olivLaw · US equity research
Diana Shipping Inc. DSX
Deep Sea Foreign Transportation of Freight · SIC 4412 · Vertical: Deep Sea Foreign Transportation of Freight (SIC 4412)
Diana Shipping Inc. owns and operates a fleet of dry bulk vessels carrying coal, iron ore and grain, mostly employed on short- to medium-term time charters. The company is now at the centre of an offer to acquire Genco Shipping and Trading, a step that could substantially change the size of its fleet.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Diana Shipping Inc. (DSX) stock was 2.32 USD (−2.93% on the day), with market capitalisation 268.6 m USD, P/E 21.1 on diluted EPS of 0.11 USD over the last 12 months, dividend yield 1.72%, beta 0.91, 52-week range 1.65–3.11 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 26.1
- oversold (≤ 30)
- Bollinger (20, 2)
- 2.27 – 2.84
- in the lower half of the band · %B 0.09 · band width 22.5%
- SMA 50 / 200
- 2.76 / 2.49
- mixed trend
- MACD (12, 26, 9)
- -0.10 / -0.08
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −18.0% | −5.9% | −12.1 pp | — |
| 3 months | −7.6% | −4.6% | −2.9 pp | — |
| 6 months | −13.8% | +0.2% | −14.0 pp | — |
| Year to date | +39.8% | +7.4% | +32.3 pp | — |
| 1 year | +38.1% | +8.2% | +29.9 pp | +21.6% |
| 3 years | −28.0% | +68.4% | −96.4 pp | +34.1% |
| 5 years | −44.5% | +56.5% | −101.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 80 percentile of its own 5-quarter history (min 2.9, median 7.1, max 39.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 226.2 m | 220.7 m | 169.7 m | 214.2 m | 290.0 m | 262.1 m | 228.2 m | 213.5 m |
| Revenue YoY | +39.7% | −2.4% | −23.1% | +26.2% | +35.4% | −9.6% | −12.9% | −6.4% |
| Net income | 16.6 m | -10.5 m | -134.2 m | 57.4 m | 119.1 m | 49.8 m | 12.7 m | 17.8 m |
| Net income YoY | unavailable | −163.5% | unavailable | unavailable | +107.4% | −58.1% | −74.4% | +39.9% |
| Diluted EPS | unavailable | -0.17 | -1.62 | 0.61 | 1.36 | 0.42 | 0.05 | 0.11 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | +123.0% | −69.1% | −88.1% | +120.0% |
| net % | 7.3% | -4.8% | -79.1% | 26.8% | 41.1% | 19.0% | 5.6% | 8.3% |
| Free cash flow | 77.4 m | 47.1 m | 11.2 m | 72.3 m | -71.4 m | 40.6 m | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 50.5 m USD
- Financial debt
- 522.8 m USD
- Net debt
- 472.3 m USD
- Equity
- 502.4 m USD
- Total assets
- 1.2 bn USD
- Debt / equity
- 1.04x
- Current ratio
- 2.73x
- ROE
- 3.5%
- ROA
- 1.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 169.7 m | 214.2 m | 290.0 m | 262.1 m | 228.2 m | 213.5 m | SEC (XBRL)· 13 Mar 2026verified |
| Cost of revenue | 13.5 m | 5.6 m | — | — | — | — | SEC (XBRL)· 27 Apr 2022verified |
| Gross profit | 156.2 m ≈ | 208.6 m ≈ | — | — | — | — | SEC (XBRL)· 27 Apr 2022derived |
| Operating income | -112.7 m | 63.5 m | 142.7 m | 85.7 m | 58.8 m | 42.2 m | SEC (XBRL)· 13 Mar 2026verified |
| Depreciation & amortisation | 43.0 m | 40.5 m | 43.3 m | 49.8 m | 44.7 m | 46.5 m | SEC (XBRL)· 13 Mar 2026verified |
| EBITDA | -69.7 m ≈ | 104.0 m ≈ | 186.0 m ≈ | 135.5 m ≈ | 103.5 m ≈ | 88.7 m ≈ | SEC (XBRL)· 13 Mar 2026derived |
| Interest expense | 21.5 m | 20.2 m | 27.4 m | 49.3 m | 47.5 m | 43.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Net income | -134.2 m | 57.4 m | 119.1 m | 49.8 m | 12.7 m | 17.8 m | SEC (XBRL)· 13 Mar 2026verified |
| Diluted EPS | -1.62 | 0.61 | 1.36 | 0.42 | 0.05 | 0.11 | SEC (XBRL)· 13 Mar 2026verified |
| Weighted average diluted shares | 86.1 m | 84.9 m | 83.3 m | 101.9 m | 118.7 m | 110.5 m | SEC (XBRL)· 13 Mar 2026verified |
| Dividend per share | — | 0.10 | 0.24 | 0.60 | 0.24 | 0.04 | SEC (XBRL)· 13 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 62.9 m | 110.3 m | 76.4 m | 101.6 m | 124.7 m | 50.5 m | SEC (XBRL)· 13 Mar 2026verified |
| Receivables | 5.2 m | 2.8 m | 6.1 m | 5.9 m | 6.6 m | 3.7 m | SEC (XBRL)· 13 Mar 2026verified |
