Diana Shipping Inc. Aktie

Thank you for standing by, ladies and gentlemen, and welcome to Diana Shipping, Inc. Conference Call on the Second 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.

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

Thank you. Good morning, ladies and gentlemen, and welcome to Diana Shipping Inc.'s second quarter 2026 financial results conference call. I am Semiramis Paliou, the CEO of the company, and it's a 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 Commercial Officer of Diana Shipping Services.

Before we begin, I'd like to remind everyone to review the forward-looking statements on Page 4 of the accompanying presentation.

The second quarter of 2026 maintained strong momentum, which carried over from the previous quarter. Disruptions caused by geopolitical events continued to create significant inefficiencies in the market, thereby supporting trade sentiment and forward expectations.

Minerals are increasingly shifting from ordinary commodities to strategic national assets. Resource-rich countries are using their leverage to impose export and pricing controls, while import dependent countries are scrambling to diversify supply chains and energy needs. The result is a dry bulk market supported by near-term trade flow adjustments. but still exposed to longer-term uncertainty, mainly due to considerably supply increases, especially in the Sub-Cape segment.

For now, congestion, slower speeds, dry docks and longer tonne-mile trades have been able to absorb the new tonnage. In the quarter, Diana took period coverage across several sizes in the fleet, again, at rates significantly higher than their previous charters. Meanwhile, we continue to avoid sending our vessels into conflict areas and our thoughts remain with the many crew members which are in harm's way.

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 4.1 million tonnes.

We anticipate the delivery of 2 methanol dual-fuel newbuilding Kamsarmax dry bulk vessels at the end of 2027 and early 2028, respectively. Fleet utilization reached 99.8% for the 6 months ended June 30, 2026, highlighting our effective vessel management strategy. As of the end of the second quarter, we employed 943 individuals at sea and the shore.

Financially, our net debt stands at 44% of market value. This is supported by USD 118 million in cash reserves as of quarter end, $155 million equity investment in Genco, approximately $0.50 per share of potential free cash flow to equity based on fixed rates and FFA rates over the next 18 months, and total secured revenues of approximately USD 157 million as of July 22, 2026.

Moving on to Slide 6. Let's go over the key highlights of the second quarter 2026 and recent developments. On May 4, 2026, we launched a tender offer to acquire all outstanding shares of Genco and Trading Limited not already owned by Diana, for $23.50 per share in cash. On May 15, 2026, we were awarded the Gold Award in the Governance Leader Award category at the Environmental, Social and Governance Shipping Awards 2026.

On May 27, 2026, we amended our tender offer price to $24.80 per share in cash and extended the tender offer deadline to June 26, 2026. On June 17, 2026, we submitted an updated non-binding offer directly to the Genco Board to acquire all outstanding shares of Genco not already owned by Diana, to a total implied value of $27.34 per share, comprised of $24.80 per share in cash plus one Diana share valued at $2.54 based on Diana's volume weighted average price per share.

On June 29, 2026, we further extended the tender offer deadline to July 10, 2026. On June 30, 2026, we extended -- expand -- extended the fully committed financing supporting of Diana's offer to acquire the outstanding shares of Genco not already owned by Diana in the amount of USD 1.4 billion.

On July 13, 2026, we further extended the tender offer deadline to July 24, 2026. As of July 22, 2026, we have secured USD 94.7 million of contracted revenues for 88% of the remaining ownership days of the year 2026 and have secured USD 61.3 million of contracted revenues for 25% of the ownership date of year 2027.

On July 27, 2026, we terminated the tender offer. Our June 17 cash and stock offer remains outstanding with the Genco Board. Today, we are pleased to declare a quarterly cash dividend of $0.01 per common share with respect to the second quarter of 2026, totaling approximately USD 1.3 million.

Slide 8 summarizes our recent chartering activity. From May 21, 2026 through July 22, 2026, we have secured time charters for five vessels, an Ultramax vessel at a daily rate of $18,350 for 382 days; 3 Panamax and Kamsarmax vessels at an average daily rate of $16,500 for an average of 279 days.

Slide 9 highlights our disciplined chartering strategy. We focus on staggered medium- to long-term charters to avoid clustered maturity, ensuring earnings visibility and resilience against market downturns. This disciplined chartering strategy has secured for the remaining of 2026 approximately USD 94.7 million in contracted revenues, resulting in an average time charter rate of approximately USD 18,337 per day. For the rest of 2026, only 12% of the days remain unfixed. The average contract duration is 1 year and a quarter, covering some days of 2027.

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

Thank you, Semiramis. Good morning, everyone, and thank you for joining us today. I will walk you through our financial performance for the second quarter and 6 months ended June 30, 2026. For the second quarter of 2026, time charter revenues increased to $57.3 million from $54.7 million in the second quarter of 2025. Adjusted EBITDA increased to $24.3 million from $22 million in the prior year period.

Net income was $20.8 million compared to $4.5 million in the second quarter of 2025. Net income attributable to common stockholders was $19.3 million compared to $3.1 million in the second quarter of 2025. Diluted earnings per common share were $0.16 for the second quarter of 2026 compared to $0.03 for the second quarter of 2025.

Profitability during the quarter benefited from the higher time charter equivalent rate achieved by the fleet, lower interest expense resulting from the continued reduction of debt and lower average interest rates. In addition, earnings also reflected increased dividend income and a significant gain on equity securities during the quarter compared to a loss recognized in the second quarter of 2025.

We continue to maintain a strong balance sheet and substantial liquidity while steadily reducing leverage. As of June 30, 2026, cash, cash equivalents and restricted cash amounted to $117.9 million. Long-term debt and finance liabilities net of deferred financing costs decreased to $606.1 million as of June 30, 2026, from $636.1 million as of December 31, 2025, reflecting scheduled debt amortization and our disciplined capital management strategy.

During the quarter, we operated an average of 36 vessels compared to 37 vessels during the same quarter of last year. This decrease reflects the smaller fleet size following a vessel sale completed last year, which affected ownership available and operating days. Our fleet generated a time charter equivalent rate of $16,581 per day, representing a 7% increase from the $15,492 per day in the second quarter of 2025. Fleet utilization remained strong at 99.6%.

Vessel operating expenses were $21 million compared to $20 million in the second quarter of 2025. On a per day basis, day operating expenses increased to $6,396 from $5,944 in the prior year quarter, reflecting higher crew-related costs and stores, repairs and maintenance expense.

In the 6 months ended June 30, 2026, time charter revenues increased to $112 million compared to $109.6 million during the same period last year. Voyage expense amounts to $6.5 million and consisted primarily of brokerage commissions. In the 6 months ended June 30, 2026, our fleet generated a time charter equivalent rate of $16,309 per day, representing a 4% increase from the $16,615 per day in the 6 months ended June 30, 2025. Fleet utilization increased to 99.8% compared to 99.5% in the prior year period.

Vessel operating expenses were $40.4 million compared to $40 million in the 6 months ended June 30, 2025. On a per day basis, daily operating expenses increased to $6,203 from $5,905 in the prior year period, reflecting higher crew-related costs and store repairs and maintenance expense.

