Diana Shipping (DSX)
NYSE:DSX
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Diana Shipping
(NYSE:DSX)
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Rating:52Neutral
Price Target:
$2.00
▲(11.11% Upside)
Action:Reiterated
Date:05/28/26
The score is held back primarily by weakening fundamentals versus prior-cycle peaks (contracting revenue, lower margins) and a levered balance sheet with low current returns, despite still-positive recent free cash flow. Technical signals also reflect weak near-term momentum. Positives from the latest earnings call—high utilization, meaningful 2026 charter coverage, and improved liquidity/deleveraging—provide some support, but valuation (high P/E with a modest yield) limits upside.
Positive Factors
Contracted revenue coverage
High multi-month charter coverage materially raises revenue visibility and reduces reliance on spot rates. With ~83% of 2026 days fixed, the company has structural downside protection across the next 2–6 months, supporting predictable cash flows and planning for debt amortization or opportunistic reinvestment.
Negative Factors
Elevated leverage
A leverage profile where debt exceeds equity increases sensitivity to freight cycles and interest costs. With debt-to-equity ~1.27 and modest ROE (~3.5%), the company has less buffer to absorb rate weakness or capex needs, constraining strategic optionality and increasing refinancing risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Contracted revenue coverage
High multi-month charter coverage materially raises revenue visibility and reduces reliance on spot rates. With ~83% of 2026 days fixed, the company has structural downside protection across the next 2–6 months, supporting predictable cash flows and planning for debt amortization or opportunistic reinvestment.
Read all positive factors
Diana Shipping (DSX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$265.61M
Dividend Yield2.34%
Average Volume (3M)1.05M
Price to Earnings (P/E)6.2
Beta (1Y)1.08
Revenue Growth-5.39%
EPS Growth393.65%
CountryUS
Employees981
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.11
Shares Outstanding123,539,760
10 Day Avg. Volume822,823
30 Day Avg. Volume1,051,833
Financial Highlights & Ratios
PEG Ratio0.18
Price to Book (P/B)0.37
Price to Sales (P/S)0.87
P/FCF Ratio4.17
Enterprise Value/Market Cap2.88
Enterprise Value/Revenue3.58
Enterprise Value/Gross Profit8.85
Enterprise Value/Ebitda9.46
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.4
Revenue Forecast (FY)$248.87M
Diana Shipping Business Overview & Revenue Model
Company Description
Diana Shipping Inc. specializes in providing maritime transportation solutions. The company is responsible for the global carriage of various dry bulk commodities, such as iron ore, coal, grain, and other loose materials, across shipping routes wo...
How the Company Makes Money
Diana Shipping makes money primarily by chartering its dry bulk vessels to customers and earning hire (freight) revenue for the use of those ships. Its key revenue stream is time charter revenue, where a customer (charterer) pays a fixed daily rat...
Diana Shipping Earnings Call Summary
Earnings Call Date:May 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call highlighted several strong company-level fundamentals — very high fleet utilization (99.9%), improved earnings per share, disciplined multi-year charter coverage (~83% of remaining 2026 days contracted) and a solid liquidity/debt position (cash ~$125M; net LTV ~46%). Strategic initiatives (increased Genco offer with committed financing), ESG recognition and fleet modernization plans add to the positive outlook. Key risks center on macro and geopolitical uncertainty (Middle East conflict impacts, possible commodity policy actions in Guinea/Indonesia), remaining unfixed days (~17%), some higher per‑day operating costs, and execution risk around the Genco transaction. Overall, the positives (operational performance, contracted revenues, improved profitability and liquidity) outweigh the challenges presented, but material external risks remain that could affect forward performance.Positive Updates
Exceptional Fleet Utilization
Fleet utilization reached 99.9% for the three months ended 03/31/2026, demonstrating extremely high operational employment and commercial discipline.
Negative Updates
Geopolitical Disruption and Operational Headwinds
The Middle East conflict has increased bunker prices, lengthened ton‑miles and caused utilization tightening (vessels rerouting, greater canal congestion), creating cost and schedule pressure across trades and contributing to market uncertainty.
Read all updates
Q1-2026 Updates
Positive
Negative
Exceptional Fleet Utilization
Fleet utilization reached 99.9% for the three months ended 03/31/2026, demonstrating extremely high operational employment and commercial discipline.
