內，船隊利用率仍維持在 99.5% 的高位，與去年同期持平。

Vessel operating expense for the six months ended June 30, 2025 totaled $40 million, down from $42.1 million in the same period of 2024, primarily due to the smaller fleet. However, daily operating expense for the first half of 2025 rose slightly to $5,905 from $5,883 in the first half of 2024, mainly due to higher crew-related costs. The average age of our fixed was 11.7 years.

截至 2025 年 6 月 30 日的六個月的船舶營運費用總計 4,000 萬美元，低於 2024 年同期的 4,210 萬美元，主要原因是船隊規模較小。然而，2025 年上半年的每日營運費用從 2024 年上半年的 5,883 美元小幅上升至 5,905 美元，主要原因是與船員相關的成本增加。我們的固定人員平均年齡為 11.7 歲。

Going to the next slide. This slide shows the company's debt amortization profile and debt balances through to full repayment in 2032, which remains unchanged since the previous quarter. The company has a mix of fixed and variable rate instruments.

轉到下一張投影片。本投影片展示了該公司的債務攤銷狀況以及截至 2032 年全額償還的債務餘額，與上一季相比保持不變。該公司擁有固定利率和浮動利率工具組合。

The fixed rate instruments include an unsecured bond of $175 million at a fixed rate coupon, four sale and leaseback agreements at very favorable fixed rate and interest rate swap under which we received term soft and paid fixed, the variable rate instruments consist of secured term loan agreements with four banking institutions.

固定利率工具包括一張 1.75 億美元的固定利率無擔保債券、四份非常優惠的固定利率售後回租協議以及利率互換協議（根據這些協議，我們獲得了短期優惠利率並支付了固定利率），浮動利率工具包括與四家銀行機構簽訂的擔保定期貸款協議。

We have a fixed annual debt amortization of $47.1 million without any maturity disabled until 2029 when the bond becomes due. This steady amortization provides good visibility of our debt service cost, allows better management of the company's liquidity, strengthens our balance sheet and reduces the company's credit risk.

我們的固定年度債務攤銷額為 4,710 萬美元，在 2029 年債券到期之前沒有任何到期限制。這種穩定的攤銷使我們對債務償還成本有了良好的了解，可以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。

Going to the next slide. As of June 30, 2025, our breakeven rate stood at $16,409 per day. As of July 22, 2025, we have secured 69% of the ownership days for the remainder of the year with expected revenues of $66.1 million at an average time charter rate of $16,280 per day.

轉到下一張投影片。截至 2025 年 6 月 30 日，我們的損益平衡率為每天 16,409 美元。截至 2025 年 7 月 22 日，我們已獲得今年剩餘時間 69% 的所有權天數，預計收入為 6,610 萬美元，平均定期租船費率為每天 16,280 美元。

Looking ahead to 2026, we have already fixed 20% of the ownership days and expect to generate $49.9 million of revenues at an average time charter rate of $18,897 per day.

展望 2026 年，我們已經確定了 20% 的所有權天數，預計以平均每天 18,897 美元的定期租船費率產生 4,990 萬美元的收入。

In addition to our contracted revenues, we have estimated potential revenues for the unfixed days of 2025 and 2026 using the FFA rates presented in this slide. Based on these assumptions for the remainder of 2025, we could generate $90.5 million total revenues at an average time charter rate of $15,415 per day and for 2026, potential revenues could reach $202 million at an average time charter rate of $15,376 per day.

除了我們的合約收入外，我們還使用此幻燈片中提供的 FFA 費率估算了 2025 年和 2026 年未固定天數的潛在收入。根據這些假設，對於 2025 年剩餘時間，我們可以以每天 15,415 美元的平均定期租船費率產生 9,050 萬美元的總收入，而對於 2026 年，以每天 15,376 美元的平均定期租船費率，潛在收入可以達到 2.02 億美元。

While the projected revenues may fall short of fully covering our breakeven rate in the near term, we remain confident in the company's ability to navigate market cycles. Our strong balance sheet and predictable cash flows position us well even in the event of prolonged market softness.

