Diana Shipping Inc., a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, reported net income of $7.2 million and net income attributable to common stockholders of $5.7 million for the third quarter of 2025. This compares to a net income of $3.7 million and a net income attributable to common stockholders of $2.3 million for the third quarter of 2024. Earnings per share for the third quarter of 2025 were $0.05 basic and diluted, compared to $0.02 basic and $0.00 diluted in the same quarter of 2024.
Time charter revenues were $51.9 million for the third quarter of 2025, compared to $57.5 million for the same quarter of 2024. The decrease in time charter revenues, compared to the same quarter last year, was primarily attributable to the sale of two vessels in 2025 and one vessel in September 2024.
Net income for the nine months ended September 30, 2025, amounted to $14.7 million and net income attributable to common stockholders amounted to $10.4 million. This compares to a net income of $3.0 million and a net loss attributable to common stockholders of $1.3 million for the same period in 2024. Time charter revenues for the nine months ended September 30, 2025, were $161.5 million, compared to $171.1 million for the same period in 2024. Earnings per share for the nine months ended September 30, 2025 were $0.09 basic and diluted, compared to a loss per share of $0.01 basic and diluted for the same period in 2024.
Dividend Declaration
The Company has declared a cash dividend on its common stock of $0.01 per share, based on the Company’s results of operations during the quarter ended September 30, 2025. The cash dividend will be payable on December 17, 2025, to all common shareholders of record as of December 8, 2025. As of November 18, 2025, the Company has 115,781,752 common shares issued and outstanding and 16,207,541 outstanding warrants.
| Fleet Employment (As of November 18, 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-24 | 8-Aug-25 | ||
| 2017 60,456 | 13,500 | 4.75 | % | Cargill Ocean Transportation (Singapore) Pte. Ltd. | 8-Aug-25 | 1/Oct/2026 – 30/Nov/2026 | ||||
| 2 | DSI Pollux | A | 14,000 | 4.75 | % | Cargill Ocean Transportation (Singapore) Pte. Ltd. | 28-Dec-23 | 4-Sep-25 | 1 | |
| 2015 60,446 | 14,000 | 5.00 | % | Bunge SA, Geneva | 30-Sep-25 | 5-Dec-25 | 2 | |||
| 3 | DSI Pyxis | A | 13,100 | 5.00 | % | Stone Shipping Ltd | 8-Nov-24 | 20/Feb/2026 – 20/Apr/2026 | ||
| 2018 60,362 | ||||||||||
| 4 | DSI Polaris | A | 15,400 | 5.00 | % | Stone Shipping Ltd | 20-Jul-24 | 1-Jul-25 | ||
| 2018 60,404 | 12,250 | 4.75 | % | Cargill Ocean Transportation (Singapore) Pte. Ltd. | 1-Jul-25 | 21/Jul/2026 – 21/Sep/2026 | ||||
| 5 | DSI Pegasus | A | 15,250 | 4.75 | % | Cargill Ocean Transportation (Singapore) Pte. Ltd | 5-Sep-24 | 25-Jul-25 | 3 | |
| 2015 60,508 | 14,250 | 4.75 | % | 15-Aug-25 | 20/May/2026 – 20/Jul/2026 | |||||
| 6 | DSI Aquarius | B | 13,300 | 5.00 | % | Bunge SA, Geneva | 6-Dec-24 | 7-Nov-25 | ||
