Diana Shipping Inc. (DSX): Business Model Canvas [Dec-2025 Updated]

You're trying to make sense of the dry bulk shipping world, which, let's be honest, is usually a volatile ride, but Diana Shipping Inc. has built a surprisingly steady ship. As someone who has spent two decades mapping complex assets, I can tell you their model hinges on locking in those medium- to long-term time charters, giving them predictable cash flow despite the market swings. Looking at their late-2025 setup-a fleet of 36 vessels, a cash buffer of $133.9 million, and a debt load of $623.9 million-it's clear their strategy is about stability over speculation, even as they green the fleet with new dual-fuel builds. Dive in below to see exactly how these nine building blocks create their unique operational blueprint.

Diana Shipping Inc. (DSX) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Diana Shipping Inc. relies on to keep its fleet moving commodities across the globe. These aren't just names on a page; they are the counterparties that directly translate into revenue and future capability.

The company's operational backbone is heavily dependent on securing favorable charter agreements with major commodity traders and industrial users. For instance, recent deals show direct engagement with key players in the market.

• Charter with Glencore Freight Pte. Ltd. for the m/v P. S. Palios at a gross rate of $25,200 per day.
• Charter with Western Bulk Carriers AS for the m/v DSI Andromeda at a gross rate of $14,600 per day.
• Charter with Stone Shipping Ltd. for the m/v DSI Pollux at a gross rate of $14,750 per day.
• Charter with Oldendorff Carriers GmbH & Co. KG for the m/v Electra at a gross rate of $14,000 per day.

These chartering activities are subject to commissions paid to commercial brokers or third parties. This cost directly impacts the net revenue realized from the gross charter rate. You'll see this deduction reflected in the terms of the agreements.

The commission structure is quite standardized across recent fixtures. Honestly, it's a necessary cost of doing business in this sector.

• Commercial brokers receive a 5.00% commission on gross charter rates for the m/v P. S. Palios, m/v DSI Pollux, and m/v DSI Andromeda contracts.
• The m/v DSI Andromeda's previous charter to Cargill Ocean Transportation involved a 4.75% commission.

Fleet renewal and future-proofing are managed through strategic shipyard partnerships. Diana Shipping Inc. is actively investing in greener technology, which requires locking in capacity with builders like Tsuneishi Group (Zhoushan) Shipbuilding Inc. in China.

Here's the quick math on those newbuild commitments:

The capital structure relies on financial institutions to support operations and growth, including major debt facilities. As of the third quarter ended September 30, 2025, the reported long-term debt and finance liabilities, net of deferred financing costs, stood at $651,113 thousand. Separately, in late September 2025, Diana Shipping secured a $55 million six-year secured term loan facility with the National Bank of Greece.

Finally, a significant strategic partnership is the investment in Genco Shipping & Trading Limited. Diana Shipping Inc. has been building this stake, which as of late 2025 is approximately 14.8% or 14.93% of Genco's outstanding shares. Diana Shipping has formally proposed to acquire the remaining shares for $20.60 per share in cash, representing a 15% premium to the closing price on November 21, 2025.

Finance: draft 13-week cash view by Friday.

Diana Shipping Inc. (DSX) - Canvas Business Model: Key Activities

You're looking at the core engine room of Diana Shipping Inc. (DSX) operations as of late 2025. This is where the value is actually created, day in and day out, moving the world's essential dry bulk commodities.

Ownership and operation of a diverse dry bulk vessel fleet.

Diana Shipping Inc. specializes in owning and bareboat charter-in dry bulk vessels. As of December 5, 2025, the operational fleet stands at exactly 36 dry bulk vessels. This fleet has a combined carrying capacity of approximately 4.1 million deadweight tons (dwt), with a weighted average age of 12.03 years. The diversity is key to capturing different market segments. For the nine months ending September 30, 2025, the fleet transported 17.61 million tonnes of cargo in total. That breaks down into 1.87mt of grains, 7.70mt of coal, and 10.75mt of iron ore. Fleet utilization remained extremely high, hitting 99.4% for the third quarter of 2025. That's nearly every day the ships are earning.

Here's the quick math on the fleet composition as of late 2025:

What this estimate hides... is the specific DWT for each class, but the total is clear at 4.1 million dwt.

Securing staggered, medium- to long-term time charter contracts.