In this slide, debt maturity and amortization profile, we continue to maintain a disciplined approach to leverage. Our debt portfolio remains well diversified among secured bank facilities, sale and leaseback arrangements and our senior unsecured bonds. This structure provides a balanced mix of floating and fixed rate exposure while maintaining financial flexibility.

Our amortization profile remains gradual and predictable with no significant near-term refinancing concentrations. The principal maturity remains a $175 million senior unsecured bond maturing in 2029, which we intend to address well in advance to ensure continued liquidity stability, minimize refinancing risk and maintain predictable cash flows.

As of June 30, 2026, our cash flow breakeven rate stood at $16,859 per day, including voyage operating, general and administrative expenses, financing costs and debt amortization. For the remainder of 2026, we have secured 88% of our ownership days at an average contracted charter rate of approximately $18,337 per day, providing estimated contracted revenues of approximately $94.7 million.

Based on the FFA curves of July 22, 2026, total potential revenues for the remainder of 2026, including both fixed and unfixed operating days could reach approximately $110.3 million, exceeding our breakeven cost by $11.4 million or approximately $0.10 per share. For 2027, we have secured 25% of our ownership date at an average contracted charter rate of approximately $18,807 per day, providing estimated contracted revenues of approximately $61.3 million.

Based on the FFA curves as of July 22, 2026, potential revenues for 2027, including both the fixed and unfixed operating days could reach approximately $267.9 million, exceeding our breakeven cost by $46.4 million or approximately $0.40 per share. Overall, our competitive breakeven level reflects our continued focus on operating efficiency, cost discipline and prudent financial management. At the same time, our chartering strategy provides meaningful upside exposure should market conditions continue to improve.

This slide highlights our commitment to return capital to shareholders. The company has consistently declared quarterly dividends since the third quarter of 2021 through both cash dividends and dividends in kind. In line with this policy, we declared a dividend of $0.01 per share for the second quarter of 2026. Including this declaration, cumulative distributions to shareholders since 2021 amount to approximately $2.72 per common share. As always, future dividends remain subject to Board approval and will depend on earnings, cash flow generation, capital requirements and overall market conditions.

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

Thank you, Maria. And again, welcome to the participants on this latest quarterly earnings call from Diana Shipping, Inc. Let's move to Slide 16 for a brief dry bulk market overview. Like our CEO mentioned earlier, the dry bulk market maintained its positive momentum in the second quarter with both spot rates as well as period rates improving across all sizes. The factors supporting the market remain largely the same, not necessarily an explosion in demand, but rather utilization tightening caused by longer tonne-miles, a substantial dry dock schedule and slower speeds.

Capesize vessels once again outperformed with Q2 earnings at $39,806 based on the new 182.5 TC index. Mid-size vessels continued their momentum as well with Q2 earnings averaging $19,243 for Kamsarmax, and $19,402 for Ultramax vessels. In the second quarter, we saw the 12-month time charter rate increase for all sizes as well. However, the start of Q3 is witnessing a bit of a softening in the near-term sentiment, especially on the larger sizes.

For 182,000 index type without scrubber, the 1-year rate stands at around $31,000 a day and the rate for a modern Kamsarmax is around $20,000 a day and for a modern Ultramax is around $18,500 per day. The market remains heavily influenced by significant geopolitical and trade disruptions that continue to alter shipping patterns and freight dynamics. The recent escalation in the Middle East conflict has caused bunker prices to spike again. And even though the lack of adequate fuel supply seems to have subsided, vessel speeds remain at or near historical lows.

If we move to the next slide, we're going to take a look at the key demand drivers. The Capesize sector saw the highest rate increases in the quarter due to strong iron ore flows from Australia and a considerable ramp-up in Simandou shipments from Guinea. The Guinean bauxite exports also witnessed a strong quarter in the first half of the year, they ended with a 17% increase year-on-year. However, since then, this trade has been tapering off, and we are heading -- as we are heading in the rainy season and also following the report that Winning transferred one of its transfer stations from bauxite to iron ore. Meanwhile, we haven't heard any news regarding a possible export limit, which was expected to be imposed by the Guinean government in the second half of the year.

The Kamsarmax sector remains 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 patterns and has additionally seen an increase in Atlantic coal shipments. Global seaborne grain loadings continued their rise in Q2, with China importing a record 13.5 million tonnes of soybeans in June, mainly from Brazil, which had a record harvest in excess of 180 million metric tons.

We also continue to see strong coal movement and Thurlestone comments that the demand for coal cargoes could rise even more in the near future as further disruptions in LNG flows appear to be likely after the latest escalation in the Middle East. Higher oil and gas prices, together with energy security concerns have encouraged utilities to maximize coal-fired generation where possible.

Even China has picked up their coal imports. Customs data showed that China imported 42.78 million tonnes of coal in June, up 29% from a year earlier. as a mine accident in late May tightened domestic supply and led to higher imports. For the first half of the year, China's coal imports rose 1.7% from a year earlier. Amid rising expectations of a strong El Nino and current projections for lower water levels at Gatun Lake, the Panama Canal Authority has cut daily booking capacity already from 36 to 34 transits effective July 25.

It is worth recalling that at the height of the Strait of Hormuz disruption, it was estimated by BIMCO that Panama Canal transits had increased by 8%. Now after the current escalation, the canal operating near maximum capacity, any disruption such as reduced rainfall during the expected El Nino may cause vessels to reroute via the Cape. Regarding global GDP, the Middle East conflict continues to negatively affect global growth with China GDP growth slowing to 4.3% in the second quarter, down from 5% in the first.

A brief look at the supply outlook on the next slide. According to Clarksons, the bulk carrier fleet is forecast to grow by 3.2% in 2026. However, the first half of the year has already seen a 2% increase. So, we may end up with a higher number. For Capes, the projected tonnage increase is only 1.7% in 2026 and Q2 saw again, a limited amount of Capesize vessels being delivered, only 11 units.

Kamsarmax and Ultramax vessels, the fleet projected increase is substantial, 4.3% and 4.5%, respectively, and deliveries for both these sizes remained substantial in Q2 with more than 50 deliveries in each of those segments. However, for now, this remains partly offset by the number of vessels directly affected by the Middle East conflict as well as slower speeds due to elevated bunker prices, congestion and heavy dry dock schedules.

Regarding the dry bulk fleet order book, according to IFCHOR GALBRAITHS, it now stands around 160 million tonne deadweight or 1,700 vessels, which represents nearly 13% of the existing fleet. Sentiment in the ship recycling industry remains cautious and only 4 bulkers were recycled in June for less than 250,000 tonne deadweight. It will be a challenge to reach the 5 million deadweight of scrapping in 2026, which analysts were predicting at the beginning of the year.

And last but not least, let's end with the main positive and negative factors that analysts expect will influence the dry bulk market going forward. On the positive side, global seaborne trade is expected to stay steady for the balance of the year, supported by iron ore demand and minor bulks such as bauxite and especially grains. Tonne-mile support is expected to continue strong and with longer iron ore flows from Brazil as well as West Africa.

