Diana Shipping Inc. Files 20-F Report for Fiscal Year Ended December 31, 2023

TL;DR

<b>Diana Shipping Inc. has submitted its 20-F annual report detailing financial performance and capital structure for the fiscal year 2023.</b>

AI Summary

DIANA SHIPPING INC. (DSX-WT) filed a Foreign Annual Report (20-F) with the SEC on April 5, 2024. Diana Shipping Inc. filed its annual report on Form 20-F for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial data points such as retained earnings, accumulated other comprehensive income, common stock, and additional paid-in capital for the fiscal years 2020-2023 are detailed. The report includes information on various series of preferred stock, including Series B and Series C, as of December 31, 2023. Secured debt arrangements with entities like Export-Import Bank of China and DNB Bank ASA are referenced, with initial dates in 2017 and 2019 respectively.

Why It Matters

For investors and stakeholders tracking DIANA SHIPPING INC., this filing contains several important signals. This filing provides investors with a comprehensive overview of Diana Shipping Inc.'s financial health, debt obligations, and equity structure as of the end of fiscal year 2023, crucial for investment decisions. The detailed breakdown of financial components and debt agreements offers insights into the company's financial stability and its relationships with key financial institutions.

Risk Assessment

Risk Level: medium — DIANA SHIPPING INC. shows moderate risk based on this filing. The filing is a standard annual report (20-F), which typically contains a broad range of financial and operational information. Specific risks are not detailed in this header information, but the nature of the shipping industry and the company's debt structure suggest medium risk.

Analyst Insight

Review the full 20-F filing to understand the company's financial performance, debt covenants, and any disclosed risk factors impacting the shipping industry.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-04-05 — Filing Date (Filed as of date)
• 116 — Public Document Count (Total documents in the filing)
• 0.01 — Value (Associated with a financial metric)
• 113065725 — Value (Associated with a financial metric)

Key Players & Entities

• DIANA SHIPPING INC. (company) — Filer name
• 2023-12-31 (date) — Conformed period of report
• 2024-04-05 (date) — Filed as of date
• 0001318885 (company) — Central Index Key
• Export-Import Bank of China (company) — Secured debt member
• DNB Bank ASA (company) — Secured debt member

FAQ

Industry Context

Diana Shipping Inc. operates in the international dry bulk shipping industry, transporting iron ore, coal, and grain.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, specifically Form 20-F, which is an annual report required for foreign private issuers.

What Investors Should Do

1. Analyze the full financial statements within the 20-F for revenue, net income, and cash flow.
2. Examine the debt structure and covenants detailed in the filing to assess financial leverage and risk.
3. Review management's discussion and analysis (MD&A) for insights into operational performance and future outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 20-F filing.
• 2024-04-05: Filing Date — Date the 20-F report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial header information for the 2023 20-F filing; a comparison to the previous year's filing would require access to that document.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value including the Preferred Stock

Filing Documents

• dsx-20231231.htm (20-F) — 4117KB
• exhibit28.htm (EX-2.8) — 201KB
• exhibit81.htm (EX-8.1) — 26KB
• exhibit121.htm (EX-12.1) — 16KB
• exhibit122.htm (EX-12.2) — 16KB
• exhibit131.htm (EX-13.1) — 8KB
• exhibit132.htm (EX-13.2) — 6KB
• exhibit151.htm (EX-15.1) — 6KB
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• exhibit449.htm (EX-4.49) — 2125KB
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• exhibit450.htm (EX-4.50) — 3133KB
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• exhibit451.htm (EX-4.51) — 1663KB
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• exhibit453.htm (EX-4.53) — 72KB
• Exhibit971.htm (EX-97.1) — 153KB
• 0001562762-24-000080.txt (&nbsp;) — 23777KB
• dsx-20231231.xsd (EX-101.SCH) — 83KB
• dsx-20231231_cal.xml (EX-101.CAL) — 90KB
• dsx-20231231_def.xml (EX-101.DEF) — 417KB
• dsx-20231231_lab.xml (EX-101.LAB) — 893KB
• dsx-20231231_pre.xml (EX-101.PRE) — 648KB
• dsx-20231231_htm.xml (XML) — 1673KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 5 PART I Item 1. Identity of Directors, Senior Management and Advisers 8 Item 2. Offer Statistics and Expected Timetable 8 Item 3. Key Information 8 Item 4. Information on the Company 43 Item 4A. Unresolved Staff Comments 68 Item 5. Operating and Financial Review and Prospects 68 Item 6. Directors, Senior Management and Employees 85 Item 7. Major Shareholders and Related Party Transactions 93 Item 8. Financial Information 98 Item 9. The Offer and Listing 99 Item 10. Additional Information 100 Item 11.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 109 Item 12.

