Diana Shipping Inc (DSX) 2026 Q1 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to the Diana Shippin Inc conference call on the first-quarter 2026 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.

感謝各位女士、先生耐心等候，歡迎參加 Diana Shippin Inc 2026 年第一季財務業績電話會議。本次會議由公司執行長 Semiramis Paliou 女士出席。(接線員指示) 請注意，本次會議將被錄音。

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

現在我們把時間交給 Semiramis Paliou 女士。請開始。

Thank you. Good morning, ladies and gentlemen. Welcome to Diana Shipping Inc's first-quarter 2026 financial results conference call. I am Semiramis Paliou, the CEO of the company, and it's my pleasure to present alongside our esteemed team, Mr. Ioannis Zafirakis, Director and President; Ms. Maria Dede, Co-CFO and Treasurer; Mr. Dave Van der Linden, Chief Financial Officer of Diana Shipping Services SA. Before we begin, I'd like to remind everyone to review the forward-looking statements on page 4 of the accompanying presentation. The first quarter of 2026 continued to show strong momentum, which carried over from last year.

謝謝。各位女士、先生，早安。歡迎參加 Diana Shipping Inc 2026 年第一季財務業績電話會議。我是公司執行長 Semiramis Paliou，很高興與我們優秀的團隊一同進行簡報：董事兼總裁 Ioannis Zafirakis 先生；共同財務長兼財務主管 Maria Dede 女士；以及 Diana Shipping Services SA 財務長 Dave Van der Linden 先生。在開始之前，我想提醒各位查閱隨附簡報第 4 頁的前瞻性陳述。2026 年第一季延續了去年以來的強勁動能。

The usual seasonal slowdown in Q1 did not happen, and the Capesize market had its best first quarter since 2010. Again, this was due to several factors, none of them necessarily demand-driven. We saw more utilization tightening caused by longer ton miles, a substantial dry dock schedule and the situation in the Strait of Hormuz. The Middle East conflict not only caused part of the dry bulk fleet to be tied up in that area, but also an overall reduction in operating speeds, especially on the long-haul routes.

第一季通常的季節性放緩並未出現，海岬型（Capesize）市場創下自 2010 年以來最佳的第一季表現。同樣地，這是由多項因素所致，且不一定是由需求所驅動。我們看到因航程里程（ton miles）拉長、相當可觀的進塢維修（dry dock）排程，以及荷姆茲海峽情勢所造成的運力利用率收緊。中東衝突不僅使部分乾散貨船隊被牽制在該區域，也導致整體營運航速下降，尤其是在長程航線上。

Capesize vessels were the strongest movers, but this time, we have also seen a marked improvement in the Kamsarmax market, which was supported by a spike in coal movements in the Pacific. Countries like Japan, South Korea and Vietnam have increased their coal imports to address their energy needs. Interestingly, the growth in grain shipments was also concentrated to other countries besides China.

海岬型船舶漲勢最為強勁，但這次我們也看到 Kamsarmax 市場明顯改善，主要受太平洋地區煤炭運輸量激增所支撐。日本、南韓與越南等國為滿足能源需求而提高煤炭進口。值得注意的是，穀物運輸的成長也集中在中國以外的其他國家。

In the quarter, we took period coverage across all sizes in the fleet, again, at rates significantly higher than their previous charters. I would like to mention that although Diana has no vessels directly affected by the Persian Gulf situation, our thoughts are with the many seafarers who must fear for their safety and well-being.

本季我們在船隊各船型均取得定期租約覆蓋，且租金水準再次顯著高於先前租約。我想提到，雖然 Diana 沒有任何船舶直接受到波斯灣情勢影響，但我們的心與許多必須擔憂自身安全與福祉的海員同在。

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, one of which is mortgage free. Our fleet has an average age of 12.5 years and a total deadweight capacity of approximately 4 million tonnes.

請看第 5 頁投影片。讓我們回顧截至今日的公司概況。Diana Shipping Inc 成立於 1972 年，並自 2005 年起在紐約證券交易所上市，營運 36 艘乾散貨船隊，其中 1 艘無抵押貸款。我們船隊平均船齡為 12.5 年，總載重噸約 400 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 99.9% for the three months ended March 31, 2026, highlighting our effective vessel management strategy. As of the end of the first quarter, we employed 941 individuals at sea and Ashore. Financially, our net debt stands at 46% of market value, supported by USD124.5 million in cash reserves as of quarter end and total secured revenues of approximately USD168.5 million as of May 20, 2026.

我們預期將於 2027 年底及 2028 年初分別交付兩艘甲醇雙燃料新造 Kamsarmax 乾散貨船。截至 2026 年 3 月 31 日止三個月，船隊利用率達 99.9%，凸顯我們有效的船舶管理策略。截至第一季末，我們海上與岸上員工合計 941 人。財務方面，截至季末我們的淨負債為市值的 46%，並由 1.245 億美元現金儲備支撐；截至 2026 年 5 月 20 日，已鎖定之擔保收入約 1.685 億美元。

Moving on to slide 6. Let's go over the key highlights of the first quarter 2026 and recent developments. In January, we announced our intention to nominate a slate of six highly qualified independent candidates for election at Genco's Annual Meeting on June 18.

接著看第 6 頁投影片。我們回顧 2026 年第一季的重點摘要與近期發展。1 月，我們宣布擬提名由 6 位高度合格的獨立候選人組成的名單，於 6 月 18 日 Genco 年度股東大會上競選。

In March, the same year, we increased our effort to our offer to USD23.5 per share in cash to acquire all outstanding shares of Genco not already owned by us. The offer is backed by USD1.43 billion in full committed financing from six leading global banks with no financing conditions. The offer is further supported by a definitive agreement with Star Bulk Carriers Corp, which will acquire 16 Genco vessels for USD470.5 million upon closing.

