ATHENS, GREECE, February 26, 2026 – Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today reported net income of $3.1 million and net income attributable to common stockholders of $1.7 million for the fourth quarter of 2025. This compares to net income of $9.7 million and net income attributable to common stockholders of $8.3 million for the fourth quarter of 2024. Earnings per share for the fourth quarter of 2025 were $0.02 basic and diluted, compared to $0.07 basic and $0.02 diluted in the same quarter of 2024.
Time charter revenues were $52.1 million for the fourth quarter of 2025, compared to $57.1 million for the same quarter of 2024. The decrease was primarily attributable to the sale of two vessels in 2025 and the higher number of drydocking days during the fourth quarter of 2025 compared to the same quarter of 2024, which decreased ownership days and the fleet’s available days for hire.
Net income for 2025, amounted to $17.8 million and net income attributable to common stockholders amounted to $12.1 million. This compares to net income of $12.7 million and net income attributable to common stockholders of $7.0 million for 2024. Time charter revenues for 2025, were $213.5 million, compared to $228.2 million for 2024. Earnings per share for 2025 were $0.11 basic and diluted, compared to $0.06 basic and $0.05 diluted for 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 for the quarter ended December 31, 2025. The cash dividend will be payable on March 18, 2026, to all common shareholders of record as of March 11, 2026. As of February 25, 2026, the Company had 115,789,435 common shares issued and outstanding and 16,202,921 warrants outstanding.
| * 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. | |||||||||
| 1Based on latest information. | |||||||||
| 2Vessel on scheduled drydocking from September 17, 2025 to October 12, 2025. | |||||||||
| 3Vessel on scheduled drydocking from December 27, 2025 to January 19, 2026. | |||||||||
| 4Vessel on scheduled drydocking from November 17, 2025 to December 7, 2025. | |||||||||
| 5Bareboat chartered-in for a period of ten years. | |||||||||
| 6The charter rate was US$9,000 per day for the first thirty-five (35) days of the charter period. | |||||||||
| 7Charterers have agreed to compensate the Owners, for all the days over and above the maximum redelivery date (December 31, 2025), at a hire rate of 105% of the average of the Baltic Panamax Index 5TC or the vessel’s present charter party rate whichever of the two is higher. | |||||||||
| 8The charter rate was US$8,750 per day for the first fifty (50) days of the charter period. | |||||||||
| 9The charter rate will be US$13,000 per day for the first thirty (30) days of the charter period. | |||||||||
| 10Estimated redelivery date from the charterers. | |||||||||
| 11Estimated delivery date to the charterers. | |||||||||
| 12Vessel off hire for drydocking from September 8, 2025 to November 1, 2025. | |||||||||
| 13Estimated date. | |||||||||
| 14The charter rate was US$6,300 per day for the first trip of the charter period. | |||||||||
| 15Charterers 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. | |||||||||
| 16Vessel on scheduled drydocking from October 24, 2025 to November 29, 2025. | |||||||||
| 17Bareboat chartered-in for a period of eight years. | |||||||||
| 18Vessel on scheduled drydocking from September 20, 2025 to October 31, 2025. | |||||||||
| Summary of Selected Financial & Other Data (unaudited) | |||||||||
| Three months ended December 31, | Year ended December 31, | ||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||
| STATEMENT OF INCOME DATA (in thousands of US Dollars) | |||||||||
| Time charter revenues | $ | 52,054 | $ | 57,073 | $ | 213,541 | $ | 228,209 | |
| Voyage expenses | 3,122 | 3,540 | 12,417 | 13,607 | |||||
| Vessel operating expenses | 20,281 | 19,215 | 80,244 | 82,587 | |||||
| Net income | 3,129 | 9,737 | 17,827 | 12,746 | |||||
| Net income attributable to common stockholders | 1,687 | 8,295 | 12,058 | 6,977 | |||||
| FLEET DATA | |||||||||
| Average number of vessels | 36.0 | 38.0 | 36.7 | 38.9 | |||||
| Number of vessels | 36.0 | 38.0 | 36.0 | 38.0 | |||||
| Weighted average age of vessels | 12.1 | 11.3 | 12.1 | 11.3 | |||||
| Ownership days | 3,312 | 3,496 | 13,406 | 14,219 | |||||
| Available days | 3,178 | 3,434 | 13,014 | 14,057 | |||||
| Operating days | 3,181 | 3,423 | 12,969 | 14,009 | |||||
| Fleet utilization | 100.0% | 99.7% | 99.7% | 99.7% | |||||
| AVERAGE DAILY RESULTS | |||||||||
| Time charter equivalent (TCE) rate (1) | $ | 15,397 | $ | 15,589 | $ | 15,454 | $ | 15,267 | |
| Daily vessel operating expenses (2) | $ | 6,123 | $ | 5,496 | $ | 5,986 | $ | 5,808 | |
Non-GAAP Measures
(1) Time charter equivalent rate, or TCE, is defined as our time charter revenues less voyage expenses for a period divided by the number of our available days for 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 vessel 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.