The core revenue activity involves locking in charter rates to manage exposure to volatile spot markets. Between July 1st, 2025, and November 12th, 2025, Diana Shipping Inc. secured time charters for 14 vessels. For instance, the Capesize vessel m/v P. S. Palios was chartered to Glencore Freight Pte. Ltd. at a gross rate of $25,200 per day, with an anticipated gross revenue of approximately $8.34 million for the minimum scheduled period ending November 15, 2026. The Time Charter Equivalent (TCE) rate for the entire third quarter of 2025 averaged $15,178 per day. Looking ahead, the company has secured $118 million of contracted revenues covering 50% of the ownership days for the year 2026, at an average time charter rate of $16,200 per day. The Cash Flow Breakeven Rate as of September 30, 2025, was $16,806 per day.

Fleet management, maintenance, and crewing for 36 vessels.

Operational excellence is driven by managing the fleet efficiently, often through its wholly-owned subsidiary, Diana Shipping Services S.A., and the 50/50 joint venture, Diana Wilhelmsen Management Limited. Vessel Operating Expenses for the third quarter of 2025 totaled $20 million, which was a 6% decrease compared to the third quarter of 2024. The daily vessel operating expenses were reported at $6,014. Keeping the machinery running requires a large team; the company has 960 people across sea and shore roles dedicated to this task. Maintaining high utilization, like the 99.5% seen in Q3 2025, is a direct result of this activity.

Strategic fleet renewal and optimization (e.g., vessel sales, newbuild orders).

Optimization involves both shedding older assets and ordering modern tonnage. Time charter revenues for Q3 2025 were $51.9 million, down from $57.5 million in Q3 2024, primarily due to the sale of two vessels in 2025, including the m/v DSI Drammen announced on November 21, 2025. To modernize, Diana Shipping Inc. has two methanol dual fuel Kamsarmax new-building vessels on order, with expected delivery windows in the second half of 2027 and the first half of 2028. Furthermore, a major strategic move involved proposing to acquire all outstanding shares of Genco Shipping & Trading Limited for $20.60 per share in cash, an offer representing a 15% premium to the November 21, 2025, closing price. At that time, Diana Shipping owned approximately 14.8% of Genco.

Managing debt structure and ensuring compliance with loan covenants.

Financial stability requires active debt management. As of September 30, 2025, the Long-term Debt stood at $651.1 million, up from $637.5 million at the end of 2024. Cash Reserves were reported at $133.9 million on the same date. The company declared a cash dividend of $0.01 per common share for Q3 2025, totaling approximately $1.16 million, payable on December 17, 2025. The common shares outstanding as of November 18, 2025, were 115,781,752. Historically, the company priced a $125 million senior unsecured bond offering with an 8.375% coupon, maturing in June 2026.

• Net Income for Q3 2025: $7.2 million.
• Net Income Attributable to Common Stockholders for Q3 2025: $5.7 million.
• Diluted Earnings Per Share for Q3 2025: $0.05.

Diana Shipping Inc. (DSX) - Canvas Business Model: Key Resources

You're looking at the core assets that power Diana Shipping Inc.'s operations right now, late in 2025. These aren't abstract concepts; they are hard numbers representing tangible and intangible value.

The foundation of Diana Shipping Inc.'s business is its physical fleet, which is quite substantial. As of early December 2025, the company operates a fleet of exactly 36 dry bulk vessels. The combined carrying capacity across these ships totals approximately 4.1 million dwt (deadweight tons). This fleet has a weighted average age of 12.03 years as of December 5, 2025. This is a pure-play dry bulk operation, focusing on ownership and bareboat charter-in arrangements.

The composition of this fleet is deliberately varied to serve different chartering needs, which is a key part of their resource strategy:

• Vessel types include Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, and Ultramax.
• The fleet breakdown by vessel type is detailed below.

Beyond the ships themselves, the balance sheet shows a solid liquidity position, though it has been actively deployed. As of September 30, 2025, Diana Shipping Inc. held a cash position of $133.9 million. Honestly, that's a significant drop from the $207.2 million held at the end of 2024, but that cash was put to work, including $103.5 million for the acquisition of a 14.93% ownership interest in Genco Shipping & Trading Limited, plus $23 million in share repurchases. Long-term debt stood at $651.1 million as of that same date.

