Latest news with #drybulk
Bloomberg
12 hours ago
- Business
- Bloomberg
Banga Family's Caravel Builds Biggest Stake in Pacific Basin
Indian tycoon Harry Banga's Caravel Group has become the biggest shareholder in Pacific Basin Shipping Ltd, in a major bet on demand for transport of dry bulk commodities. Caravel owned 672.7 million shares in Pacific Basin as of June 12, representing a just over 13% stake in the company, according to filings to the Hong Kong stock exchange. Caravel disclosed a 7.5% stake in late March, and since then it has steadily expanded its holding in Pacific Basin, which has a market capitalization of about $1.3 billion.
Associated Press
05-06-2025
- Business
- Associated Press
EuroDry Ltd. Reports Results for the Quarter Ended March 31, 2025
ATHENS, Greece, June 05, 2025 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the 'Company' or 'EuroDry'), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today its results for the three-month period ended March 31, 2025. First Quarter 2025 Highlights: ____________________ 1Adjusted EBITDA, Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders are not recognized measurements under US GAAP (GAAP) and should not be used in isolation or as a substitute for EuroDry's financial results presented in accordance with GAAP. Refer to a subsequent section of the Press Release for the definitions and reconciliation of these measurements to the most directly comparable financial measures calculated and presented in accordance with GAAP. Aristides Pittas, Chairman and CEO of EuroDry, commented: 'During the first quarter of 2025, we faced quite low charter markets, the lowest since the early days of the COVID pandemic, and although the market rebounded a bit in April and May, the rebound was not sufficient to return most vessels to profitability and, in addition, it started fizzling out by the end of May and early June in the face of season trends and the uncertainty created by the back-and-forth's on the tariff front. As EuroDry is fully exposed to the short-term charter markets, it is no surprise that we had a rather poor financial outcome for the quarter. The near-term outlook remains volatile as the demand side of the supply/demand equation struggles to establish a positive trend affected by the weakness of the steel industry and overall economic growth in China, the negative medium-term trend for thermal coal and the continuing conflicts in Ukraine and Gaza that have pushed significant reconstruction projects to the future. 'We have refrained from locking our vessels into longer duration charters at non-profitable levels deciding to face the market by pursuing short term trip charters to, potentially, benefit from any reversal in trends. The orderbook, as a percentage of the fleet, although it has modestly increased, remains low by historical standards, offering the possibility that a meaningful upturn in demand could quickly translate to better rates. At the same time, we try to optimize incremental investment in our elder cluster of Panamax vessels, especially around the time of drydockings; the sale of M/V Tasos was the result of cost/benefit analysis. As always, we continuously look for new opportunities to invest, mainly, in combination with the renewal of our fleet.' Tasos Aslidis, Chief Financial Officer of EuroDry, commented: 'Our net revenues for the first quarter of 2025 were lower by 36.2% as compared to the first quarter of 2024. This is primarily driven by the decrease of 42.5% in average time charter equivalent rates our vessels earned during the current quarter as compared to the first quarter of 2024, partly offset by the increased voyage days during the first quarter of 2025, mostly due to the fact that there were no scheduled off hire days due to drydocking, compared to 52.5 days of the same period of 2024. 'Vessel operating expenses were $6.6 million for the first quarter of 2025 as compared to $6.2 million for the same period of 2024. The increase is mainly attributable to increased costs of spare parts and maintenance for several of our vessels in the first quarter of 2025 compared to the corresponding period in 2024. 'Adjusted EBITDA during the first quarter of 2025 was $(1.0) million compared to $2.1 million achieved for the first quarter of last year. As of March 31, 2025, our outstanding debt (excluding the unamortized loan fees) was $105.2 million versus restricted and unrestricted cash of approximately $11.3 million.' First Quarter 2025 Results: For the first quarter of 2025, the Company reported total net revenues of $9.2 million representing a 36.2% decrease over total net revenues of $14.4 million during the first quarter of 2024, which was the result of the decreased time charter rates our vessels earned during the first quarter of 2025 , partly offset by the increased voyage days during the first quarter of 2025, mostly due to the fact that there were no scheduled off hire days due to drydocking, compared to 52.5 days of the same period of 2024.. On average, 12.8 vessels were owned and operated during the first quarter of 2025 earning an average time charter equivalent rate of $7,167 per day compared to 13.0 vessels in the same period of 2024 earning on average $12,455 per day. For the first quarter of 2025, voyage expenses amounted to $1.7 million and mainly relate to vessels repositioning between charters and expenses during operational off-hire time, as compared to $1.5 million in the same period of 2024. Vessel operating expenses increased to $6.6 million for the first quarter of 2025 from $6.2 million in the same period of 2024. The increase