儘管預期收入在短期內可能無法完全涵蓋我們的損益平衡率，但我們仍然對公司應對市場週期的能力充滿信心。即使在市場長期疲軟的情況下，我們強勁的資產負債表和可預測的現金流也使我們處於有利地位。

This slide, number 14, highlights our dividend distribution since the third quarter of 2021 through which we have consistently rewarded our shareholders with quarterly payout in both cash and shares. In line with this policy, we have declared a dividend of $0.01 per share, bringing our cumulative dividends paid since 2021 to $2.68 per common share. I will now hand over to Stasi Margaronis, who will provide an overview of the dry bulk market.

這張投影片（編號 14）重點介紹了我們自 2021 年第三季以來的股息分配情況，透過這種方式，我們始終如一地以現金和股票的形式按季度回報股東。根據該政策，我們宣布派發每股 0.01 美元的股息，使我們自 2021 年以來派發的累計股息達到每股普通股 2.68 美元。現在我將把時間交給 Stasi Margaronis，他將概述乾散貨市場。

Thank you, Maria, and welcome to those who have joined us in this quarterly earnings call of Diana Shipping, Inc. Starting with the market update. In order to avoid repetition and for the sake of keeping this presentation as brief as reasonably possible, we will refrain from repeating matters, which we presented in our last quarterly presentation and which have not changed significantly over the last two months.

謝謝你，瑪麗亞，歡迎大家參加戴安娜航運公司 (Diana Shipping, Inc.) 的季度收益電話會議。首先是市場更新。為了避免重複，也為了使本次演示盡可能簡短，我們將不再重複我們在上次季度演示中提出過的、並且在過去兩個月中沒有發生重大變化的事項。

The two tragic incidents involving the sinking of two ships in the Red Sea with loss of life have not changed the trading patterns of bulk carriers through the area or risk insurance premium have gone up, but that is another matter altogether.

紅海發生的兩起船隻沉沒、人員傷亡的悲劇事件並沒有改變該地區散裝貨船的貿易模式，風險保險費也沒有上漲，但這完全是另一回事。

According to Clarksons, during the first half of 2025, average bulk carrier earnings of USD10,750 per day were down 30% year-on-year amid weaker demand trends in key commodities, though earnings have picked up in June and so far in July due to a rise in shipments. As of July 28, the 12-month time charter rate for Capes stood at around $20,250 per day for a scrubber-fitted ship.

克拉克森的數據顯示，2025 年上半年，由於主要大宗商品需求趨勢疲軟，散裝貨船平均日收益為 10,750 美元，年減 30%，但由於出貨量增加，6 月和 7 月迄今的收益有所回升。截至 7 月 28 日，Capes 配備洗滌器的船舶 12 個月定期租船費率約為每天 20,250 美元。

The equivalent rate for a Kamsarmax stood at USD12,500 per day and for an Ultramax at $13,100 per day. All these rates are up from the beginning of the year. The spot market increased by significantly more with the Baltic Cape Index moving from $1,261 to $3,774, while the Baltic Panamax Index from $1,000 to $1,798 over the same period.

Kamsarmax 型油輪的等值租金為每天 12,500 美元，Ultramax 型油輪的等值租金為每天 13,100 美元。所有這些費率都從年初開始上漲。現貨市場漲幅更大，波羅的海好望角型船運價指數從 1,261 美元漲至 3,774 美元，而同期波羅的海巴拿馬型船運價指數從 1,000 美元漲至 1,798 美元。

During this period, according to Commodore Research, robust South American grain shipments and strong Indonesian coal cargo exports have been helpful for maintaining rates for Panamaxes and Ultramaxes. The overall market outlook for this year is for softer earnings than 2024 due to fleet growth estimated at around 3%, with dry bulk demand in ton miles softening by about 0.4%.

據 Commodore Research 稱，在此期間，南美穀物運輸量強勁以及印尼煤炭貨物出口強勁，有助於維持巴拿馬型船和超靈便型船的運價。由於船隊成長率預計約為 3%，乾散貨需求（噸英里）下降約 0.4%，因此今年的整體市場獲利前景將低於 2024 年。

The main trade supporting the market, particularly the larger sizes are the ever-rising shipments of bauxite from Guinea as well as rising iron ore shipments from Brazil.