Grain exports from East Coast South America also are expected to stay strong. The dry dock schedule in 2026 is expected to be similar levels to 2025 when about 3,200 dry bulk vessels underwent special surveys. And then heat and drought caused by an expected strong El Nino could support coal movements as well as tonne-mile increases in the second half of the year. Possible negatives are, of course, the fleet growth, especially for Kamsarmax and Ultramax. It could exceed demand and demolition is expected to stay historically low.

Coal demand, while seeing a temporary increase, is expected to remain fundamentally under pressure, especially in China. And there's macro and policy risks, mainly in Guinea, China and Indonesia and, of course, the geopolitical uncertainty, which can highly influence the global economy. It's very hard to predict the medium- to long-term effects of this current Middle East conflict on dry bulk and the economy in general. A prime example is the recent spike in hostilities in the Red Sea, which has pushed avoidance of the area to new heights.

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

Thank you, Dave. Before concluding today's presentation and reflecting on today's results, I would like to emphasize that we believe they clearly demonstrate that Diana's business continues to perform strongly, supported by improving profitability, healthy cash generation and meaningful operating momentum. At the same time, we believe the market's attention has been disproportionately focused on the proposed acquisition of Genco, which has diverted attention from Diana's own intrinsic value and underlying operating performance.

Under normal circumstances, performance of this nature would be expected to receive far greater recognition from the market. Instead, Diana continues to trade at a substantial discount to NAV. We believe this valuation no longer reflects the company's underlying fundamentals, earnings power or asset quality. As investors increasingly refocus on Diana's stand-alone performance and intrinsic value, we believe this discount should progressively narrow.

Looking further ahead, should the proposed transaction with Genco be completed, the combined company would represent a substantially larger, more diversified and more liquid platform. While no valuation outcome can be assumed, we believe such a company would naturally be evaluated under a different valuation framework than Diana on a stand-alone basis. We, therefore, believe Diana's current valuation represents a compelling opportunity for investors to benefit from the company's improving operating performance and the potential for a gradual rerating over time.

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, adapt (sic) [ adept ] 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.

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

[Operator Instructions] I would like to turn the call back over to management for closing comments.

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

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

Thank you for standing by, ladies and gentlemen, and welcome to the Diana Shipping, 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. We will now turn the floor over to Ms. Semiramis Paliou. Please go ahead.

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 S.A. 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.

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.

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. 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.

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.

We anticipate the delivery of 2 methanol dual-fuel newbuilding Kamsarmax dry bulk vessels at the end of 2027 and early 2028, respectively. Fleet utilization reached 99.9% for the 3 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 USD 124.5 million in cash reserves as of quarter end and total secured revenues of approximately USD 168.5 million as of May 20, 2026.

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 6 highly qualified independent candidates for election at Genco's Annual Meeting on June 18. In March, the same year, we increased our effort to our offer to USD 23.5 per share in cash to acquire all outstanding shares of Genco not already owned by us. The offer is backed by USD 1.43 billion in full committed financing from 6 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 USD 470.5 million upon closing. In May 2026, we launched a tender offer to acquire all outstanding shares of Genco for $23.5 per share in cash. As of May 20, 2026, we have secured USD 123.5 million of contracted revenues for 83% of the remaining ownership days of the year 2026 and have secured USD 44.1 million of contracted revenues for 17% of the remaining ownership days of the year 2027.

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 $0.01 per common share with respect to the first quarter of 2026, totaling approximately USD 1.2 million. Lastly, just yesterday, we amended our offer price to acquire Genco to USD 24.8 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.

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 1x 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. 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 $18 per share if the stock reverts towards its historical trading. Unfortunately, for 6 months, the Genco Board has completely refused to engage with us, Genco's largest shareholder. 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.

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 6 independent directors nominee at the 2026 Annual Meeting. Again, for more information, please visit our website at cash4genco.com.

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 5 vessels, an Ultramax vessel at a daily rate of $16,000 for 408 days; 3 Panamax, Kamsarmax and Post-Panamax vessels at an average daily rate of USD 17,297 for an average of 387 days; a Capesize vessel at a daily rate of $27,500 for 641 days.

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 USD 124 million in contracted revenues, resulting in an average fixed time charter rate of $18,338 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. Now I'll pass the floor to our Co-CFO, Maria Dede, for a more detailed financial analysis.

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 $54.7 million, slightly lower than the $54.9 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 $23.3 million for both periods. Net income was $29.1 million compared to $3 million in the first quarter of 2025. Net income attributable to common stockholders was $27.7 million compared to $1.6 million in the first quarter of 2025. Basic and diluted earnings per common share was $0.25 for the first quarter of 2026 compared to $0.01 for the same quarter last year.

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 $26.4 million.

We continue to maintain a strong balance sheet with increased cash and decreased debt compared to year-end 2025. As of March 31, 2026, cash stood at $124.5 million compared to $122.3 million as of December 31, 2025. Long-term debt and finance liabilities, net of deferred financing costs decreased to $621.1 million as of March 31, 2026, from $636.1 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%. 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. Time charter equivalent averaged $16,035, a 2% increase compared to $15,739 in the first quarter of 2025 with a strong fleet utilization of 99.9%. Vessel operating expenses for the quarter decreased by 3% to $19.5 million compared to $20 million in the first quarter of 2025 due to the smaller fleet size.

On a per day basis, daily operating expenses rose by 2% to $6,009 compared to $5,866 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.

Our debt amortization schedule is steady and predictable through 2029 when the $175 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. 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 $16,344 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 $18,338 per day, generating expected revenues of $123.5 million. For 2027, 17% of the ownership days are fixed at an average time charter rate of $19,858 per day with expected revenues of $44.1 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 $149.6 million and $252.3 million for 2027, respectively. 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. 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 $0.01 per share for the first quarter of 2026, bringing cumulative dividends paid since 2021 to $2.71 per common share. Dividends are declared at the discretion of the Board and depend on earnings, cash flows and capital requirements. I will now hand over to Dave Van der Linden for an overview of the dry bulk market.

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.

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 $26,405 based on the new 180 5 TC index and the best start of the year since 2010. Midsize vessels have been catching up nicely with Q1 earnings averaging $15,395 for Kamsarmax and $14,577 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 $34,000 a day. The equivalent rate for modern Kamsarmax is around $20,000 a day and the modern Ultramax can get about $18,500 a day for a year.

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. 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. 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.

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. 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.

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. 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.

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.

Meanwhile, global seaborne grain loading staged a strong recovery in Q1 with AXSMarine data showing volumes rising nearly 11% year-on-year. U.S. and Brazil together accounted for nearly 50% of the total grain shipments. It was for the first time since 2022 that the U.S. 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. 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.

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 3 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. 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 $100 a barrel in 2026 and around $75 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.

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 $76 million, $77 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.

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.

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.

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.

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.

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.

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.

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. 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.

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.

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. 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.

[Operator Instructions] Our first questions come from the line of Kristoffer Barth with Arctic Securities.

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? 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.

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.

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.

Sure. Okay. 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...

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. 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.

Okay. Perfect. 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?

