Diana Shipping Inc. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2025; Declares Cash Dividend of $0.01 Per Common Share for the Second Quarter 2025
Diana Shipping (NYSE:DSX) reported Q2 2025 financial results, showing a significant turnaround with net income of $4.5 million compared to a net loss of $2.8 million in Q2 2024. The company posted earnings per share of $0.03 and time charter revenues of $54.7 million.
For H1 2025, DSX achieved net income of $7.5 million on revenues of $109.6 million. The company declared a quarterly cash dividend of $0.01 per share, payable on September 11, 2025. The fleet consists of 37 vessels, including Ultramax, Panamax, Kamsarmax, Post-Panamax, Capesize, and Newcastlemax bulk carriers, with an average age of 11.7 years and impressive fleet utilization of 99.5%.
Diana Shipping (NYSE:DSX) ha comunicato i risultati finanziari del secondo trimestre 2025, evidenziando una netta ripresa con un utile netto di 4,5 milioni di dollari rispetto a una perdita netta di 2,8 milioni nel secondo trimestre 2024. La società ha registrato un utile per azione di 0,03 dollari e ricavi da noleggio a tempo pari a 54,7 milioni di dollari.
Per il primo semestre 2025, DSX ha ottenuto un utile netto di 7,5 milioni di dollari su ricavi di 109,6 milioni di dollari. È stato dichiarato un dividendo in contanti trimestrale di 0,01 dollari per azione, pagabile l’11 settembre 2025. La flotta comprende 37 navi, tra cui bulk carrier Ultramax, Panamax, Kamsarmax, Post-Panamax, Capesize e Newcastlemax, con un’età media di 11,7 anni e un’impressionante utilizzo della flotta del 99,5%.
Diana Shipping (NYSE:DSX) presentó los resultados financieros del segundo trimestre de 2025, mostrando una recuperación significativa con un ingreso neto de 4.5 millones de dólares en comparación con una pérdida neta de 2.8 millones en el segundo trimestre de 2024. La compañía reportó un beneficio por acción de 0.03 dólares y ingresos por fletamento a tiempo de 54.7 millones de dólares.
En el primer semestre de 2025, DSX logró un ingreso neto de 7.5 millones de dólares sobre ingresos de 109.6 millones de dólares. La empresa declaró un dividendo trimestral en efectivo de 0.01 dólares por acción, pagadero el 11 de septiembre de 2025. La flota consta de 37 buques, incluyendo portacontenedores Ultramax, Panamax, Kamsarmax, Post-Panamax, Capesize y Newcastlemax, con una edad promedio de 11.7 años y un impresionante uso de la flota del 99.5%.
Diana Shipping (NYSE:DSX)는 2025년 2분기 재무 실적을 발표하며, 2024년 2분기 순손실 280만 달러에서 크게 개선된 순이익 450만 달러를 기록했습니다. 회사는 주당순이익 0.03달러와 시간용선 수익 5470만 달러를 보고했습니다.
2025년 상반기 DSX는 순이익 750만 달러와 1억 960만 달러의 매출을 달성했습니다. 회사는 2025년 9월 11일 지급 예정인 주당 0.01달러 분기 현금 배당금을 선언했습니다. 선단은 Ultramax, Panamax, Kamsarmax, Post-Panamax, Capesize, Newcastlemax 벌크선 37척으로 구성되어 있으며, 평균 연령은 11.7년이고 선단 가동률은 99.5%에 달합니다.
Diana Shipping (NYSE:DSX) a publié ses résultats financiers du deuxième trimestre 2025, affichant un redressement notable avec un revenu net de 4,5 millions de dollars contre une perte nette de 2,8 millions au deuxième trimestre 2024. La société a enregistré un bénéfice par action de 0,03 dollar et des revenus de time charter de 54,7 millions de dollars.
Pour le premier semestre 2025, DSX a réalisé un revenu net de 7,5 millions de dollars pour un chiffre d'affaires de 109,6 millions de dollars. La société a déclaré un dividende trimestriel en espèces de 0,01 dollar par action, payable le 11 septembre 2025. La flotte compte 37 navires, incluant des vraquiers Ultramax, Panamax, Kamsarmax, Post-Panamax, Capesize et Newcastlemax, avec un âge moyen de 11,7 ans et une utilisation de la flotte impressionnante de 99,5%.
