Diana Shipping (DSX) Q1 2026 Earnings Transcript

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DATE

Thursday, May 28, 2026 at 9 a.m. ET

CALL PARTICIPANTS

• Chief Executive Officer — Semiramis Paliou
• Co-Chief Financial Officer — Maria-Christina Dede
• Director & Executive — Ioannis G. Zafirakis
• Chief Strategy Officer — Evangelos Sfakiotakis

TAKEAWAYS

• Net Income Attributable to Common Stockholders -- $27.7 million, compared to $1.6 million in the prior year's first quarter, supported by higher time charter equivalent rates, lower interest expense, increased dividend income, and a $26.4 million unrealized gain on the Genco investment.
• Time Charter Revenues -- $54.7 million, slightly below last year's $54.9 million, reflecting a smaller fleet offset by stronger time charter equivalent rates.
• Basic & Diluted Earnings Per Share -- $0.25, versus $0.01 in the same quarter last year.
• Adjusted EBITDA -- $23.3 million, unchanged from the prior year period.
• Fleet Utilization -- 99.9% for the quarter, indicating close to full employment of the fleet.
• Secured Contracted Revenues -- $123 million for 83% of ownership days for the remainder of 2026; $44.1 million contracted for 17% of days in 2027.
• Cash Position -- $125 million as of March 31, 2026, up from $122 million at year-end 2025.
• Long-term Debt and Finance Liabilities -- $621 million as of March 31, 2026, down from $636 million at year-end 2025.
• Net Loan-to-Value Ratio -- 46%, supported by robust debt amortization and a steady maturity profile through 2029.
• Quarterly Dividend Declared -- $0.10 per share for this quarter, totaling approximately $1.2 million, with cumulative dividends since 2021 reaching $2.71 per share.
• Average Daily Time Charter Equivalent Rate -- $16,000, up 2% from $15,700 the previous year, with a fixed time charter rate of $18,300 per day for the remainder of 2026.
• Average Daily Operating Expense -- $6,010, a 2% increase from last year's $5,870, mainly due to higher group stores supply and environmental costs.
• Recent Chartering Activity -- 5 vessels chartered between February 20 and May 20, 2026, including one Capesize at $27,500 daily for 641 days and an Ultramax at $16,000 daily for 408 days.
• Genco Acquisition Offer -- Latest tender revised to $24.80 per share in cash, representing a 39% premium to Genco’s undisturbed share price before the initial offer and a 48% premium to its 30-day volume-weighted average price at that time; the offer is fully financed and extends until June 26, 2026.
• Fleet Profile -- 36 dry bulk vessels averaging 12.5 years old with a total deadweight capacity of ~4 million tons.
• Planned Fleet Expansion -- Two methanol-fueled Kamsarmax newbuildings are scheduled for delivery at the end of 2027 and early 2028.
• ESG Award -- Received the Global Award in the Governance Leader Award category at the Environmental, Social, and Governance Shipping Awards 2026.
• Breakeven Rate -- Cash flow breakeven at $16,030 per day, with an all-in rate (including voyage, operating, G&A, financing, and amortization) of $16,440 per day.
• Unrealized Gain on Windward Investment -- "There was an increase certainly of the values. More than 20% easily. Now the values have gone a little bit down, but still we are talking of a substantial increase in the values. In the vicinity of 20% currently, a few months ago, it was close to 30%."

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RISKS

• Director Zafirakis stated, "there is a point where this deal does not make sense for Diana to happen," emphasizing that further increases to the Genco offer price are unlikely without reciprocal engagement, which could limit acquisition upside or result in a transaction lapse.
• Evangelos Sfakiotakis noted, "there is some concern about a possible export limit to be imposed by the Guinean government in the second half of the year," introducing potential headwinds for bauxite-related vessel employment.
• Fleet segment growth for Kamsarmax and Ultramax vessels could "exceed demand and demolition is expected to stay historically low," creating the risk of future capacity oversupply.
• Risks cited regarding negative impacts from the Middle East conflict include spiking bunker prices, vessel deviations for fuel supply, and global economic downside reflected in lower IMF growth projections if conflict persists.

