and the Janko Board. Today we are pleased to declare a quarterly cash dividend of one cent per common share with respect to the second quarter of 2026, totaling approximately 1.3 million US dollars. Slide 8 summarizes our recent chartering activity. From May 21st, 2026 till July 22nd, In the year 2026, we have secured time charters for five vessels. An Ultramax vessel at a daily rate of 18,350 for 382 days, three Panamax and Campermax vessels at an average daily rate of 16,500 for an average of 279 days. Slide 9 highlights our disciplined chartering strategy. We focus on staggered medium to long-term charters to avoid clustered maturities, ensuring earnings, visibility, and resilience against market downturns. This disciplined chartering strategy has secured for the remaining of 2026 approximately 94.7 million US dollars in contracted revenues, resulting in an average time charter rate of approximately 18,337 US dollars per day. For the rest of 2026, only 12% of the days remain unfixed. The average contract duration is one year and a quarter, covering some days of 2027. Now, I'll pass the floor on to our co-CFO Maria Dede for a more detailed financial analysis.

Thanks, Semiramis. Good morning, everyone, and thank you for joining us today. I will walk you through our financial performance for the second quarter and six months ended June 30, 2026. For the second quarter of 2026, time satire revenues increased to $57.3 million from $54.7 million in the second quarter of 2025. Adjusted EBITDA increased to $24.3 million from $22 million in the prior year period. Net income was 20.8 million compared to 4.5 million in the second quarter of 2025. Net income attributable to common stockholders was 19.3 million compared to 3.1 million in the second quarter of 2025. Diluted Earnings per Common Share were $0.16 for the second quarter of 2026 compared to $0.03 for the second quarter of 2025. Profitability during the quarter benefited from the higher time starter equivalent rate achieved by the fleet, lower interest expense resulting from the continued reduction of debt and lower average interest rates. Earnings also reflected increased dividend income and a significant gain on equity securities during the quarter, compared to a loss recognized in the second quarter of 2025. We continue to maintain a strong balance sheet and substantial liquidity while steadily reducing leverage. As of June 30, 2026, cash, cash equivalents and restricted cash amounted to 117.9 million, Long-term debt and finance liabilities net of deferred financing costs decreased to 606.1 million out of June 30, 2026 from 636.1 million out of December 31, 2025, reflecting scheduled debt amortization and our disciplined capital management strategy. During the quarter, we operated an average of 36 vessels compared to 37 vessels during the same quarter of last year. This decrease reflects the smaller fleet size following a vessel sale completed last year which affected ownership available and operating days. Our fleet generated a time charter equivalent rate of $16,581 per day representing a 7% increase from the $15,492 per day in the second quarter of 2025. Flip utilization remains strong at 99.6%. Vessel operating expenses were $21 million compared to $20 million in the second quarter of 2025. On a per-day basis, daily operating expenses increased to $6,696 from $5,944 in the prior year quarter, reflecting higher crew-related costs and stores, repairs and maintenance expenses. In the six months ended June 30, 2026, time charter revenues increased to $112 million compared to $109.6 million during the same period last year. Voyage expense amounted to $6.5 million and consisted primarily of brokerage commissions. In the six months ended June 30, 2026, our fleet generated a time charter equivalent rate of $16,309 per day representing a 4% increase from the $15,615 per day in the six months ended June 30, 2025. Fleet utilization increased to 99.8% compared to 99.5% in the prior year period. Vessel operating expenses were 40.4 million compared to 40 million in the six months ended June 30, 2025. On a per-day basis, daily operating expenses increased to 6,203 from 5,905 in the prior year period, reflecting higher crew-related costs and stores repairs and maintenance expenses. In this slide, debt maturity and amortization profile, we continue to maintain a disciplined approach to leverage. Our debt portfolio remains well diversified among secured bank facilities, sale and leaseback arrangements, and our senior unsecured bonds. This structure provides a balanced mix of floating and fixed rate exposure while maintaining financial flexibility. Our amortization profile remains gradual and predictable with no significant near-term refinancing concentrations. The principal maturity remains the 175 million senior unsecured bonds maturing in 2029, which we intend to address well in advance to ensure continued liquidity stability, minimize refinancing risk, and maintain predictable cash flows. As of June 30, 2026, our cash flow break-even rate stood at $16,859 per day, including various operating, general and administrative expenses, financing costs, and debt amortization. For the remainder of 2026, we have secured 88% of our ownership days at an average contracted charter rate of approximately $18,337 per day, Providing estimated contracted revenues of approximately 94.7 million. Based on the FFA caretas of July 22, 2026, total potential revenues for the remainder of 2026, including both fixed and unfixed operating days, could reach approximately 110.3 million exceeding our break-even cost by 11.4 million or approximately 10 cents per share. For 2027, we have secured 25% of our ownership days at an average contracted charter rate of approximately $18,807 per day, providing estimated contracted revenues of approximately 61.3 million. Based on the SFA curves as of July 22, 2026, potential revenues for 2027, including both the fixed and unfixed operating days, could reach approximately 267.9 million, exceeding our break-even cost by 46.4 million, or approximately 40 cents per share. Our competitive breakeven level reflects our continued focus on operating efficiency, cost discipline and prudent financial management. At the same time, our chartering strategy provides meaningful upside exposure should market conditions continue to improve. This slide highlights our commitment to return capital to shareholders. The company has consistently declared quarterly dividends since the third quarter of 2021 through both cash dividends and dividends in kind. In line with this policy, we declared a dividend of one cent per share for the second quarter of 2026. Including this declaration, cumulative distributions to shareholders since 2021 amount to approximately $2.72 per common share. As always, future dividends remain subject to board approval and will depend on earnings, cash flow generation, capital requirements, and overall market conditions. And I will now hand over to Dave van der Linden for an overview of the dry bulk market.