Read all positive updates
Company Guidance
Management guided that it has already secured roughly 83% of ownership days for the remainder of 2026, translating to about $123–124 million of contracted revenues at an average fixed time‑charter rate of roughly $18–18.3k/day (only ~17% of 2026 days remain unfixed), and has fixed $44.1 million of revenues for ~17% of 2027 days at an average ~$19.9k/day with an average contract duration of 1.24 years; fleet utilization was 99.9%, cash was ~$124–125 million, long‑term debt was $621 million and net loan‑to‑value ~46%, management reported cash‑flow breakeven rates of roughly $16.03k and ~$44k/day, potential total revenues (including unfixed days) of about $150 million for the remainder of 2026 and $252 million for 2027, and a gradual debt amortization profile with a $175 million senior unsecured bond maturing in 2029.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
Negative
1.80
Price Trends
2.49
Negative
2.46
Negative
2.12
Positive
Market Momentum
-0.10
Positive
33.74
Neutral
15.98
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DSX, the sentiment is Negative. The current price of 1.8 is below the 20-day moving average (MA) of 2.35, below the 50-day MA of 2.49, and below the 200-day MA of 2.12, indicating a neutral trend. The MACD of -0.10 indicates Positive momentum. The RSI at 33.74 is Neutral, neither overbought nor oversold. The STOCH value of 15.98 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
65 Neutral | $713.80M | 16.16 | 4.68% | 4.16% | -1.56% | -33.49% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | $319.67M | 8.51 | 14.03% | 4.94% | 15.24% | 41.39% | |
58 Neutral | $1.03B | 66.14 | <0.01% | 4.04% | 2.22% | -63.61% | |
55 Neutral | $65.83M | 85.96 | 0.47% | ― | 33.71% | ― | |
52 Neutral | $265.61M | 6.24 | 8.69% | 2.34% | -5.39% | 393.65% | |
52 Neutral | $25.47M | -12.94 | -3.33% | 6.20% | -10.84% | 72.72% |
* Industrials Sector Average
DSX
Diana Shipping
2.15
0.58
37.12%
GNK
Genco Shipping
24.85
12.48
100.87%
GLBS
Globus Maritime
3.06
1.82
145.78%
SB
Safe Bulkers
7.16
3.55
98.17%
SHIP
Seanergy Maritime
15.24
9.06
146.44%
USEA
United Maritime Corp.
2.66
1.33
100.60%
Diana Shipping Corporate Events
Diana Shipping Shareholders Approve Board Slate and Auditor at 2026 Virtual AGM
May 29, 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, continues to emphasize short- to medium-term time charters across key global trade ...
Diana Shipping Posts Strong Q1 2026 Profit and Declares Cash Dividend
May 28, 2026
On May 28, 2026, Diana Shipping Inc. reported a sharp improvement in profitability for the quarter ended March 31, 2026, with net income rising to $29.1 million and earnings per share climbing to $0.25 from $0.01 a year earlier. Time charter reven...
Diana Shipping Releases Updated Investor Presentation on May 28, 2026
May 28, 2026
Diana Shipping Inc., a Greece-headquartered dry bulk shipping company listed in the U.S. as a foreign private issuer, continues to serve the global seaborne commodities market from its base in Palaio Faliro, Athens. The company operates under the ...
Diana Shipping Lifts Earnings Visibility With Higher-Rate Charter Extension for m/v Polymnia
May 15, 2026
Diana Shipping Inc., a global dry bulk shipping company, said on May 15, 2026 that it has extended the time charter for its 98,704 dwt Post-Panamax vessel m/v Polymnia with Oldendorff Carriers, locking in a higher gross charter rate of $20,000 per...
Diana Shipping Adopts Amended Equity Incentive Plan Effective April 29, 2026
May 1, 2026
Diana Shipping Inc. reported on May 1, 2026, that its board of directors adopted an amended and restated Equity Incentive Plan, which became effective on April 29, 2026, to provide key directors, officers, employees and service providers with equi...
Diana Shipping Secures Higher-Rate Time Charters for Capesize and Ultramax Vessels
Apr 29, 2026
On April 29, 2026, Diana Shipping Inc. announced two new time charter contracts that lock in higher rates for key vessels in its dry bulk fleet, underscoring a strategy of securing medium-term earnings visibility. The company said the Capesize m/v...
Diana Shipping Sets May 28, 2026 Virtual Date for Annual Shareholder Meeting
Apr 22, 2026
Diana Shipping Inc., a Greece-based global dry bulk shipping company listed on the NYSE, focuses on transporting major commodities like iron ore, coal and grain via a fleet employed primarily on short- to medium-term time charters. The company der...
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...
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.