| Inventories | 4.7 m | 6.1 m | 4.5 m | 5.1 m | 4.2 m | 4.1 m | SEC (XBRL)· 13 Mar 2026verified |
| Current assets | 104.7 m | 125.6 m | 140.6 m | 182.2 m | 206.6 m | 244.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Property, plant & equipment, net | 716.2 m | 643.5 m | 949.6 m | 900.2 m | 833.4 m | 777.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Total assets | 872.4 m | 842.0 m | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 13 Mar 2026verified |
| Accounts payable | 8.6 m | 9.8 m | 11.2 m | 9.7 m | 9.0 m | 10.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Short-term debt | 39.2 m | 41.1 m | 91.5 m | 49.5 m | 45.2 m | 50.3 m | SEC (XBRL)· 13 Mar 2026verified |
| Long-term debt | 381.1 m | 382.5 m | 431.0 m | 461.1 m | 469.4 m | 472.5 m | SEC (XBRL)· 13 Mar 2026verified |
| Current liabilities | 61.6 m | 65.1 m | 131.6 m | 85.1 m | 80.2 m | 89.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Equity | 428.6 m † | 393.2 m † | 487.3 m † | 489.0 m † | 505.1 m † | 502.4 m † | SEC (XBRL)· 13 Mar 2026verified |
| Shares outstanding at year end | 89.3 m | 84.7 m | 102.7 m | 113.1 m | 125.2 m | 115.8 m | SEC (XBRL)· 13 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 17.2 m | 89.7 m | 158.9 m | 70.4 m | 83.5 m | 47.5 m | SEC (XBRL)· 13 Mar 2026verified |
| Capex | 6.0 m | 17.4 m | 230.3 m | 29.7 m | — | — | SEC (XBRL)· 05 Apr 2024verified |
| Free cash flow | 11.2 m ≈ | 72.3 m ≈ | -71.4 m ≈ | 40.6 m ≈ | — | — | SEC (XBRL)· 05 Apr 2024derived |
| Investing cash flow | 10.5 m | 13.4 m | -273.1 m | 24.9 m | -39.8 m | -32.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Financing cash flow | -73.1 m | -59.2 m | 84.9 m | -71.1 m | -21.7 m | -36.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Dividends paid | — | 8.8 m | 79.8 m | 41.4 m | 29.0 m | 4.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Share repurchases | 12.0 m | 45.4 m | 3.8 m | 0 | 0 | 23.0 m | SEC (XBRL)· 13 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 26 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 268.6 m USD
Key indicators
Coverage and freshness
Score by group
- Returns100
- Growth0
- Balance sheet30
- Valuation23
- Quality22
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.00 – 3.66 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDA0.00 – 3.66 (Mid 0.15)14 companies used · median multiple 5.5x · quartiles 3.6x – 10.1xCCEC, CMRE, DAC, DHT, EHLD, GNK, GSL, HSHP, LPG, NVGS, SMHI, TEN, TRMD, ZIM
- Peers: P/E0.38 – 1.39 (Mid 0.76)27 companies used · median multiple 6.9x · quartiles 3.5x – 12.7xASC, CCEC, CISS, CMBT, CMRE, CTRM, DAC, DHT, EHLD, ESEA, FRO, GASS, GNK, GSL, IMPP, LPG, NMM, NVGS, PSHG, PXS, SHIP, STNG, TEN, TK, TOPS, TRMD, ZIM
- Dividend discount (DDM)0.53 – 0.71 (Mid 0.60)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 26/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.8% | 16 (vs peers) | 13% |
| Net margin · Quality | 8.3% | 32 (vs peers) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -9.7% | 0 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | -56.8% | 0 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | 5.3x | 20 (vs peers) | 13% |
| Interest coverage · Balance sheet | 1.0x | 0 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 2.7x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 21.1x | 17 (vs peers) | 13% |
| EV/EBITDA · Valuation | 8.4x | 29 (vs peers) | 13% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 10.3% | 100 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet30/100 · 3/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality22/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation23/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
DIANA SHIPPING INC. (DSX). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 213.5 m USD in 2025; YoY growth -6.4%; net margin 8.3%; ROE 3.5%; net debt/EBITDA 5.3x.