Diana Shipping (NYSE:DSX) meldete die Finanzergebnisse für das zweite Quartal 2025 und zeigte eine deutliche Wende mit einem Nettoeinkommen von 4,5 Millionen US-Dollar im Vergleich zu einem Nettoverlust von 2,8 Millionen US-Dollar im zweiten Quartal 2024. Das Unternehmen erzielte einen Gewinn je Aktie von 0,03 US-Dollar und Chartererlöse von 54,7 Millionen US-Dollar.
Für das erste Halbjahr 2025 erreichte DSX ein Nettoeinkommen von 7,5 Millionen US-Dollar bei Einnahmen von 109,6 Millionen US-Dollar. Das Unternehmen erklärte eine vierteljährliche Bardividende von 0,01 US-Dollar pro Aktie, zahlbar am 11. September 2025. Die Flotte besteht aus 37 Schiffen, darunter Ultramax-, Panamax-, Kamsarmax-, Post-Panamax-, Capesize- und Newcastlemax-Bulkschiffe, mit einem Durchschnittsalter von 11,7 Jahren und einer beeindruckenden Flottenauslastung von 99,5%.
- Turned profitable with Q2 2025 net income of $4.5 million vs loss of $2.8 million in Q2 2024
- Strong fleet utilization at 99.5%
- Time charter equivalent (TCE) rate increased to $15,492 from $15,106 year-over-year
- Reduced vessel operating expenses to $5,944 per day from $5,993 year-over-year
- Time charter revenues decreased to $54.7 million from $56.0 million year-over-year
- Reduced fleet size to 37 vessels from 39 vessels year-over-year
- Increased average fleet age to 11.7 years from 10.9 years
- Minimal dividend of $0.01 per share indicates conservative cash distribution policy
Insights
Diana Shipping returned to profitability in Q2 2025 with $4.5M net income versus $2.8M loss last year, despite slightly lower revenues.
Diana Shipping has successfully reversed its financial trajectory, reporting a net income of $4.5 million for Q2 2025 compared to a loss of $2.8 million in Q2 2024. This translates to earnings per share of $0.03, a meaningful improvement from the loss per share of $0.04 in the same period last year. The company achieved this turnaround despite a slight decrease in time charter revenues, which fell to $54.7 million from $56.0 million year-over-year.
The revenue decline was primarily driven by reduced ownership days (3,367 versus 3,549 in Q2 2024), indicating a smaller fleet size, as the company operated an average of 37 vessels compared to 39 vessels in the previous year. However, this was partially offset by improved average charter rates, with the Time Charter Equivalent (TCE) rate increasing to $15,492 from $15,106 per day.
On the cost side, Diana Shipping has demonstrated strong expense management. Voyage expenses remained stable at $3.1 million, while vessel operating expenses decreased to $20.0 million from $21.3 million. On a daily basis, vessel operating expenses slightly decreased to $5,944 from $5,993, showing marginal improvement in operational efficiency.
The company has maintained a high fleet utilization rate of 99.5%, virtually unchanged from the 99.9% recorded in Q2 2024, indicating efficient fleet management despite market fluctuations. Diana also declared a modest cash dividend of $0.01 per share, signaling some return of capital to shareholders while likely prioritizing financial stability.
For the first half of 2025, the company reported a net income of $7.5 million, a substantial improvement from the $0.7 million loss in the same period of 2024. This demonstrates that the Q2 results are part of a broader positive trend rather than a one-quarter anomaly.
Looking at the fleet employment details, Diana has secured several new charter contracts with rates generally ranging from $10,000 to $28,700 per day, providing reasonable revenue visibility for the next 12-18 months. The company's successful chartering strategy amid fluctuating dry bulk shipping rates has been instrumental in achieving this financial turnaround.