is mainly attributable to the increased cost for spare parts and maintenance for several of our vessels operating in the first quarter of 2025 compared to the corresponding period in 2024. Depreciation expense for the first quarter of 2025 was $3.2 million compared to $3.4 million for the same period of 2024 as a result of the lower number of vessels owned and operated in the first quarter of 2025. Related party management fees for the period were $1.05 million compared to $1.08 million for the same period of 2024, again due to the decreased number of vessels owned and operated in the first quarter of 2025 and the favorable movement of the euro/dollar exchange rate, partly offset by the adjustment for inflation in the daily vessel management fee, effective from January 1, 2025, increasing it from 810 Euros to 840 Euros. General and administrative expenses were $0.8 million for the first quarter of 2025, similar to the same period of last year. In the first quarter of 2025, one of our vessels completed its intermediate survey in water for a total cost of $0.1 million. In the first quarter of 2024 two of our vessels were drydocked in order to pass their special survey, for a total cost of $1.8 million. On January 29, 2025, the Company signed an agreement to sell M/V Tasos, a 75,100 dwt drybulk vessel, built in 2000, for demolition, for approximately $5 million. The vessel was delivered to its buyers, an unaffiliated third party, on March 17, 2025, resulting in a gain on sale of $2.1 million. Interest and other financing costs for the first quarter of 2025 decreased to $1.8 million as compared to $2.1 million for the same period of 2024. Interest expense during the first quarter of 2025 was lower mainly due to the decreased benchmark rates of our loans, partly offset by the increased average debt during the first quarter of 2025, as compared to the same period of last year. For the three months ended March 31, 2025, the Company recognized a $0.13 million unrealized loss and a $0.04 million realized gain on one interest rate swap. For the three months ended March 31, 2024, the Company recognized a $0.15 million unrealized gain and a $0.06 million realized gain on one interest rate swap, as well as a $1.29 million unrealized gain and a $0.95 million realized loss on forward freight agreement contracts. The Company reported a net loss for the period of $4.0 million and a net loss attributable to controlling shareholders of $3.7 million, as compared to a net loss of $1.9 and a net loss attributable to controlling shareholders of $1.8 million for the same period of 2024. The net loss attributable to the non-controlling interest of $0.3 million in the first quarter of 2025 represents the loss attributable to the 39% ownership of the entities owning the M/V Christos K and M/V Maria represented by NRP Project Finance AS ('NRP investors') (the 'Partnership'). Adjusted EBITDA for the first quarter of 2025 was $(1.0) million compared to $2.1 million achieved during the first quarter of 2024. Basic and diluted loss per share attributable to controlling shareholders for the first quarter of 2025 was $1.35, calculated on 2,737,297 basic and diluted weighted average number of shares outstanding, compared to a basic and diluted loss per share attributable to controlling shareholders of $0.65 for the first quarter of 2024, calculated on 2,733,491 basic and diluted weighted average number of shares outstanding. Excluding the effect on the net loss attributable to controlling shareholders for the quarter of the unrealized (gain) / loss on derivatives and the net gain on sale of vessel, the adjusted loss attributable to controlling shareholders for the quarter ended March 31, 2025 would have been $2.07 per share basic and diluted, compared to an adjusted loss of $1.18 per share basic and diluted attributable to controlling shareholders, respectively for the quarter ended March 31, 2024. Usually, security analysts do not include the above items in their published estimates of earnings per share. Fleet Profile: The EuroDry Ltd. fleet profile is as follows: Note: (*) TC denotes time charter. Charter duration indicates the earliest redelivery date. (**) The average Baltic Kamsarmax P5TC Index is an index based on five Panamax time charter routes. (***) The entity owning the vessel is 61% owned by EuroDry and 39% by NRP Investors. (****) The average Baltic Supramax S10TC Index is an index based on ten Supramax time charter routes. Summary Fleet Data: (1) Average number of vessels is the number of vessels that constituted the Company's fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of the Company's fleet during the period divided by the number of calendar days in that period. (2) Calendar days. We define calendar days as the total number of days in a period during which each vessel in our fleet was owned by us including off-hire days associated with major repairs, drydockings or special or intermediate surveys or days of vessels in lay-up. Calendar days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during that period. (3) The scheduled off-hire days including vessels laid-up are days associated with scheduled repairs, drydockings or special or intermediate surveys or days of vessels in lay-up. (4) Available days. We define available days as the total number of Calendar days in a period net of scheduled off-hire days incl. laid up. We use available days to measure the number of days in a period during which vessels were available to generate revenues. (5) Commercial off-hire days. We define commercial off-hire days as days a vessel is idle without