Diana Shipping (DSX)
NYSE:DSX
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Diana Shipping
(NYSE:DSX)
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Rating:55Neutral
Price Target:
$2.50
▲(38.89% Upside)
Action:ReiteratedDate:03/17/26
The score is driven primarily by a cooling financial profile (shrinking revenue, lower margins, elevated leverage and low ROE) despite still-positive free cash flow. Technicals are mixed with modest longer-term trend support but weak near-term momentum. The earnings call added some support via strong 2026 contract coverage and utilization, while valuation is roughly neutral with a modest dividend yield.
Positive Factors
Contracted revenue coverage
High short‑term contract coverage reduces revenue volatility and lowers rollover risk over the next 12–18 months. With most 2026 days fixed above breakeven, the company has durable cash flow visibility that supports debt servicing, dividend continuity and disciplined deployment of capital.
Negative Factors
Elevated leverage
Material leverage constrains financial flexibility across shipping cycles and increases exposure to rate/asset shocks. With debt above equity and sizable long‑term obligations, weaker freight markets or further cash uses could force refinancing at higher cost or require asset sales, pressuring long-term stability.
Read all positive and negative factors
Positive Factors
Negative Factors
Contracted revenue coverage
High short‑term contract coverage reduces revenue volatility and lowers rollover risk over the next 12–18 months. With most 2026 days fixed above breakeven, the company has durable cash flow visibility that supports debt servicing, dividend continuity and disciplined deployment of capital.
Read all positive factors
Diana Shipping (DSX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$324.91M
Dividend Yield2.34%
Average Volume (3M)816.53K
Price to Earnings (P/E)15.2
Beta (1Y)1.14
Revenue Growth-5.45%
EPS Growth139.59%
CountryUS
Employees981
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)<0.01
Shares Outstanding123,539,760
10 Day Avg. Volume466,011
30 Day Avg. Volume816,532
Financial Highlights & Ratios
PEG Ratio0.18
Price to Book (P/B)0.54
Price to Sales (P/S)1.27
P/FCF Ratio6.11
Enterprise Value/Market Cap2.58
Enterprise Value/Revenue3.93
Enterprise Value/Gross Profit9.71
Enterprise Value/Ebitda7.98
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.36
Revenue Forecast (FY)$241.55M
Diana Shipping Business Overview & Revenue Model
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 ope...
How the Company Makes Money
Diana Shipping makes money primarily by chartering out its dry bulk vessels to customers who need ocean transportation for bulk commodities. Its core revenue stream is time charter hire (and, where applicable, voyage-based freight revenue), which ...
Diana Shipping Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 15, 2026
Earnings Call Sentiment Positive
The call presented a largely constructive operational and strategic picture: very high fleet utilization, a predominantly fixed revenue book for 2026 above the company's breakeven level, improved full-year net income, disciplined chartering and clear ESG and fleet modernization progress. Counterbalancing these positives were meaningful Q4 declines in revenue and EBITDA, a substantial year-over-year cash decline driven by strategic investments (including the large Genco stake) and higher per-day operating expenses. The company's secured revenues, conservative leverage (net LTV ~51%), and charter coverage provide resilience and visibility, while short-term profitability and liquidity metrics were impacted by transitional items and one-time uses of cash.Positive Updates
Very High Fleet Utilization
Fleet utilization reached 99.7% for the year ended Dec 31, 2025 (Q4 utilization cited as 100%), demonstrating effective vessel management and near-full deployment of the fleet.
Negative Updates
Quarterly Revenue and Profit Declines
Q4 time charter revenues declined to $52.1 million from $57.1 million year-over-year (-8.4%). Adjusted EBITDA fell to $19.3 million from $25.9 million (-25.5%). Q4 net income dropped to $3.1 million from $9.7 million (-68.1%). Diluted EPS remained flat at $0.02.
Read all updates
Q4-2025 Updates
Positive
Negative
Very High Fleet Utilization
Fleet utilization reached 99.7% for the year ended Dec 31, 2025 (Q4 utilization cited as 100%), demonstrating effective vessel management and near-full deployment of the fleet.