| 2016 60,309 | 14,500 | 5.00 | % | 7-Nov-25 | 1/Nov/2026 – 31/Dec/2026 | |||||
| 7 | DSI Aquila | B | 12,250 | 5.00 | % | Western Bulk Carriers AS | 21-Jan-25 | 17-Sep-25 | 4,5 | |
| 2015 60,309 | 14,500 | 5.00 | % | Bunge SA, Geneva | 12-Oct-25 | 25/Feb/2027 – 25/Apr/2027 | ||||
| 8 | DSI Altair | B | 15,750 | 5.00 | % | Propel Shipping Pte. Ltd. | 28-Sep-24 | 25/Nov/2025 – 31/Dec/2025 | 6 | |
| 2016 60,309 | ||||||||||
| 9 | DSI Andromeda | B | 14,000 | 4.75 | % | Cargill Ocean Transportation (Singapore) Pte. Ltd | 28-Mar-25 | 17-Nov-25 | 7,8 | |
| 2016 60,309 | ||||||||||
| 6 Panamax Bulk Carriers | ||||||||||
| 10 | LETO | 12,275 | 4.75 | % | Cargill International SA, Geneva | 4-Apr-25 | 16/Jul/2026 – 16/Sep/2026 | |||
| 2010 81,297 | ||||||||||
| 11 | SELINA | C | 6,500 | 5.00 | % | Reachy Shipping (SGP) Pte. Ltd. | 13-May-25 | 12-Jul-25 | 9 | |
| 2010 75,700 | ||||||||||
| 12 | MAERA | C | 8,400 | 5.00 | % | China Resource Chartering Limited | 15-Dec-24 | 3-Nov-25 | ||
| 2013 75,403 | 11,750 | 5.00 | % | CRC Shipping Pte. Ltd., Singapore | 3-Nov-25 | 20/Oct/2026 – 20/Dec/2026 | ||||
| 13 | ISMENE | 11,000 | 5.00 | % | China Resource Chartering Pte. Ltd. | 24-Apr-25 | 20/Mar/2026 – 20/May/2026 | |||
| 2013 77,901 | ||||||||||
| 14 | CRYSTALIA | D | 13,900 | 5.00 | % | Louis Dreyfus Company Freight Asia Pte. Ltd. | 4-May-24 | 4/Feb/2026 – 4/Jun/2026 | ||
| 2014 77,525 | ||||||||||
| 15 | ATALANDI | D | 10,100 | 5.00 | % | Stone Shipping Ltd | 8-Jun-25 | 15/Jun/2026 – 15/Aug/2026 | 10 | |
| 2014 77,529 | ||||||||||
| 6 Kamsarmax Bulk Carriers | ||||||||||
| 16 | MAIA | E | 11,600 | 5.00 | % | Paralos Shipping Pte. Ltd. | 9-Dec-24 | 25/Nov/2025 – 31/Dec/2025 | 6 | |
| 2009 82,193 | ||||||||||
| 17 | MYRSINI | E | 13,000 | 4.75 | % | Cargill International SA, Geneva | 26-Feb-25 | 1/Jan/2026 – 28/Feb/2026 | ||
| 2010 82,117 | ||||||||||
| 18 | MEDUSA | E | 13,000 | 4.75 | % | Cargill International SA, Geneva | 16-Mar-25 | 15/May/2026 – 15/Jul/2026 | ||
| 2010 82,194 | ||||||||||
| 19 | MYRTO | E | 12,000 | 5.00 | % | Nippon Yusen Kabushiki Kaisha, Tokyo | 23-Dec-24 | 1/Mar/2026 – 15/May/2026 | ||
| 2013 82,131 | ||||||||||
| 20 | ASTARTE | 14,000 | 5.00 | % | Paralos Shipping Pte. Ltd. | 19-Aug-24 | 31-Jul-25 | |||
| 2013 81,513 | 12,500 | 5.00 | % | Propel Shipping Pte. Ltd. | 2-Aug-25 | 16/Aug/2026 – 16/Oct/2026 | ||||
| 21 | LEONIDAS P. C. | 17,000 | 5.00 | % | Ming Wah International Shipping Company Limited | 22-Feb-24 | 28-Aug-25 | 11 | ||
| 2011 82,165 | 14,000 | 5.00 | % | Nippon Yusen Kabushiki Kaisha, Tokyo | 24-Sep-25 | 15/Sep/2026 – 15/Nov/2026 | ||||
| 4 Post-Panamax Bulk Carriers | ||||||||||
| 22 | AMPHITRITE | F | 12,100 | 5.00 | % | Cobelfret S.A., Luxembourg | 8-Jan-25 | 1/Jan/2026 – 15/Mar/2026 | 12 | |
| 2012 98,697 | ||||||||||
| 23 | POLYMNIA | F | 17,500 | 5.00 | % | Reachy Shipping (SGP) Pte. Ltd. | 8-Jun-24 | 17-Aug-25 | ||
| 2012 98,704 | 14,000 | 5.00 | % | Oldendorff Carriers GmbH & Co. KG | 17-Aug-25 | 10/Apr/2026 – 10/Jun/2026 | ||||