The estimated value range is 0.38–1.39 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 0.60 USD, the price of 2.32 USD leaves a potential of -74.0% (value / price − 1) and a margin of safety of -284.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 26/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.7x
- Shareholder yield (distributions): 10.3%
What contradicts it
- ROIC: 3.8%
- Revenue CAGR 3Y: -9.7%
- EPS CAGR 3Y: -56.8%
- Net debt / EBITDA: 5.3x
- Interest coverage: 1.0x
- P/E (TTM): 21.1x
- EV/EBITDA: 8.4x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, FCF yield, Payout ratio (FCF).
Versus the vertical median
Deep Sea Foreign Transportation of Freight (SIC 4412) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FROFrontline plc | 10.0 bn | 26.3 | 15.6% | 19.2% | −8.8% | +90% / +125% |
| CMBTCmb.tech NV | 5.2 bn | 3.7 | 49.1% | 92.6% | −23.9% | +51% / −8% |
| STNGScorpio Tankers Inc. | 4.2 bn | 11.5 | 11.4% | 36.7% | −24.6% | +41% / +49% |
| TRMDTORM plc | 3.5 bn | 12.0 | 13.3% | 21.3% | −14.1% | +60% / +22% |
| ZIMZim Integrated Shipping Services Ltd. | 3.3 bn | 6.9 | 11.9% | 6.9% | −18.1% | +34% / +292% |
| DHTDht Holdings, Inc. | 3.3 bn | 15.6 | 19.4% | 42.4% | −12.8% | +57% / +106% |
| SBLKStar Bulk Carriers Corp. | 3.0 bn | 36.3 | 3.4% | 8.1% | −17.6% | +33% / +25% |
| DACDanaos Corporation | 2.7 bn | 5.6 | 13.7% | 47.4% | +2.8% | +52% / +112% |
| NMMNavios Maritime Partners L.P. | 2.4 bn | 8.4 | — | 21.2% | +0.8% | +55% / +226% |
| LPGDorian Lpg Ltd. | 2.0 bn | 4.1 | 38.8% | 70.4% | +36.3% | +86% / +9% |
| SFLSFL Corporation Ltd. | 1.6 bn | — | -2.5% | -3.6% | −18.9% | +33% / −3% |
| CMRECostamare Inc. | 1.6 bn | 4.5 | 15.9% | 41.5% | −1.2% | −16% / +27% |
| GSLGlobal Ship Lease, Inc. | 1.4 bn | 3.3 | 25.5% | 54.3% | +7.8% | +10% / +110% |
| TENTsakos Energy Navigation Limited | 1.3 bn | 9.9 | 9.1% | 20.1% | −0.7% | +80% / +119% |
| NVGSNavigator Holdings Ltd | 1.3 bn | 13.3 | 8.2% | 17.1% | +3.6% | +9% / +34% |
| CCECCapital Clean Energy Carriers Corp. | 1.2 bn | 7.2 | 12.0% | — | +62.0% | +1% / +55% |
| GNKGenco Shipping & Trading Limited | 1.1 bn | 14.2 | 8.9% | 15.5% | −19.1% | +34% / +63% |
| TKTeekay Corporation Ltd. | 1.1 bn | 11.0 | 4.8% | 10.3% | −22.2% | +29% / +81% |
| SHIPSeanergy Maritime Holdings Corp. | 946.2 m | 13.7 | 7.8% | 13.4% | −5.6% | +31% / +90% |
| HSHPHimalaya Shipping Ltd. | 697.0 m | 39.3 | 11.2% | 13.4% | +6.7% | +66% / +149% |
| ASCArdmore Shipping Corp | 696.1 m | 19.4 | 6.6% | 13.2% | −23.6% | +40% / +26% |
| ESEAEuroseas Ltd. | 446.1 m | 3.2 | 33.1% | 60.1% | +7.0% | +5% / +164% |
| GASSStealthgas Inc. | 292.7 m | 4.8 | 9.2% | 35.0% | +3.5% | +15% / +18% |
| DSXDiana Shipping Inc. | 268.6 m | 21.1 | 3.5% | 8.3% | −6.4% | +38% / −28% |
| SMHISEACOR Marine Holdings Inc. | 235.1 m | — | -14.0% | -17.6% | −16.0% | +22% / −25% |
1- and 3-year price returns: for DSX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 1.74 Total return -23% · Per year -23% | 3.08 Total return 35% · Per year 35% | 4.67 Total return 104% · Per year 104% |
| 3 years | 1.38 Total return -36% · Per year -14% | 2.78 Total return 27% · Per year 8% | 4.67 Total return 110% · Per year 28% |
| 5 years | 1.09 Total return -46% · Per year -12% | 2.51 Total return 19% · Per year 3% | 4.67 Total return 115% · Per year 17% |
- Exit P/E± 0.70
- Net margin± 0.49
- Annual revenue growth± 0.44
- Annual dilution± 0.04
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 13 Mar 2026; since then the company filed 6-K (08 Oct 2026), 6-K (22 Sept 2026), 6-K (16 Sept 2026), 6-K (25 Aug 2026), 6-K (14 Aug 2026), 6-K (11 Aug 2026).
