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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 Q3 2025 Earnings: A Resilient Performance

Diana Shipping Inc. reported a solid Q3 2025 financial performance, with time charter revenues of $51.9 million, slightly lower than the same quarter last year. Adjusted EBITDA was $20.3 million, while net income nearly doubled to $7.2 million, driven by lower expenses and a gain from the valuation of the company's investment in Genco. Earnings per share (EPS) came in at $0.05, significantly beating estimates of $0.005. The company's financial performance was supported by its effective vessel management, with fleet utilization reaching 99.5% for 2025.

Publication Date: Nov -30

📋 Highlights
  • Net Debt Reduction:: Net debt at 54% of market value, supported by $140M cash and €150M secured revenues, reflecting improved capital structure.
  • Profitability Surge:: Net income nearly doubled to $7.2M, driven by lower expenses and a $4.4M gain from the Genco investment valuation.
  • Contracted Revenue Visibility:: $25.4M secured for 87% of 2025 ownership days and $118M for 50% of 2026, ensuring stable cash flow.
  • Fleet Efficiency:: 99.5% utilization rate in 2025, with 36 vessels averaging ~5 years, supporting operational reliability.
  • Mkt Trends & Challenges:: Dry bulk rates rose to $24K/day for Capesize, but declining steel production (-1.2% YTD) and fleet growth (3.1% in 2025) pose demand risks.

Operational Efficiency and Market Outlook

The dry bulk market has weathered well despite announcements of new tariffs and changes in the U.S. tariff regime. The twelve-month time charter rate for a typical Capesize stood at around $24,000 a day, with rates up from the beginning of the year. Global steel production is down by 1.2% year to date, affecting demand for metallurgical coal and iron ore. However, Chinese steel product exports are increasing strongly, which could help explain the continued demand for iron ore. The bulk carrier fleet is forecast to grow by 3.1% this year and 3.4% in 2026.

Valuation and Growth Prospects

With a P/E Ratio of 8.93 and an EV/EBITDA of 7.31, the company's valuation appears reasonable. Analysts estimate next year's revenue growth at 11.3%. The company's commitment to promoting eco-friendly technologies, modernizing its fleet, and advancing sustainability goals is expected to drive long-term growth. As Ioannis Zafirakis stated during the Q&A session, the company's stake in Genco has strategic value, and they are observing and examining their options.

Dividend and Shareholder Returns

A quarterly cash dividend of $0.01 per common share was declared, totaling approximately $1.16 million. The Dividend Yield stands at 2.03%, providing a relatively stable return for shareholders. The company's strong foundation, seasoned management team, solid balance sheet, and disciplined strategic approach are expected to drive future returns.

Market Sentiment and Future Outlook

Sentiment remains high in the dry bulk market, with newbuilding orders appearing across the size sector. Clarkson predicts 2025 will be a slightly softer year for bulk carrier earnings, with the fleet growing 3% and demand growing about 1%. However, dry bulk trends have firmed in recent months due to a rebound in coal trade and strong iron ore, bauxite, and grain exports. For 2026, Clarkson sees a moderate year for bulk carrier earnings, with dry bulk trade growing 2% in ton miles, slightly below fleet growth.

3. NewsRoom

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Diana Shipping Inc. Announces Time Charter Contracts for m/v DSI Pollux With Stone Shipping and m/v DSI Andromeda With Western Bulk

Dec -04

Source: globenewswire.com

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Diana Shipping (NYSE:DSX) and Robin Energy (NASDAQ:RBNE) Financial Analysis

Nov -29

Source: defenseworld.net

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Diana Shipping Inc. Announces Proposal to Acquire Remaining Shares of Genco Shipping & Trading Limited

Nov -24

Source: globenewswire.com

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Diana Shipping Inc. Announces Time Charter Contract for m/v Seattle with SwissMarine and the Sale of a Dry Bulk Vessel, the m/v DSI Drammen

Nov -21

Source: globenewswire.com

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Diana Shipping Inc. (DSX) Q3 2025 Earnings Call Transcript

Nov -20

Source: seekingalpha.com

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Diana Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2025; Declares Cash Dividend of $0.01 Per Common Share for the Third Quarter 2025

Nov -20

Source: globenewswire.com

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Diana Shipping Inc. Announces Time Charter Contract for m/v Electra With Oldendorff Carriers and Termination of Sale Agreement for m/v DSI Drammen

Nov -17

Source: globenewswire.com

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Diana Shipping Inc. Announces the Date for the 2025 Third Quarter Financial Results, Conference Call and Webcast

Nov -11

Source: globenewswire.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
United Maritime

A-Score: 4.9/10

Value: 8.9

Growth: 5.9

Quality: 2.1

Yield: 10.0

Momentum: 1.0

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
Diana Shipping

A-Score: 4.6/10

Value: 8.7

Growth: 3.3

Quality: 4.6

Yield: 7.5

Momentum: 1.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Navios Maritime Partners

A-Score: 4.4/10

Value: 9.0

Growth: 5.3

Quality: 5.6

Yield: 1.2

Momentum: 1.5

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Capital Product Partners

A-Score: 4.4/10

Value: 5.6

Growth: 2.7

Quality: 4.8

Yield: 6.2

Momentum: 4.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Performance Shipping

A-Score: 4.2/10

Value: 10.0

Growth: 3.8

Quality: 7.9

Yield: 0.0

Momentum: 3.0

Volatility: 0.7

1-Year Total Return ->

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Stock-Card
Toro

A-Score: 4.0/10

Value: 5.8

Growth: 6.2

Quality: 5.2

Yield: 0.0

Momentum: 7.0

Volatility: 0.0

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

1.93$

Current Price

1.93$

Potential

-0.00%

Expected Cash-Flows