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.

Sure. 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?

Now we are -- you are asking how we treat this investment in our books. Is that your question? Our investment -- there was a benefit from our investment in Windward in our numbers. Was it, 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.

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 40%...

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

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.

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.

Thank you for standing by, ladies and gentlemen, and welcome to the Diana Shipping Inc. Conference Call on the Fourth Quarter and Year-end 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.

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

Thank you. Good morning, ladies and gentlemen. Welcome to Diana Shipping Inc.'s Fourth Quarter and End of the Year 2025 Financial Results Conference Call. I'm Semiramis Paliou, the CEO of the company, and it is my pleasure to present, alongside our esteemed team, Mr. Ioannis Zafirakis, Director and President; Ms. Maria Dede, Co-CFO and Treasurer; and Mr. Dave Van der Linden, Chief Commercial Officer of Diana Shipping Services S.A.

Before we begin, I'd like to remind everyone to review the forward-looking statements on Page 4 of the accompanying presentation.

Much like 2024, 2025 was a story of 2 halves, however, in the opposite direction. This time, the first half of the year saw slowing coal demand, and even iron ore imports into China were down year-on-year. Furthermore, global trade had to contend with shock and awe politics like Liberation Day on April 2 when the U.S. announced a broad slate of tariffs on their trading partners. Nevertheless, we saw a broad-based recovery across all sizes in the second half. This was not necessarily due to an explosion in demand, but rather through utilization tightening caused by longer tonne-miles, a substantial drydock schedule for dry bulk ships in general and weather-related delays in the Pacific. Even another panic-inducing event, this time the USTR, United States Trade Representative, fees and the subsequent Chinese retaliation fees in October, did not affect the market in a significant manner.

Capesize vessels were the strongest movers, rallying from less than USD 10,000 per day early in the year to a brief peak of USD 45,000 per day in December. The other segments delivered less volatility but more consistency. And all sizes ended the year comfortably above their historical averages. For Diana, Q4 was particularly active with 1/3 of the fleet being fixed for period at rates higher than their previous charters.

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 years and a total deadweight capacity of approximately 1 million tonnes. We anticipate the delivery of 2 methanol dual-fuel newbuilding Kamsarmax dry bulk vessels at the end of 2027 and early 2028, respectively. Fleet utilization reached 99.7% for the year ended December 31, 2025, highlighting our effective vessel management strategy. As of the end of the fourth quarter, we employed 940 individuals at sea and the shore. Financially, our net debt stands at 51% of market value, supported by USD 122.3 million in cash reserves as of quarter-end and total secured revenues of approximately USD 175.6 million as of February 18, 2026.

Moving on to Slide 6. Let's go over the key highlights from the fourth quarter and recent developments. In November, we submitted a letter to the Board of Genco Shipping & Trading Limited, outlining a proposal to acquire all outstanding shares of Genco not already owned by Diana for $20.60 per share in cash. In January, we announced our intention to nominate a slate of 6 highly qualified director candidates for election to Genco's Board of Directors. Despite our good faith efforts, the Genco Board has decided to not actively engage with us to this date.

As of February 18, 2026, we have secured $153 million of contracted revenues for 76% of the ownership days of the year 2026 and have secured USD 22.6 million of contracted revenues for 9% of the remaining ownership days of the year 2027. Finally, we are pleased to declare a quarterly cash dividend of $0.01 per common share with respect to the fourth quarter of 2025, totaling approximately USD 1.16 million.

Slide 7 summarizes our recent chartering activity. From November 13, 2025, until February 19, 2026, we have secured time charters for 12 vessels. Of those, 3 Ultramax vessels at an average daily rate of $14,700 for an average of 410 days, 5 Kamsarmax and 4 Panamax vessels at an average daily rate of $14,500 for an average of 397 days, and 4 Capesize vessels at an average daily rate of $24,300 for an average of 409 days.

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. This disciplined chartering strategy has secured for 2026, approximately $153 million in contracted revenues, resulting in an average fixed time charter rate of $17,670 per day. For the rest of 2026, only 24% of days remain unfixed. The average contract duration is 1.24 years, covering some days of 2027.

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

Thanks, Semiramis. Good morning, everyone, and thank you for joining us today. I will walk you through our financial performance for the fourth quarter and year ended December 31, 2025. For the fourth quarter, time charter revenues were $52.1 million, slightly lower than $57.1 million in the same quarter last year. Adjusted EBITDA was $19.3 million compared to $25.9 million in the fourth quarter last year. Net income amounted to $3.1 million compared to $9.7 million in the fourth quarter of 2024.

Our results for the quarter were affected by: the sale of 2 vessels during the year, which decreased ownership days and the fleet's available days for hire; a lower time charter equivalent rate compared to last year, reflecting the timing of renewals under our short- to medium-term chartering strategy; and increased expenses. On the other hand, we had lower interest and finance costs and higher nonoperating gains compared to the fourth quarter last year. Diluted earnings per common share were $0.02 for both quarters.

On the balance sheet, cash decreased to $122.3 million as of December 31, 2025 from $207.2 million as of December 31, 2024. This reduction reflects cash deployed in strategic investments during the year, including $103.5 million used in the acquisition of our 14.8% ownership interest in Genco and $18.3 million invested in new and existing equity method investments. We also allocated cash to the repurchase of common shares in the amount of $23 million, the payment of dividends, common and preferred, and scheduled debt service. We also completed scheduled drydocking and special surveys for 14 vessels during the year with capitalized cost of approximately $18 million, which resulted in higher depreciation and amortization charges and lower profits.

To strengthen liquidity, we sold 2 of our older vessels in the fleet, generating approximately $23 million and drew down $55 million under a new loan facility with National Bank of Greece. Long-term debt decreased slightly to $636.1 million as of December 31, 2025 from $637.5 million as of December 31, 2024. Overall, we ended the quarter with a strong liquidity position and a conservative net loan-to-value of 51%.

During the quarter, we operated an average of 36 vessels compared to 38 vessels in the same quarter last year, following the sale of Alcmene in March and Selina in July 2025. This reduction affected ownership, available and operating days. Time charter equivalent averaged $15,397, a 1% decrease compared to $15,589 in the fourth quarter of 2024 for fleet utilization of 100%. Vessel operating expense for the quarter increased by 6% to $20.3 million compared to $19.2 million in the fourth quarter of 2024 despite the smaller fleet size. On a per day basis, daily operating expenses rose 11% to $6,123 compared to $5,496 in the fourth quarter of 2024, mainly due to higher crew costs, supplies of certain spares and repairs.

For 2025, time charter revenues were $213.5 million compared to $228.2 million in 2024, a decline mainly due to the smaller average fleet size of 36.7 vessels versus 38.9 vessels last year. Despite fewer vessels, net income increased to $17.8 million compared with $12.7 million in 2024. This increase was mainly due to lower interest expense and finance costs and nonoperating gains in 2025 compared to losses in 2024. Similarly, net income attributable to common shareholders was $12.1 million versus $7 million last year. Time charter equivalent improved to $15,454 compared to $15,267 in 2024 with fleet utilization of 99.7%. Daily operating expenses in 2025 rose slightly to $5,986 compared to $5,808, mainly due to higher crew-related costs, offset by savings in other cost categories. The average age of our fleet is approximately 12 years.