同年 3 月，我們加大力度，將收購我們尚未持有之 Genco 全部流通股的現金要約提高至每股 23.5 美元。該要約由 6 家全球領先銀行提供的 14.3 億美元全額承諾融資支持，且不附帶融資條件。該要約亦由與 Star Bulk Carriers Corp 簽署的具約束力協議進一步支持；交易完成時，Star Bulk 將以 4.705 億美元收購 16 艘 Genco 船舶。

In May 2026, we launched a tender offer to acquire all outstanding shares of Genco for USD23.5 per share in cash. As of May 20, 2026, we have secured USD123.5 million of contracted revenues for 83% of the remaining ownership days of the year 2026 and have secured USD44.1 million of contracted revenues for 17% of the remaining ownership days of the year 2027.

2026 年 5 月，我們啟動公開收購（tender offer），以每股 23.5 美元現金收購 Genco 全部流通股。截至 2026 年 5 月 20 日，我們已為 2026 年剩餘自有營運日（ownership days）的 83% 鎖定 1.235 億美元的合約收入，並為 2027 年剩餘自有營運日的 17% 鎖定 4,410 萬美元的合約收入。

In May 2026, we were awarded the global award in the Governance Leader Award category at the Environmental, Social and Governance Shipping Awards 2026. Today, we are pleased to declare a quarterly cash dividend of USD0.01 per common share with respect to the first quarter of 2026, totaling approximately USD1.2 million.

2026 年 5 月，我們在 2026 年環境、社會與公司治理航運獎（Environmental, Social and Governance Shipping Awards 2026）中，獲頒「治理領導者獎」類別的全球獎項。今天，我們很高興宣布就 2026 年第一季每股普通股配發 0.01 美元的季度現金股利，合計約 120 萬美元。

Lastly, just yesterday, we amended our offer price to acquire Genco to USD24.8 per share in cash and have extended the tender offer deadline to June 26, 2026. The revised offer price will be adjusted on a one-for-one basis for any dividends or other distributions declared or paid to shareholders following the announcement of our offer.

最後，就在昨天，我們將收購 Genco 的要約價格修訂為每股 24.8 美元現金，並將公開收購截止日延長至 2026 年 6 月 26 日。修訂後的要約價格將就本要約公告後向股東宣告或支付的任何股利或其他分配，按一比一基礎進行調整。

The new increased offer represents a 39% premium to Genco's undisturbed share price on the day before our initial offer a 48% premium to its 30-day volume weighted average price as of that date and is priced at approximately 1 times net asset value at what analysts have described as 15 years high asset value. It should be noted that Genco's share price is currently trading at or around NAV, while the dry bulk peers are currently trading at an average 20% discount to NAV.

此次提高後的新要約，相較於我們初次要約前一日 Genco 未受干擾的股價溢價 39%，相較於該日的 30 日成交量加權平均價（VWAP）溢價 48%，其定價約為淨資產價值（NAV）的 1 倍；而分析師形容當時資產價值處於 15 年高點。需要指出的是，Genco 目前股價交易水準約在 NAV 附近，而乾散貨同業目前平均以較 NAV 折價 20% 的水準交易。

Before our involvement, Genco traded at an average 30% discount to NAV since 2020. As such, Genco shareholders face significant downside risk in the absence of our offer. If the offer is not completed, Genco's share price could decline to approximately USD18 per share if the stock reverts towards its historical trading. Unfortunately, for six months, the Genco Board has completely refused to engage with us, Genco's largest shareholder.

在我們介入之前，自 2020 年以來 Genco 平均以較 NAV 折價 30% 的水準交易。因此，若缺少我們的要約，Genco 股東將面臨顯著的下行風險。若要約未能完成，若股價回歸其歷史交易水準，Genco 股價可能下跌至約每股 18 美元。不幸的是，六個月來，Genco 董事會完全拒絕與我們——Genco 最大股東——進行接觸。

Our previous offer have each been met with silence, and we are hopeful that the Genco Board will finally sit down with us to engage in a constructive dialogue. This is the path forward that we strongly prefer, but we have also given Genco shareholders the opportunity to vote for our Board nominees, who we are confident will explore all opportunities to maximize value and to tender their shares.

我們先前提出的每一項提案都遭到沉默以對，我們希望 Genco 董事會終於能與我們坐下來，展開具建設性的對話。這是我們強烈偏好的前進道路，但我們也已給予 Genco 股東機會，投票支持我們提名的董事候選人；我們有信心，他們將探索一切可行方案以最大化價值，並促使股東交付其股份。

We are committed to seeing this through, and you can stay informed by visiting our campaign website at cash4genco.com. We urge Genco shareholders to vote the gold universal proxy card for Diana's six independent Directors Nominee at the 2026 Annual Meeting. Again, for more information, please visit our website at cash4genco.com.

我們承諾會將此事推進到底，您可造訪我們的行動網站 cash4genco.com 以掌握最新資訊。我們敦促 Genco 股東在 2026 年股東週年大會上，投票支持金色通用委託書（gold universal proxy card），選出 Diana 提名的六位獨立董事候選人。

Moving on to slide 8. Slide 8 summarizes our recent chartering activity. From February 20, 2026, until May 20, we have secured time charters for five vessels, an Ultramax vessel at a daily rate of USD16,000 for 408 days; three Panamax, Kamsarmax and Post-Panamax vessels at an average daily rate of USD17,297 for an average of 387 days; a Capesize vessel at a daily rate of USD27,500 for 641 days.

接著請看第 8 頁投影片。第 8 頁總結我們近期的租船活動。自 2026 年 2 月 20 日至 5 月 20 日，我們已為五艘船舶簽訂期租合約：一艘 Ultramax 船舶，日租金 16,000 美元、租期 408 天；三艘 Panamax、Kamsarmax 與 Post-Panamax 船舶，平均日租金 17,297 美元、平均租期 387 天；以及一艘 Capesize 船舶，日租金 27,500 美元、租期 641 天。

Slide 9 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. This disciplined chartering strategy has secured for the remaining of 2026, approximately USD124 million in contracted revenues, resulting in an average fixed time charter rate of USD18,338 per day. For the rest of 2026, only 17% of days remain unfixed. The average contract duration is 1.24 years, covering some days of 2027.