The human capital is critical here, too. Diana Shipping Inc. relies on its experienced technical and commercial management teams based in Athens, Greece. The company touts 49 years of maritime experience overall, with 20 years of that presence on the New York Stock Exchange. This team is executing a disciplined chartering strategy.

That strategy translates directly into earnings visibility, which is a key intangible resource. As of mid-November 2025, the disciplined chartering approach had secured approximately $149 million in contracted revenues across the fleet, achieving an average time charter rate of $16,200 per day. For the year 2026 specifically, they have secured $118 million in contracted revenues, covering 50% of the expected ownership days for that year. Furthermore, potential revenues for the full year 2026 are estimated to reach $224.7 million at an average time charter rate of $17,102 per day.

Diana Shipping Inc. (DSX) - Canvas Business Model: Value Propositions

You're looking at the core promises Diana Shipping Inc. (DSX) makes to its customers, which are built on operational certainty and fleet quality. This isn't about abstract concepts; it's about the hard numbers that back up their service delivery.

Stable, predictable cash flow via non-speculative time charter strategy.

Diana Shipping Inc. locks in revenue through time charters, moving away from the volatility of the spot market where possible. As of November 12, 2025, the company had already secured approximately $118 million in contracted revenues covering 50% of the ownership days for the year 2026. For the remaining days in 2025, they had secured $25.4 million of contracted revenues, representing 87% of the remaining ownership days. Recent charter activity shows specific revenue commitments, such as the charter for the m/v P. S. Palios expected to generate approximately $8.34 million in gross revenue for its minimum scheduled period.

High fleet utilization rate, consistently near 99.5% in 2025.

Operational efficiency translates directly into revenue generation, and Diana Shipping Inc. is running a tight ship. For the third quarter of 2025, fleet utilization reached 99.5%. This high rate is supported by securing staggered time charters for 14 vessels as of the Q3 2025 earnings call. For comparison, the fleet utilization for the first quarter ended March 31, 2025, was 99.6%.

Global transportation of essential dry bulk commodities (iron ore, coal, grain).

Diana Shipping Inc. provides the backbone for global trade by moving foundational materials. The vessels are instrumental in transporting essential commodities such as iron ore, coal, and grain. They also handle minor bulks, including steel products, cement, and fertilizers.

Diverse fleet offering various size classes for flexible cargo needs.

The value proposition here is having the right tool for the right job, achieved through a fleet mix spanning several size categories. As of late 2025, Diana Shipping Inc. operates a fleet of 36 dry bulk vessels with a combined carrying capacity of approximately 4.1 million dwt. The weighted average age of this fleet is around 12.03 years. Here's the quick math on the vessel breakdown:

What this estimate hides is that the exact number of vessels in each class can shift slightly based on recent sales or delivery schedules, but the total of 36 is consistent across recent reports.

Commitment to future environmental standards with methanol dual fuel newbuilds.

Diana Shipping Inc. is positioning for future regulatory compliance and lower emissions intensity. The company has shipbuilding contracts for two methanol dual fuel new-building Kamsarmax dry bulk vessels. Each vessel has a purchase price of US$46 million. These newbuilds are designed to meet the requirements for Energy Efficiency Design Index (EEDI) Phase 3 and to comply with the NOx emissions regulations (NOx-Tier III) of the International Maritime Organization (IMO). Delivery is expected in the second half of 2027 and the first half of 2028, respectively.

• Vessel capability: Operate on either methanol or fuel oil interchangeably.
• Green potential: Designed to produce near-zero GHG emissions when powered by green methanol based on the well-to-wake (WTW) fuel life cycle assessment (LCA) methodology.

Diana Shipping Inc. (DSX) - Canvas Business Model: Customer Relationships

You're managing a fleet of 36 dry bulk vessels as of December 5, 2025, and your customer relationships are all about locking in predictable cash flow in a volatile market. This isn't about chasing spot rates; it's about securing the next few years of revenue today.

Dedicated account management for large, recurring charterers

The core of Diana Shipping Inc.'s approach here is building direct, long-term rapport with the entities that move the world's raw materials. You see this in the types of charterers you deal with-major global commodity houses. These aren't one-off transactions; they are ongoing relationships that require dedicated attention from your team, likely involving your executive management, like Ioannis Zafirakis, Director, Co-Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary. The cargo mix itself-iron ore, coal, and grain-tells you exactly who your key partners are, like Glencore Freight Pte. Ltd. and Bunge SA.