ATHENS, Greece, July 30, 2025 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today reported net income of
Time charter revenues were
Net income for the six months ended June 30, 2025, amounted to
Dividend Declaration
The Company has declared a cash dividend on its common stock of
| Fleet Employment (As of July 29, 2025) | ||||||||||
| VESSEL | SISTER SHIPS* | GROSS RATE (USD PER DAY) | COM** | CHARTERERS | DELIVERY DATE TO CHARTERERS*** | REDELIVERY DATE TO OWNERS**** | NOTES | |||
| BUILT DWT | ||||||||||
| 9 Ultramax Bulk Carriers | ||||||||||
| 1 | DSI Phoenix | A | 16,500 | 5.00 | % | Bulk Trading SA | 6/May/2024 | 3/Aug/2025 | 1 | |
| 2017 60,456 | 13,500 | 4.75 | % | Cargill Ocean Transportation (Singapore) Pte. Ltd. | 3/Aug/2025 | 1/Oct/2026 - 30/Nov/2026 | 2 | |||
| 2 | DSI Pollux | A | 14,000 | 4.75 | % | Cargill Ocean Transportation (Singapore) Pte. Ltd. | 28/Dec/2023 | 20/Aug/2025 - 20/Oct/2025 | ||
| 2015 60,446 | ||||||||||
| 3 | DSI Pyxis | A | 13,100 | 5.00 | % | Stone Shipping Ltd. | 8/Nov/2024 | 20/Feb/2026 - 20/Apr/2026 | ||
| 2018 60,362 | ||||||||||
| 4 | DSI Polaris | A | 15,400 | 5.00 | % | Stone Shipping Ltd. | 20/Jul/2024 | 1/Jul/2025 | ||
| 2018 60,404 | 12,250 | 4.75 | % | Cargill Ocean Transportation (Singapore) Pte. Ltd. | 1/Jul/2025 | 21/Jul/2026 - 21/Sep/2026 | ||||
| 5 | DSI Pegasus | A | 15,250 | 4.75 | % | Cargill Ocean Transportation (Singapore) Pte. Ltd. | 5/Sep/2024 | 25/Jul/2025 | 3 | |
| 2015 60,508 | ||||||||||
| 6 | DSI Aquarius | B | 13,300 | 5.00 | % | Bunge SA, Geneva | 6/Dec/2024 | 6/Oct/2025 - 21/Dec/2025 | ||
| 2016 60,309 | ||||||||||
| 7 | DSI Aquila | B | 12,250 | 5.00 | % | Western Bulk Carriers AS | 21/Jan/2025 | 1/Aug/2025 - 5/Sep/2025 | 4 | |
| 2015 60,309 | ||||||||||
| 8 | DSI Altair | B | 15,750 | 5.00 | % | Propel Shipping Pte. Ltd. | 28/Sep/2024 | 1/Nov/2025 - 31/Dec/2025 | ||
| 2016 60,309 | ||||||||||
| 9 | DSI Andromeda | B | 14,000 | 4.75 | % | Cargill Ocean Transportation (Singapore) Pte. Ltd. | 28/Mar/2025 | 15/Nov/2025-15/Jan/2026 | 5 | |
| 2016 60,309 | ||||||||||
| 6 Panamax Bulk Carriers | ||||||||||
| 10 | LETO | 12,275 | 4.75 | % | Cargill International SA, Geneva | 4/Apr/2025 | 16/Jul/2026 - 16/Sep/2026 | 6 | ||
| 2010 81,297 | ||||||||||
| 11 | SELINA | C | 10,500 | 5.00 | % | Raffles Shipping International Pte. Ltd. | 17/Oct/2024 | 14/Apr/2025 | 7 | |
| 2010 75,700 | 6,500 | 5.00 | % | Reachy Shipping (SGP) Pte. Ltd. | 13/May/2025 | 12/Jul/2025 | 8 | |||
| 12 | MAERA | C | 8,400 | 5.00 | % | China Resource Chartering Limited | 15/Dec/2024 | 20/Sep/2025-20/Nov/2025 | ||
| 2013 75,403 | ||||||||||
| 13 | ISMENE | 12,650 | 5.00 | % | Paralos Shipping Pte., Ltd. | 13/Sep/2023 | 24/Apr/2025 | |||
| 2013 77,901 | 11,000 | 5.00 | % | China Resource Chartering Pte. Ltd. | 24/Apr/2025 | 20/Mar/2026 - 20/May/2026 | ||||
| 14 | CRYSTALIA | D | 13,900 | 5.00 | % | Louis Dreyfus Company Freight Asia Pte. Ltd. | 4/May/2024 | 4/Feb/2026 - 4/Jun/2026 | ||
| 2014 77,525 | ||||||||||
| 15 | ATALANDI | D | 14,600 | 4.75 | % | Cargill International SA, Geneva | 20/Jul/2024 | 8/Jun/2025 | ||
| 2014 77,529 | 10,100 | 5.00 | % | Stone Shipping Ltd. | 8/Jun/2025 | 15/Jun/2026 - 15/Aug/2026 | 9 | |||
| 6 Kamsarmax Bulk Carriers | ||||||||||
| 16 | MAIA | E | 11,600 | 5.00 | % | Paralos Shipping Pte. Ltd. | 9/Dec/2024 | 1/Nov/2025 - 31/Dec/2025 | ||
| 2009 82,193 | ||||||||||