第 9 頁強調我們嚴謹的租船策略。我們著重於分散到期的中長期租約，以避免到期日集中，確保獲利可見度並提升對市場下行的韌性。透過此一嚴謹的租船策略，我們已為 2026 年剩餘期間鎖定約 1.24 億美元的合約收入，使平均固定期租日租金達 18,338 美元。在 2026 年剩餘期間，僅有 17% 的天數尚未鎖定。平均合約期間為 1.24 年，涵蓋部分 2027 年的天數。

Now I'll pass the floor to our Co-CFO, Maria Dede, for a more detailed financial analysis.

接下來我把時間交給我們的共同財務長（Co-CFO）Maria Dede，進行更詳細的財務分析。

Good morning, everyone, and thank you for joining us today. I will walk you through our financial performance for the first quarter of 2026. Time charter revenues were USD54.7 million, slightly lower than the USD54.9 million in the same quarter last year. The decrease reflects a smaller fleet size compared to the prior year period and was largely offset by higher time charter equivalent rate achieved during the quarter. Adjusted EBITDA was USD23.3 million for both periods.

各位早安，感謝各位今天加入我們。我將帶各位回顧我們 2026 年第一季的財務表現。期租收入為 5,470 萬美元，較去年同期的 5,490 萬美元略低。此一下降反映相較前一年同期船隊規模較小，但在本季取得較高的期租等價（TCE）費率，已在很大程度上抵銷影響。兩個期間的調整後 EBITDA 均為 2,330 萬美元。

Net income was USD29.1 million compared to USD3 million in the first quarter of 2025. Net income attributable to common stockholders was USD27.7 million compared to USD1.6 million in the first quarter of 2025. Basic and diluted earnings per common share was USD0.25 for the first quarter of 2026 compared to USD0.01 for the same quarter last year.

淨利為 2,910 萬美元，相較 2025 年第一季的 300 萬美元。歸屬於普通股股東的淨利為 2,770 萬美元，相較 2025 年第一季的 160 萬美元。2026 年第一季每股普通股基本及稀釋盈餘為 0.25 美元，去年同期為 0.01 美元。

Profitability of the quarter was supported by the higher time charter equivalent rate mentioned earlier, decreased interest expense on our steadily amortizing debt, increased dividend income and an unrealized gain on our investment in Genco of USD26.4 million. We continue to maintain a strong balance sheet with increased cash and decreased debt compared to year-end 2025.

本季獲利能力受先前提及較高的期租等價（TCE）費率支撐，並受惠於隨著債務穩定攤還而降低的利息費用、增加的股利收入，以及我們對 Genco 投資的未實現收益 2,640 萬美元。相較 2025 年底，我們持續維持強健的資產負債表，現金增加、負債下降。

As of March 31, 2026, cash stood at USD124.5 million compared to USD122.3 million as of December 31, 2025. Long-term debt and finance liabilities, net of deferred financing costs decreased to USD621.1 million as of March 31, 2026, from USD636.1 million as of year-end 2025, reflecting the quarter's debt amortization. We ended the quarter with a strong liquidity position and a conservative net loan-to-value of 46%.

截至 2026 年 3 月 31 日，現金為 1.245 億美元，相較 2025 年 12 月 31 日的 1.223 億美元。長期負債及融資負債（扣除遞延融資成本後）由 2025 年底的 6.361 億美元降至 2026 年 3 月 31 日的 6.211 億美元，反映本季債務攤還。本季結束時，我們的流動性部位強勁，且淨貸款價值比（net loan-to-value）保守維持在 46%。

During the quarter, we operated an average of 36 vessels compared to 37.8 vessels in the same quarter last year, following the sale of Alkmini early in March and Selina in July 2025. This reduction is reflected in lower revenues, operating expenses and ownership available and operating days.

本季我們平均營運 36 艘船舶，去年同期為 37.8 艘；此係因 3 月初出售 Alkmini，以及於 2025 年 7 月出售 Selina。此一縮減反映在較低的收入、營運費用，以及可用與營運天數的下降。

Time charter equivalent averaged USD16,035, a 2% increase compared to USD15,739 in the first quarter of 2025 with a strong fleet utilization of 99.9%. Vessel operating expenses for the quarter decreased by 3% to USD19.5 million compared to USD20 million in the first quarter of 2025 due to the smaller fleet size.

期租等價（TCE）平均為 16,035 美元，較 2025 年第一季的 15,739 美元增加 2%，船隊使用率強勁達 99.9%。由於船隊規模較小，本季船舶營運費用較 2025 年第一季的 2,000 萬美元下降 3% 至 1,950 萬美元。

On a per day basis, daily operating expenses rose by 2% to USD6,009 compared to USD5,866 in the first quarter of 2025, mainly due to higher crew, stores, supply and environmental costs. We maintain a disciplined approach to leverage. The mix of variable rate secured bank debt, the senior unsecured bond with a fixed coupon and sale leaseback facilities at fixed interest rates provides diversification and stability. Our amortization profile is gradual with no significant near-term refinancing concentration.

以每日計算，每日營運費用上升 2% 至 6,009 美元，相較 2025 年第一季的 5,866 美元，主要因船員、物料、補給及環保成本較高。我們維持對槓桿的嚴謹管理。浮動利率的擔保銀行借款、固定票息的優先無擔保債券，以及固定利率的售後回租融資安排之組合，提供多元化與穩定性。我們的攤還曲線平緩，短期內沒有顯著的再融資到期集中。

Our debt amortization schedule is steady and predictable through 2029 when the USD175 million senior unsecured bond matures. We will address this maturity well in advance to ensure liquidity stability, minimize refinancing risk and maintain predictable cash flows.