The goal is to transition vessels from one charter to the next with minimal downtime, which is why your fleet utilization remains incredibly high. For the first quarter ended March 31, 2025, fleet utilization hit 99.6%, and for the second quarter of 2025, it was 99.5%. That near-perfect number doesn't happen by accident; it requires your team to be constantly engaged with the charterers.

Contractual relationships focused on securing medium-term stability

Diana Shipping Inc. explicitly focuses on short to medium-term time charters to manage risk. You aren't betting the farm on next month's rates; you are securing the revenue stream now. This strategy is evident in the forward-looking contract coverage you've already locked in. As of July 22, 2025, you had secured $66.1 million in contracted revenues covering 69% of the remaining ownership days for 2025, plus another $49.9 million for 20% of the ownership days in 2026. That's stability you can bank on.

These medium-term agreements often span into 2027, showing a commitment beyond the immediate market cycle. For instance, the new charter for the m/v DSI Andromeda extends up to a maximum of May 31, 2027.

Direct negotiation of time charter rates and terms

Every vessel deployment is a direct negotiation, setting the daily rate and the commission structure. You see the direct results of these negotiations in the recent announcements, where gross charter rates are set, and a commission is explicitly deducted for third parties. It's all on the table.

Here's a snapshot of the rates you are locking in for late 2025 and beyond:

To be fair, even when replacing a charter, you are often seeing rate improvements; the m/v DSI Pollux moves from $14,000/day with Bunge SA to $14,750/day with Stone Shipping Ltd.

High-touch service to maintain a near-perfect fleet utilization rate

Maintaining utilization above 99.5% means your operational team is delivering a service that charterers value highly enough to keep your vessels moving constantly. This is the tangible proof of your high-touch service model. It suggests that when a charter ends, the next one is already lined up, or the vessel is immediately available for the next contract negotiation. Your fleet size is 36 vessels, with a combined carrying capacity of approximately 4.1 million dwt as of December 5, 2025. Every day that vessel is off-hire costs you revenue, so the focus on operational excellence is defintely a customer relationship tool.

Building long-term trust with major global commodity houses

The trust is built on reliability, which is what the consistent chartering activity with names like Glencore and Cargill demonstrates. You are transporting the foundational materials of global trade-coal, iron ore, and grain. The employment of the m/v P. S. Palios with Glencore is expected to generate approximately $8.34 million in gross revenue for its minimum scheduled period. That kind of guaranteed revenue stream, built on a multi-year agreement, is the bedrock of trust in this industry. You're not just a supplier; you're a critical logistics partner for these commodity giants.

• Cargoes transported: iron ore, coal, grain, minor bulks.
• Fleet modernization includes two methanol dual fuel Kamsarmax newbuildings due by H2 2027 and H1 2028.
• The company's P/B ratio of 0.47 suggests a low valuation relative to book value, which can be an attractive factor for partners looking for financially sound, asset-backed service providers.

Finance: draft the Q4 2025 forward-looking charter coverage projection by next Wednesday.

Diana Shipping Inc. (DSX) - Canvas Business Model: Channels

You're looking at how Diana Shipping Inc. gets its vessels into the hands of charterers, which is the core of their revenue generation. It's all about direct deals and the intermediaries that make them happen.

Direct negotiation of time charter contracts with charterers

Diana Shipping Inc. secures employment for its fleet primarily through direct time charter contracts. This channel involves negotiating terms like daily hire rates, duration, and commission structures directly with the chartering entity. As of late 2025, the company maintains a disciplined chartering strategy, securing approximately $149 million in contracted revenues with an average time charter rate of $16,200 per day. This direct negotiation channel is crucial for managing the 36 dry bulk vessels in their fleet, which have a combined carrying capacity of approximately 4.1 million dwt.

Recent contract signings show the rates achieved through this direct channel:

The fleet utilization rate for the third quarter of 2025 stood at 99.5%, indicating this channel is highly effective at keeping vessels employed. The company's Cash Flow Breakeven Rate as of September 30, 2025, was $16,806 per day.

Ship brokers and third-party agents for chartering services

Third-party agents are integral to securing these direct contracts, as evidenced by the standard deduction for their services. For the m/v P. S. Palios charter, a commission of 5.00% was paid to third parties. Similarly, the new Ultramax charters for m/v DSI Pollux and m/v DSI Andromeda also involved a 5.00% commission deduction. These brokers and agents provide the necessary market access and negotiation support to place the 36 vessels in the fleet, which has a weighted average age of 12.03 years.

