Diana Shipping (DSX)
NYSE:DSX
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Diana Shipping
(NYSE:DSX)
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Rating:57Neutral
Price Target:
$3.00
▲(66.67% Upside)
Action:Reiterated
Date:05/13/26
The score is primarily held back by weakening financial performance (shrinking revenue, lower margins/ROE, and elevated leverage) and an unattractive valuation (high P/E and low yield). These are partly offset by positive technical momentum and earnings-call visibility from a largely fixed 2026 revenue book above breakeven, though near-term profitability and liquidity pressures remain notable.
Positive Factors
Secured revenue visibility
A large contracted book (about $175.6M) with roughly three‑quarters of 2026 days fixed above the company's reported breakeven provides durable revenue visibility. This reduces near‑term rollover exposure, supports predictable cash flow for debt service and capex planning, and lowers downside risk through the shipping cycle over the next 12–18 months.
Negative Factors
Elevated leverage
Leverage materially above equity limits financial flexibility and increases sensitivity to freight‑rate downturns. High debt levels raise fixed interest and amortization obligations, constrain the ability to invest or respond to market stress, and amplify risk if contracted rates roll off or utilization weakens over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Secured revenue visibility
A large contracted book (about $175.6M) with roughly three‑quarters of 2026 days fixed above the company's reported breakeven provides durable revenue visibility. This reduces near‑term rollover exposure, supports predictable cash flow for debt service and capex planning, and lowers downside risk through the shipping cycle over the next 12–18 months.
Read all positive factors
Diana Shipping (DSX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$358.27M
Dividend Yield2.34%
Average Volume (3M)605.00K
Price to Earnings (P/E)27.3
Beta (1Y)1.13
Revenue Growth-6.43%
EPS Growth79.57%
CountryUS
Employees981
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.11
Shares Outstanding123,539,760
10 Day Avg. Volume495,975
30 Day Avg. Volume604,998
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 Cap2.37
Enterprise Value/Revenue3.97
Enterprise Value/Gross Profit9.82
Enterprise Value/Ebitda8.07
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.6
Revenue Forecast (FY)$266.23M
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
2.46
Positive
2.18
Positive
1.92
Positive
Market Momentum
0.03
Negative
56.15
Neutral
56.60
Neutral
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 2.48, below the 50-day MA of 2.46, and below the 200-day MA of 1.92, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 56.15 is Neutral, neither overbought nor oversold. The STOCH value of 56.60 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $1.18B | 26.47 | 4.20% | 4.04% | 2.22% | -63.61% | |
66 Neutral | $749.45M | 10.42 | 4.68% | 4.16% | -10.37% | -64.20% | |
66 Neutral | $347.75M | 3.91 | 7.83% | 4.94% | -5.59% | -52.64% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
57 Neutral | $358.27M | 27.26 | 3.60% | 2.34% | -6.43% | 79.57% | |
51 Neutral | $45.11M | 10.75 | -1.00% | ― | 26.77% | -515.79% | |
51 Neutral | $21.94M | -1.01 | -11.02% | 6.20% | -16.84% | -81.90% |
* Industrials Sector Average
DSX
Diana Shipping
2.90
1.41
95.02%
GNK
Genco Shipping
27.08
13.42
98.20%
GLBS
Globus Maritime
2.09
0.99
90.87%
SB
Safe Bulkers
7.33
3.81
108.36%
SHIP
Seanergy Maritime
16.47
10.75
187.69%
USEA
United Maritime Corp.
2.30
1.13
96.92%
Diana Shipping Corporate Events
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...
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...
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.