我們的債務攤還時程表穩定且可預期，直至 2029 年 1.75 億美元的優先無擔保債券到期。我們將提前妥善處理該到期事項，以確保流動性穩定、降低再融資風險，並維持可預期的現金流。

In this slide, we compare our free cash flow breakeven levels against estimated revenues for 2026 and 2027. As of March 31, 2026, our cash flow breakeven rate stood at USD16,344 per day, including voyage operating and general and administrative expenses, financing costs and debt amortization. For the remainder of 2026, we have secured 83% of the ownership days at an average time charter rate of USD18,338 per day, generating expected revenues of USD123.5 million.

在本頁投影片中，我們將自由現金流損益兩平水準與 2026 年及 2027 年的估計收入進行比較。截至 2026 年 3 月 31 日，我們的現金流損益兩平費率為每日 16,344 美元，包含航次營運費用與一般及行政費用、融資成本及債務攤還。就 2026 年剩餘期間而言，我們已以平均每日 18,338 美元的期租費率鎖定 83% 的自有船舶天數，預期可產生 1.235 億美元收入。

For 2027, 17% of the ownership days are fixed at an average time charter rate of USD19,858 per day with expected revenues of USD44.1 million. Potential revenues for the remainder of 2026 and for 2027, including the estimated revenues for the unfixed days based on FFA rates as of May 20, 2026, could reach USD149.6 million and USD252.3 million for 2027, respectively.

就 2027 年而言，已有 17% 的自有船舶天數以平均每日 19,858 美元的期租費率鎖定，預期收入為 4,410 萬美元。2026 年剩餘期間及 2027 年的潛在收入（包含依 2026 年 5 月 20 日 FFA 費率估算之未鎖定天數收入）分別可達 1.496 億美元，以及 2027 年的 2.523 億美元。

Overall, our competitive breakeven rate reflects disciplined cost control across the fleet. Our contracted revenues provide solid visibility and downside protection, while the market exposure of the fixed operating days allows us to preserve flexibility in our commercial strategy and participate in improving market conditions.

整體而言，我們具競爭力的損益兩平費率反映出我們在全船隊範圍內嚴謹的成本控管。我們的合約收入提供良好的可見度與下行保護；同時，已固定營運天數中的市場曝險，使我們得以保留商業策略的彈性，並參與市場環境改善所帶來的上行機會。

This slide highlights dividend distributions. The company has consistently rewarded shareholders with quarterly dividends since the third quarter of 2021 in both cash and shares. In line with this policy, we declared a dividend of USD0.01 per share for the first quarter of 2026, bringing cumulative dividends paid since 2021 to USD2.71 per common share. Dividends are declared at the discretion of the Board and depend on earnings, cash flows and capital requirements.

本頁重點說明股利分配。自2021年第三季起，公司持續以現金及股票形式按季發放股利回饋股東。依循此政策，我們宣告2026年第一季每股股利0.01美元，使自2021年以來累計已支付股利達每股普通股2.71美元。股利由董事會酌情宣告，並取決於獲利、現金流量及資本需求。

I will now hand over to Dave Van der Linden for an overview of the dry bulk market.

接下來我將交由Dave Van der Linden，為各位概述乾散貨市場。

Thank you, Maria. And again, welcome to all the participants on this latest quarterly earnings call from Diana Shipping Inc. Slide 15 gives a brief dry bulk market overview and some geopolitical and trade developments. The dry bulk market started 2026 on strong footing, continuing the momentum across all sizes, which we saw in the second half of 2025 and ignoring again the traditional market seasonality.

謝謝你，Maria。也再次歡迎各位參與Diana Shipping Inc.本次最新的季度財報電話會議。第15頁簡要介紹乾散貨市場概況，以及部分地緣政治與貿易發展。乾散貨市場在2026年以強勁態勢開局，延續我們在2025年下半年於各船型所見的動能，並再次無視傳統的市場季節性。

The factors supporting the market remain the same, not necessarily an explosion in demand, but rather utilization tightening caused by longer ton miles, a substantial dry dock schedule and slower speed. Capesize vessels again outperformed Q1 earnings at USD26,405 based on the new 185.5 5TC index and the best start of the year since 2010.

支撐市場的因素仍然相同，未必是需求爆發，而是更長的運距（ton miles）、大量進塢維修排程以及航速放緩所造成的運力利用率收緊。以新的185.5 5TC指數計算，海岬型船舶第一季收益再度領先，達26,405美元，並創下自2010年以來最佳年度開局。

Midsize vessels have been catching up nicely with Q1 earnings averaging USD15,395 for Kamsarmax and USD14,577 for Ultramax vessels. The 12-month time charter rate has increased on all sizes as well compared to the previous quarter, underlying positive sentiment. For 182 index-type vessels without scrubber, the 1-year rate now stands around USD34,000 a day. The equivalent rate for modern Kamsarmax is around USD20,000 a day and the modern Ultramax can get about USD18,500 a day for a year.

中型船舶也追趕得相當不錯，第一季平均收益：Kamsarmax為15,395美元，Ultramax為14,577美元。相較前一季，各船型的12個月期租租金亦全面上升，反映正向情緒。對於182指數型、未裝設洗滌器（scrubber）的船舶，一年期租金目前約為每日34,000美元。現代化Kamsarmax的同等租金約為每日20,000美元，而現代化Ultramax一年期約可達每日18,500美元。

Part of this unusually strong first quarter can be attributed to an exceptionally late Chinese New Year, which saw some early restocking activity. However, much like last year, 2026 has so far witnessed significant geopolitical and trade disruptions that continue to alter shipping patterns and freight dynamics.

本季異常強勁的部分原因可歸因於中國農曆新年特別晚，帶動了一些提前補庫活動。然而，如同去年，2026年至今仍出現顯著的地緣政治與貿易擾動，持續改變航運型態與運價動態。

The Middle East conflict has caused bunker prices to spike, and owners have been deviating their vessels to secure adequate supply of fuel. Long-distance routes like the Brazil and West Africa to China has caused the Capesize fleet to lower their average speed by 4% Furthermore, we have seen strong coal movements with Japan's Trade and Industry Ministry as well as the South Korean, Vietnamese and Taiwanese governments all indicating stronger interest in coal procurement as a near-term solution to alleviate energy security concerns. It is worth noting that analysts see significant effects of the conflict in adjacent industries as well, such as nickel production and agricultural planting.