Conference Call and Webcast Information
The Company’s management will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Time) on Thursday, February 26, 2026.
Investors may access the webcast by visiting the Company’s website at www.dianashippinginc.com, and clicking on the webcast link. An accompanying investor presentation also will be available via the webcast link and on the Company’s website. The conference call also may be accessed by telephone by dialing 1-877-407-8291 (for U.S.-based callers) or 1-201-689-8345 (for international callers) and asking the operator for the Diana Shipping Inc. conference call.
A replay of the webcast will be available soon after the completion of the call and will be accessible for 30 days on www.dianashippinginc.com. A telephone replay also will be available for 30 days by dialing 1-877-660-6853 (for U.S.-based callers) or 1-201-612-7415 (for international callers) and providing the Replay ID number 13758558.
About the Company
Diana Shipping Inc. is a global provider of shipping transportation services through its ownership and bareboat charter-in of dry bulk vessels. The Company’s vessels are employed primarily on short to medium-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, tariff policies and other trade restrictions, potential liability from pending or future litigation, general domestic and international political conditions, including risks associated with the continuing conflict between Russia and Ukraine and related sanctions, potential disruption of shipping routes due to accidents or political events, including the escalation of the conflict in the Middle East, vessel breakdowns and instances of off-hires and other factors. Please see the Company’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
(See financial tables attached)
| DIANA SHIPPING INC. | |||||||||
| FINANCIAL TABLES | |||||||||
| Expressed in thousands of U.S. Dollars, except share and per share data | |||||||||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||
| Three months ended December 31, | Year ended December 31, | ||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||
| REVENUES: | (unaudited) | (unaudited) | |||||||
| Time charter revenues | $ | 52,054 | $ | 57,073 | $ | 213,541 | $ | 228,209 | |
| OPERATING EXPENSES | |||||||||
| Voyage expenses | 3,122 | 3,540 | 12,417 | 13,607 | |||||
| Vessel operating expenses | 20,281 | 19,215 | 80,244 | 82,587 | |||||
| Depreciation and amortization of deferred charges | 12,040 | 11,368 | 46,525 | 44,691 | |||||
| General and administrative expenses | 8,972 | 8,322 | 34,099 | 33,435 | |||||
| Management fees to a related party | 277 | 333 | 1,191 | 1,332 | |||||
| Gain on sale of vessels | – | – | (3,663) | (5,799) | |||||
| Other operating (income)/loss | 103 | (215) | 538 | (422) | |||||
| Operating income, total | $ | 7,259 | $ | 14,510 | $ | 42,190 | $ | 58,778 | |
| OTHER INCOME/(EXPENSE) | |||||||||
| Interest expense and finance costs | (10,366) | (11,620) | (42,951) | (47,468) | |||||
| Interest and other income | 1,728 | 2,361 | 7,505 | 8,369 | |||||
| Gain/(loss) on derivative instruments | 30 | 461 | (196) | 274 | |||||