In brief
Diana Shipping Inc. owns and operates a fleet of dry bulk vessels carrying coal, iron ore and grain, mostly employed on short- to medium-term time charters. The company is now at the centre of an offer to acquire Genco Shipping and Trading, a step that could substantially change the size of its fleet.
SWOT
Strengths
- The fleet is relatively young and shows very high utilization, which points to strong operational efficiency in finding employment for vessels 1.
- The company runs an integrated management structure, with commercial and technical services provided by its own subsidiary and a management joint venture, giving it control over operations 1.
- Diana has arranged resources to pursue a major acquisition, with a fully committed facility from international banks, indicating access to capital 1.
Weaknesses
- The company depends almost entirely on one market, dry bulk shipping, which makes it sensitive to charter rate cyclicality 1.
- Revenues declined in 2025 compared with prior years, partly because of fleet reductions through vessel sales 1.
- Total debt is significant relative to cash generation from charters, and restrictive covenants in financing agreements limit financial flexibility 1.
Opportunities
- If the Genco offer completes, the fleet could grow considerably and exposure could be diversified across vessel segments 1.
- Investments in offshore wind and LPG vessels could open new revenue segments if they prove profitable 1.
- Mining projects and energy and commodity trade could support long-term demand for certain vessel types 1.
Threats
- Lower charter rates could sharply reduce revenues and could lead to vessel value declines and possible impairment charges 1.
- International sanctions and trade restrictions may limit vessel access to certain ports and could bring fines or reputational harm 1.
- Rising fuel costs and emissions regulation obligations could erode margins, especially for vessels entering EU ports 1.
Risks
- Volatility of charter rateshigh
Charter rates can fall sharply, affecting revenues, dividend capacity and compliance with financing covenants 1.
- Financing of the Genco acquisitionhigh
If committed financing does not close on the proposed terms or the acquisition fails, the company could bear costs and losses tied to the pursuit 1.
- Environmental regulation and sanctionsmedium
Changes in emissions rules and sanctions imposed by various authorities may raise costs or restrict operations in certain areas 1.
- Counterparty riskmedium
Charterers may seek to renegotiate or avoid obligations in weak market conditions, which could cause significant losses 1.
- Dilution from warrantslow
Exercise of warrants and issuance of new shares could depress the value of existing shares and weigh on demand for the company's securities 1.
Investment thesis
What would need to be true (bull case)
- If charter rates for dry bulk vessels hold at good levels and utilization stays high, revenues could be sustained even on a smaller fleet 1.
- Completion of the Genco acquisition could significantly expand the fleet and the scale of operations, with financing already committed 1.
- Diversification through offshore wind and LPG investments could open new sources of long-term revenue 1.
What would break the thesis
- If the Panamax and Supramax market stays weak due to excess supply, the company's revenues could continue to decline 1.
- Existing debt and new financing commitments could limit the capacity to pay dividends during periods of lower rates 1.
- Single-market exposure and costly environmental regulation could reduce margins over the long term 1.