中東衝突導致燃油（bunker）價格飆升，船東為確保充足燃料供應而調整航線。巴西與西非至中國等長距離航線，使海岬型船隊平均航速降低4%。此外，我們也看到煤炭運輸強勁，日本經濟產業省以及南韓、越南與台灣政府皆表示，為緩解短期能源安全疑慮，對煤炭採購的興趣提高。值得注意的是，分析師也認為衝突對鄰近產業同樣有顯著影響，例如鎳產量與農作物播種。

Tearlstone notes that in Australia, many farms are switching from wheat to crops like barley and canola that either need less fertilizer or sell for a higher price. The harvest for Australian wheat due towards year-end could be between 16% and 41% smaller. China's economic stimulus measures and infrastructure spending continue to support commodity imports, while India's consistent appetite for coal and iron ore reinforces its position as an increasingly important demand center for dry bulk commodities.

Tearlstone指出，在澳洲，許多農場正從小麥轉種如大麥與油菜籽等作物，這些作物要麼需要較少肥料，要麼售價更高。澳洲預計於年底收成的小麥產量可能減少16%至41%。中國的經濟刺激措施與基礎建設支出持續支撐大宗商品進口；同時，印度對煤炭與鐵礦石的穩定需求，強化其作為乾散貨大宗商品日益重要需求中心的地位。

Nevertheless, according to the Economic Times, Coal India is planning a 10-year road map to slash the 243 million tons of coal that they import currently through increased domestic production, cost quality upgrades and logistical cost parity. In the Capesize sector, we saw a particularly strong Australian iron ore flow supporting the Pacific, while the Guinean bauxite exports continue to grow unabated. Having said that, there is some concern about a possible export limit to be imposed by the Guinean government in the second half of the year.

儘管如此，據《Economic Times》報導，印度煤炭公司（Coal India）正規劃一項10年路線圖，透過提高國內產量、成本與品質升級，以及物流成本持平等措施，削減目前每年進口的2.43億噸煤炭。在海岬型領域，我們看到澳洲鐵礦石流量特別強勁，支撐太平洋市場；同時，幾內亞鋁土礦出口持續不減地成長。話雖如此，市場對幾內亞政府可能在下半年實施出口限制仍有些疑慮。

Danish Ship Finance notes that the iron ore trade, which is still the most durable of Chinese seaborne commodity relationships is changing beneath the surface. The steel industry is beginning to shift away from blast furnaces towards electric arc furnaces, which require cleaner, higher-grade ore. Australia built an entire export economy around the blast furnace grade and does not produce the new grade at scale, whereas Brazil and West Africa do. China Baowu, the world's greatest -- the largest steelmaker has secured majority control of the Simandou deposit in Guinea, the largest untapped high-grade iron ore reserve on the planet.

Danish Ship Finance指出，鐵礦石貿易——仍是中國海運大宗商品關係中最具韌性的一環——正於檯面下發生變化。鋼鐵產業正開始從高爐轉向電弧爐，而電弧爐需要更潔淨、更高品位的礦石。澳洲以高爐品位礦建立了完整的出口經濟體系，但無法以規模化方式生產新等級礦石；相較之下，巴西與西非可以。中國寶武——全球最大鋼鐵製造商——已取得幾內亞西芒杜（Simandou）礦床的控股權，該礦床是全球最大尚未開發的高品位鐵礦石儲量。

The Kamsarmax sector has seen the most impressive growth so far relatively, supported by grain shipments in the Atlantic and coal shipments in the Pacific. The Ultramax sector has managed to take advantage of the same trading pattern and has additionally seen an increase in Atlantic coal shipments. However, Indonesia, which is a major factor for these vessel sizes, plans to tighten control over commodity exports, including coal, palm oil to clamp down on tax evasion and bolster a plunging rupiah.

Kamsarmax船型迄今相對呈現最亮眼的成長，主要受大西洋穀物運輸與太平洋煤炭運輸支撐。Ultramax船型也成功把握相同的貿易型態，並額外受惠於大西洋煤炭運輸增加。然而，作為這些船型重要影響因素的印尼，計畫加強對包括煤炭、棕櫚油在內的大宗商品出口管控，以打擊逃稅並支撐大幅走貶的印尼盾。

Moving to the next slide, we look at some macroeconomic considerations and some key demand drivers. As mentioned before, the year has started historically strong. Iron ore and bauxite support the Capesize vessels and long-haul grain shipments for the midsized vessels. Iron ore exports have been particularly well supported through Q1, driven by consistently strong shipments from both Australia and Brazil and complemented by additional cargoes from West Africa and Canada, thereby tightening tonnage in the Atlantic.

接著看下一頁，我們將探討一些總體經濟考量與關鍵需求驅動因素。如先前所述，今年開局在歷史上屬於非常強勁。鐵礦石與鋁土礦支撐海岬型船舶，而中型船舶則受長程穀物運輸支撐。第一季鐵礦石出口支撐尤為明顯，澳洲與巴西出貨持續強勁，並由西非與加拿大的額外貨量補充，進一步收緊大西洋的可用運力。

Total seaborne trade in coal continues to be under pressure with China's imports recording negative growth for the quarter, combined with an increase of inland imports with Mongolia. Bauxite continues to be the big success story. And it's worth noting that in Q1, the Diana Newcastlemax fleet was almost entirely employed in the bauxite trade, whereas the Capesize trade carried mostly iron ore and coal.