| 17 | MYRSINI | E | 13,000 | 4.75 | % | Cargill International SA, Geneva | 26/Feb/2025 | 1/Jan/2026 - 28/Feb/2026 | ||
| 2010 82,117 | ||||||||||
| 18 | MEDUSA | E | 13,000 | 4.75 | % | Cargill International SA, Geneva | 16/Mar/2025 | 15/May/2026 - 15/Jul/2026 | ||
| 2010 82,194 | ||||||||||
| 19 | MYRTO | E | 12,000 | 5.00 | % | Nippon Yusen Kabushiki Kaisha, Tokyo | 23/Dec/2024 | 1/Mar/2026 - 15/May/2026 | ||
| 2013 82,131 | ||||||||||
| 20 | ASTARTE | 14,000 | 5.00 | % | Paralos Shipping Pte. Ltd. | 19/Aug/2024 | 2/Aug/2025 | 1 | ||
| 2013 81,513 | 12,500 | 5.00 | % | Propel Shipping Pte. Ltd. | 2/Aug/2025 | 16/Aug/2026 - 16/Oct/2026 | 2 | |||
| 21 | LEONIDAS P. C. | 17,000 | 5.00 | % | Ming Wah International Shipping Company Limited | 22/Feb/2024 | 20/Aug/2025 - 20/Sep/2025 | 4 | ||
| 2011 82,165 | ||||||||||
| 4 Post-Panamax Bulk Carriers | ||||||||||
| 22 | AMPHITRITE | F | 12,100 | 5.00 | % | Cobelfret S.A., Luxembourg | 8/Jan/2025 | 1/Jan/2026 - 15/Mar/2026 | 10 | |
| 2012 98,697 | ||||||||||
| 23 | POLYMNIA | F | 17,500 | 5.00 | % | Reachy Shipping (SGP) Pte. Ltd. | 8/Jun/2024 | 1/Aug/2025 - 30/Aug/2025 | 4 | |
| 2012 98,704 | ||||||||||
| 24 | ELECTRA | G | 14,000 | 4.75 | % | Aquavita International S.A. | 3/Jun/2024 | 15/Oct/2025 - 31/Dec/2025 | ||
| 2013 87,150 | ||||||||||
| 25 | PHAIDRA | G | 12,000 | 4.75 | % | Aquavita International S.A. | 12/Oct/2024 | 31/May/2025 | ||
| 2013 87,146 | 9,750 | 5.00 | % | SwissMarine Pte. Ltd., Singapore | 31/May/2025 | 1/Jan/2026 - 28/Feb/2026 | ||||
| 8 Capesize Bulk Carriers | ||||||||||
| 26 | SEMIRIO | H | 16,650 | 5.00 | % | Solebay Shipping Cape Company Limited, Hong Kong | 11/Feb/2025 | 15/Feb/2026 - 15/Apr/2026 | ||
| 2007 174,261 | ||||||||||
| 27 | NEW YORK | H | 17,600 | 5.00 | % | SwissMarine Pte. Ltd., Singapore | 11/Jan/2025 | 15/Jan/2026 - 30/Mar/2026 | 11,12 | |
| 2010 177,773 | ||||||||||
| 28 | SEATTLE | I | 17,500 | 5.00 | % | Solebay Shipping Cape Company Limited, Hong Kong | 1/Oct/2023 | 1/Aug/2025 - 30/Sep/2025 | 4 | |
| 2011 179,362 | ||||||||||
| 29 | P. S. PALIOS | I | 27,150 | 5.00 | % | Bohai Shipping (HEBEI) Co., Ltd. | 7/May/2024 | 1/Nov/2025 - 31/Dec/2025 | ||
| 2013 179,134 | ||||||||||
| 30 | G. P. ZAFIRAKIS | J | 26,800 | 5.00 | % | Nippon Yusen Kabushiki Kaisha, Tokyo | 16/Sep/2024 | 16/Aug/2026 - 16/Nov/2026 | ||
| 2014 179,492 | ||||||||||
| 31 | SANTA BARBARA | J | 22,000 | 5.00 | % | Mitsui O.S.K. Lines, Ltd. | 27/Dec/2024 | 20/Oct/2025 - 20/Dec/2025 | 13 | |
| 2015 179,426 | ||||||||||
| 32 | NEW ORLEANS | 20,000 | 5.00 | % | Kawasaki Kisen Kaisha, Ltd. | 7/Dec/2023 | 15/Aug/2025 - 31/Oct/2025 | 13,14 | ||
| 2015 180,960 | ||||||||||
| 33 | FLORIDA | 25,900 | 5.00 | % | Bunge S.A., Geneva | 29/Mar/2022 | 29/Jan/2027 - 29/May/2027 | 5 | ||
| 2022 182,063 | ||||||||||
| 4 Newcastlemax Bulk Carriers | ||||||||||
| 34 | LOS ANGELES | K | 28,700 | 5.00 | % | Nippon Yusen Kabushiki Kaisha, Tokyo | 20/Jul/2024 | 1/Oct/2025 - 15/Dec/2025 | ||
| 2012 206,104 | ||||||||||
| 35 | PHILADELPHIA | K | 22,500 | 5.00 | % | Nippon Yusen Kabushiki Kaisha, Tokyo | 4/Feb/2024 | 29/May/2025 | ||
| 2012 206,040 | 21,500 | 5.00 | % | Refined Success Limited | 29/May/2025 | 9/Jun/2026 - 8/Aug/2026 | ||||
| 36 | SAN FRANCISCO | L | 26,000 | 5.00 | % | SwissMarine Pte. Ltd., Singapore | 1/Mar/2025 | 25/Oct/2026 - 25/Dec/2026 | ||
| 2017 208,006 | ||||||||||