What to watch
- Completion or failure of the Genco takeover offer and final financing terms2026
- Development of TCE charter rates compared with the 2025 levelQ1 2027
- Delivery of the two Kamsarmax vessels under construction and the joint venture LPG vessels2027 / 2028
- Results reported in the next annual report and the dividend decisionnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 13 Mar 2026; since then the company filed 6-K (08 Oct 2026), 6-K (22 Sept 2026), 6-K (16 Sept 2026), 6-K (25 Aug 2026), 6-K (14 Aug 2026), 6-K (11 Aug 2026).
The business
Diana Shipping Inc. is a holding company incorporated in the Marshall Islands, with executive offices in Athens, Greece, that specializes in owning and bareboat chartering in dry bulk vessels, which management treats as one business segment 1. The company ended fiscal 2025 with a fleet of 36 vessels, owned and chartered-in, with a combined carrying capacity of about 4.1 million dwt 1. Time charter revenues were 213.5 million USD in 2025, down from previous years because of fleet reductions through vessel sales 1.
Most vessels are employed on short- to medium-term time charter agreements, and the company may fix vessels on short-, medium- or long-term employment depending on market conditions 1. Commercial and technical management is provided by its subsidiary Diana Shipping Services S.A. and by a 50/50 joint venture with Wilhelmsen Ship Management, Diana Wilhelmsen Management Limited 1. Fleet utilization stayed at 99.7% in 2025 1.
Alongside its core activity, Diana participates through joint ventures in offshore wind vessels and LPG carriers, and has launched an offer to acquire Genco backed by a 1.43 billion USD fully committed facility 1. These moves extend the company beyond conventional bulk shipping, but they depend on financing conditions and the outcome of negotiations 1.
Segments
Market context
The dry bulk shipping market performed unevenly across vessel sizes in 2025, with Capesize the strongest, supported by iron ore and bauxite trades, while Panamax and Supramax softened due to rising vessel supply and weaker Chinese demand 1. Demand depends on global economic growth, trade flows and geopolitical tensions, and charter rates can vary significantly 1. The company also noted that utilization and charter rates declined compared with 2023, showing revenue sensitivity to the market cycle 1.
Seasonal demand tends to be stronger in the autumn and winter, when northern hemisphere consumption of coal and other raw materials rises, while unpredictable weather can disrupt vessel scheduling 1. Compliance costs such as FuelEU Maritime and the expanding EU ETS add pressure on margins for ships calling EU ports 1.
Trends
- Cyclicality of charter ratesheadwind
Charter rates for dry bulk vessels are volatile and can fall below operating costs, which could affect earnings and the ability to comply with loan covenants 1. Diana is primarily exposed to the dry bulk market, so its results are tied to this cycle 1.
- Demand for iron ore and energytailwind
Projects such as Simandou and bauxite flows support demand for Capesize vessels, which could support rates for the large-vessel part of the fleet 1.
- Environmental and regulatory costsheadwind
Environmental rules such as FuelEU Maritime and EU ETS raise costs for vessels operating in EU ports, and regulatory changes can limit the useful lives of older vessels 1.
- Consolidation in the sectormixed
The Genco offer and the agreement with Star Bulk for 16 vessels point to consolidation in the sector, which could increase fleet size and diversify exposure, but also carries integration and financing risks 1.
Competitive position
Diana notes competition from dry bulk companies with greater resources that may win charters more readily, and entry by new players can push rates down 1. The company cannot assure that it will obtain profitable charters against better-financed rivals 1.
Acquisition offers and vessel purchases such as Genco show that Diana competes for assets and capital as well as for charter contracts 1. Competitive pressure rises when new players enter or when large operators expand their fleets 1.
- Genco Shipping and Trading LimitedGNK
Dry bulk shipping company in which Diana acquired a partial stake and whose takeover it has proposed, making it both rival and target 1.
- Star Bulk Carriers Corp.
Shipping company that agreed with Diana to acquire 16 vessels from Genco, conditional on completion of the takeover 1.
- Cargill Ocean Transportation
Major charterer of several Diana vessels that also operates in bulk transport, making it both client and indirect competitor 1.