employment. (6) Operational off-hire days. We define operational off-hire days as days associated with unscheduled repairs or other off-hire time related to the operation of the vessels. (7) Voyage days. We define voyage days as the total number of days in a period during which each vessel in our fleet was in our possession net of commercial and operational off-hire days. We use voyage days to measure the number of days in a period during which vessels actually generate revenues or are sailing for repositioning purposes. (8) Fleet utilization. We calculate fleet utilization by dividing the number of our voyage days during a period by the number of our available days during that period. We use fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons such as unscheduled repairs or days waiting to find employment. (9) Fleet utilization, commercial. We calculate commercial fleet utilization by dividing our available days net of commercial off-hire days during a period by our available days during that period. (10) Fleet utilization, operational. We calculate operational fleet utilization by dividing our available days net of operational off-hire days during a period by our available days during that period. (11) Average time charter equivalent rate, or average TCE, is a measure of the average daily net revenue performance of our vessels. Our method of calculating average TCE is determined by dividing time charter revenue and voyage charter revenue, if any, net of voyage expenses by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract or are related to repositioning the vessel for the next charter. Average TCE provides additional meaningful information in conjunction with time charter revenue and voyage charter revenue, if any, the most directly comparable GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and because we believe that it provides useful information to investors regarding our financial performance. Average TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters, pool agreements and bareboat charters) under which the vessels may be employed between the periods. Our definition of average TCE may not be comparable to that used by other companies in the shipping industry. (12) We calculate daily vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and related party management fees by dividing vessel operating expenses and related party management fees by fleet calendar days for the relevant time period. Drydocking expenses are reported separately. (13) Daily general and administrative expense is calculated by us by dividing general and administrative expenses by fleet calendar days for the relevant time period. (14) Total vessel operating expenses, or TVOE, is a measure of our total expenses associated with operating our vessels. We compute TVOE as the sum of vessel operating expenses, related party management fees and general and administrative expenses; drydocking expenses are not included. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period. (15) Daily drydocking expenses is calculated by us by dividing drydocking expenses by the fleet calendar days for the relevant period. Drydocking expenses include expenses during drydockings that would have been capitalized and amortized under the deferral method. Drydocking expenses could vary substantially from period to period depending on how many vessels underwent drydocking during the period. The Company expenses drydocking expenses as incurred. Conference Call and Webcast: Today, June 5, 2025, at 10:00 a.m. Eastern Time, the Company's management will host a conference call and webcast to discuss the results. Conference Call details: Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote 'EuroDry' to the operator and/or conference ID 13754200. Click here for additional participant International Toll-Free access numbers. Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option. Audio Webcast-Slides Presentation: There will be a live and then archived webcast of the conference call and accompanying slides, available on the Company's website. To listen to the archived audio file, visit our website and click on Company Presentations under our Investor Relations page. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. The slide presentation for the first quarter ended March 31, 2025, will also be available in PDF format 10 minutes prior to the conference call and webcast, accessible on the company's website ( on the webcast page. Participants to the webcast can download the PDF presentation. Adjusted EBITDA Reconciliation: EuroDry Ltd. considers Adjusted EBITDA to represent net loss before interest, income taxes, depreciation, unrealized gain on Forward Freight Agreements ('FFAs'), loss / (gain) on interest rate swap derivative and net gain on sale of vessel. Adjusted EBITDA does not represent and should not be considered as an alternative to net loss, as determined by United States generally accepted accounting principles, or GAAP. Adjusted EBITDA is included herein because it is a basis upon which the Company assesses its financial performance because the Company believes that this non-GAAP financial measure assists our management and investors by increasing the comparability of our performance from period to period by excluding the potentially disparate effects between periods of, financial costs, unrealized gain on FFAs, loss / (gain) on interest rate swap derivative, depreciation and net gain on sale of vessel. The Company's definition of Adjusted EBITDA may not be the same as that used by other companies in the shipping or other industries. Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders Reconciliation: EuroDry Ltd. considers Adjusted net loss attributable to controlling shareholders, to represent net loss before unrealized (gain) / loss on derivatives, which includes FFAs and interest rate swaps, and net gain on sale of vessel. Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders is included herein because we believe they assist our management and investors by increasing the comparability of the Company's fundamental performance from period to period by excluding the potentially disparate effects between periods of unrealized (gain) / loss on derivatives and net gain on sale of vessel, which may significantly affect results of operations between periods. Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders do not represent and should not be considered as an alternative to net loss attributable to controlling shareholders or loss per share attributable to controlling shareholders, as determined by GAAP. The Company's definition of Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders may not be the same as that used by other companies in the shipping or other industries. Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders are not adjusted for all non-cash income and expense items that are reflected in our statement of cash flows. About EuroDry Ltd. EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd into a separate listed public company. EuroDry was spun-off from Euroseas Ltd on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY. EuroDry operates in the dry cargo, drybulk shipping market. EuroDry's operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day-to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters. The Company has a fleet of 12 vessels, including 4 Panamax drybulk carriers, 5 Ultramax drybulk carriers, 2 Kamsarmax drybulk carriers and 1 Supramax drybulk carrier. EuroDry's 12 drybulk carriers have a total cargo capacity of 843,402 dwt. After the delivery of two Ultramax vessels in 2027, the Company's fleet will consist of 14 vessels with a total carrying capacity of 970,402 dwt. Forward Looking Statement This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as 'expects,' 'intends,' 'plans,' 'believes,' 'anticipates,' 'hopes,' 'estimates,' and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Visit our website
Yahoo
21-05-2025
- Business
- Yahoo
GOGL – First Quarter 2025 Results
Golden Ocean Group Limited (NASDAQ/OSE: GOGL) (the 'Company' or 'Golden Ocean'), the world's largest listed owner of large size dry bulk vessels, today announced its unaudited results for the quarter ended March 31, 2025. Highlights Net loss of $44.1 million and loss per share of $0.22 (basic) for the first quarter of 2025, compared to net income of $39.0 million and earnings per share of $0.20 (basic) for the fourth quarter of 2024. Adjusted EBITDA of $12.7 million for the first quarter of 2025, compared to $69.9 million for the fourth quarter of 2024. Adjusted net loss of $37.5 million for the first quarter of 2025, compared to adjusted net income of $12.7 million for the fourth quarter of 2024. A total of $38.4 million in drydocking expense was recorded in the first quarter of 2025 compared to $34.3 million in the fourth quarter of 2024. Reported TCE rates for Newcastlemax/Capesize and Kamsarmax/Panamax vessels of $16,827 per day and $10,424 per day, respectively, and $14,409 per day for the entire fleet in the first quarter of 2025. Entered into a term sheet for a contemplated stock for-stock merger with NV. Entered into agreements in March 2025 and April 2025 to sell two Kamsarmax vessels for a net consideration of $15.8 million and $16.8 million, respectively. Estimated TCE rates, inclusive of charter coverage calculated on a load-to-discharge basis, are approximately: $19,000 per day for 69% of Newcastlemax/Capesize available days and $11,100 per day for 81% of Kamsarmax/Panamax available days for the second quarter of 2025. $20,900 per day for 12% of Newcastlemax/Capesize available days and $12,900 per day for 38% of Kamsarmax/Panamax available days for the third quarter of 2025. Announced a cash dividend of $0.05 per share for the first quarter of 2025, which is payable on or about June 17, 2025, to shareholders of record on June 5, 2025. Shareholders holding the Company's shares through Euronext VPS may receive this cash dividend later, on or about June 19, 2025. Peder Simonsen, Chief Executive Officer and Chief Financial Officer, commented: "Our first quarter results reflect a weaker market environment, with softer charter rates and lower trading activity impacting our performance, in addition to our current intensive drydocking schedule. These headwinds were not unexpected given the seasonal slowdown and increased macroeconomic uncertainty, including the disruption caused by recently announced trade tariffs. Despite these challenges, the fundamentals underpinning dry bulk shipping remain intact, in particular for the Capesize segment. Limited fleet growth, shifting trade patterns, and infrastructure-led demand in key regions continue to support a constructive medium-term outlook. We continue to work towards the announced contemplated merger with NV, while maintaining our focus on fleet enhancement, cost discipline and operational efficiency." The Board of DirectorsGolden Ocean Group LimitedHamilton, BermudaMay 21, 2025 Questions should be directed to:Peder Simonsen: Chief Executive Officer and Chief Financial Officer, Golden Ocean Management AS+47 22 01 73 40 Forward-Looking Statements Matters discussed in this earnings report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995, or