全球海運煤炭貿易總量仍持續承壓，中國進口在本季呈現負成長，並伴隨與蒙古的內陸進口增加。鋁土礦仍是最大的成功故事。值得注意的是，在第一季，Diana的Newcastlemax船隊幾乎全數投入鋁土礦貿易，而海岬型貿易則主要承運鐵礦石與煤炭。

Meanwhile, global seaborne grain loading staged a strong recovery in Q1 with AXSMarine data showing volumes rising nearly 11% year-on-year. US and Brazil together accounted for nearly 50% of the total grain shipments. It was for the first time since 2022 that the US shipped more volume than Brazil in Q2. Interestingly, China, still the world's largest grain imported, accounted for only a limited share of this growth.

同時，全球海運穀物裝船量在第一季強勁回升，AXSMarine數據顯示年增近11%。美國與巴西合計占總穀物運輸量近50%。這是自2022年以來首次美國在第二季的出貨量超過巴西。有趣的是，中國仍為全球最大穀物進口國，但在此波成長中所占比重有限。

Towards the end of the quarter, however, the agricultural sector started facing some headwinds due to war-related uncertainty, revised Phytosanitary inspection procedures in Brazil at China's request and the surge of nitrogen fertilizer prices by nearly 40%. It is worth noting that BIMCO estimates that the Strait of Hormuz disruption has caused an 8% increase in Panama Canal transits with slots being auctioned at record levels and delays last seen since the -- during the severe 2023 drought. The canal is currently operating near maximum capacity and any further disruption such as reduced rainfall during the expected El Niño may cause vessels to reroute via Cape of good Hope.

然而，接近本季末時，農業部門開始面臨一些逆風，原因包括與戰爭相關的不確定性、應中國要求巴西修訂植物檢疫（Phytosanitary）檢查程序，以及氮肥價格飆升近40%。值得注意的是，BIMCO估計，荷姆茲海峽的中斷已導致巴拿馬運河通行量增加8%，通行時段以創紀錄的價格拍賣，且延誤程度為自嚴重的2023年乾旱期間以來所未見。目前運河幾乎以最大產能運作，任何進一步的干擾（例如在預期的聖嬰現象期間降雨減少）都可能導致船舶改道經由好望角。

Regarding global GDP, it is clear that the impact of the Middle East conflict is starting to bite with several countries, including Germany already revising their 2026 forecast downwards. The IMF itself presented three separate scenarios in their latest world economic outlook. A reference forecast, whereby the conflict is relatively short-lived, growth is slightly revised down to 3.1% for 2026 and 3.2% for 2027.

就全球GDP而言，很明顯中東衝突的影響正開始顯現，已有包括德國在內的多個國家下修其2026年預測。IMF本身也在其最新的《世界經濟展望》中提出三種不同情境。基準預測情境為衝突相對短暫，2026年成長率小幅下修至3.1%，2027年為3.2%。

Second scenario is a more protracted conflict for the IMF called the adverse scenario where world GDP growth forecast of 2026 falls to 2.5%, assuming the petroleum spot price index will average USD100 a barrel in 2026 and around USD75 in '27. And then they also have a severe scenario, which is based on average petroleum spot prices of about 110 barrels in 2026 and 125 in 2027, which could cause the global economy to grow barely 2% for 2026.

第二種情境是IMF所稱的「不利情境」，即衝突更為持久，假設2026年石油現貨價格指數平均為每桶100美元、2027年約為75美元，則2026年全球GDP成長預測降至2.5%。此外還有「嚴重情境」，其假設2026年石油現貨均價約為110、2027年為125，可能使2026年全球經濟成長幾乎僅約2%。

Moving to the tonnage supply on slide 17. Elevated newbuilding prices remain a deterrent for most protective buyers with Capesize -- with values for Capesize reaching their highest level in 17 years, around USD76 million, USD77 million for late 2029, early 2030 delivery. Extended delivery slots at major shipyards, which remain heavily committed to high-margin container and oil and gas projects have further constrained ordering appetite.

接著看第17頁的運力供給。新造船價格居高不下仍對多數保守型買家形成抑制；海岬型（Capesize）船價已達17年來最高水準，約7,600萬至7,700萬美元，對應2029年末至2030年初交付。主要船廠交付檔期延長，且仍大量投入高毛利的貨櫃與油氣專案，進一步限制了下單意願。

Q1 ordering in the tanker market, however, was the highest on record and is continuing to be very strong. According to Clarksons, the bulk carrier fleet is forecast to grow by 3.2% in '26, only 1.7% for Capes and Q1 saw the lowest delivery total in Capesize vessels since 1998.

然而，油輪市場第一季的新船訂單創下歷史新高，且目前仍持續非常強勁。根據Clarksons，散裝船船隊預計在2026年成長3.2%，其中海岬型僅成長1.7%；而第一季海岬型交付量為自1998年以來最低。

For Kamsarmax and Ultramax vessels, the fleet projected increase is a substantial 4.3% and 4.5%, respectively, and the deliveries for both these segments were substantial in Q1. However, this was partly offset by the number of vessels affected by the Middle East conflict, which are either stuck in the Persian Gulf or still have cargo on board destined to that area.

就Kamsarmax與Ultramax船型而言，船隊預估增幅分別高達4.3%與4.5%，且第一季這兩個區隔的交付量都相當可觀。不過，部分影響被中東衝突所波及的船舶數量所抵銷，這些船舶不是受困於波斯灣，就是仍載有目的地為該區域的貨物。

Braemar notes that on March 1, 2.2% of the dry bulk fleet capacity was off market due to the war in the Middle East, either stranded west of the Strait of Hormuz or carrying cargoes bound for Middle East Gulf ports. Today, this figure has fallen to about 1.2% of dry bulk capacity. The impact varies by fleet sector, 2% of the Panamax deadweight capacity, 1.4% of Ultramax and only 0.3% of Capesize capacity.