| 37 | NEWPORT NEWS | L | 20,000 | 5.00 | % | Nippon Yusen Kabushiki Kaisha, Tokyo | 20/Sep/2023 | 16/Jun/2025 | ||
| 2017 208,021 | 25,000 | 5.00 | % | Bohai Ocean Shipping (Singapore) Holding Pte. Ltd. | 16/Jun/2025 | 1/Sep/2026 - 31/Oct/2026 | ||||
| * Each dry bulk carrier is a “sister ship”, or closely similar, to other dry bulk carriers that have the same letter. | ||||||||||
| ** Total commission percentage paid to third parties. | ||||||||||
| *** In case of newly acquired vessel with time charter attached, this date refers to the expected/actual date of delivery of the vessel to the Company. | ||||||||||
| **** Range of redelivery dates, with the actual date of redelivery being at the Charterers’ option, but subject to the terms, conditions, and exceptions of the particular charterparty. | ||||||||||
| 1Estimated redelivery date from the charterers. | ||||||||||
| 2Estimated delivery date to the charterers. | ||||||||||
| 3Currently without an active charterparty. Vessel on scheduled drydocking. | ||||||||||
| 4Based on latest information. | ||||||||||
| 5Bareboat chartered-in for a period of ten years. | ||||||||||
| 6Vessel on scheduled drydocking from March 9, 2025 until April 4, 2025. | ||||||||||
| 7Vessel on scheduled drydocking from April 14, 2025 until May 13, 2025. | ||||||||||
| 8Vessel was sold and delivered to her new Owners on July 15, 2025. | ||||||||||
| 9The charter rate was US | ||||||||||
| 10The charter rate was US | ||||||||||
| 11The charter rate was US | ||||||||||
| 12Vessel off hire for drydocking from February 23, 2025 until April 7, 2025. | ||||||||||
| 13Bareboat chartered-in for a period of eight years. | ||||||||||
| 14Vessel off-hire for about 11.45 days. | ||||||||||
| Summary of Selected Financial & Other Data (unaudited) | ||||||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| STATEMENT OF INCOME DATA (in thousands of US Dollars) | ||||||||||||
| Time charter revenues | $ | 54,688 | $ | 56,000 | $ | 109,625 | $ | 113,648 | ||||
| Voyage expenses | 3,114 | 3,145 | 6,064 | 6,413 | ||||||||
| Vessel operating expenses | 20,012 | 21,269 | 39,962 | 42,133 | ||||||||
| Net income/(loss) | 4,542 | (2,764) | 7,539 | (706) | ||||||||
| Net income/(loss) attributable to common stockholders | 3,100 | (4,206) | 4,655 | (3,590) | ||||||||
| FLEET DATA | ||||||||||||
| Average number of vessels | 37.0 | 39.0 | 37.4 | 39.4 | ||||||||
| Number of vessels | 37.0 | 39.0 | 37.0 | 39.0 | ||||||||
| Weighted average age of vessels | 11.7 | 10.9 | 11.7 | 10.9 | ||||||||
| Ownership days | 3,367 | 3,549 | 6,768 | 7,162 | ||||||||
| Available days | 3,329 | 3,499 | 6,632 | 7,112 | ||||||||
| Operating days | 3,312 | 3,496 | 6,602 | 7,078 | ||||||||
| Fleet utilization | ||||||||||||
| AVERAGE DAILY RESULTS | ||||||||||||
| Time charter equivalent (TCE) rate (1) | $ | 15,492 | $ | 15,106 | $ | 15,615 | $ | 15,078 | ||||
| Daily vessel operating expenses (2) | $ | 5,944 | $ | 5,993 | $ | 5,905 | $ | 5,883 | ||||
Non-GAAP Measures
(1) Time charter equivalent rate, or TCE, is defined as our time charter revenues less voyage expenses during a period divided by the number of our available days during the period. Our method of computing TCE rate may not necessarily be comparable to TCE rates of other companies due to differences in methods of calculation. TCE is a non-GAAP measure, and management believes it is useful to investors because it is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts. TCE is used by management to assess and compare the vessels’ profitability.