- Wilhelmsen Ship Management
Partner in the Diana Wilhelmsen Management joint venture and a ship management firm with its own market activity 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Liderul unei secte religioase, condamnat la 200 de ani de închisoare. Care sunt crimele de care a fost găsit vinovat - Stirile Kanal DSurge — Google News · 06 Nov 2026 · RO
- Liderul unui cult, condamnat la 200 de ani de închisoare pentru uciderea a 190 de copii. Și-a convins... - Ziare.comSurge — Google News · 06 Nov 2026 · RO
- BREAKING | Deșeuri asfaltice îngropate în Vâlcea de firma familiei șefului de la Ape Olt, membru PSD / Adi Florinel Barbu apare în unul dintre dosarele de corupție ale lui Darius Vâlcov / A fost demis din administrația Apelor Române după scandalul balastierelor din OltG4Media · 06 Nov 2026 · RO
- 36 de vedete, un turneu al prieteniei și generozității: Mahony și Bogdan Techeș aduc împreună artiști și sportivi pentru construirea Centrului NeuroatipicLibertatea.ro · 06 Nov 2026 · RO
- Liderul unui cult apocaliptic din Kenya, condamnat la 200 de ani de închisoare pentru uciderea a 191 de persoane - Euronews RomâniaSurge — Google News · 06 Nov 2026 · RO
- Liderul unei secte din Kenya, condamnat la 200 de ani de închisoare pentru moartea a 190 de copii înfometați la ordinul său - TVRInfo.roSurge — Google News · 06 Nov 2026 · RO
- Art Safari New Museum prezintă capodopere și valori ale patrimoniului național în expoziția „Război și pace”SpotMedia.ro · 06 Nov 2026 · RO
- Intotero o acuză pe Buzoianu că a pierdut foarte mulți bani din PNRR: „Şi atunci, vedeţi, trebuie să venim cu soluţii din bugetul de stat” / Buzoianu: „Banii au fost pierduți din corupția și incompetența oamenilor numiți de PSD”G4Media · 05 Nov 2026 · RO
- USR propune până la 600 de lei pe lună pentru chirie și transport la jumătate de preț pentru tinerii care muncescSpotMedia.ro · 05 Nov 2026 · RO
- HPV: O grijă-n minus. Ține VIITORUL sub control! Vaccinul nu e doar pentru fete: de ce este crucială vaccinarea anti-HPV la băiețiLibertatea.ro · 05 Nov 2026 · RO
- Daria Silișteanu, al 2-lea aur la JO de tineret! Performanță unică în istoria sportului românesc - EurosportSurge — Google News · 05 Nov 2026 · RO
- Tinerii cu salarii de până la 4.000 de lei ar putea primi până la 600 de lei pentru chirie și reduceri la transport. Proiectul, depus de USR în ParlamentAdevărul · 05 Nov 2026 · RO
- Dan Șucu, Rapid și copiii patronilor: Unde se termină dragostea părintească și începe favoritismul în afaceri?StartupCafe.ro · 05 Nov 2026 · RO
- CSJ casează hotărârile unor instanțe prin care UAM era obligată să admită un fost procuror în avocatură - BizlawSurge — Google News · 05 Nov 2026 · RO
- INTERVIU. Cazul Toader. „În România, există o lipsă de cunoaștere privind drepturile victimelor”. Un lector explică de ce Uniunea Națională a Barourilor a greșit când i-a luat apărarea lui Tudorel ToaderHotNews.ro · 05 Nov 2026 · RO
- Bani pentru chirie și transport la jumătate de preț pentru tinerii care muncesc și câștigă până la 4.000 de lei / Proiect co-inițiat de USR, depus în ParlamentG4Media · 05 Nov 2026 · RO
- Chiria și transportul, mai ieftine pentru tineri. Ce prevede proiectul de lege propus în Parlament pentru salariațiMediafax · 05 Nov 2026 · RO
- Bani de la stat pentru chirie și transport la jumătate de preț pentru tinerii angajați. Ce prevede noul proiect de lege depus în ParlamentLibertatea.ro · 05 Nov 2026 · RO
- Chirie mai ieftină și transport redus pentru tinerii salariați. Ce prevede proiectul propus de USR și ce condiții ar trebui îndepliniteDigi24 · 05 Nov 2026 · RO
- Aeronautică Avioane Bacău publică raportul financiar trimestrial cu privire la rezultatele din septembrie 2026 - www.goldring.roSurge — Google News · 05 Nov 2026 · RO
SEC filings
- Current report (foreign issuer)08 Oct 2026
- Current report (foreign issuer)22 Sept 2026
- Current report (foreign issuer)16 Sept 2026
- Current report (foreign issuer)25 Aug 2026
- Current report (foreign issuer)14 Aug 2026
- Current report (foreign issuer)11 Aug 2026
- Current report (foreign issuer)07 Aug 2026
- Current report (foreign issuer)04 Aug 2026
- Current report (foreign issuer)30 Jul 2026
- Current report (foreign issuer)30 Jul 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Diana Shipping Inc. · 13 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.