SUMMARY

Diana Shipping (NYSE:DSX) reported a surge in net income attributable to common shareholders driven by higher time charter equivalent rates, an unrealized gain on its Genco Shipping & Trading (NYSE:GNK) investment, and disciplined cost control. Management emphasized disciplined chartering strategy, nearly full fleet utilization, and high contracted revenue visibility, noting 83% of ownership days for the remainder of 2026 are secured at rates above breakeven. The company extended and increased its fully financed all-cash tender offer for Genco Shipping & Trading (NYSE:GNK), revised to $24.80 per share, representing a significant premium over market and historical trading levels, while reiterating the lack of engagement from Genco's Board. Diana's balance sheet remained strong, with increased cash, reduced debt, and a conservative loan-to-value profile supporting its dividend policy and incremental fleet modernization via newbuildings scheduled through 2028.

• Management reported awarding of an ESG Governance Leader Award, highlighting progress in sustainability initiatives and corporate governance.
• The company stated it expects to address the $175 million bond maturing in 2029 "well in advance," suggesting a measured approach to refinancing risk management.
• The average fleet age stands at 12.5 years, and Diana's modernization plans prioritize two methanol-fueled newbuilds, reflecting strategy alignment with environmental priorities.
• Management communicated that exposure to market volatility is mitigated by a blend of fixed charter coverage and market-rate flexibility on the remaining open days.

INDUSTRY GLOSSARY

• Kamsarmax: A class of dry bulk vessel with maximum dimensions suitable for entering the Port of Kamsar, typically carrying about 82,000–85,000 deadweight tons.
• Ultramax: A dry bulk vessel classification slightly larger than Supramax, typically around 63,000–65,000 deadweight tons, used for versatile bulk cargo transport.
• Time Charter Equivalent (TCE): A performance metric calculating average daily revenue per vessel, accounting for voyage revenues and related costs to enable comparison with time charter rates.
• Net Asset Value (NAV): The market value of a company’s assets minus its liabilities, frequently referenced in shipping for gauging vessel fleet worth and potential acquisition premiums.

Full Conference Call Transcript

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. 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 write off schedule and the situation in the Strait Of Hormuz. Middle East conflict not only caused part of the drybulk fleet to be tied up in that area, but also an overall reduction in operating speed 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 in other countries aside. 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 costs 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 1.97 thousand and listed on the New York Stock Exchange since 2005, operates a fleet of 36 drybulk vessels 1 of which is mortgage free. Our fleet has an average age of 12.5 years a total deadweight capacity of approximately 4 million tons. We anticipate the delivery of 2 methanol fuel newbuildings Kamsarmax drybulk vessels at the end of 27 and early 28 respectively. Fleet utilization reached 99.9% for the 3 months ended 03/31/2026, highlighting our effective debt 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 $124.5 million in cash reserves as of quarter end and total secured revenues of approximately $106 million as of 05/20/2026. Moving on to Slide 6, let's go over the key highlights of the first quarter of 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 efforts to-- our offer to $23.5 per share in cash to acquire all outstanding shares of Genco not already owned by us. The offer is backed by $1.4 billion in full committed financing from 6 leading global banks with no financing conditions. The offer is further supported by a definitive agreement with Starbulk Carriers Corp. Which will acquire 16 Genco vessels for $47.5 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 05/20/2026, we have secured $123 million of contracted revenues for 83% of the remaining ownership days of the year 2026 and have secured US44.1 million dollars 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 Award 26. Today, we are pleased to declare a quarterly cash dividend of $0.01 per common share with respect to the first quarter of 26 totaling approximately $1.2 million Lastly, just yesterday, we amended our offer price to acquire Genco to $24.8 per share in cash and have extended the tender offer deadline to 06/26/2026. The revised offer price will be adjusted on a 1-for-1 basis for any dividend 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 drybulk 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, 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, andyoucanstayinformedbyvisitingourcampaignwebwebsite@cashforgenco.com. We urge Genco shareholders to vote the gold universal proxy card for Diana's 6 Independent Directors nominee at the 26 Annual Meeting. Again, for more information, please visit our website at cashforgenco.com. Moving on to Slide 8, Slide 8 summarizes our recent chartering activity. From 02/20/2026 until May 20, we have secured time charters for 5 vessels. An Ultramax vessel at a daily rate of 16 thousand for 408 days 3, Panamax, and post-Panamax vessels at an average daily rate of $17.3 thousand for an average of 387 days. A Capesize vessel at a daily rate of 27.5 thousand for 641 days. Slide 9 highlights our disciplined chartering strategy. We focus on staggered medium to long term charters to avoid classes maturities ensuring earnings visibility and resilience against market downturns. This disciplined chartering, strategy has secured for the remaining of 2026 approximately US124 million dollars in contracted revenues resulting in an average fixed time charter rate of $18.3 thousand 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 will pass the floor to our Co CFO, Maria Dede: for a more detailed financial analysis. Thank you, Good morning, everyone.