the PSLRA, provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company is taking advantage of the safe harbor provisions of the PSLRA and is including this cautionary statement in connection therewith. This document and any other written or oral statements made by the Company or on its behalf may include forward-looking statements, which reflect the Company's current views with respect to future events and financial performance. This earnings report includes assumptions, expectations, projections, intentions and beliefs about future events. These statements are intended as "forward-looking statements." The Company cautions that assumptions, expectations, projections, intentions and beliefs about future events may and often do vary from actual results and the differences can be material. When used in this document, the words 'believe,' 'expect,' 'anticipate,' 'estimate,' 'intend,' 'plan,' 'targets,' 'projects,' 'likely,' 'will,' 'would,' 'could' and similar expressions or phrases may identify forward-looking statements. The forward-looking statements in this report 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 the Company's records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company's control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. As a result, you are cautioned not to rely on any forward-looking statements. In addition to these important factors and matters discussed elsewhere herein, important factors that, in the Company's view, could cause actual results to differ materially from those discussed in the forward-looking statements, include among other things: the ability of Golden Ocean and NV to successfully complete the proposed merger on anticipated terms; uncertainties as to the timing as to the contemplated transaction with NV; the ability of NV and Golden Ocean to receive the required regulatory approvals for the contemplated merger and the approval of Golden Ocean shareholders required in connection with the contemplated merger; unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies, expansion and growth of the combined company's operations and other conditions to the completion of the merger; general market trends in the dry bulk industry, which is cyclical and volatile, including fluctuations in charter hire rates and vessel values; a decrease in the market value of the Company's vessels; changes in supply and demand in the dry bulk shipping industry, including the market for the Company's vessels; an oversupply of dry bulk vessels, which may depress charter rates and profitability; the Company's future operating or financial results; the Company's continued borrowing availability under the Company's debt agreements and compliance with the covenants contained therein; the Company's ability to procure or have access to financing, the Company's liquidity and the adequacy of cash flows for the Company's operations; the failure of the Company's contract counterparties to meet their obligations, including changes in credit risk with respect to the Company's counterparties on contracts; the loss of a large customer or significant business relationship; the strength of world economies; the volatility of prevailing spot market and charter-hire charter rates, which may negatively affect the Company's earnings; the Company's ability to successfully employ the Company's dry bulk vessels and replace the Company's operating leases on favorable terms, or at all; changes in the Company's operating expenses and voyage costs, including bunker prices, fuel prices (including increased costs for low sulfur fuel), drydocking, crewing and insurance costs; the adequacy of the Company's insurance to cover the Company's losses, including in the case of a vessel collision; vessel breakdowns and instances of offhire; the Company's ability to fund future capital expenditures and investments in the construction, acquisition and refurbishment of the Company's vessels (including the amount and nature thereof and the timing of completion of vessels under construction, the delivery and commencement of operation dates, expected downtime and lost revenue); risks associated with any future vessel construction or the purchase of second-hand vessels; effects of new products and new technology in the Company's industry, including the potential for technological innovation to reduce the value of the Company's vessels and charter income derived therefrom; the impact of an interruption or failure of the Company's information technology and communications systems, including the impact of cybersecurity threats and data security breaches, upon the Company's ability to operate; potential liability from safety, environmental, governmental and other requirements and potential significant additional expenditures (by the Company and the Company's customers) related to complying with such regulations; changes in governmental rules and regulations or actions taken by regulatory authorities and the impact of government inquiries and investigations; the arrest of the Company's vessels by maritime claimants; government requisition of the Company's vessels during a period of war or emergency; the Company's compliance with complex laws, regulations, including environmental laws and regulations and the U.S. Foreign Corrupt Practices Act of 1977; potential difference in interests between or among certain members of the Board of Directors, executive officers, senior management and shareholders; the Company's ability to attract, retain and motivate key employees; work stoppages or other labor disruptions by the Company's