Description of Securities Other than Equity Securities

Description of Securities Other than Equity Securities 110 PART II Item 13. Defaults, Dividend Arrearages and Delinquencies 111 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 111 Item 15.

Controls and Procedures

Controls and Procedures 111 Item 16A. Audit Committee Financial Expert 112 Item 16B. Code of Ethics 112 Item 16C. Principal Accountant Fees and Services 112 Item 16D. Exemptions from the Listing Standards for Audit Committees 113 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 113 Item 16F. Change in Registrant's Certifying Accountant 113 Item 16G. Corporate Governance 114 Item 16H. Mine Safety Disclosure 115 Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 115 Item 16J. Insider Trading Policies 115 Item 16K. Cybersecurity 115 PART III Item 17.

Financial Statements

Financial Statements 117 Item 18.

Financial Statements

Financial Statements 117 Item 19. Exhibits 117 5

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Matters discussed in this annual report and the documents incorporated by reference may constitute forward-looking The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking in order to encourage companies to provide prospective information about their business.

Forward-looking statements

Forward-looking statements include, but are not limited to, concerning plans, objectives, goals, strategies, future events or performance, underlying assumptions and other statements, which are other than statements of historical facts. Diana Shipping Inc., or the Company, desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. This document and any other written or oral statements made by the Company or on its behalf may include forward-looking statements, which reflect its current views with respect to future events and financial performance, and are not intended to give any assurance as to future results. When used in this document, the words "believe", "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect," "targets," "likely," "would," "could," "seeks," "continue," "possible," "might," "pending," and similar expressions, terms or phrases may identify forward-looking Please note in this annual report, "we", "us", "our" and "the Company" all refer to Diana Shipping Inc. and its subsidiaries, unless otherwise indicated. The forward-looking statements in this document are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in its records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently contingencies which are difficult or impossible to predict and are beyond its control, the Company cannot assure you that it will achieve or accomplish these expe

forward-looking statements include, but are not limited to

forward-looking statements include, but are not limited to: the strength of world economies; fluctuations in currencies, interest rates, and inflationary pressures; general market conditions, including fluctuations in charter hire rates and vessel values; changes in demand in the dry-bulk shipping industry; changes in the supply of vessels, including when caused by new newbuilding vessel orders or changes to or terminations of existing orders, and vessel scrapping levels; 6 changes in the Company's operating expenses, including bunker prices, crew costs, drydocking and insurance costs; the Company's future operating or financial results; availability of financing and refinancing and changes to the Company's financial condition and liquidity, including the Company's ability to pay amounts that it owes and obtain additional financing to fund capital expenditures, acquisitions and other general corporate activities and the Company's ability to obtain financing and comply with the restrictions and other covenants in the Company's financing arrangements; changes in governmental rules and regulations or actions taken by regulatory authorities; potential liability from pending or future litigation; compliance with governmental, tax, environmental and safety regulation, any non-compliance with the U.S. Foreign Corrupt Practices Act of 1977 (FCPA) or other applicable regulations relating to bribery; the failure of counter-parties to fully perform their contracts with the Company; the Company's dependence on key personnel; adequacy of insurance coverage; the volatility of the price of the Company's common shares; the Company's incorporation under the laws of the Marshall Islands and the different rights to relief that may be available compared to other countries, including the United general domestic and international political conditions or labor disruptions;