Braemar指出，截至3月1日，因中東戰事影響，約有2.2%的乾散貨船隊運力退出市場，原因包括滯留在荷姆茲海峽以西，或載運前往中東波斯灣港口的貨物。目前該比例已降至約1.2%的乾散貨運力。影響程度依船型而異：巴拿馬型（Panamax）載重噸運力約2%，Ultramax約1.4%，海岬型僅0.3%。

Regarding the bulk carrier fleet order book, according to IFCHOR Galbraith's, it now stands at around 160 million ton deadweight, nearly 1,800 vessels, which represents nearly 13% of the existing fleet. Sentiment in the ship recycling industry remains cautious. Markets in Pakistan and Bangladesh saw firm fundamentals despite a shortage of available units, rupee depreciation and rising gas costs are dampening buyer activity in India. Barely 1 million tonnes of deadweight dry bulk vessels were recycled in Q1.

關於散裝船船隊訂單簿，依IFCHOR Galbraith's資料，目前約為1.6億載重噸、近1,800艘，約相當於現有船隊的近13%。拆船產業情緒仍偏審慎。巴基斯坦與孟加拉市場在可供船源短缺的情況下基本面仍穩健；而盧比貶值與天然氣成本上升則抑制了印度買方的活動。第一季僅約100萬載重噸的乾散貨船舶被拆解。

And then let's end in slide 18 with the main positive and negative factors that analysts expect will influence the dry bulk carrier market going forward. On the positive side, we have global seaborne trade, which is expected to stay firm for the balance of the year, supported by iron ore demand and minor bulks, mainly bauxite and grains. Ton-mile support is expected to continue with longer iron ore flows from Brazil and West Africa.

最後在第18頁，我們總結分析師預期未來將影響乾散貨市場的主要正面與負面因素。正面方面，全球海運貿易預期在今年剩餘期間維持穩健，並受鐵礦石需求與小宗散貨（主要為鋁土礦與穀物）支撐。噸海里需求預期將持續受惠於來自巴西與西非更長距離的鐵礦石航線。

Grain exports from East Coast South America are expected to remain strong and the significant dry dock schedule combined with modest deliveries, especially in the Capesize segments could be seen as a positive. 2025 saw a surge in dry dock activity with more than 3,200 dry bulk vessels undergoing special surveys and 2026 is scheduled to be similar.

南美東岸的穀物出口預期仍將強勁；而顯著的進塢（dry dock）排程加上交付量溫和，尤其在海岬型區隔，可視為正面因素。2025年進塢活動激增，超過3,200艘乾散貨船進行特檢（special surveys），而2026年的排程預計也將相近。

On the negative side, fleet growth, especially for Kamsarmax and Ultramax could exceed demand and demolition is expected to stay historically low. Coal demand, while seeing a temporary increase is expected to remain under pressure, especially in China. Macro and policy risks, also especially in China and Indonesia, as mentioned before. And then, of course, the geopolitical uncertainty, which can highly influence the global economy. It is very hard to predict the medium- to long-term effects of the Middle East conflict on dry bulk and the economy in general.

負面方面，船隊成長（尤其是Kamsarmax與Ultramax）可能超過需求，而拆解量預期將維持在歷史低位。煤炭需求雖短期出現增加，但預期仍將承受壓力，尤其在中國。宏觀與政策風險亦存在，特別是如先前所述的中國與印尼。當然還有地緣政治不確定性，可能高度影響全球經濟。中東衝突對乾散貨與整體經濟的中長期影響非常難以預測。

And on this note, I will pass the call back to our CEO, Mrs. Semiramis Paliou, for some important takeaway points from this earnings call.

基於以上，我將把電話交回給我們的執行長Semiramis Paliou女士，請她就本次法說會提出一些重要重點。

Thank you, Dave. Thank you. Before concluding today's presentation, I'd like to highlight our ESG performance. At Diana Shipping Inc, we remain committed to maintaining an industry-leading ESG structure and continuously strengthening our sustainability practices. You can find our latest ESG report published in September 2025 on our website.

謝謝你，Dave。謝謝。在結束今天的簡報前，我想強調我們的ESG表現。在Diana Shipping Inc，我們仍致力於維持業界領先的ESG架構，並持續強化我們的永續實務。您可在我們網站上找到於2025年9月發布的最新ESG報告。

In summary, Diana Shipping Inc. stands on a strong foundation built on over 50 years of industry experience and 21 years on the New York Stock Exchange. A seasoned management team adapt to addressing industry challenges and identifying opportunities, strong stakeholder relationship 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.

總結而言，Diana Shipping Inc.建立在堅實基礎之上，擁有超過50年的產業經驗，以及在紐約證券交易所上市21年的歷史。我們具備經驗豐富的管理團隊，能因應產業挑戰並辨識機會；穩固的利害關係人關係與嚴謹的策略方法；穩健的資產負債表與充裕的現金部位，以及逆景操作的思維；持續推動船隊現代化；在可行情況下回饋股東；並擁有健全的ESG策略。

Thank you for joining us today. We are now happy to take your questions and ask you to keep them focused on our first quarter performance and related topics.

感謝各位今天與會。我們現在很樂意回答各位的問題，並請將問題聚焦於我們第一季的表現及相關議題。

(Operator Instructions)

(接線員指示)

Kristoffer Barth, Arctic Securities.

Kristoffer Barth，Arctic Securities。

Hello. Thank you for the presentation and good afternoon. I was wondering first if you can touch upon the potential Genco transaction. Given you have upped your offer, are you seeing sort of increased likelihood that you can get the Board of Directors of Genco to initiate discussions?

您好。感謝簡報，下午好。我首先想請教一下關於潛在的 Genco 交易。鑑於你們已提高出價，你們是否看到讓 Genco 董事會啟動討論的可能性有所增加？

And on the second note, you have this transaction that you have agreed with Star Bulk should the transaction go through. In terms of that transaction, shouldn't that also have some type of revision given that the offer is higher and also asset values are higher since the initial offer? And also if you could share the specific vessels that you have agreed to sell should the transaction go through.

第二點，你們與 Star Bulk 已同意一項交易，前提是該交易能夠完成。就那項交易而言，鑑於出價更高且自最初出價以來資產價值也更高，是否也應該做某種修訂？另外，若交易完成，能否分享你們已同意出售的具體船舶？

Okay. This is Ioannis Zafirakis, and thank you for the question. We have to -- everybody has to understand that the response to your question, highly whether we are there to increase the price further is highly dependent on whether Genco will be sitting on the table meaningfully to do so. On the other hand, you understand that we are at a 15-year high in our shipping cycle. And also, there is a point where this deal does not make sense for Diana to happen.