(2) Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period.
Conference Call and Webcast Information
The Company’s management will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Time) on Wednesday, July 30, 2025.
Investors may access the webcast by visiting the Company’s website at www.dianashippinginc.com, and clicking on the webcast link. An accompanying investor presentation also will be available via the webcast link and on the Company’s website. The conference call also may be accessed by telephone by dialing 1-877-407-8291 (for U.S.-based callers) or 1-201-689-8345 (for international callers), and asking the operator for the Diana Shipping Inc. conference call.
A replay of the webcast will be available soon after the completion of the call and will be accessible for 30 days on www.dianashippinginc.com. A telephone replay also will be available for 30 days by dialing 1-877-660-6853 (for U.S.-based callers) or 1-201-612-7415 (for international callers), and providing the Replay ID number 13754872.
About the Company
Diana Shipping Inc. is a global provider of shipping transportation services through its ownership and bareboat charter-in of dry bulk vessels. The Company’s vessels are employed primarily on short to medium-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, tariff policies and other trade restrictions, potential liability from pending or future litigation, general domestic and international political conditions, including risks associated with the continuing conflict between Russia and Ukraine and related sanctions, potential disruption of shipping routes due to accidents or political events, including the escalation of the conflict in the Middle East, vessel breakdowns and instances of off-hires and other factors. Please see the Company’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
(See financial tables attached)
| DIANA SHIPPING INC. | ||||||||||||||||
| FINANCIAL TABLES | ||||||||||||||||
| Expressed in thousands of U.S. Dollars, except share and per share data | ||||||||||||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) | ||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| REVENUES: | ||||||||||||||||
| Time charter revenues | $ | 54,688 | $ | 56,000 | $ | 109,625 | $ | 113,648 | ||||||||
| OPERATING EXPENSES | ||||||||||||||||
| Voyage expenses | 3,114 | 3,145 | 6,064 | 6,413 | ||||||||||||
| Vessel operating expenses | 20,012 | 21,269 | 39,962 | 42,133 | ||||||||||||
| Depreciation and amortization of deferred charges | 11,596 | 11,004 | 22,839 | 22,106 | ||||||||||||
| General and administrative expenses | 8,944 | 8,197 | 17,133 | 16,729 | ||||||||||||
| Management fees to a related party | 303 | 333 | 636 | 666 | ||||||||||||
| Gain on sale of vessels | (4 | ) | - | (1,500 | ) | (1,572 | ) | |||||||||
| Other operating (income)/loss | 299 | (104 | ) | 460 | (389 | ) | ||||||||||
| Operating income, total | $ | 10,424 | $ | 12,156 | $ | 24,031 | $ | 27,562 | ||||||||
| OTHER INCOME/(EXPENSE) | ||||||||||||||||
| Interest expense and finance costs | (10,812 | ) | (11,594 | ) | (21,890 | ) | (23,650 | ) | ||||||||
| Interest and other income | 1,915 | 2,041 | 3,778 | 3,776 | ||||||||||||
| Gain/(loss) on derivative instruments | (67 | ) | 23 | (227 | ) | 361 | ||||||||||