employees or the employees of other companies in related industries; potential exposure or loss from investment in derivative instruments; stability of Europe and the Euro or the inability of countries to refinance their debts; inflationary pressures and the central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates; fluctuations in currencies; the impact that any discontinuance, modification or other reform or the establishment of alternative reference rates have on the Company's floating interest rate debt instruments; acts of piracy on ocean-going vessels, public health threats, terrorist attacks and international hostilities and political instability; potential physical disruption of shipping routes due to accidents, climate-related (acute and chronic), political instability, terrorist attacks, piracy, international sanctions or international hostilities, including the developments in the Ukraine region and in the Middle East, including the conflicts in Israel and Gaza, and the Houthi attacks in the Red Sea; general domestic and international political and geopolitical conditions or events, including any further changes in U.S. trade policy that could trigger retaliatory actions by affected countries; the impact of restrictions on trade, including the imposition of new tariffs, port fees and other import restrictions by the United States on its trading partners and the imposition of retaliatory tariffs by China and the EU on the United States, and potential further protectionist measures and/or further retaliatory actions by others, including the imposition of tariffs or penalties on vessels calling in key export or import ports such as the United States, EU and/or China; the impact of adverse weather and natural disasters; the impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to the Company's Environmental, Social and Governance policies; changes in seaborne and other transportation; the length and severity of epidemics and pandemics and governmental responses thereto and the impact on the demand for seaborne transportation in the dry bulk sector; impacts of supply chain disruptions and market volatility surrounding impacts of the Russian-Ukrainian conflict and the developments in the Middle East; fluctuations in the contributions of the Company's joint ventures to the Company's profits and losses; the potential for shareholders to not be able to bring a suit against us or enforce a judgement obtained against us in the United States; the Company's treatment as a 'passive foreign investment company' by U.S. tax authorities; being required to pay taxes on U.S. source income; the Company's operations being subject to economic substance requirements; the Company potentially becoming subject to corporate income tax in Bermuda in the future; the volatility of the stock price for the Company's common shares, from which investors could incur substantial losses, and the future sale of the Company's common shares, which could cause the market price of the Company's common shares to decline; and other important factors described from time to time in the reports filed by the Company with the U.S. Securities and Exchange Commission, including the Company's most recently filed Annual Report on Form 20-F for the year ended December 31, 2024. The Company cautions readers of this report not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events. These forward-looking statements are not guarantees of the Company's future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. Attachment GOGL - 1st Quarter 2025 ResultsError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
19-05-2025
- Business
- Associated Press
Diana Shipping Inc. Announces the Date for the 2025 First Quarter Financial Results, Conference Call and Webcast
ATHENS, Greece, May 19, 2025 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the 'Company'), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced that its financial results for the first quarter ended March 31, 2025 are scheduled to be released before the opening of the U.S. financial markets on Thursday, May 29, 2025. The Company's management will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Time) on Thursday, May 29, 2025. Investors may access the webcast by visiting the Company's website at and clicking on the webcast link. An accompanying investor presentation also will be available via the webcast link and on the Company's website. The conference call also may be accessed by telephone by dialing 1-877-407-8291 (for U.S.-based callers) or 1-201-689-8345 (for international callers), and asking the operator for the Diana Shipping Inc. conference call. A replay of the webcast will be available soon after the completion of the call and will be accessible for 30 days on A telephone replay also will be available for 30 days by dialing 1-877-660-6853 (for U.S.-based callers) or 1-201-612-7415 (for international callers), and providing the Replay ID number 13753904. About the Company Diana Shipping Inc. is a global provider of shipping transportation services through its ownership and bareboat charter-in of dry bulk vessels. The Company's vessels are employed primarily on short to medium-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes. Corporate Contact: Ioannis Zafirakis Director, Co-Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary Telephone: + 30-210-9470-100 Email: [email protected] Website: X: @Dianaship Investor Relations/Media Contact: Nicolas Bornozis / Daniela Guerrero Capital Link, Inc. 230 Park Avenue, Suite 1540 New York, N.Y. 10169 Tel.: (212) 661-7566 Email: [email protected]