支撐市場的主要貿易，尤其是較大尺寸的貿易，是來自幾內亞的鋁土礦出貨量不斷增加，以及來自巴西的鐵礦石出貨量不斷增加。

Looking out into 2026, there is potential according to Clarksons for bulk carrier market to see another year of softer earnings with the fleet projected to grow by 3.2% year-on-year and dry bulk demand expected to increase in ton miles by 0.4% compared to this year.

展望 2026 年，克拉克森表示，散裝貨船市場可能再次經歷獲利疲軟的一年，預計船隊規模將年增 3.2%，乾散貨需求（噸英里）預計將比今年增加 0.4%。

However, different outcomes are possible among the different size ranges, influenced by the global energy transition, global macroeconomic trends, demand implications of the Simandu project ramp-up and US tariff policy.

然而，受全球能源轉型、全球宏觀經濟趨勢、西曼杜計畫啟動對需求的影響以及美國關稅政策的影響，在不同規模範圍內可能會出現不同的結果。

On the tariff front, the US and China have finally agreed on a framework to keep bilateral tariffs at the levels agreed in May. China will apply 10% headline tariff on all US goods, while existing tariffs on US energy and grains remain outside the scope of this agreement. The US will continue to apply 30% tariffs on all Chinese goods on top of the already existing tariffs in place from Trump's first term.

在關稅方面，美國和中國最終達成框架協議，將雙邊關稅維持在5月商定的水平。中國將對所有美國商品徵收10%的名義關稅，而對美國能源和穀物的現有關稅仍不在本協定範圍內。美國將繼續對所有中國商品徵收 30% 的關稅，這比川普第一任期內已經實施的關稅還要高。

Apart from China, the US has agreed trade terms with the UK, Vietnam and Japan. Terms of trade with other nations will be announced on August 1. Obviously, negotiations will follow with the countries involved. Looking at macroeconomic developments and bulk commodity shipments.

除中國外，美國也與英國、越南和日本達成了貿易協議。與其他國家的貿易條款將於8月1日公佈。顯然，我們將與相關國家進行談判。綜觀宏觀經濟發展及大宗商品運輸情形。

The IMF has not changed their global GDP growth estimates with world GDP estimated to grow 2.8% this year and around 3% in 2026. Projected growth rates for individual areas and large economies around the globe have not changed since our last report.

國際貨幣基金組織並未改變全球GDP成長的預測，預計今年全球GDP將成長2.8%，2026年將成長3%左右。自我們上次報告以來，全球各個地區和大型經濟體的預期成長率沒有變化。

Looking at steel, the most recent data available to Commodore Research shows that crude steel output of large and medium-sized mills throughout China is down year-on-year by about 2%. According to Braemar, crude steel production during the first four months of 2025 by all top producers worldwide came to 623.5 million tonnes, a drop of 0.1% year-on-year. The expectations of most analysts are that this small percentage reduction will be reflected in the annual figures for 2025 at around 1.85 billion tonnes.

從鋼鐵來看，Commodore Research掌握的最新數據顯示，中國各地大中型鋼廠粗鋼產量較去年同期下降約2%。Braemar 的數據顯示，2025 年前四個月全球主要鋼企粗鋼產量共 6.235 億噸，年減 0.1%。大多數分析師預計，這一小幅百分比的減量將反映在2025年的年度數據中，約為18.5億噸。

On iron ore, seaborne iron ore shipments are expected to be slightly weaker this year and steady in 2026 at 1.572 billion tonnes. China iron ore imports are expected to fall by 3% year-on-year during 2025. Grain cargoes. Global grain exports are expected according to Commodore Research to total 720.5 million tonnes in the 2025-26 grain season. If realized, this could represent an increase of 3% from the current 2024-25 season volumes.

鐵礦石方面，預計今年海運鐵礦石運輸量將略為減弱，2026年將穩定在15.72億噸。預計2025年中國鐵礦石進口量將年減3%。穀物貨物。根據 Commodore Research 的數據，預計 2025-26 糧食季節全球糧食出口總量將達到 7.205 億噸。如果實現，這可能意味著 2024-25 賽季的銷量將比現在增加 3%。

According to Clarksons, there appears to be a shift of corn shipments from the US Gulf to the East Coast of South America. This will result in longer trips by significant margin with the obvious beneficial effect on ton-mile demand.