| Gain/(loss) on related party investments | 3,540 | (3,467 | ) | 2,482 | (1,351 | ) | ||||||||||
| Loss on equity securities | (403 | ) | (403 | ) | (400 | ) | ||||||||||
| Gain/ (loss) on warrants | 474 | (2,090 | ) | 515 | (6,773 | ) | ||||||||||
| Gain(loss) from equity method investments | (529 | ) | 167 | (747 | ) | (231 | ) | |||||||||
| Total other expenses, net | $ | (5,882 | ) | $ | (14,920 | ) | $ | (16,492 | ) | $ | (28,268 | ) | ||||
| Net income/(loss) | $ | 4,542 | $ | (2,764 | ) | $ | 7,539 | $ | (706 | ) | ||||||
| Dividends on series B preferred shares | (1,442 | ) | (1,442 | ) | (2,884 | ) | (2,884 | ) | ||||||||
| Net income/(loss) attributable to common stockholders | 3,100 | (4,206 | ) | 4,655 | (3,590 | ) | ||||||||||
| Earnings/(loss) per common share, basic and diluted | $ | 0.03 | $ | (0.04 | ) | $ | 0.04 | $ | (0.03 | ) | ||||||
| Weighted average number of common shares outstanding, basic | 110,664,067 | 115,236,048 | 110,095,604 | 112,818,414 | ||||||||||||
| Weighted average number of common shares outstanding, diluted | 110,664,067 | 115,236,048 | 110,095,604 | 112,818,414 | ||||||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net Income/(loss) | $ | 4,542 | $ | (2,764 | ) | $ | 7,539 | $ | (706 | ) | ||||||
| Currency translation adjustment | 3,208 | - | 3,208 | - | ||||||||||||
| Comprehensive Income/(loss) | $ | 7,750 | $ | (2,764 | ) | $ | 10,747 | $ | (706 | ) | ||||||
| CONDENSED CONSOLIDATED BALANCE SHEET DATA | ||||||
| (in thousands of U.S. Dollars) | ||||||
| June 30, 2025 | December 31, 2024* | |||||
| ASSETS | (unaudited) | |||||
| Cash, cash equivalents, restricted cash and time deposits | $ | 149,598** | $ | 207,166** | ||
| Investments in equity securities | 24,353 | - | ||||
| Other current assets | 28,803 | 18,443 | ||||
| Fixed assets | 844,658 | 880,145 | ||||
| Investments in related parties and equity method investments | 64,196 | 47,240 | ||||
| Other noncurrent assets | 19,607 | 18,024 | ||||
| Total assets | $ | 1,131,215 | $ | 1,171,018 | ||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Long-term debt and finance liabilities, net of deferred financing costs | $ | 610,207 | $ | 637,525 | ||
| Other liabilities | 28,166 | 28,436 | ||||
| Total stockholders' equity | 492,842 | 505,057 | ||||
| Total liabilities and stockholders' equity | $ | 1,131,215 | $ | 1,171,018 | ||
| * | The balance sheet data has been derived from the audited consolidated financial statements at that date. | |||||
| ** | Includes time deposits of | |||||
| OTHER FINANCIAL DATA (unaudited) | |||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net cash provided by operating activities | $ | 8,623 | $ | 11,218 | $ | 25,835 | $ | 49,183 | |||||||
| Net cash provided by/(used in) investing activities | (39,877 | ) | 7,425 | (29,333 | ) | (13,624 | ) | ||||||||
| Net cash used in financing activities | $ | (16,801 | ) | $ | (20,576 | ) | $ | (56,570 | ) | $ | (37,110 | ) | |||
Corporate Contact:
Ioannis Zafirakis
Director, Co-Chief Financial Officer, Chief Strategy Officer, Treasurer
and Secretary
Telephone: + 30-210-9470100
Email: izafirakis@dianashippinginc.com
Website: www.dianashippinginc.com
X: @Dianaship
Investor Relations/Media Contact:
Nicolas Bornozis / Daniela Guerrero
Capital Link, Inc.
230 Park Avenue, Suite 1540
New York, N.Y. 10169
Tel.: (212) 661-7566
Email: diana@capitallink.com
FAQ
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