Maria Dede: 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 $54.9 million in the same quarter last year. The decrease reflects the 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 $291 million compared to $3 million in the first quarter of 25. Net income attributable to common stockholders was $27.7 million compared to $1.6 million in the first quarter of 25.

Basic and diluted earnings per common share was $0.25 for the first quarter of 26, 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 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 03/31/2026, cash stood at $125 million compared to $122 million as of 12/01/2025.

Long term debt and finance liabilities net of deferred financing costs decreased to $621 million as of 03/31/2026, from 636 million as of year end 25 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 Alcmene early in early Maria and Selina in July 2025. This reduction is reflected in lower revenues operating expenses and ownership available and operating days.

Time charter equivalent, average $16 thousand a 2% increase compared to $16.7 thousand the first quarter of 25 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 25, due to the smaller fleet size. On a per day basis, daily operating expenses rose by 2% to $6.01 thousand compared to $5.87 thousand in the first quarter of 25, mainly due to higher group 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 certain 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 leverage against estimated revenues for 2026 and 2027.

As of 03/31/2026, our cash flow breakeven rates stood at $16.03 and $44 per day including voyage operating and general and administrative expenses financing costs and debt amortization. The For the remainder of 2026, we have secured 83% of the ownership days at an average time charter rate of $18 thousand per day generating expected revenues of $124 million For 2027, 17% of the ownership days are fixed at an average time charter rate of $19.9 thousand 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 FSA rates as of 05/20/2026 could reach $150 million and $252 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 unfixed 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 $0.10 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 Evangelos Sfakiotakis for an overview of the drybulk market.

Evangelos Sfakiotakis: Thank you, Maria-Christina. 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 drybulk market started 2026 on strong footing. Continuing the momentum across all sizes, which we saw in the second half of 25. Ignoring again the traditional market seasonality. The factors supporting the markets remain the same. Not necessarily an explosion in demand, but rather a utilization tightening caused by longer ton miles substantial dry dock schedule and slower speed. Capesize vessels again outperformed Q1 earnings at 26.4 thousand based on the new 185 5TC index and the best start of the year since 2010.

Midsize vessels have been catching up nicely, with Q1 earnings averaging $15.4 thousand for Kamsarmax and 14.6 thousand for Ultramax vessels. The 12 months 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 thousand a day. The equivalent rate for modern Kamsarmax is around 20 thousand a day. And the modern Ultramax can get about 18.5 thousand a day for a year. Part of this unusually strong first quarter can be attributed to an 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 trade 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 congestion. 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 architectural planning. Veson notes that in Australia, farms are switching from wheat to crops like barley and canola that either need less fertilizer or cell for a higher price. The harvest for Australian wheat due towards year end could be between 16-41% 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 drybulk commodities. Nevertheless, according to the Economic Times, Coal India is planning a 10-year roadmap to slash the 243 million tonnes of coal that they import currently through increased domestic production costs quality upgrades and logistical cost parity.

In the Capesize sector, we saw 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. 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, by rule the world's largest steelmaker has secured majority control of the Simandou deposit in 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 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 midsize 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 some 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 is worth noting that in Q1, the Diana Newcastle MAX fleet was almost entirely employed in the bauxite trade whereas the Capesize trade carried mostly iron ore and coal. Meanwhile, seaborne grain loading staged a strong recovery in Q1, with Veson 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 volumes in Brazil in Q2. Interestingly, China still the world's largest grain imported and 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. Canal is currently operating near maximum capacity and any further disruption such as reduced rainfall during the expected El Nino, may cause vessels to reroute via the 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 2027.