In debt, we maintain a disciplined approach to leverage. The mix of secured bank debt, our $175 million senior unsecured bond and the amortizing sale and leaseback facilities provides diversification and stability. Our amortization schedule is steady and predictable through 2029, when our $175 million senior unsecured bond matures. This maturity will be addressed well in advance to ensure liquidity stability, minimize refinancing risk and maintain predictable cash flows.

In the Slide 13, we compare our free cash flow breakeven levels against estimated revenues for 2026 and 2027. As of December 31, 2025, our cash flow breakeven rate stood at $16,883 per day. For the remainder of 2026, we have secured 76% of ownership days at an average time charter rate of $17,670 per day, generating expected revenues of $153 million. For 2027, 9% of the ownership days are fixed at an average time charter rate of $19,261 per day with expected revenues of $22.6 million. Potential revenues for the unfixed days based on necessary rates could reach $201.3 million for the remainder of 2026 and $241.9 million for 2027. Overall, our competitive breakeven rate reflects disciplined cost control across the fleet. And our fixed revenues provide solid revenue visibility and downside protection, while the unfixed portion of the fleet allows us to preserve flexibility in our commercial decisions and to participate in improving market conditions.

In this slide -- this slide highlights dividend distribution. 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 $0.01 per share for the fourth quarter of 2025, bringing cumulative dividends paid since 2021 to $2.7 per common share.

In closing, 2025 was a year marked by active fleet renewal, disciplined capital allocation and consistent operational performance. As always, we remain focused on maintaining a high-quality fleet, prudent financial management and generating sustainable value for our shareholders.

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

Thank you, Maria. And again, welcome to the participants on this latest quarterly earnings call. As our CEO stated earlier, the dry bulk market started 2025 quite subdued with all indices in single digits for most of February. However, we saw a broad-based recovery across all sizes in the second half. Capesize vessels outperformed with Q4 earnings at $28,892 to close the year at an average of $21,301. Midsize vessels had a particularly weak first half, but ended the year strong with Q4 earnings averaging $16,030 for Kamsarmax vessels and $17,436 for Ultramax vessels.

The 12-month time charter rate for 182,000 index type vessels without scrubbers stands at the moment around $31,000 per day. And the equivalent rate for our modern Kamsarmax is around $17,500 per day, and for our modern Ultramax, about $16,500 per day.

2025 was characterized by significant geopolitical and trade disruptions that continue to alter shipping patterns and freight dynamics. In April, the U.S. rolled out sweeping set of tariffs on imports. And over the course of the year, tariff levels shifted back and forth as bilateral negotiations progressed, creating a highly uncertain backdrop for firms and investors exposed to global trade. However, in the second half, demand dynamics shifted. China's economic stimulus measures and infrastructure spending supported commodity imports. And India's growing appetite for coal and iron ore reinforced its position as an increasingly important demand center for dry bulk commodities.

Additionally, the much anticipated commencement of iron ore exports from Guinea's Simandou mine began to reshape expectations for long-haul Capesize employment on the West Africa to Asia routes. Now, even though this ramp-up of Simandou has not quite lived up to the admittedly high expectations, the positive sentiment in the Capesize market continues unabated.

Meanwhile, Q4 also saw a resumption of Chinese [ port ] purchases of U.S. soybeans, and most notably, the suspension for a year of the introduction of the USTR port fees, as well as the reciprocal port fees for some U.S.-linked vessels entering China. According to Signal Ocean, this 1-year suspension has not at all influenced vessel ordering patterns or shipyard concentration in the maritime sector. Vessel ordering continues to be predominantly allocated to Chinese shipyards, and this indicates that commercial considerations such as pricing, shipyard capacity and delivery schedules are the primary drivers of fleet investment decisions rather than policy uncertainty.

Now, let's go and take a look at the key demand drivers. In 2025, one could say that trade was stable with global dry seaborne volumes edging up to 7.2 billion metric tons, of which the big 2, iron ore and coal, accounted for around 55%. Iron ore exports have been exceptionally well supported through 2025, driven by consistently strong shipments from both Australia and Brazil and laterally also supported by additional cargoes from West Africa and Canada, thereby tightening tonnage, particularly in the Atlantic, at the end of the year. Clarksons estimates that total seaborne iron ore exports have expanded by 1.3% in 2025, with growth on Capesize tonnage alone jumping 2.1%. For 2026, Clarksons anticipates overall iron ore trade growth to rise 0.3%, but tonne-mile to expand by 1.8%.

Now, coal, total seaborne trade in coal fell by almost 5% in volume terms for 2025. And for Capesize, the drop was even more acute at down 15%, as volumes continued to be split on to Panamax tonnage. Looking forward, determining the level of Chinese coal imports will continue to be a combination of government policy and pricing, but Clarksons does expect a further decline in this trade for 2026.

Bauxite has been a big success story and has driven plenty of optimism in the large segment. Data from Signal shows the commodity outpaced iron ore and coal in terms of tonne-mile growth in 2025. Bauxite is now responsible for 16% of total cargo carried on Capesizes and Newcastlemaxes. And Clarksons projects at least another 4% growth in Capesize bauxite tonne-mile demand in 2026.

Moving to the other minor bulks. In Q4 '25, Chinese soybean imports hit a 5-year high of 25.5 million tonnes, led by Brazil accounting for 73% of that total. And U.S. flows stayed muted until purchases resumed after the October 31 summit. For 2026, Brazil soybean harvest is expected to rise 5% year-on-year according to BIMCO, who points out that during the first 6 weeks of 2026, global bulk grain shipments have jumped 15% year-on-year. This uptick in grain cargoes has helped the sub-Capesize segments in a period that usually sees softer Chinese demand.

So far, this year has started historically strong in all sizes. Iron ore and bauxite shipments support the large vessels, while long-haul grain shipments support the midsized vessels. Much like in the second half of 2025, dry bulk trade is being shaped less by headline tonnes and more by tonne-mile increases.

If we take a look at global GDP, it is interesting to note that all areas enjoyed a larger GDP growth in 2025 than previously estimated. And looking into 2026, according to Clarksons Research, global GDP growth is expected to remain steady at around 3.3%.

Now, let's briefly talk about supply. According to Veson Nautical, newbuilding orders accelerated in the second half of 2025, rising from 169 contracts in the first half to 227 contracts in the second half, increase of about 34%. Despite the second half uptick, total contracting for the year remained at its lowest level since 2019. Elevated newbuilding prices seem to remain a deterrent for most prospective buyers with values for Capesizes reaching their highest level in 16 years, rising 12% year-on-year to above $75 million. Extended delivery slots at major shipyards, which remain heavily committed to high-margin container and oil and gas projects, have further constrained ordering appetite.

