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1. Company Snapshot

1.a. Company Description

Diana Shipping Inc.provides shipping transportation services.The company transports a range of dry bulk cargoes, including commodities, such as iron ore, coal, grain, and other materials in shipping routes worldwide.


As of April 13, 2022, it operated a fleet of 35 dry bulk vessels, including 4 Newcastlemax, 12 Capesize, 5 Post-Panamax, 6 Kamsarmax, and 8 Panamax.The company was formerly known as Diana Shipping Investments Corp.and changed its name to Diana Shipping Inc.


in February 2005.Diana Shipping Inc.was incorporated in 1999 and is based in Athens, Greece.

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1.b. Last Insights on DSX

Diana Shipping Inc.'s recent performance was negatively impacted by the sale of the Post-Panamax vessel "Alcmene" for a lower-than-expected price of approximately US$11.9 million. This sale, announced on February 12, 2025, may have resulted in a one-time loss for the company. Additionally, the sale of this vessel may have reduced the company's fleet size, potentially affecting its revenue and profitability.

1.c. Company Highlights

2. Diana Shipping's Q4 2025 Earnings: A Resilient Performance Amidst Market Volatility

Diana Shipping Inc.'s financial performance in Q4 2025 was marked by a net income attributed to common shareholders of $12.1 million, a significant improvement from $7 million in the same period last year. The earnings per share (EPS) came in at $0.02, beating analyst estimates of $0.005. Revenue growth was driven by a recovery in the dry bulk market, with Capesize vessels being the strongest movers. The company's ability to secure 1/3 of its fleet for period at rates higher than their previous charters in Q4 was a key factor in this performance.

Publication Date: Mar -07

📋 Highlights
  • Capesize Vessel Rate Surge: Daily rates for Capesize vessels surged from under $10,000 to a peak of $45,000 in December 2025.
  • 2026 Contracted Revenues: $153M secured for 76% of 2026 ownership days, and $22.6M for 9% of 2027 ownership days as of February 2026.
  • Net Income Growth: Net income rose to $12.1M in 2025 from $7M in 2024, driven by higher charter rates and fleet optimization.
  • Newbuilding Orders Surge: Newbuilding contracts doubled from 169 in H1 2025 to 227 in H2 2025, with a 3.2% fleet growth forecast for 2026.
  • ESG Performance: Achieved a CDP environmental score of B and a 31% S&P Global ESG rating, reflecting progress in sustainability metrics.

Operational Highlights

The company's operational performance was robust, with 12 vessels time chartered at an average daily rate of $14,700 to $24,300. As of February 18, 2026, Diana Shipping Inc. had secured $153 million of contracted revenues for 76% of the ownership days of 2026, providing a strong visibility into the current year's revenue. The company's fleet modernization efforts and focus on ESG metrics, including achieving a CDP score of B for environmental disclosure, are expected to contribute to its long-term sustainability.

Market Outlook and Challenges

The dry bulk market is expected to remain challenging in 2026, with Clarksons estimating a 0.3% growth in iron ore trade, but a 1.8% expansion in tonne-mile demand. However, the bulk carrier fleet is forecast to grow by 3.2% in 2026, and the order book stands at around 133.5 million tonne deadweight, representing more than 12% of the existing fleet. The company's management has highlighted the uncertainties in global policies, tariffs, and penalties that can significantly impact the economy, and the potential risks associated with lower worldwide steel production and a potentially overgrown bulk carrier fleet.

Valuation and Dividend

With a P/E Ratio of 27.21 and an EV/EBITDA of 7.49, the company's valuation appears to be reasonable, considering its growth prospects. The dividend yield of 1.69% is attractive, and the company's commitment to rewarding shareholders is evident in its quarterly cash dividend declaration of $0.01 per common share for the fourth quarter of 2025. Analysts estimate next year's revenue growth at 4.7%, which suggests a positive outlook for the company's top-line performance.

Strategic Developments

Diana Shipping Inc. has announced a proposal to acquire Genco Shipping & Trading, although the Genco Board has declined to engage with them. The company is now evaluating all its options, and this development is likely to have a significant impact on its future growth trajectory. With a strong balance sheet, cash position, and countercyclical mindset, Diana Shipping Inc. is well-positioned to navigate the challenges and opportunities in the dry bulk market.

