0001562762-26-000030
SEC filingDiana Shipping Inc. (DSX) reported FY 2025 net income of $17.8M, down from $12.7M in FY 2024, with net income attributable to common stockholders at $12.1M ($0.11 basic/diluted EPS) versus $7.0M ($0.06 basic EPS) prior year. Time charter revenues declined 6% to $213.5M from $228.2M, driven by a smaller fleet (36 vessels vs. 38) after selling Alcmene and Selina, reducing operating days to 12,969 from 14,009. TCE rate improved slightly to $15,454 from $15,267. Operating income fell to $42.2M from $58.8M due to higher depreciation ($46.5M) and G&A ($34.1M). Vessel operating expenses decreased 3% to $80.2M. Gain on vessel sales was $3.7M vs. $5.8M. Net cash from operations dropped to $47.5M from $83.5M. Total assets stable at $1.17B, stockholders' equity $502.4M. Debt $529.2M, finance liabilities $114.1M. Fleet utilization remained strong at 99.7%. Equity investments include $118.2M in Genco (14.8% stake). Forward-looking, 81% of 2026 ownership days fixed above break-even, supporting liquidity amid dry bulk market volatility.
Diana Shipping Inc. delivered FY 2025 net income of $17.8M, a 40% increase from $12.7M in FY 2024, with net income attributable to common stockholders rising to $12.1M ($0.11 basic/diluted EPS) from $7.0M ($0.06 basic EPS). Operating income declined 28% to $42.2M from $58.8M, impacted by fleet reduction and higher depreciation. Total assets remained stable at $1.17B, with stockholders' equity at $502.4M. Cash and equivalents plus restricted cash totaled $122.3M. Strong fleet utilization of 99.7% persisted, matching prior year.
Time charter revenues fell 6% to $213.5M from $228.2M, primarily due to selling two vessels (Alcmene, Selina), shrinking the fleet to 36 from 38 vessels and operating days to 12,969 from 14,009. TCE rate edged up to $15,454 from $15,267, reflecting slightly higher rates. Voyage expenses dropped 9% to $12.4M. No segment breakdown disclosed; operations remain focused on dry bulk carriers (Ultramax, Panamax, Kamsarmax, Post-Panamax, Capesize, Newcastlemax).
Operating margin contracted to 20% from 26%, driven by higher depreciation ($46.5M vs. $44.7M) from drydocking 14 vessels (vs. 6) and G&A up 2% to $34.1M. Vessel operating expenses decreased 3% to $80.2M ($5,986/day vs. $5,808). Gain on vessel sales $3.7M vs. $5.8M. Interest expense fell 9% to $43.0M on lower rates. Equity securities gain $14.7M boosted other income.
Operating cash flow declined 43% to $47.5M from $83.5M, reflecting lower revenues and higher drydocking ($18.1M). Investing used $32.0M (investments $121.8M, offset by vessel sales $23.0M). Financing used $36.9M (debt repayments $58.2M, offset by $55.0M new debt; $23.0M stock repurchase). Debt $529.2M (current $50.3M), finance liabilities $114.1M. Current assets $244.9M, liabilities $89.6M; working capital $155.3M.
81% of 2026 ownership days fixed at rates above break-even. Commitments: $73.6M for two Kamsarmax newbuildings (2027-2028), €9.4M Windward JV, $8.2M Ecogas JV. Genco acquisition proposal increased to $23.50/share, contingent on financing. Dry bulk market volatility noted; BDI closed at 1,972 (Mar 2026).