Read all positive updates
Company Guidance
Management's guidance emphasized strong revenue visibility and downside protection: as of Feb 18, 2026 Diana had $175.6M of secured revenues (comprised of $153M covering 76% of 2026 ownership days and $22.6M covering 9% of 2027), an average fixed time‑charter rate of $17,670/day, an average contract duration of 1.24 years and only 24% of 2026 days unfixed; recent chartering since Nov 13 comprised 12 vessels (3 Ultramax at $14,700/day for ~410 days; 5 Kamsarmax + 4 Panamax at $14,500/day for ~397 days; 4 Capesize at $24,300/day for ~409 days). Financially the company entered the year with $122.3M cash, net debt ~51% of market value (long‑term debt $636.1M), a cash‑flow breakeven of $16,883/day and estimated potential revenues for unfixed days of $201.3M (remainder of 2026) and $241.9M for 2027; fleet utilization was 99.7% for 2025 (Q4 100%), the operating fleet is 36 vessels (avg age ~12 years), two methanol dual‑fuel Kamsarmax newbuilds are due end‑2027/early‑2028, and the company declared a $0.01/share quarterly dividend (~$1.16M).Diana Shipping Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
49
Neutral
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 213.54M | 228.21M | 262.10M | 289.97M | 214.20M |
| Gross Profit | 120.88M | 132.01M | 113.21M | 167.67M | 93.39M |
| EBITDA | 77.94M | 97.90M | 130.17M | 181.38M | 102.65M |
| Net Income | 17.83M | 12.75M | 49.84M | 119.06M | 57.39M |
Balance Sheet | |||||
| Total Assets | 1.17B | 1.17B | 1.17B | 1.18B | 842.16M |
| Cash, Cash Equivalents and Short-Term Investments | 240.45M | 188.17M | 162.32M | 122.93M | 126.79M |
| Total Debt | 636.11M | 637.52M | 642.77M | 663.44M | 423.68M |
| Total Liabilities | 667.78M | 665.96M | 677.39M | 695.59M | 448.75M |
| Stockholders Equity | 502.41M | 505.06M | 489.02M | 487.33M | 393.40M |
Cash Flow | |||||
| Free Cash Flow | 44.33M | 59.30M | 38.64M | -72.11M | 70.71M |
| Operating Cash Flow | 47.51M | 83.53M | 70.38M | 158.86M | 89.70M |
| Investing Cash Flow | -32.01M | -39.78M | 24.93M | -273.10M | 13.36M |
| Financing Cash Flow | -36.91M | -21.67M | -71.14M | 84.88M | -59.19M |
Diana Shipping Technical Analysis
Positive
1.80
Price Trends
2.42
Positive
2.11
Positive
1.88
Positive
Market Momentum
0.03
Negative
55.14
Neutral
86.77
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DSX, the sentiment is Positive. The current price of 1.8 is below the 20-day moving average (MA) of 2.43, below the 50-day MA of 2.42, and below the 200-day MA of 1.88, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 55.14 is Neutral, neither overbought nor oversold. The STOCH value of 86.77 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DSX.
Diana Shipping Risk Analysis
Diana Shipping disclosed 116 risk factors in its most recent earnings report. Diana Shipping reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Diana Shipping Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $1.05B | 13.01 | -0.49% | 4.04% | -24.58% | -110.22% | |
66 Neutral | $671.75M | 12.88 | 4.68% | 4.16% | -13.74% | -59.37% | |
66 Neutral | $295.18M | 9.07 | 7.83% | 4.94% | -8.99% | -68.66% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
55 Neutral | $324.91M | 15.21 | 3.60% | 2.34% | -5.45% | 139.59% | |
51 Neutral | $47.27M | -20.72 | -2.65% | ― | 18.49% | -264.74% | |
47 Neutral | $18.53M | -2.44 | -10.68% | 6.20% | -8.96% | -88.67% |
* Industrials Sector Average
DSX
Diana Shipping
2.63
1.26
92.11%
GNK
Genco Shipping
24.32
12.45
104.90%
GLBS
Globus Maritime
2.19
1.10
100.92%
SB
Safe Bulkers
6.57
3.43
108.97%
SHIP
Seanergy Maritime
13.98
8.74
167.00%
USEA
United Maritime Corp.