According to Clarksons, the bulk carrier fleet saw a net fleet growth of 2.9% in 2025 and is forecast to grow by 3.2% in 2026. Breaking this down, for Capes, the projected tonnage will be around 1.7% in 2026, and Kamsarmax and Ultramaxes will see a more substantial 4.3% and 4.5% increase, respectively. All in all, 2026 is expected to bring the highest number of new bulker deliveries in 10 years. Regarding the order book, according to Clarksons, it now stands at around 133.5 million tonne deadweight, which represents more than 12% of the existing fleet.

In conclusion, let's take a quick look at the positive and negative factors that may impact the dry bulk shipping market going forward, this according to the analysts, which were quoted earlier in this presentation. On the positive side, robust South American grain exports and increased soybean exports from the U.S. to China. West African bauxite exports continue to grow. Restricted Indonesian coal shipments into India and China could be substituted by South Africa and Australia, which would mean an increase in tonne-miles. Increased iron ore shipments from Simandou and Guinea as well as from Liberia, adding more tonne demand, and another year with a significant drydock schedule. 2025 saw a surge in drydock activity with more than 3,200 dry bulk vessels undergoing special surveys, and the expectation for 2026 is similar.

On the negative side: worldwide lower steel production; bulk carrier fleet growth outpacing demand growth for 2026 with the possible exception for the Capesize sector; anticipated long-term reduction in coal imports by China; and finally, on the geopolitical front, risks do remain. We are witnessing unprecedented uncertainties regarding policies, tariffs and penalties, all of which can highly influence the global economy.

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

Thank you, Dave. So before we conclude 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. This quarter, we're pleased to report 2 significant achievements. Firstly, on our environmental disclosure, we achieved a CDP score of B, reflecting our strong commitment to transparent environmental reporting and our continued progress in reducing our environmental impact. And secondly, on investor-focused ESG ratings, we received a 31% score from S&P Global, reflecting our ongoing transparency and progress on key ESG metrics.

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 adept 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.

Thank you for joining us today. Before we take your questions, I would like to address one more matter. As you know, on November 24, 2025, Diana offered to acquire Genco Shipping & Trading. Despite Diana being Genco's largest shareholder, the Genco Board of Directors has refused to engage with us regarding our proposal. Therefore, on January 16, 2026, we nominated 6 candidates for election to the Genco Board at the upcoming 2026 Annual Shareholders Meeting, who we believe will be open to exploring strategic alternatives to maximize value for Genco's shareholders, including an objective consideration of Diana's proposal. We continue to believe strongly in the merits of this potential acquisition. As such, we will continue to evaluate all our options.

We are now happy to take your questions and ask you that you keep them focused on our fourth quarter performance and related topics.

[Operator Instructions] Thank you. I'm not seeing any questions at this time. I would like to hand the call back over to management for any closing comments.

Thank you for joining us for Diana's fourth quarter and end of the year 2025 financial results. We look forward to presenting to you again in the next quarter.

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.

Thank you for standing by. Ladies and gentlemen, welcome to the Diana Shipping Inc. Conference Call on the Third 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. We now turn the floor over to Ms. Semiramis Paliou. Please go ahead.

Good morning, ladies and gentlemen, and welcome to Diana Shipping Inc.'s Third Quarter 2025 Financial Results Conference Call. I'm Semiramis Paliou, the CEO of the company; and 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; Mr. Eleftherios Papatrifon, Director; and Ms. Maria Dede, Co-CFO.

Before we begin, I'd like to remind everyone to review the forward-looking statement on Page 4 of the accompanying presentation. The dry bulk market posted a solid performance in Q3. Capes once again outperformed, especially towards the end of the quarter. Yet after a lackluster first half of the year, we finally saw some tailwinds in the Panamax sector. The main reason for this was the fact that China imported no soya beans from the U.S. in September, which marked the first time since November 2018 that shipments fell to 0. This impact was somewhat offset by the fact that South American shipments surged from a year earlier, therefore, increasing ton miles and providing upward pressure on the Panamax sector.

Overall, bulk carrier markets picked up after a softer first half of 2025 due to a record September for Chinese imports, reaching 200 million metric tons. Subsequently, Q3 achieved record Chinese imports of nearly 580 million metric tons. The quarter also saw continuing war-related activity in both the Red Sea and the Black Sea. This situation remains volatile and avoidance of the area is likely to continue. Because of the Capesize resilience and the improvement in the smaller sizes, we were able to secure several charters across all segments in the fleet at higher levels than previously and again, at a considerable premium over the spot market.

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 36 dry bulk vessels, one of which is mortgage free. Our fleet has an average age of just under 12 years and a total deadweight capacity of approximately 4.1 million tons. We anticipate the delivery of 2 methanol dual-fuel newbuilding Kamsarmax dry bulk vessels at the end of 2027 and early 2028, respectively.

Fleet utilization reached 99.5% for the third quarter of 2025, highlighting our effective vessel management strategy.

As of the end of September, we employed 960 individuals at sea and the shore. Financially, our net debt stands at 54% of market value, supported by $140 million in cash reserves as of quarter end and total secured revenues of approximately $150 million as of November 12.

Moving on to Slide 6. Let's go over the key highlights from the second quarter and recent developments. In June, continuing the renewal and modernization of our fleet, we announced the sale of motor vessel Selina for a purchase price of approximately USD 11.8 million before commissions.

She was delivered to her new owners in July 2025. In September, we signed a term loan facility with National Bank of Greece, secured by 5 vessels and drew down USD 55 million. In September, we released the company's 2024 ESG report, highlighting our ESG strategy and commitment to sustainable practices. You can find a copy of that on our website. As of September 29, 2025, we have acquired 14.9% of Genco Shipping & Trading Limited issued and outstanding common shares.

As of November 12, 2025, we have secured USD 25.4 million of contracted revenues for 87% of the remaining ownership days of the year 2025 and have secured USD 118 million of contracted revenues for 50% of the ownership days of the year 2026. Finally, we are pleased to declare a quarterly cash dividend of $0.01 per common share with respect to the third quarter of 2025, totaling approximately USD 1.16 million. Slide 7 summarizes our recent chartering activity from July 1, 2025, until November 12, 2025, we have secured time charters for 14 vessels. 6 Ultramax vessels at an average daily rate of $13,800 for an average of 333 days. 4 Panamax, Kamsarmax and Post-Panamax vessels at an average daily rate of $12,900 for an average of 331 days and 4 Capes and Newcastlemax vessels at an average of $24,500 for an average of 380 days.

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. This disciplined chartering strategy has secured approximately $149 million in contracted revenues, resulting in an average time charter rate of $16,200 per day with an average contract duration of 1 year and 1.17 years. For the rest of 2025, only 13% of days remain unfixed.

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

Thanks, Semiramis. Good morning, and welcome to our call. I will begin with an overview of our financial performance for the third quarter and the 9-month period ended September 30, 2025, followed by a discussion of our capital structure, breakeven analysis and dividend policy. We start with the financial highlights for the third quarter of 2025. Time charter revenues were $51.9 million, slightly lower than $57.5 million in the same quarter last year.

