Diana Shipping (NYSE:DSX) management used its fourth-quarter and full-year 2025 earnings call to outline a “two halves” market backdrop, review fleet and chartering activity, and provide an update on its efforts to pursue a potential acquisition of Genco Shipping & Trading. The company also declared a quarterly dividend of $0.01 per share and detailed changes in liquidity following investments and fleet activity during the year.
Market backdrop: a subdued first half, recovery in the second
Chief Executive Officer Semiramis Paliou said 2025 unfolded in two distinct phases, but “in the opposite direction” of 2024. The first half of 2025 was pressured by slowing coal demand, lower year-over-year iron ore imports into China, and trade uncertainty following a broad slate of U.S. tariffs announced on April 2. In the second half, Paliou said the dry bulk market recovered across vessel sizes, helped by tighter utilization driven by longer ton-miles, a substantial drydock schedule across the global fleet, and weather-related delays in the Pacific.
Fleet snapshot and contract coverage
Paliou said Diana operates 36 dry bulk vessels with an average age of 12 years and total deadweight capacity of approximately 1 million tons. The company expects delivery of two methanol dual-fuel newbuilding Panamax vessels at the end of 2027 and early 2028. For the year ended December 31, 2025, fleet utilization was 99.7%.
As of quarter-end, the company reported $122.3 million in cash and said net debt stood at 51% of market value. It also reported total secured revenues of approximately $175.6 million as of February 18, 2026.
Management highlighted fourth-quarter chartering activity, noting that about one-third of the fleet was fixed on period charters at rates higher than their previous charters. From November 13, 2025 through February 19, 2026, Diana secured time charters for 12 vessels:
- Three Ultramax vessels at an average daily rate of $14,700 for an average of 410 days
- Five Panamax and Post-Panamax vessels at an average daily rate of $14,500 for an average of 397 days
- Four Capesize vessels at an average daily rate of $24,300 for an average of 409 days
Paliou said the company’s strategy is to use staggered medium- to long-term charters to avoid clustered maturities and improve earnings visibility. As of February 18, 2026, Diana reported it had secured $153 million of contracted revenues covering 76% of 2026 ownership days, and $22.6 million covering 9% of 2027 ownership days. The company cited an average fixed time charter rate of $17,670 per day for 2026, and said 24% of remaining 2026 days were unfixed, with an average contract duration of 1.24 years.
Financial results: lower quarterly revenue and EBITDA, higher full-year net income
Co-CFO and Treasurer Maria Dede reported fourth-quarter 2025 time charter revenues of $52.1 million, down from $57.1 million in the prior-year quarter. Adjusted EBITDA was $19.3 million versus $25.9 million a year earlier. Net income was $3.1 million, compared with $9.7 million in the fourth quarter of 2024, while diluted earnings per common share were $0.02 in both periods.
Dede attributed the quarter-over-quarter changes primarily to the sale of two vessels during 2025 that reduced ownership days, higher available days, a lower time charter equivalent rate reflecting the timing of renewals under the company’s short- to medium-term chartering strategy, and higher expenses. She also noted offsets from lower interest and finance costs and higher non-operating gains compared with the prior-year quarter.
Operationally, Diana averaged 36 vessels in the fourth quarter versus 38 a year earlier following the sale of Alkmini in March and Selina in July 2025. Time charter equivalent averaged $15,397, down 1% from $16,589 in the fourth quarter of 2024, with 100% utilization. Vessel operating expenses rose 6% to $20.3 million, and daily operating expenses increased 11% to $6,123, which Dede said was mainly due to higher crew costs, stores and spares, and repairs.
For full-year 2025, time charter revenues were $213.5 million compared with $228.2 million in 2024, which Dede said was driven mainly by a smaller average fleet size of 36.7 vessels versus 38.9. Despite lower revenue, net income rose to $17.8 million from $12.7 million in 2024, which she attributed to lower interest expense and finance costs and non-operating gains in 2025 compared with losses in 2024. Net income attributable to common shareholders was $12.1 million versus $7.0 million the prior year. Full-year time charter equivalent was $15,454 compared with $16,267 in 2024, with utilization of 99.7%.
Liquidity, capital allocation, and dividend
Cash fell to $122.3 million at December 31, 2025 from $207.2 million a year earlier. Dede said the decrease reflected cash deployed for strategic investments, including $103.5 million used to acquire a 14.8% ownership interest in Genco and $18.3 million invested in new and existing equity method investments. She also cited $23 million of common share repurchases, dividends on common and preferred stock, scheduled debt service, and drydock and special survey activity.
The company completed scheduled drydockings and special surveys for 14 vessels during 2025, with capitalized costs of about $18 million, which Dede said contributed to higher depreciation and amortization and lower profits. To strengthen liquidity, Diana sold two older vessels generating approximately $23 million and drew $55 million under a new loan facility with National Bank of Greece.
Long-term debt was $636.1 million at year-end 2025, slightly lower than $637.5 million at year-end 2024. Dede said the company’s capital structure includes secure bank debt, a $175 million senior unsecured bond, and amortizing sale-and-leaseback facilities, with a “steady and predictable” amortization schedule through 2029, when the bond matures.
Dede also provided a cash flow break-even figure of $16,883 per day as of December 31, 2025. With 76% of 2026 ownership days fixed at an average rate of $17,670 per day, the company expects $153 million of revenues for the fixed portion of 2026. For 2027, 9% of ownership days are fixed at an average rate of $19,261 per day, with expected revenues of $22.6 million.
The company declared a quarterly cash dividend of $0.01 per common share for the fourth quarter of 2025, totaling approximately $1.16 million. Management said Diana has paid quarterly dividends since the third quarter of 2021, in both cash and shares, and that cumulative dividends paid since 2021 total $2.70 per common share.
Genco proposal and ESG updates
Paliou reiterated that Diana submitted a letter to Genco’s board in November proposing to acquire all outstanding Genco shares not already owned by Diana for $20.60 per share in cash. She said the company announced in January its intention to nominate six director candidates to Genco’s board, and stated that, “to this date,” Genco’s board has not actively engaged with Diana regarding the proposal. Paliou said the company continues to believe in the merits of a potential acquisition and will continue to evaluate its options.
In ESG remarks, Paliou said the company received a CDP score of B for environmental disclosure and a 31% score from S&P Global on investor-focused ESG ratings, which she said reflected transparency and progress on key metrics.
No analyst questions were asked during the call’s Q&A portion.
About Diana Shipping (NYSE:DSX)
Diana Shipping Inc is a global shipping company incorporated in the Republic of the Marshall Islands and headquartered in Athens, Greece. The company specializes in the ownership and operation of dry bulk vessels that transport a variety of commodities, including coal, iron ore, grains, fertilizers, steel products and other bulk materials. Diana Shipping’s fleet comprises Panamax, Capesize, Newcastlemax and Supramax/Newcastlemax segments, enabling it to address the needs of customers on key global trade routes.
The company conducts its operations by chartering vessels on short‐term voyage charters and longer‐term period charters.