Thank you, Maria. And again, welcome to the participants on this latest quarterly earnings call from Diana Shipping Inc. Let's move to slide 16 for a brief dry bulk market overview. Like our CEO mentioned earlier, the dry bulk market maintained its positive momentum in the second quarter, with both spot rates as well as period rates improving across all sizes. The factors supporting the market remain largely the same, not necessarily an explosion in demand, but rather a utilization tightening caused by longer ton miles, a substantial dry dock schedule and slower speeds. Cape-sized vessels once again outperformed with Q2 earnings at 39,806 based on the new 182.5 TC index. Mid-sized vessels continued their momentum as well with Q2 earnings averaging 19,243 for CAMSAR MAX and 19,402 for Ultramax vessels. In the second quarter, we saw the 12-month time charge rate increase for all sizes as well. However, the start of Q3 is witnessing a bit of a softening in the near-term sentiment, especially on the larger sizes. For a 182,000 index type without scrubber, the one-year rate stands at around $31,000 a day. and the rate for a modern Kamsar Max is around 20,000 a day and for a modern Ultra Max is around 18,500 per day. The market remains heavily influenced by significant geopolitical and trade disruptions that continue to alter shipping patterns and freight dynamics. The recent escalation in the Middle East conflict has caused bunker prices to spike again. and even though the lack of adequate fuel supply seems to have subsided, vessel speeds remain at or near historical lows. We move to the next slide. We're going to take a look at the key demand drivers. The Cape-side sector saw the highest rate increases in the quarter due to strong iron ore flows from Australia and a considerable ramp-up in Simandou shipments from Guinea. The Guinean bauxite exports also witnessed a strong quarter. In the first half of the year, they ended with a 17% increase year on year. However, since then, this trade has been tapering off as we are heading into the rainy season and also following the report that winning transferred one of its transfer stations from bauxite to iron ore. Meanwhile, we haven't heard any news regarding a possible export limit, which was expected to be imposed by the Guinean government in the second half of the year. The Campermax sector remains supported by grain shipments in the Atlantic and coal shipments in the Pacific. The Ultramax sector has managed to take advantage of the same trading patterns and has additionally seen an increase in Atlantic coal shipments. Global seaborne grain loadings continue their rise in Q2, with China importing a record 13.5 million tons of soybeans in June, mainly from Brazil, which had a record harvest in excess of 180 million metric tons. We also continue to see strong coal movements, and Thurlstone comments that the demand for coal cargoes could rise even more in the near future. as further disruptions in LNG flows appear to be likely after the latest escalation in the Middle East. Higher oil and gas prices together with energy security concerns have encouraged utilities to maximize coal-fired generation where possible. Even China has picked up their coal imports. Customs data showed that China imported 42.78 million tons of coal in June, up 29% from a year earlier, as a mine accident in late May tightened domestic supply and led to higher imports. For the first half of the year, China's coal imports rose 1.7% from a year earlier. Amid rising expectations of a strong El Niño and current projections for lower water levels at Gatun Lake, the Panama Canal Authority has cut daily booking capacity already from 36 to 34 transits, effective July 25. It is worth recalling that at the height of the Strait of Hormuz disruption, it was estimated by BIMCO that Panama Canal transits had increased by 8%. Now after the current escalation, the canal operating near maximum capacity, any disruption such as reduced rainfall during the expected El Niño may cause vessels to reroute via the Cape. Regarding global GDP, the Middle East conflict continues to negatively affect global growth, with China's GDP growth slowing to 4.3% in the second quarter, down from 5% in the first. Brief look at the supply outlook on the next slide. According to Clarkson's, the bulk carrier fleet is forecast to grow by 3.2% in 2026. However, the first half of the year has already seen a 2% increase, so we may end up with a higher number. For Capes, the projected tonnage increase is only 1.7% in 2026, and Q2 saw again a limited amount of Cape-sized vessels being delivered, only 11 units. and Ultramax vessels. The fleet projected increase is substantial, 4.3% and 4.5% respectively, and deliveries for both these sizes remain substantial in Q2, with more than 50 deliveries in each of those segments. However, for now, this remains partly upset by the number of vessels directly affected by the Middle East conflict, as well as slower speeds due to elevated bunker prices, congestion, and Heavy Dry Dock Schedules. Regarding the dry bulk fleet order book, according to Ifcar Galbraith, it now stands around 160 million tons dead weight, or 1,700 vessels, which represents nearly 13% of the existing fleet. Sentiment in the ship recycling industry remains cautious, and only four bulkers were recycled in June for less than 250 tons dead weight. It will be a challenge to reach the 5 million dead weight of scrapping in 2026, which analysts were predicting at the beginning of the year. And last but not least, let's end with the main positive and negative factors that analysts expect will influence the dry bulk market going forward. On the positive side, Global seaborne trade is expected to stay steady for the balance of the year, supported by iron ore demand and minor bulks such as bauxite and especially grains. Tone mild support is expected to continue strong and with longer iron ore flows from Brazil as well as West Africa. Grain exports from East Coast South America also are expected to stay strong. The dry dock schedule in 2026 is expected to be similar levels to 2025, when about 3,200 dry bulk vessels underwent special surveys. And then heat and drought caused by an expected strong El Niño could support cold movements, as well as ton-mile increases in the second half of the year. Possible negatives are, of course, the fleet growth, especially for CAMS, ARMAX, and Ultramaxes. It could exceed demand, and demolition is expected to stay historically low. Cold demand, while seeing a temporary increase, is expected to remain fundamentally under pressure, especially in China. Then there's macro and policy risks, mainly in Guinea, China, and Indonesia, and of course the geopolitical uncertainty, which can highly influence the global economy. It's very hard to predict the medium to long-term effects of this current Middle East conflict on dry bulk and the economy in general. A prime example is the recent spike in hostilities in the Red Sea, which has pushed avoidance of the area to new heights. And on this note, I will pass the call back to our CEO, Mrs. Semiramis Paliou, for some important takeaway points from this call. Thank you.