好的。我是 Ioannis Zafirakis，謝謝你的提問。我們——大家都必須理解，對你問題的回應，也就是我們是否會進一步提高價格，很大程度取決於 Genco 是否會有實質意義地坐到談判桌前來。另一方面，你也知道，我們正處於航運景氣循環的 15 年高點。而且，到了某個程度，這筆交易對 Diana 來說就不再合理。

And we have shown to everybody that -- what we are paying is very close to current net asset value of the company. And actually, most of the shipping deals that have been done recently, they were done at a discount to NAV close to 82%. As regards your second -- your second question, this is something that we cannot respond at this stage.

我們也向大家展示了——我們支付的價格非常接近該公司目前的淨資產價值（NAV）。事實上，近期完成的大多數航運交易，都是以相對 NAV 的折價成交，約在 82% 左右。至於你的第二——第二個問題，現階段我們無法回應。

Sure. Okay. Thank you, Ioannis. And then a question on the market, especially related to bauxite out of Guinea. How do you see this risk going into second half? And do you sort of personal believe that it makes sense for Guinea to impose restrictions when sort of China is the main importer here.

了解。好的。謝謝你，Ioannis。接著有一個關於市場的問題，特別是與幾內亞的鋁土礦出口相關。你如何看待這個風險進入下半年後的影響？以及你個人是否認為幾內亞在中國是主要進口國的情況下，實施限制是合理的？

Thank you, Christopher. No, it could be bluster. I mean we've seen things like this with the Guinean government before. It could also be that China is using this to give the impression that the demand is not as strong or that they have been overbuying. It's hard to say.

謝謝你，Christopher。不，這可能只是虛張聲勢。我的意思是，我們以前也看過幾內亞政府出現類似情況。也可能是中國在利用這件事，營造需求沒那麼強或他們之前買得過多的印象。很難說。

It's hard to say where this is going to go. we remain at Diana agnostic on the situation, and we will not change our strategy according to what the government of Guinea will do. But yes, there is definitely some downside risk. But at the end of the day, I don't think it will be very significant.

很難說這件事會如何發展。我們在 Diana 對此情況保持中立（agnostic），也不會因幾內亞政府的作為而改變我們的策略。但沒錯，確實存在一些下行風險。不過歸根結底，我不認為影響會非常顯著。

Okay. Perfect. Thank you. And then a final question for me. Can you please give an update on Windward and how that company is developing? It would be interesting to hear your view on sort of the market there and whether we potentially could see some type of divestment or crystallization of values here on a later stage?

好的。非常好。謝謝。最後一個問題。能否請你更新一下 Windward 的情況，以及該公司目前的發展？也想聽聽你對那邊市場的看法，以及未來是否可能在較後階段看到某種撤資或價值實現（crystallization of values）？

We -- as regards to our investment Windward, we are, generally speaking, very happy. The momentum is much better than when we started. The prices of newbuildings and vessels that are similar to ours, they have gone up. The availability of charters, even the period of charter has improved. And we are at this stage where we are evaluating all of our options as regards to our chartering activity, even consolidation. This doesn't mean that we are there to be consolidated or to consolidate. We are evaluating all of our options.

我們——就我們對 Windward 的投資而言，整體來說我們非常滿意。目前的動能比我們剛開始時好很多。與我們船隊類似的新造船與船舶價格都上升了。租約的可得性，甚至租期也有所改善。在這個階段，我們正在評估所有選項，包括我們的租船活動，甚至整併。這並不代表我們一定要被整併或去整併別人。我們是在評估所有可能性。

Sure. Thank you. And then just a final note on that Windward sort of guiding on the value here, of the fleet on a mark-to-market basis. For the NAV for you?

了解。謝謝。最後補充一下，Windward 這邊是否能就船隊的價值提供一些指引，例如以市價計量（mark-to-market）的基礎。對你們的 NAV 而言？

Now we are -- you are asking how we treat this investment in our books. Is that your question?

現在我們——你是在問我們在帳上如何處理這項投資嗎？你的問題是這個嗎？

Yes.

是的。

(inaudible) our investment -- there was a benefit from our investment in Windward in our numbers. Was it, Maria?

(聽不清楚) 我們的投資——我們在數字上因為投資 Windward 而有受益。是嗎，Maria？

Yes. We had a benefit when the new investor came in, in Windward. And because it ended in an increased value of the company. So we -- Diana and the other shareholders had a benefit from this from this new investment.

是的。當 Windward 引入新投資人時，我們有受益。因為這使公司的價值提高。因此，我們——Diana 以及其他股東都因這筆新投資而受益。

Also as regards to values, there was an increase certainly of the values more than 20% easily. Now the values have gone a little bit down, but still, we are talking of a substantial increase in the values in the vicinity of 20% currently. A few months ago, it was close to [30%]

另外就估值而言，價值確實上升了，輕易就超過 20%。現在估值稍微回落了一點，但我們談的仍是目前約 20% 左右的顯著增幅。幾個月前，接近[30%]

Okay. That's it from me. Thank you.

好的。我這邊就這些。謝謝。

(Operator Instructions)

(接線員指示)

I'm showing no further questions at this time. I'd like to hand the call back over to management for any closing remarks.

目前顯示沒有其他提問。我想把電話交回給管理層，請他們做任何結語。

Thank you for joining us for Diana's first-quarter of the year 2026 financial results. We look forward to presenting to you again in the next quarter. Thank you.

感謝各位參與 Diana 2026 年第一季財務業績電話會議。我們期待在下一季再次向各位報告。謝謝。

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

謝謝各位女士、先生。今天的電話會議到此結束。感謝各位的參與。您現在可以掛斷電話。祝您今天剩餘時間愉快。