Risk Factors

Risk Factors Summary of Risk Factors The below bullets summarize the principal risk factors related to an investment in our Company. Industry Specific Risk Factors Charter hire rates for dry bulk vessels are volatile and have fluctuated significantly in the past years, which may adversely affect our earnings, revenues and profitability and our ability to comply with our loan covenants. The current the global financial markets and economic conditions may adversely impact our ability to obtain additional financing on acceptable terms and otherwise negatively impact our business. Our operating results may be affected by seasonal fluctuations. An increase in the price of fuel, or bunkers, may adversely affect our profits. We are complex laws and regulations, including environmental regulations that can adversely affect the cost, manner or feasibility of doing business. 9 Increased inspection procedures, tighter import and export controls and new security regulations could increase costs and disrupt our business. Operational risks and damage to our vessels could adversely impact our performance. If our vessels call on ports located in countries or territories that are the sanctions or embargoes imposed by the U.S. government, the European Union, the United Nations, or other governmental authorities, it could lead to monetary fines or penalties and may adversely affect our reputation and the market for our securities. We conduct business in China, where the legal system is not fully developed and has inherent uncertainties that could limit the legal protections available to us. Failure to comply with the U.S. Foreign Corrupt Practices Act could result in fines, criminal penalties and an adverse effect on our business. Changing laws and evolving reporting requirements could have an adverse effect on ou

business

business in general. Other risks relate principally to the securities market and ownership of our securities, including our common stock and our Series B Preferred Shares. The occurrence of any of the events described in this section could significantly and negatively affect our business, financial condition, operating results, cash available for the payment of dividends on our shares and interest on our loan facilities and Bond, or the trading price of our securities. Industry Specific Risk Factors Charter hire rates for dry bulk vessels are volatile and have fluctuated significantly in the past years, which may adversely affect our earnings, revenues and profitability and our ability to comply with our loan covenants. Substantially all of our revenues are derived from a single market, the dry bulk segment, and therefore our financial results are subject to cyclicality of the dry bulk shipping industry and any attendant volatility in 12 charter hire rates and profitability. The degree of charter hire rate volatility among different types of dry bulk vessels has varied widely, and time charter and spot market rates for dry bulk vessel have in the recent past declined below the operating costs of vessels. When we charter our vessels pursuant to spot or short- term time charters, we are exposed to changes in spot market and short-term charter rates for dry bulk carriers and such changes may affect our earnings and the value of our dry bulk carriers at any given time. We cannot assure you that we will be able to successfully charter our vessels in the future or renew existing charters at rates sufficient to allow us to meet our obligations or pay any dividends in the future. Fluctuations in charter rates result from changes in the supply of and demand for vessel capacity and changes in the supply of and demand for the major comm

financial statements

financial statements which could adversely affect our financial results. In 2023, the period market for dry bulk vessels experienced fluctuations influenced by various factors. Dry bulk market conditions remained volatile reflecting the impact of war in Ukraine, geopolitical tensions, trade policies, and environmental regulations. However, there were regional variations in market conditions, with China's demand recovering and some other areas experiencing stronger demand due to infrastructure projects or agricultural exports. Panama Canal and Suez Canal disruptions during the year surely affected market and the longer these issues go on, the more of a market support it will be. The markets rallied strongly at the end of last year, with the Baltic Capesize index rallying to heights which since 2010 was only exceeded in October 2021. The Panamax, Ultramax, Supramax and Handysize indices rallied to levels which since 2010 was exceeded only during most of 2021 and early 2022. Fundamentals maintain bullish and can support a positive outlook for 2024 which as always are Factors that influence demand for dry bulk vessel capacity include: supply of and demand for energy resources, commodities, and semi-finished and finished consumer and industrial products; changes in the exploration or production of energy resources, commodities, and semi-finished and finished consumer and industrial products; the location of regional and global exploration, production and manufacturing facilities; the location of consuming regions for energy resources, commodities, and semi-finished and finished consumer and industrial products; the globalization of production and manufacturing; global and regional economic and political conditions, armed conflicts, including the ongoing conflicts between Russia and Ukraine and Israel and Hamas, and fluctuations in industr

View Full Filing

View this 20-F filing on SEC EDGAR