This decline reflects the sale of 2 vessels earlier this year and 1 vessel in September 2024. Adjusted EBITDA was $20.3 million compared to $23.7 million in the third quarter last year, consistent with the smaller fleet. Net income, however, nearly doubled to $7.2 million from $3.7 million in the third quarter of 2024. This was driven by lower expenses and the $10.6 million gain from the valuation of our investment in Genco, partly offset by a loss in OceanPal. Diluted earnings per common share were $0.05, up from $0 in the third quarter of 2024.

On the balance sheet, cash decreased to $133.9 million as of September 30, 2025, from $207.2 million as of December 31, 2024. This reduction reflects cash deployed in strategic investments during this 9-month period, including $103.5 million paid for the acquisition of 14.93% ownership interest in Genco, $23 million invested in share repurchases of our common stock and $12 million invested in [ Genco ] and Ecogas 2 of our equity method investments. To strengthen liquidity, we sold 2 of our older vessels in the fleet, generating approximately $23 million and drew down $55 million under a new loan facility with National Bank of Greece.

By optimizing capital through vessel sales and the new loans, we strengthened liquidity while fine-tuning our fleet for efficiency. As a result, long-term debt increased slightly to $651.1 million as of September 30, 2025 from $637.5 million at year-end 2024. Operationally, this quarter was smooth with no surprises and with results reflecting the smaller fleet. During the quarter, we operated an average of 36.2 vessels compared to 38.7 vessels in the same quarter last year following the sale of Houston in 2024, in March and Selina in July 2025. This reduction affected ownership available and operating days.

Time charter equivalent averaged $15,178 per day, a 1% decrease compared to $15,333 per day in the third quarter last year due to softer charter rates. Fleet utilization remained strong at 99.4%. Vessel operating expense for the quarter decreased by 6% to $20 million compared to $21.2 million in the third quarter last year due to the smaller fleet size. On a per share basis, daily operating expenses rose 1% to $6,014 compared to $5,964 last year, mainly due to higher crew costs. For the 9 months ended September 30, 2025, time charter revenues dropped by 6% to $161.5 million from $171.1 million for the same period last year.

Net income surged to $14.7 million compared to $3 million in the same period last year, an increase driven by nonoperating gains compared to losses in the same period last year and the absence of debt extinguishment losses seen in 2024. Time charter equivalent improved to $15,473 per day compared to $15,162 per day in the same period last year. Fleet utilization remained high at 99.5%. Daily operating expenses for the 9-month period rose slightly to $5,941 compared to $5,910 for the same period last year, again, due to higher crew costs. The average age of our fleet is approximately 12 years.

On the next slide, -- you can see our debt structure and amortization schedule. We remain -- we maintain a disciplined approach to leverage. Our debt structure includes both fixed and variable rate instruments with projected loan balances declining steadily through 2032. Our $175 million senior unsecured bonds and other loan maturities coming due in 2029 and beyond will be addressed well in advance to ensure liquidity stability and minimize financing risk. In the next slide, we compare our free cash flow breakeven levels against estimated revenues for the remainder of 2025 and 2026. As of September 30, 2025, our cash flow breakeven rate stood at $16,806 per day.

For the remainder of 2025, potential revenues, including estimating revenues for the unfixed days based on FFA rates could reach $29.1 million at an estimated average time charter rate of $16,189 per day. For 2026, potential revenues could reach $224.7 million at an average time charter rate of $17,102 per day. While projected revenues for 2025 may not fully cover breakeven, the outlook for 2026 looks positive, supporting a return to cash flow profitability.

This slide highlights dividend distributions since the third quarter of 2021, the company has consistently delivered quarterly dividends in both cash and shares. In line with this policy, we declared a dividend of $0.01 per share, for the third quarter of 2025, bringing cumulative dividends paid since 2021 to $2.69 per common share. In summary, despite a smaller fleet, we delivered strong profitability, optimized our capital structure and maintained high operational efficiency. Our liquidity actions and debt management provide resilience and flexibility for future opportunities.

I will now hand over to Stasi Margaronis, who will provide an overview of the dryl bulk market.

Thank you, Maria, and welcome to the participants of this latest quarterly earnings call of Diana Shipping, Inc. Starting with the geopolitical and trade developments in bulk shipping. The bulk carrier market has weathered well the continuous announcements of new tariffs as well as several changes in the U.S. tariff regime with its trading partners. As of November 18, the 12-month time charter rate for a typical Cape without scrubbers stood at around $24,000 a day. The equivalent rate for a Kamsarmax was USD 15,600 per day for an Ultramax about $15,900 per day. All these rates were up on the levels we saw at the beginning of the year and from 3 months ago.

On November 19, the DCI stood at $3,636 and the Baltic Panamax Index at $1,895. In the meantime, the 5 TC route weighted time charter average for Capes stood at $30,154 per day, while the Panamax 5 TC route average rate stood at $17,057 per day. As a result, sentiment remains high and some newbuilding orders are already appearing across the size sector, most of them for ships with deliveries from 2028 onwards. As mentioned by Clarksons, the recently announced U.S.-China trade war troops include a U.S. pledge to reduce tariffs on imports from China from 30% to 20% -- the resumption of China's purchases of U.S. soybeans, the rollback of China's export restrictions on rare earth and most notably, the suspension for a year of the introduction of the USTR port fees and reciprocal port fees for some U.S.-linked vessels entering China.

According to Commodore Research, the purchase of U.S. soybeans by China represents a supportive factor for midsized bulkers for the rest of the year and into 2026. Exports to China will be much stronger over the next few months, and this will be a very helpful tailwind for the dry bulk carrier market. This is according to Clarksons true, even though China has earlier this year sourced soybeans for purchase to replace U.S. produce from Brazil, which involves a longer laden voyage than from the U.S. Lower volumes though were shipped, which can be partly explained by the fact that China has been relying on the drawing down of elevated domestic stocks. In the next slide, we look at the macroeconomic development and considerations.

Economies around the world are showing signs of a relatively steady growth going forward. Latest growth forecast provided by the IMF and the OECD predict growth in Chinese GDP at around 4.8% this year and 4.2% in 2026. The equivalent figures for India of 6.6% and 6.2,%, for the U.S., 2% for this year and 2.1% for 2026. For the euro area, 1.2% this year and about the same for next year. For the world, the figure stands at 3.2% for this year and 3.1% in 2026. Let's look at the main commodities now that are being shipped in bulk. Global steel production according to Braemar is down by 1.2% year-to-date at 1.373 billion metric tons. This has been having its effect on demand for metallurgical coal and iron ore.

Chinese steel product exports are increasing strongly by over 5% year-on-year so far, which could help partially explain the continued demand by China for iron ore. Braemar reports that it is heavy engineering and ambitious investments in energy and industrial parks driven by AI that will probably support steel demand in China going forward as opposed to traditional construction demand on real estate and infrastructure projects. So for iron ore, Clarksons predict a slight increase of about 1% per annum in total imports at 1.621 billion tonnes for 2026. The Simandou iron ore project in Guinea has exports starting this month and volumes are expected to build up from this year to 2028.