Thank you, Dave. Before concluding today's presentation and reflecting on today's results, I would like to emphasize that we believe they clearly demonstrate that Diana's business continues to perform strongly, supported by improving profitability, healthy cash generation, and meaningful operating momentum. At the same time, we believe the market's attention has been disproportionately focused on the proposed acquisition of Genco, which has diverted attention from Diana's own intrinsic value and underlying operating performance. Under normal circumstances, performance of this nature would be expected to receive far greater recognition from the market. Instead, Diana continues to trade at a substantial discount to NAV. We believe this valuation no longer reflects the company's underlying fundamentals, earnings power, or asset quality. As investors increasingly refocus on Diana's stand-alone performance and intrinsic value, we believe this discount should progressively narrow. Looking further ahead, should the proposed transaction with Genco be completed, the combined company would represent a substantially larger, more diversified and more liquid platform. While no valuation outcome can be assumed, We believe such a company would naturally be evaluated under a different valuation framework than Diana on a stand-alone basis. We therefore believe Diana's current valuation represents a compelling opportunity for investors to benefit from the company's improving operating performance and the potential for a gradual re-rating over time. Diana Shipping Inc. stands on a strong foundation built on over 50 years of industry experience and 20 years on the New York Stock Exchange. A seasoned management team adapt 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 counter-cyclical mindset. Ongoing fleet modernization efforts Thank you for joining us today. We are now happy to take your questions and ask that you keep them focused on our second quarter performance and related topics.

Thank you. We will now conduct a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. Once again, that's star 1 to ask a question at this time. One moment while we poll for questions. Once again, ladies and gentlemen, to ask a question, please press star one on your telephone keypad. I would like to turn the call back over to management for closing comments.

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

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