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Diana Shipping Inc.

Diana Shipping Inc.

NYSE•DSX
CEO: Ms. Semiramis Paliou
Sector: Industrials
Industry: Marine Shipping
Listing Date: 2005-03-23
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 March 1, 2024, it operated a fleet of 38 dry bulk vessels, including 4 Newcastlemax, 8 Capesize, 5 Post-Panamax, 6 Kamsarmax, 9 Ultramax, and 6 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.
Contact Information
Pendelis 16, Palaio Faliro, Athens, 175 64, Greece
30-210-94-70-100
www.dianashippinginc.com
Market Cap
$237.34M
P/E (TTM)
9.3
13.2
Dividend Yield
2.0%
52W High
$2.18
52W Low
$1.27
52W Range
86%
Rank52Top 73.5%
2.9
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 2.9 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025

Financial Dashboard

Q3 2025 Data

Revenue

$51.86M-9.79%
4-Quarter Trend

EPS

$0.05+170.16%
4-Quarter Trend

FCF

$0.00+0.00%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Revenue Decline, TCE Drop Time charter revenues fell 13% to $228.2M USD; average TCE rate dropped 9% to $15,267 USD per day.
Net Income Significantly Lower Net income decreased sharply to $12.7M USD in 2024, down from $49.8M USD in 2023 due to lower charter rates.
Fleet Size Reduced Fleet size decreased, ending 2024 with 38 vessels; two vessel disposals impacted operating days during the year.
Debt Refinancing Completed Secured $150M senior unsecured bond in July 2024; refinanced existing loan facilities with Nordea Bank in July 2024.

Risk Factors

Volatile Charter Hire Rates Charter hire rates remain volatile, significantly affecting earnings and ability to comply with existing loan covenants.
Financing Availability Concerns Global financial market contraction may adversely affect ability to obtain additional financing on acceptable terms for future needs.
Increased Operating Expenses Rising bunker prices and crew costs create upward pressure, potentially increasing operating expenses and reducing profitability.
Geopolitical Trade Disruptions Geopolitical tensions, including Red Sea conflicts, disrupt supply chains, causing unpredictable shifts in dry bulk demand.

Outlook

New Dual Fuel Vessels Ordered Commitments of $73.6M for two methanol dual fuel Kamsarmax vessels expected delivery in 2027 and 2028.
Expanding Joint Venture Interests Increased contribution to Windward JV to Euro 50.0M for two additional CSOVs; new LPG JV established in March 2025.
Share Repurchase Program Completed tender offer in January 2025, purchasing 11.44M common shares for an aggregate $22.9M.
New CFO Appointment Appointed Ms. Maria Dede as Co-Chief Financial Officer (Operations Finance) effective January 17, 2025.

Peer Comparison

Revenue (TTM)

FreightCar America, Inc.RAIL
$513.12M
-6.4%
RCM Technologies, Inc.RCMT
$309.84M
+13.7%
SEACOR Marine Holdings Inc.SMHI
$245.31M
-12.0%

Gross Margin (Latest Quarter)

Innovative Solutions and Support, Inc.ISSC
63.2%
+7.7pp
ZJK Industrial Co., Ltd.ZJK
49.9%
+3.3pp
Seanergy Maritime Holdings Corp.SHIP
44.5%
-10.8pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
ISSC$393.75M25.028.1%23.4%
GASS$291.35M4.59.5%0.0%
PPIH$263.06M19.017.6%19.7%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-3.1%
Flat Growth
4Q Net Income CAGR
-9.7%
Declining Profitability
Cash Flow Stability
50%
Cash Flow Needs Attention

Research & Insights

Next earnings:Feb 23, 2026
|
EPS:-
|
Revenue:-
Reports
All Years

  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 21, 2025|
    Revenue: $228.21M-12.9%
    |
    EPS: $0.06-86.3%
    Beat

  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: Apr 5, 2024|
    Revenue: $262.10M-9.6%
    |
    EPS: $0.44-69.0%
    Beat

  • Form 20-F - FY 2022

    Period End: Dec 31, 2022|Filed: Mar 27, 2023|
    Revenue: $289.97M+35.4%
    |
    EPS: $1.42+121.9%
    Beat

  • Form 20-F - FY 2021

    Period End: Dec 31, 2021|Filed: Apr 27, 2022|
    Revenue: $214.20M+26.2%
    |
    EPS: $0.64+139.5%
    Beat

  • Form 20-F - FY 2020

    Period End: Dec 31, 2020|Filed: Mar 12, 2021|
    Revenue: $169.73M-23.1%
    |
    EPS: $-1.62-1572.7%
    Miss