2.02
1.01
100.60%
Diana Shipping Corporate Events
Diana Shipping Extends NYK Charter for m/v Myrto at Higher Rate
Mar 23, 2026
On March 23, 2026, Diana Shipping Inc. announced that a wholly owned subsidiary has arranged a direct continuation of the time charter for its 2013-built Kamsarmax dry bulk vessel m/v Myrto with Nippon Yusen Kabushiki Kaisha of Tokyo. The new char...
Diana Shipping Escalates Fight After Genco Rejects Higher All-Cash Takeover Bid
Mar 20, 2026
On March 20, 2026, Diana Shipping Inc., which holds about 14.8% of Genco Shipping Trading, criticized Genco’s board for rejecting Diana’s increased, fully financed all-cash bid of $23.50 per share for the Genco shares it does not alre...
Diana Shipping Files 2025 Annual Report on Form 20-F
Mar 16, 2026
Diana Shipping Inc., a global dry bulk shipping company focused on transporting commodities like iron ore, coal and grain via owned and bareboat chartered vessels, operates mainly under short to medium-term time charters across international route...
Diana Shipping Ups Genco Bid to $23.50, Secures $1.4 Billion Financing and Vessel Sale Deal
Mar 6, 2026
On March 6, 2026, Diana Shipping Inc., which already owns about 14.8% of Genco Shipping Trading, raised its all-cash bid to acquire the remaining Genco shares to $23.50 per share in partnership with Star Bulk Carriers. The revised proposal, first...
Diana Shipping Secures Higher-Rate Time Charter for Panamax Vessel Crystalia
Mar 4, 2026
On March 4, 2026, Diana Shipping Inc. announced that a wholly owned subsidiary signed a new time charter contract with SwissMarine Pte. Ltd. in Singapore for its Ice Class Panamax dry bulk vessel m/v Crystalia. The deal underscores the companyR...
Diana Shipping Files February 2026 Form 6-K With New Investor Presentation
Feb 26, 2026
Diana Shipping Inc., the Greek-based maritime transport company, has submitted a Form 6-K to the U.S. Securities and Exchange Commission for February 2026, reaffirming its status as a foreign private issuer reporting under Form 20-F. The filing un...
Diana Shipping Posts Lower Q4 but Higher Full-Year 2025 Profit, Declares $0.01 Dividend
Feb 26, 2026
On February 26, 2026, Diana Shipping Inc. reported that fourth-quarter 2025 net income fell to $3.1 million, with net income attributable to common shareholders at $1.7 million, down from $9.7 million and $8.3 million, respectively, a year earlier...
Diana Shipping Secures Higher-Rate Time Charter for m/v Phaidra with NYK
Feb 12, 2026
Diana Shipping Inc., a global dry bulk shipping company listed on the NYSE, operates a fleet of 36 vessels across segments including Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax and Ultramax, with a combined carrying capacity of about ...
Diana Shipping Extends Time Charter for Post-Panamax Vessel Amphitrite
Feb 2, 2026
On February 2, 2026, Diana Shipping Inc. announced that, through a wholly owned subsidiary, it has secured a direct continuation of the time charter for its 98,697 dwt Post-Panamax dry bulk vessel m/v Amphitrite with Cobelfret S.A. of Luxembourg. ...
Diana Shipping Presses Ahead After Genco Board Rejects $20.60-Per-Share Cash Bid
Jan 16, 2026
On January 13, 2026, Diana Shipping Inc. announced that the board of Genco Shipping Trading Limited had rejected, without engagement, Diana’s non-binding all-cash proposal to acquire all Genco shares it does not already own for $20.60 per s...
Diana Shipping Secures Year-Long Time Charter for Ultramax DSI Altair with Bunge
Jan 12, 2026
On January 12, 2026, Diana Shipping Inc. announced that, via a wholly owned subsidiary, it has entered into a time charter contract with Bunge SA in Geneva for its 2016-built Ultramax dry bulk vessel m/v DSI Altair, securing a gross charter rate o...
Diana Shipping Secures Higher-Rate Extension of Time Charter for Kamsarmax Vessel Maia
Jan 8, 2026
On January 8, 2026, Diana Shipping Inc. announced that, through a wholly owned subsidiary, it has agreed a direct continuation of the time charter for its 2009-built Kamsarmax dry bulk vessel m/v Maia with Paralos Shipping Pte. Ltd. at a gross rat...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.