Corporate website and investor relations for financial market communication

Diana Shipping Inc. uses its corporate website, www.dianashippinginc.com, as a primary channel for communicating with financial stakeholders. The company releases all material commercial and financial news here, including announcements of new time charters and earnings results. For example, the Q3 2025 financial results were released before the opening of U.S. markets on November 20, 2025. The company's market capitalization was reported around $221.64 million in early December 2025, trading at 0.44 times book value. The company also declared a quarterly cash dividend of $0.01 per common share for Q3 2025, totaling approximately $1.16 million.

Industry conferences and trade shows for defintely securing new business

While specific attendance figures for late 2025 conferences aren't public, the company's structure implies participation in industry events to maintain relationships with charterers and brokers. The core business involves transporting commodities like iron ore, coal, and grain along worldwide routes. Securing contracts for vessels like the Capesize m/v P. S. Palios with major charterers like Glencore Freight Pte. Ltd. relies on established industry presence. The company's nine-month time charter revenues through September 30, 2025, reached $161.5 million, a figure heavily influenced by the success of these relationship-driven channels.

Key operational statistics supporting this channel's effectiveness include:

• Fleet size: 36 vessels.
• Total fleet capacity: Approximately 4.1 million dwt.
• Q3 2025 Net Income: $7.2 million.
• Long-term Liabilities: $651.1 million.

Diana Shipping Inc. (DSX) - Canvas Business Model: Customer Segments

Diana Shipping Inc. employs its fleet primarily on short to medium-term time charters, moving dry bulk cargoes like iron ore, coal, and grain along worldwide shipping routes. As of late 2025, the customer base is directly evidenced by recent charter agreements with major industry players.

Global commodity trading houses and related entities form a core segment, securing capacity for major commodity movements. For instance, Glencore Freight Pte. Ltd. entered a time charter for the Capesize m/v P. S. Palios, expected to commence on December 14, 2025. This specific contract is anticipated to generate approximately $8.34 million of gross revenue over its minimum scheduled period at a gross rate of $25,200 per day. Stone Shipping Ltd. also represents this segment, chartering the Ultramax m/v DSI Pollux at a gross rate of $14,750 per day.

Other major shipping and logistics companies are also key clients. Western Bulk Carriers AS secured the m/v DSI Andromeda on a time charter at a gross rate of $14,600 per day, starting December 7, 2025. Furthermore, Oldendorff Carriers GmbH & Co. KG chartered the Post-Panamax m/v Electra at $14,000 per day, commencing December 4, 2025. The combined minimum scheduled revenue from the Stone Shipping and Western Bulk Carriers fixtures is approximately $12.60 million.

The nature of the cargo transported implies engagement with large-scale industrial end-users and international grain and agricultural product merchants, although specific customer names for these end-uses are not detailed in recent fixture announcements, which focus on the chartering intermediaries. The company's fleet size, consisting of 36 dry bulk vessels with a total carrying capacity of about 4.1 million dwt, is deployed to serve these varied demands.

The reliance on these customer types is reflected in the overall revenue base. Time charter revenues for the nine months ended September 30, 2025, totaled $161.5 million.

The following table summarizes recent charter activity, which directly represents the current customer base:

The customer segments are served by a specific fleet composition as of late 2025:

• Total Dry Bulk Vessels: 36
• Combined Carrying Capacity: Approximately 4.1 million dwt
• Newcastlemax Vessels: 4
• Capesize Vessels: 8
• Post-Panamax Vessels: 4
• Kamsarmax Vessels: 6
• Panamax Vessels: 5
• Ultramax Vessels: 9

Prior employment for vessels moving to new customers also indicates the breadth of the customer base, including Cargill Ocean Transportation and Bunge SA, which were the previous charterers for the Ultramax vessels.

Diana Shipping Inc. (DSX) - Canvas Business Model: Cost Structure

You're looking at the cost side of Diana Shipping Inc. (DSX), and honestly, it's dominated by things you have to pay whether the market is booming or bust. This is definitely a high fixed-cost model, which is the nature of owning and operating a fleet of dry bulk carriers.