And then they also have a severe scenario, which is based on average petroleum spot prices of about 110 barrels in 2026 and 1 hundred and 25 in 2027 which could cause the global economy to grow. Barely 2%. For 2026. Moving to the tonnage supply on Slide 17, elevated new building prices remain a deterrent for most prospective buyers with Cape values for Capesize reaching their highest level in 17 years. Around $76 million $77 million for late 29, early 2 thousand and 30 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 2026, and only 1.7% for Capes, and Q1 saw the lowest delivery total in Capesize vessels since 2 thousand. For Kamsarmax and Ultramax vessels, the fleet projected increase is a substantial 4.3-4.5% 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% 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. Impact varies by fleet sector, 2% of Panamax, 1.4% of Ultramax and only 0.3% of Capesize capacity. Regarding the bulk carrier fleet order book, according to Braemar, it now stands at around 100 million ton deadweight, nearly 1.8 thousand 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 the shortage of available units rupee depreciation and rising gas costs are dampening buyer activity in India. Barely 1 million tons 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 driving dock activity with more than 3.2 thousand dry-docked 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, 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.

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, Ms. Semiramis Paliou, for some important takeaway points from this earnings call.

Semiramis Paliou: Thank you, Evangelos. Thank you. Before concluding today's presentation, I would 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 cautious mindset.

Ongoing fleet modernization efforts are focused on rewarding our shareholders when possible under 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: Thank you. We will now be conducting a question and answer session. Our first questions come from the line of Christopher Barth with Arctic Securities. Please proceed with your questions.

Analyst (Christopher Barth): Hello. Thank you for the presentation on good afternoon. I was wondering first if you can touch upon the potential Genco transaction Given you have upped your offer, Are you seeing sort of increased likelihood that you can get the Board of Directors of Genco to initiate discussions? And on the second half of this transaction that you have agreed with Star Bulk. Should transaction go through In terms of that transaction, Should not 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 transaction go through Okay.

Ioannis G. Zafirakis: This is Ioannis Zafirakis, and thank you for the question. We have 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 a table meaningfully to do so. On the other hand, you understand that we are at the 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, were done at a discount to NAV close to 82%. As regards your second questions, question, this is something that we cannot we cannot respond at this stage. Sure. Okay.

Analyst (Christopher Barth): Thank you, Ioannis. And a question on the market, especially related to bauxite. How do you see this risk going into second half? And do you sort of personally believe that it makes sense for Guinea to impose restrictions when, sort of, China is the main importer here. Thank you, Christopher.

Evangelos Sfakiotakis: No, it could be bluster. I mean, we have 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 is hard to say. it is 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 in Tafghini will do. But yes, there is definitely some downside risk. But at the end of the day, I do not think it will be very significant.

Analyst (Christopher Barth): Okay, perfect. Thank you. And 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 the market there and whether we potentially could see some type of divestment or crystallization of values here on a later stage?

Ioannis G. Zafirakis: We as regards our investment in Windward we are generally speaking very happy The momentum is much better than when we started the prices of newbuildings and vessel are similar to ours. That have gone up. The availability of charters that even the period of charter has improved. And we are at this stage where we are evaluating all of our options as regards our chartering activity even consolidation. This does not mean that we are there to be consolidated or to consolidate. We are evaluating all of our options. Sure.

Analyst (Christopher Barth): Thank you. And then just 1 final note on that. Windward, is there any sort of guiding on the value here? Of the fleet on a mark to market basis? Or the NAV? For you?

Ioannis G. Zafirakis: And now, are you asking how we treat this investment in our books. Is that your question? Yes. There was an our investment, they have it there was a benefit From our investment in Windward in our numbers. Was it Maria-Christina? Yes. We have the benefit when the new investor came in, in Windward, And because he entered at an increased value of the company. So we, and the other shareholders the other shareholders, have the benefit from this from this new investment? Also, as we got the value. There was an increase certainly of the values. More than 20% easily.

Now the values have gone a little bit down, but still we are talking of a substantial increase in the values. In the vicinity of 20% currently, A few months ago, it was close to 30%. Okay.

Analyst (Christopher Barth): Perfect. that is it from me. Thanks.

Operator: Thank you. I am showing no further questions at this time. I would like to hand the call back over to management for any closing remarks.

Semiramis Paliou: Thank you for joining us for Diana's first quarter of the year 26 financial results. We look forward to presenting to you again in the next quarter. Thank you.

Operator: 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.

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