據克拉克森稱，玉米運輸似乎正從美國墨西哥灣轉移到南美洲東海岸。這將大大延長行程，對噸英里需求產生明顯的有利影響。

As regards coal is concerned, now coal, coking and steam coal shipments are both expected to steadily drop this year and next with reduction ranging from 1% to 7% per year over 2025 and 2026, depending on the type of coal shipped. Coal imports in China could be boosted by softer steam coal prices going forward, which have been under steady pressure.

就煤炭而言，預計今年和明年煤炭、煉焦煤和動力煤的出貨量都將穩定下降，到 2025 年和 2026 年，每年的降幅將在 1% 到 7% 之間，具體取決於運輸的煤炭類型。未來動力煤價格走軟可能會提振中國的煤炭進口量，而動力煤價格一直承受著持續的壓力。

Still on the demand side, according to Clarksons, strong Chinese appetite for bauxite has been the main driver of Guinea bauxite export growth with 110 million tonnes shipped, representing about 70% of China's seaborne bauxite imports last year. In the first half of this year, Capesize bulk carriers spent an estimated 15% of their laden time carrying Guinean bauxite. This was just 7% three years ago.

克拉克森表示，在需求方面，中國對鋁土礦的強勁需求是幾內亞鋁土礦出口成長的主要驅動力，去年幾內亞鋁土礦出口量達 1.1 億噸，約佔中國海運鋁土礦進口量的 70%。今年上半年，好望角型散裝貨船約有15%的載貨時間用於運輸幾內亞鋁土礦。三年前這一比例僅7%。

Looking at fleet development. The bulk carrier order book stands at about 113.2 million deadweight, representing 10.8% of the trading fleet with Capes at 8.9%, Panamaxes at 14% and Ultramax Supramaxes at 11.4%. This is manageable tonnage as regards supply, provided demand grows steadily and ships are scrapped at a normal pace, but this would be the case only in an ideal world.

著眼於船隊發展。散裝船訂單量約 1.132 億載重噸，佔貿易船隊的 10.8%，其中好望角型船佔 8.9%，巴拿馬型船佔 14%，超靈便型船佔 11.4%。只要需求穩定成長且船舶以正常速度報廢，就供應而言，這是可控的噸位，但這只是在理想情況下的情況。

There are about 36.9 million deadweight of bulkers, which will be delivered this year as a whole. And next year, deliveries are expected to reach 43 million deadweight. According to Braemar, the net increase of the Capesize fleet in 2025 will be about 5 million deadweight and a further $9 million in 2026.

今年全年將交付的散裝貨船約有3690萬載重噸。明年，交付量預計將達到 4,300 萬載重噸。Braemar 預計，2025 年好望角型船隊淨增載重量約 500 萬載重噸，2026 年將再增加 900 萬美元。

For Panamaxes, the increase for this year is expected to be 7 million deadweight and for 2026, $11 million. On Supramaxes and Ultramaxes, the net fleet increase may be $10 million this year and the same next year. As an indicator, we note that the bulk carrier fleet has increased by about 1.3% during the first five months of 2025. This year, so far, newbuilding orders for dry bulk carriers have dropped by about 73% compared to this time in 2024.

對巴拿馬型船而言，今年的漲幅預計將達到 700 萬載重噸，到 2026 年將達到 1,100 萬美元。對於超靈便型散裝貨船和超靈便型散裝貨船而言，今年的淨船隊規模可能增加 1,000 萬美元，明年也是如此。作為一項指標，我們注意到，2025 年前五個月散貨船隊數量增加了約 1.3%。今年迄今為止，幹散貨船新造訂單與2024年同期相比下降了約73%。

Turning to demolitions. With market conditions and sentiment being the main determining factors in scrapping decisions, it is worth noting that there are about 548 standard Capes built between 2009 and 2012 and over 700 Panamaxes built before 2010. About 28% of the Handymax fleet is over 15 years old, with 28% of Panamaxes falling into this age bracket and 23% of Capes. All these ships are obvious scrapping candidates in a weak market, coupled with some pessimism as regards market prospects.