| Loss on extinguishment of debt | – | – | – | (3,475) | |||||
| Gain/(Loss) on related party investments | 2,982 | (1,606) | (1,072) | (3,905) | |||||
| Gain/(loss) on equity securities | 4,041 | – | 14,671 | (400) | |||||
| Gain on warrants | 255 | 5,519 | 490 | 719 | |||||
| Gain(loss) from equity method investments | (2,800) | 112 | (2,810) | (146) | |||||
| Total other expenses, net | $ | (4,130) | $ | (4,773) | $ | (24,363) | $ | (46,032) | |
| Net income | $ | 3,129 | $ | 9,737 | $ | 17,827 | $ | 12,746 | |
| Dividends on series B preferred shares | (1,442) | (1,442) | (5,769) | (5,769) | |||||
| Net income attributable to common stockholders | 1,687 | 8,295 | 12,058 | 6,977 | |||||
| Earnings per common share, basic | $ | 0.02 | $ | 0.07 | $ | 0.11 | $ | 0.06 | |
| Earnings per common share, diluted | $ | 0.02 | $ | 0.02 | $ | 0.11 | $ | 0.05 | |
| Weighted average number of common shares outstanding, basic | 110,820,174 | 119,087,512 | 110,459,096 | 115,956,249 | |||||
| Weighted average number of common shares outstanding, diluted | 111,959,217 | 119,685,417 | 110,497,640 | 118,655,243 | |||||
| Three months ended December 31, | Year ended December 31, | ||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||
| (unaudited) | (unaudited) | ||||||||
| Net Income | $ | 3,129 | $ | 9,737 | $ | 17,827 | $ | 12,746 |
| Other comprehensive income (Defined benefit plan) | 23 | 4 | 23 | 4 | ||||
| Currency translation adjustment | (50) | – | 3,313 | – | ||||
| Comprehensive Income | $ | 3,102 | $ | 9,741 | $ | 21,163 | $ | 12,750 |
| CONDENSED CONSOLIDATED BALANCE SHEET DATA | |||||
| (in thousands of U.S. Dollars) | |||||
| 2025 | 2024 * | ||||
| ASSETS | (unaudited) | ||||
| Cash, cash equivalents, restricted cash and time deposits | $ | 122,255 | $ | 207,166** | |
| Investments in equity securities | 118,194 | – | |||
| Other current assets | 22,426 | 18,443 | |||
| Fixed assets | 826,663 | 880,145 | |||
| Investments in related parties and equity method investments | 53,875 | 47,240 | |||
| Other noncurrent assets | 26,779 | 18,024 | |||
| Total assets | $ | 1,170,192 | $ | 1,171,018 | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
| Long-term debt and finance liabilities, net of deferred financing costs | $ | 636,109 | $ | 637,525 | |
| Other liabilities | 31,670 | 28,436 | |||
| Total stockholders’ equity | 502,413 | 505,057 | |||
| Total liabilities and stockholders’ equity | $ | 1,170,192 | $ | 1,171,018 | |
| * | The balance sheet data has been derived from the audited consolidated financial statements on that date. | ||||
| ** | Includes time deposits of $64 million. | ||||
| OTHER FINANCIAL DATA (unaudited) | |||||||||
| Three months ended December 31, | Year ended December 31, | ||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||
| Net cash provided by operating activities | $ | 7,309 | $ | 15,144 | $ | 47,507 | $ | 83,530 | |
| Net cash provided by/(used in) investing activities | 39,212 | (30,660) | (32,009) | (39,783) | |||||
| Net cash provided by/(used in) financing activities | $ | (18,125) | $ | 7,377 | $ | (36,909) | $ | (21,673) | |