3. NewsRoom

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Diana Shipping Inc. Sends Open Letter to Genco Shipping & Trading Shareholders

Apr -13

Source: globenewswire.com

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Diana Shipping (NYSE:DSX) Share Price Passes Above Two Hundred Day Moving Average – Should You Sell?

Apr -07

Source: defenseworld.net

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Diana Shipping Inc. Announces Direct Continuation of Time Charter Contract for m/v Myrto with NYK

Mar -23

Source: globenewswire.com

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Diana Shipping Inc. Comments on Genco Shipping & Trading Rejection of Diana's Increased Offer to Acquire Genco, Made in Partnership with Star Bulk Carriers

Mar -20

Source: globenewswire.com

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Genco Rejects Revised Takeover Proposal From Diana Shipping

Mar -19

Source: wsj.com

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Diana Shipping Inc. Announces the Filing of Its 2025 Annual Report on Form 20-F

Mar -16

Source: globenewswire.com

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Diana Shipping Increases Offer to Acquire Genco

Mar -06

Source: wsj.com

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Diana Shipping Raises Genco Bid to $23.50, Offering 31% Premium

Mar -06

Source: gurufocus.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Dry-bulk Vessels

Expected Growth: 4.5%

Growing demand for iron ore and coal in Asia, increasing grain exports from South America, and a rebound in global trade are expected to drive the dry bulk shipping market, benefiting Diana Shipping Inc.'s maritime transportation services.

7. Detailed Products

Dry Bulk Vessel Chartering

Diana Shipping Inc. offers dry bulk vessel chartering services, providing customers with access to a fleet of vessels for the transportation of dry bulk cargoes such as iron ore, coal, and grains.

Time Chartering

The company offers time chartering services, where customers can charter a vessel for a specific period of time, providing flexibility and control over their shipping operations.

Voyage Chartering

Diana Shipping Inc. provides voyage chartering services, where customers can charter a vessel for a single voyage, ideal for one-off or occasional shipping needs.

Ship Management

The company offers ship management services, providing technical and operational management of vessels, ensuring compliance with regulatory requirements and optimal vessel performance.

8. Diana Shipping Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Diana Shipping Inc. is medium due to the availability of alternative modes of transportation, such as air and land transportation, which can substitute for sea transportation.

Bargaining Power Of Customers

The bargaining power of customers for Diana Shipping Inc. is high due to the concentration of major charterers and the ability of customers to negotiate rates and terms.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Diana Shipping Inc. is low due to the fragmented nature of the shipbuilding industry and the availability of multiple suppliers.

Threat Of New Entrants

The threat of new entrants for Diana Shipping Inc. is low due to the high barriers to entry, including the need for significant capital investment and regulatory compliance.

Intensity Of Rivalry

The intensity of rivalry for Diana Shipping Inc. is high due to the competitive nature of the shipping industry, with many players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 51.53%
Debt Cost 7.26%
Equity Weight 48.47%
Equity Cost 9.66%
WACC 8.42%
Leverage 106.31%

11. Quality Control: Diana Shipping Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Navios Maritime Partners

A-Score: 4.9/10

Value: 7.0

Growth: 5.3

Quality: 5.3

Yield: 1.2

Momentum: 6.0

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
United Maritime

A-Score: 4.8/10

Value: 7.8

Growth: 5.9

Quality: 1.8

Yield: 9.4

Momentum: 2.0

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
Diana Shipping

A-Score: 4.6/10

Value: 7.6

Growth: 3.3

Quality: 4.6

Yield: 6.9

Momentum: 3.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Capital Product Partners

A-Score: 4.3/10

Value: 5.3

Growth: 2.7

Quality: 4.4

Yield: 6.2

Momentum: 4.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Toro

A-Score: 4.2/10

Value: 6.1

Growth: 6.2

Quality: 4.7

Yield: 0.0

Momentum: 8.5

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
Performance Shipping

A-Score: 4.2/10

Value: 9.8

Growth: 3.8

Quality: 7.2

Yield: 0.0

Momentum: 4.0

Volatility: 0.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.52$

Current Price

2.52$

Potential

-0.00%

Expected Cash-Flows