The primary drivers of these fixed costs are the capital structure and the day-to-day running of the ships. As of September 30, 2025, the long-term debt stood at $651.1 million, an increase from $637.5 million at the end of 2024. This leverage means interest payments are a significant, non-negotiable expense. For context, as of March 31, 2025, the long-term debt was reported at $623.9 million. The company's capital structure is heavily weighted toward debt, with a debt-to-equity ratio reaching 130.3%.

The daily operational cost is what really matters for short-term survival. The daily cash breakeven rate, which covers operating costs and debt service, was reported at $16,806 per day as of September 30, 2025. This is close to the $16,218 per day figure cited for the first quarter of 2025. If charter rates don't clear this hurdle, you're burning cash just to keep the lights on.

Here's a look at the key components making up those daily and absolute costs:

The daily OPEX is heavily influenced by crew costs, which have been a factor in the slight creep in the per-day expense, even as absolute OPEX falls due to a smaller fleet.

Beyond the running costs, Diana Shipping Inc. has ongoing capital commitments tied to maintaining and modernizing its asset base. This isn't just about dry-docking; it involves strategic deployment of capital. For instance, during the first six months of 2025, the company invested $12 million in equity method investees, specifically in offshore wind and LPG vessel construction projects. This shows that even with high debt service, capital expenditure for fleet renewal and strategic positioning remains a necessary outflow.

The cost structure is fundamentally rigid because of these elements:

• Vessel Ownership: Depreciation and insurance are largely fixed obligations tied to the asset base.
• Debt Service: Interest expense on the $651.1 million long-term debt is mandatory.
• Crewing: Crew costs are essential and must be paid regardless of charter revenue.
• General & Administrative (G&A): G&A expenses represented 14.7% of Time Charter Equivalent (TCE) revenues in the first nine months of 2024, noted as the highest among a peer group.

Finance: draft 13-week cash view by Friday.

Diana Shipping Inc. (DSX) - Canvas Business Model: Revenue Streams

The primary revenue engine for Diana Shipping Inc. (DSX) is derived from chartering out its fleet of dry bulk vessels under time charter contracts. This structure provides a degree of revenue predictability, which is crucial in the often-volatile shipping markets.

Time Charter Revenues form the core of the top line. For the first quarter of 2025, Time Charter Revenues totaled $54.9 million. Looking at the nine months ending September 30, 2025, the cumulative time charter revenues reached $161.5 million, a decrease from $171.1 million for the same period in 2024, which was attributed to vessel sales. The third quarter of 2025 alone brought in $51.9 million in time charter revenues.

Visibility into future revenue is established through securing contracts well in advance. As of November 12, 2025, Diana Shipping Inc. had secured $25.4 million in contracted gross revenue for the remaining ownership days of 2025. This is a key metric for near-term cash flow planning. For context, earlier in the year, as of May 22, 2025, the company had secured $86.8 million in contracted revenues for 66% of its remaining ownership days in 2025.

The company is also locking in rates for the following year. As of November 12, 2025, Diana Shipping Inc. had secured $118 million in contracted revenues, covering 50% of the ownership days for the year 2026.

The rates achieved on these charters vary significantly based on vessel class and market conditions at the time of fixing. You can see a snapshot of recent gross charter rates achieved or agreed upon:

Based on the Trailing Twelve Months (TTM) ending September 30, 2025, the estimated total revenue for Diana Shipping Inc. (DSX) for 2025 is around $0.22 Billion USD. This figure is slightly lower than the 2024 annual revenue of $228.21 million.

The company also manages potential revenue from asset transactions, which can provide significant, non-recurring cash inflows. However, this stream is subject to execution risk. Specifically, the previously announced Memorandum of Agreement for the sale of the Ultramax dry bulk vessel m/v DSI Drammen, valued at approximately $26.86 million before commissions, has been terminated as of November 2025. This means that expected cash proceeds from that strategic sale will not materialize as planned.

The operational efficiency supporting these revenues is reflected in the Time Charter Equivalent (TCE) rate, which stood at $15,473 per day for the first nine months of 2025.

You should keep an eye on the fleet utilization, which was reported at 99.5% for the nine months ending September 30, 2025, showing that most of the operating fleet is actively generating revenue.

Finance: draft 13-week cash view by Friday, incorporating the impact of the terminated DSI Drammen sale proceeds.