Long-haul exports to China should support ton-mile demand. However, Clarksons reminds us that uncertainty remains around how the iron ore market will absorb the new volume going forward. For coal, we have coking coal shipments, which are expected to remain more or less flat in 2026 and 2027, with support coming mainly from Indian demand as domestic coking coal reserves deplete and steel production keeps increasing. Thermal coal shipments are expected to go down by between 3% and 1% in 2026 and 2027, respectively. Coal imports to China have continued to go down about 10% so far this year, with demand being partially satisfied by imports from Mongolia and produce from domestic mines. Indian imports are projected to drop by 6% in 2025 due to increased domestic production.

The medium term, demand will pick up as geothermal energy capacity outpaces domestic mining output. For grain exports, according to Clarksons, seaborne grain trade is expected to grow by 2% in 2025 and by about the same in 2026 to reach 566 million tons. Brazilian grain exports and increased soybean exports from the U.S. should keep supporting this trend, hopefully, well into 2027. As regards the minor bulk trade, according to Clarksons, these trades are expected to grow by about 4% this year and by a further 2% year-on-year in 2026 at 2.4 billion metric tons. Approximately similar growth rates are expected for 2027, depending on key macroeconomic trends and geopolitical tensions. Bauxite, cement, feed products and forest products are expected to be the main commodities shipped in large volumes going forward. Turning to the next slide on tonnage supply.

According to Clarksons, the bulk carrier fleet is forecast to grow by 3.1% this year and by 3.4% in 2026. For Capes, the projected tonnage increase is for only 1.4% in 2025 and 2.2% in 2026. For Panamaxes, the fleet projected increase is 3.5% this year and 4.6% in 2026. According to Braemar, the bulk carrier fleet order book stands at 106.2 million deadweight tons, which represents 10.9% of the existing fleet. This total is made up of 37.8 million deadweight worth of Capes, which is about 9.3% of the fleet, 38.2 million deadweight of Panamax Kamsarmaxes, about 14.1% of the fleet and 28.4 million deadweight in Handymaxes, which are about 11.2% of the fleet. For Capes, the order book is certainly manageable going forward. And so it is for Handymax.

The Panamax fleet where the order book is higher, includes, however, 467 ships built from 2005 and earlier. On the recycling side, according to Clarksons, the recycling market has been dominated for most of the year by low activity and cautious sentiment. Softening steel prices, particularly in India, have dampened the appetite for tonnage by major scrap buyers. The average price for a handysize bulker offered for demolition has dropped to around $400 per light ton displacement. The forecast for dry bulk carrier demolition sales this year is for about 4.6 million deadweight tons for 5.3 million in 2026 and about 7 million in 2027 when various regulations and aging of large sections of the bulk carrier fleet take the to. The average age of dry bulk demolition candidates has gone up from 25.2 years in 2015 to 29.3 years in 2025. Turning to asset prices now.

As Hartland Shipping Services point out, the combination of less ordering this year and more potential output at yards may have implied a crash in newbuilding prices. This has not occurred. Newbuilding prices have softened during the last quarter by just 1% and by between 3% and 4% year-on-year across the size spectrum, with cape newbuildings being quoted at around $73 million, Kamsarmaxes at around $36.25 million and Ultramaxes for 2028 delivery at around $33.25 million. Secondhand bulk prices have crept up during the last quarter. The price of a 5-year-old Cape has moved up by about 4% to $65 million, and Newcastlemax at around $72 million and Kamsarmaxes of the same vintage have also gone up by 4% to $33 million, while Ultramax prices have increased to $32 million.

Finally, let's look at the outlook for our industry. According to Clarksons, 2025 should prove to be a slightly softer year for bulk carrier earnings than 2024, with the fleet projected to grow by 3% and demand by not much more than 1%. But Clarksons also point out that dry bulk trends have firmed in recent months amid the rebound in the coal trade and strong iron ore, bauxite and grain export volumes. In a nutshell, dry bulk demand trends have firmed in recent months. Looking out to 2026, Clarksons sees a base case outlook of another moderate year for bulk carrier earnings, possibly like 2025 levels. Dry bulk trade is currently projected to grow by about 2% in ton-mile, slightly below fleet growth of about 3%. Markets could be balanced with support from special surveys and falling vessel speed.

The Capesize market is expected to outperform the smaller segment. Looking further ahead, projections are much less reliable, even though the supply-demand numbers for 2027 are similar to those of 2026. Factors such as Chinese demand trends, the impact of environmental policy, Red Sea danger zone development and demolition trends will continue to influence the supply-demand balance going forward. So in the last slide, Slide 18, we can have a quick look on factors which according to analysts are going to affect the market on the positive and the negative side. On the positive side, we have strong South American grain exports and increased soybean exports from the U.S. to China.

We have a gradual resolution of reciprocal tariffs between the U.S. and its trading partners. Red Sea rerouting expected to continue for the rest of the year and well into 2026. strong steel product exports by China and the commencement of iron ore shipments from Simandou in Guinea. On the negative side, though, we have worldwide lower steel production that's outside India. Bulk carrier fleet growth outpacing demand for both this year and next, 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 and possible failure in trade talks between the U.S. and the trading partners leading to higher tariffs and trade disruption.

On this note, I will pass the floor to our CEO, Semiramis Paliou, for some important takeaway points from this earnings call. Thank you.

Thank you, Stasi. And before concluding today's presentation, I'd like to highlight our ongoing ESG initiatives Diana Shipping, Inc. is committed 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 equitable, diverse and inclusive program while continuously investing in our people.

In summary, moving on to Slide 20, Daimler Shipping Inc. stands on a strong foundation built on over 50 years of industry experience and 20 years on the New York Stock Exchange. It is a seasoned management team adapt to addressing industry challenges, has a strong stakeholder relationship and a disciplined strategic approach. a solid balance sheet with a strong cash position and a countercyclical mindset and an ongoing fleet modernization efforts, a focus on rewarding our shareholders when possible and a strong ESG strategy.

[Operator Instructions] The first question comes from Kristoffer Barth with Arctic Securities.

How should we think about your quite significant stake in Genco now? Is there any sort of dialogue with the Board? You previously mentioned that the holding is of a strategic character, but I mean, they tightened the poison pill with the 15% threshold now recently. So sort of how does that impact your thoughts on sort of further dialogue here? And if you are just sort of opting for a passive stake, would you consider a Board seat?

This is Ioannis Zafirakis speaking. As we have said in the past, our position in Genco has a strategic value. Nevertheless, we are observing at the moment, and we are examining our various options on what to do and how to do it. We are not in contact with the current management of Genco. And we are observing the development.

And just a second question for me, if that's okay. Can you just comment a bit around the recent development in OceanPal? Do you still have a holding there? And what's the percent if that's the case?

Diana Shipping Inc. interest in OceanPal is very minimal after the latest raising of equity that they did, the one before the sovereign one. And it is certainly not material at this stage. So there's nothing to comment.

This concludes our question-and-answer session. I would like to turn the conference back over to Ms. Semiramis Paliou for any closing remarks.

Thank you for joining us for Diana's Third Quarter 2025 Financial Results. We look forward to presenting to you again in the next quarter. Thank you.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.