| 24 | ELECTRA | G | 14,000 | 4.75 | % | Aquavita International S.A. | 3-Jun-24 | 4-Dec-25 | 13 | |
| 2013 87,150 | 14,000 | 5.00 | % | Oldendorff Carriers GmbH & Co. KG | 4-Dec-25 | 1/Dec/2026 – 31/Jan/2027 | 14 | |||
| 25 | PHAIDRA | G | 9,750 | 5.00 | % | SwissMarine Pte. Ltd., Singapore | 31-May-25 | 1/Jan/2026 – 28/Feb/2026 | ||
| 2013 87,146 | ||||||||||
| 8 Capesize Bulk Carriers | ||||||||||
| 26 | SEMIRIO | H | 16,650 | 5.00 | % | Solebay Shipping Cape Company Limited, Hong Kong | 11-Feb-25 | 15-Mar-26 | 15 | |
| 2007 174,261 | 21,650 | 5.00 | % | 15-Mar-26 | 31/Jan/2027 – 15/Apr/2027 | 16 | ||||
| 27 | NEW YORK | H | 17,600 | 5.00 | % | SwissMarine Pte. Ltd., Singapore | 11-Jan-25 | 15/Jan/2026 – 30/Mar/2026 | 17 | |
| 2010 177,773 | ||||||||||
| 28 | SEATTLE | I | 17,500 | 5.00 | % | Solebay Shipping Cape Company Limited, Hong Kong | 1-Oct-23 | 24-Oct-25 | 18,19 | |
| 2011 179,362 | ||||||||||
| 29 | P. S. PALIOS | I | 27,150 | 5.00 | % | Bohai Shipping (HEBEI) Co., Ltd | 7-May-24 | 25/Nov/2025 – 31/Dec/2025 | 6 | |
| 2013 179,134 | ||||||||||
| 30 | G. P. ZAFIRAKIS | J | 26,800 | 5.00 | % | Nippon Yusen Kabushiki Kaisha, Tokyo | 16-Sep-24 | 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-24 | 29-Nov-25 | 13 | |
| 2015 179,426 | 25,500 | 5.00 | % | Dampskibsselskabet Norden A/S | 29-Nov-25 | 1/Mar/2027 – 30/Apr/2027 | 14,20 | |||
| 32 | NEW ORLEANS | 20,000 | 5.00 | % | Kawasaki Kisen Kaisha, Ltd. | 7-Dec-23 | 20-Sep-25 | 21,21 | ||
| 2015 180,960 | 26,000 | 5.00 | % | SwissMarine Pte. Ltd., Singapore | 31-Oct-25 | 1/Dec/2026 – 15/Feb/2027 | ||||
| 33 | FLORIDA | 25,900 | 5.00 | % | Bunge S.A., Geneva | 29-Mar-22 | 29/Jan/2027 – 29/May/2027 | 8 | ||
| 2022 182,063 | ||||||||||
| 4 Newcastlemax Bulk Carriers | ||||||||||
| 34 | LOS ANGELES | K | 28,700 | 5.00 | % | Nippon Yusen Kabushiki Kaisha, Tokyo | 20-Jul-24 | 1-Nov-25 | ||
| 2012 206,104 | 24,000 | 5.00 | % | MOL Ocean Bulk Pte. Ltd., Singapore | 1-Nov-25 | 10/Sep/2026 – 1/Nov/2026 | ||||
| 35 | PHILADELPHIA | K | 21,500 | 5.00 | % | Refined Success Limited | 29-May-25 | 9/Jun/2026 – 8/Aug/2026 | ||
| 2012 206,040 | ||||||||||
| 36 | SAN FRANCISCO | L | 26,000 | 5.00 | % | SwissMarine Pte. Ltd., Singapore | 1-Mar-25 | 25/Oct/2026 – 25/Dec/2026 | ||
| 2017 208,006 | ||||||||||
| 37 | NEWPORT NEWS | L | 25,000 | 5.00 | % | Bohai Ocean Shipping (Singapore) Holding Pte. Ltd. | 16-Jun-25 | 1/Sep/2026 – 31/Oct/2026 | ||
| 2017 208,021 | ||||||||||
| * 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. | ||||||||||
| 1Vessel on scheduled drydocking from September 4, 2025 to September 30, 2025. | ||||||||||
| 2Redelivery date based on an estimated time charter trip duration of about 65 days. | ||||||||||
| 3Vessel on scheduled drydocking from July 25, 2025 to August 15, 2025. | ||||||||||
| 4Vessel on scheduled drydocking from September 17, 2025 to October 12, 2025. | ||||||||||
