Diana Shipping (DSX) 2008年年度报告「NYSE」.pdf

1、ANNUAL REPORT 2008 Our Competitive Strengths We believe that we possess a number of strengths that provide us with a competitive advan-tage in the dry bulk shipping industry:We own a modern,high quality fleet of dry bulk carriers.Our fleet includes four groups of sister ships.We have an experienced

2、management team.Internal management of vessel operations.We benefit from strong relationships with members of the shipping and financial industries.We have a strong balance sheet and a relatively low level of indebtedness.Our Business StrategyOur main objective is to manage and expand our fleet in a

3、 manner that will enable us to en-hance shareholder value.To accomplish this objective,we intend to:Pursue a competitive advantage.Continue to operate a high quality fleet.Strategically expand the size of our fleet.Pursue an appropriate balance of short-term and long-term time charters.Maintain a he

4、althy balance sheet.Maintain low cost,highly efficient operations.Capitalize on our established reputation.2 ANNUAL REPORT 2008 DIANA SHIPPING INC.2008 ANNUAL REPORT LETTER TO SHAREHOLDERSANNUAL REPORT 2008 To Our Shareholders:Diana Shipping delivered strong results for 2008,despite an economic envi

5、ronment that has been one of the most challenging in recent memory,and that has seen particular vola-tility in the dry bulk shipping market.The Company produced record earnings,largely due to longstanding business strategies that had a positive effect on our voyage and time char-ter revenues last ye

6、ar.We expanded our relationships with some of the strongest charter-ers in the industry.Our balance sheet has remained healthy and not over-leveraged,and thus should offer a measure of security against prevailing fiscal pressures as well as the resources to capitalize on potential opportunities.In s