轉向拆除。市場條件和情緒是決定拆解船舶的主要因素，值得注意的是，2009 年至 2012 年間建造了約 548 艘標準好望角型散裝貨船，2010 年之前建造了 700 多艘巴拿馬型散裝貨船。約有 28% 的 Handymax 型船船隊船齡超過 15 年，其中 28% 的巴拿馬型船屬於這一年齡段，而 23% 的海岬型船屬於這一年齡段。在市場疲軟且市場前景悲觀的背景下，所有這些船舶顯然都是被拆解的對象。

Clarksons predict that during 2025, only 4.7 million deadweight of bulkers will be scrapped. The estimate for next year is about 8.9 million deadweight. Looking at asset prices. According to Clarksons, newbuilding resale prices have eased since our last earnings call. Cape newbuildings are now at around $73.5 million with Kamsarmax newbuilding prices trading at $36.5 million. Ultramax newbuilding prices stand at around $33.5 million. These are year-on-year price drops of around 3.5% on average.

克拉克森預測，2025年期間，只有470萬載重噸的散裝貨船將被拆解。預計明年的載重量約為890萬噸。看看資產價格。據克拉克森稱，自從我們上次財報電話會議以來，新船轉售價格已經下降。目前，好望角型新造船價格約為 7,350 萬美元，而卡姆薩爾型新造船價格為 3,650 萬美元。Ultramax 新船價格約 3,350 萬美元。與去年同期相比，價格平均下降了約 3.5%。

Secondhand prices for 10-year-old Capes have held firm at around $46.5 million, reflecting the market's recent strength, while Kamsarmaxes of the same vintage have eased slightly to $24.5 million. Meanwhile, 10-year-old Ultramaxes have been changing hands at around $22 million, showing a downward three-month trend of 3%.

10 年船齡的 Cape 型散裝貨船的二手價格一直穩定在 4650 萬美元左右，反映了市場近期的強勁勢頭，而同一船齡的 Kamsarmax 型散貨船的價格則略有下降，至 2450 萬美元。同時，船齡 10 年的 Ultramax 型散裝貨船的轉手價格約為 2,200 萬美元，三個月內呈下降 3% 的趨勢。

Let's wrap it all up by looking at positive and negative factors impacting dry bulk shipping. Analysts quoted in this presentation cite several factors, which they expect will influence the short- and medium-term future of the bulk carrier market. We summarize the most important ones in the next slide.

讓我們透過查看影響乾散貨運輸的正面和負面因素來總結一下。本報告中引用的分析師列舉了幾個因素，他們預計這些因素將影響散裝貨船市場的短期和中期未來。我們在下一張投影片中總結了最重要的內容。

On the positive side, we have robust South American grain exports, even though they have dropped sharply over the last few weeks. Next, strong Indonesian coal shipments, gradual resolution of reciprocal tariffs between the US and the rest of the world, Red Sea rerouting expected to continue for the rest of the year, lifting of sanctions against Syria and the cessation of the mini war with Israel backed militia, leading to the reconstruction of Syria, the commencement later this year of iron ore shipments from Simandu in Guinea.

積極的一面是，儘管過去幾週南美穀物出口量急劇下降，但出口仍然強勁。其次，印尼煤炭出貨量強勁，美國與世界其他國家之間的互惠關稅逐步解決，紅海航線改道預計將在今年剩餘時間內繼續進行，對敘利亞的製裁解除以及與以色列支持的民兵組織的小型戰爭停止，從而導致敘利亞的重建，今年晚些時候將從幾內亞西曼杜開始鐵礦石運輸。

On the negative side, we have worldwide lower steel production outside India, bulk carrier fleet growth outpacing demand growth for 2025-26, less so in the Cape sector, increase in wind, nuclear and solar power production, particularly in China, anticipated long-term reduction in coal imports by China, possible failure in trade talks between the US and their trading partners, except for China, Vietnam, Japan and the UK mentioned earlier, leading to high tariffs and trade disruption.

不利的一面是，除印度外，全球鋼鐵產量均有所下降；2025-26 年散貨船隊增長速度超過需求增長，但好望角型船隊增長速度略慢；風能、核能和太陽能發電量增加（尤其是在中國）；預計中國煤炭進口量將長期減少；美國與其貿易夥伴（除前面提到的中國、越南貿易和美國貿易之間的高關稅

On this note, I'll pass the call to our CEO, Semiramis Paliou to present some important takeaway points from this earnings call.