| 5Charterers have agreed to compensate the Owners, for all the days over and above the maximum redelivery date (September 5, 2025), at a hire rate equal to double the agreed hire rate or the rate of 115% of the average of the relevant Baltic Tess 58 Supramax Index, whichever of the two is higher. | ||||||||||
| 6Based on latest information. | ||||||||||
| 7Currently without an active charterparty. Vessel for scheduled drydocking. | ||||||||||
| 8Bareboat chartered-in for a period of ten years. | ||||||||||
| 9Vessel was sold and delivered to her new Owners on July 15, 2025. | ||||||||||
| 10The charter rate was US$9,000 per day for the first thirty-five (35) days of the charter period. | ||||||||||
| 11Vessel on scheduled drydocking from August 28, 2025 to September 24, 2025. | ||||||||||
| 12The charter rate was US$8,750 per day for the first fifty (50) days of the charter period. | ||||||||||
| 13Estimated redelivery date from the charterers. | ||||||||||
| 14Estimated delivery date to the charterers. | ||||||||||
| 15Vessel off hire for drydocking from September 8, 2025 to November 1, 2025. | ||||||||||
| 16Estimated date. | ||||||||||
| 17The charter rate was US$6,300 per day for the first trip of the charter period. | ||||||||||
| 18Charterers compensated the Owners, for any period in excess of the new maximum date (October 3, 2025), at a hire rate of 108% of the average of the Baltic Cape Index 5TC for the days exceeding the period. | ||||||||||
| 19Currently without an active charterparty. Vessel on scheduled drydocking. | ||||||||||
| 20Bareboat chartered-in for a period of eight years. | ||||||||||
| 21Vessel on scheduled drydocking from September 20, 2025 to October 31, 2025. | ||||||||||
| Summary of Selected Financial & Other Data (unaudited) | |||||||||||||
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| STATEMENT OF INCOME DATA (in thousands of US Dollars) | |||||||||||||
| Time charter revenues | $ | 51,861 | $ | 57,488 | $ | 161,487 | $ | 171,136 | |||||
| Voyage expenses | 3,231 | 3,654 | 9,295 | 10,067 | |||||||||
| Vessel operating expenses | 20,002 | 21,239 | 59,963 | 63,372 | |||||||||
| Net income | 7,158 | 3,715 | 14,698 | 3,009 | |||||||||
| Net income/(loss) attributable to common stockholders | 5,715 | 2,272 | 10,371 | (1,318 | ) | ||||||||
| FLEET DATA | |||||||||||||
| Average number of vessels | 36.2 | 38.7 | 37.0 | 39.1 | |||||||||
| Number of vessels | 36.0 | 38.0 | 36.0 | 38.0 | |||||||||
| Weighted average age of vessels | 11.9 | 11.0 | 11.9 | 11.0 | |||||||||
| Ownership days | 3,326 | 3,561 | 10,094 | 10,723 | |||||||||
| Available days | 3,204 | 3,511 | 9,836 | 10,623 | |||||||||
| Operating days | 3,186 | 3,508 | 9,788 | 10,586 | |||||||||
| Fleet utilization | 99.4 | % | 99.9 | % | 99.5 | % | 99.7 | % | |||||
| AVERAGE DAILY RESULTS | |||||||||||||
| Time charter equivalent (TCE) rate (1) | $ | 15,178 | $ | 15,333 | $ | 15,473 | $ | 15,162 | |||||
| Daily vessel operating expenses (2) | $ | 6,014 | $ | 5,964 | $ | 5,941 | $ | 5,910 | |||||
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.