在此，我將把電話轉給我們的執行長 Semiramis Paliou，以介紹本次財報電話會議的一些重要要點。

Thank you, Stasi. So before concluding today's presentation, I'd like to highlight our ongoing ESG commitment to promoting eco-friendly technologies and modernizing our fleet, transparently sharing emission data to ensure accountability, building on partnerships and collaborations to advance our sustainability goals and developing an equity, diversity and inclusion program while continuously investing in our people.

謝謝你，史塔西。因此，在結束今天的演講之前，我想強調我們對 ESG 的持續承諾，即推廣環保技術和實現車隊現代化，透明地共享排放數據以確保問責制，建立夥伴關係和合作以推進我們的可持續發展目標，並製定公平、多樣性和包容性計劃，同時不斷投資於我們的員工。

In summary, Diana Shipping Inc. stands 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 cash position and a countercyclical mindset, ongoing fleet modernization efforts, a focus on rewarding our shareholders when possible and a robust ESG strategy.

總而言之，戴安娜航運公司擁有超過 50 年的行業經驗和 20 年的紐約證券交易所經驗，基礎雄厚。經驗豐富的管理團隊能夠應對行業挑戰、與利益相關者建立牢固的關係並採用嚴謹的戰略方針、擁有強勁現金狀況和逆週期思維的穩健資產負債表、持續的車隊現代化努力、注重盡可能回報股東以及強大的 ESG 戰略。

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

非常感謝您今天加入我們。我們期待在問答環節解答您的問題。

(Operator Instructions)

（操作員指示）

Lars Moen Eide, Arctic Securities.

Lars Moen Eide，北極證券公司。

I have a couple of questions regarding the recently acquired Genco stake. I hoping you could shed some light on that. So firstly, how long perspective do you have on the Genco transaction?

我對最近收購的 Genco 股份有幾個問題。我希望你能對此作出一些解釋。那麼首先，您對 Genco 交易有何長遠看法？

And secondly, Genco trades at a lower discount to NAV than yourself. Why not buy back shares instead?

其次，Genco 的交易價格相對於資產淨值的折扣比您自己要低。為什麼不回購股票？

Hi Lars. It is Ioannis. Let us explain the reason behind the purchase of the Genco shares. Needless to say that Genco is a very well-run dry bulk company, which was trading admittedly at a discount to NAV less than ours. Having said that, there is an additional value to this purchase, which has to do with the strategic positioning of Diana Shipping as a major shareholder in that company.

你好，拉爾斯。是伊奧尼斯。讓我們解釋一下購買 Genco 股票背後的原因。毋庸置疑，Genco 是一家經營良好的乾散貨公司，其交易價格相對於資產淨值的折扣低於我們的水平。話雖如此，此次收購還有額外的價值，這與戴安娜航運作為該公司主要股東的策略定位有關。

So in addition to that, if you may, you can also say that they have a kind of a different chartering strategy that we can benefit from and stuff like this. It's a dividend-paying company. So all in all, for us, we have considered that to be a better option than buying our stock at discount now without excluding the possibility of us buying back our stock in the future. And for us, it's a medium to long-term investment.

因此除此之外，如果可以的話，您還可以說他們有一種不同的租船策略，我們可以從中受益等等。這是一家派發股息的公司。總而言之，對我們來說，我們認為這是一個比現在以折扣價買進股票更好的選擇，同時也不排除我們將來回購股票的可能性。對我們來說，這是一項中長期投資。

We have reached the end of our question-and-answer session. I would now like to hand the call back over to management for any closing comments.

我們的問答環節已經結束。現在我想將電話轉回給管理層，以便他們發表任何結束語。

Well, thank you for joining us at Diana Shipping's second quarter 2025 financial results. We look forward to presenting to you again in the next quarter. Have a good day. Thank you.

好吧，感謝您參加戴安娜航運 2025 年第二季財務業績發表會。我們期待在下個季度再次向您展示。祝你有美好的一天。謝謝。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。享受這一天剩下的時間。