Diana Shipping Inc.
- Open
- 2.60
- Day high
- 2.65
- Day low
- 2.56
- Prev close
- 2.65
- Volume
- 554K
- Mkt cap
- $330M
- P/E (TTM)
- 5.4
- EPS (TTM)
- $0.48
- P/B
- 0.6
- P/S
- 1.5
- Yield
- 1.51%
- Per share
- $0.04
- ▼Insiders net selling $0 over the last 3 months (7 open-market buys, 0 sales)
- 🏛Institutions reducing (13F)
Diana Shipping Inc. (DSX) is a Industrials company listed on NYSE. The stock is up 69% over the past year. Over the trailing 3 months, insiders filed 7 open-market buys and 0 sales (SEC Form 4).
Diana Shipping Inc. (DSX) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
DSX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $0.02 | $0.16 | +700.0% | $57M | +4.9% |
| May 28, 2026 | $0.02 | $0.06 | +297.9% | $55M | +3.9% |
| Nov 20, 2025 | $0.01 | $0.05 | +900.0% | $52M | -0.3% |
| Sep 15, 2025 | — | $0.04 | — | $55M | — |
| Nov 25, 2024 | $0.09 | $-0.01 | -111.1% | $57M | -10.2% |
| Jul 31, 2024 | $0.05 | $0.01 | -80.0% | $56M | -17.6% |
| May 28, 2024 | $0.05 | $0.05 | +1.7% | $58M | -2.6% |
| Feb 23, 2024 | $0.07 | $0.06 | -17.4% | $60M | +2.2% |
| Nov 15, 2023 | $0.05 | $0.06 | +20.0% | $62M | +2.1% |
| May 26, 2023 | $0.19 | $0.22 | +15.8% | $73M | +7.6% |
| Feb 22, 2023 | $0.19 | $0.27 | +42.1% | $76M | +10.6% |
| Nov 17, 2022 | $0.28 | $0.37 | +32.1% | $74M | +10.9% |
DSX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Margaronis Anastasiosdirector | Buy | 990 | — |
| Jul 2, 2026 | Margaronis Anastasiosdirector | Buy | 10,157 | — |
| Jul 2, 2026 | Margaronis Anastasiosdirector | Buy | 728 | — |
| Jul 2, 2026 | Margaronis Anastasiosdirector | Buy | 8,125 | — |
| Jul 2, 2026 | Margaronis Anastasiosdirector | Buy | 35,982 | — |
| Jul 2, 2026 | Margaronis Anastasiosdirector | Buy | 50,000 | — |
| Jul 2, 2026 | Margaronis Anastasiosdirector | Buy | 14,018 | — |
Source: DSX SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full DSX insider & 13F page →Diana Shipping Inc. company profile
Overview
Diana Shipping Inc. (NASDAQ:DSX) is a Greek shipping company founded in 1999 and incorporated in the Marshall Islands. The company went public in March 2005 and operates one of the world's largest fleets of dry bulk carriers. Based in Athens, Greece, Diana Shipping has grown from its initial incorporation to become a significant player in the global dry bulk shipping industry, currently operating a fleet of 38 vessels with a total deadweight capacity of approximately 4.2 million tons.
Business
Diana Shipping operates in the dry bulk shipping industry, which involves transporting unpackaged bulk commodities across the world's oceans. The company's core business is providing maritime transportation services for dry bulk cargoes, including essential commodities such as iron ore, coal, grain, steel products, fertilizers, and other raw materials that form the backbone of global trade. The dry bulk shipping industry serves as a critical link in the global supply chain, moving raw materials from production centers to manufacturing hubs and consumption markets worldwide. Ships in this sector are specifically designed with large cargo holds to efficiently transport loose commodities that are loaded and unloaded using specialized port equipment. Diana Shipping operates a diversified fleet of 38 dry bulk vessels across different size categories, each optimized for specific trade routes and cargo types. The fleet includes 4 Newcastlemax vessels (the largest category, capable of carrying approximately 200,000+ deadweight tons), 12 Capesize vessels (typically 150,000-200,000 dwt), 5 Post-Panamax vessels (90,000-120,000 dwt), 6 Kamsarmax vessels (around 82,000 dwt), and 8 Panamax vessels (65,000-90,000 dwt). The company also has exposure to 3 Ultramax vessels (around 64,000 dwt) through minority investments. The fleet maintains an average age of 11.4 years and achieves exceptional operational efficiency with fleet utilization rates consistently above 99%, meaning vessels spend minimal time idle between charters. This high utilization reflects both strong market demand and effective fleet management.
Competitive moat
Diana Shipping operates in a highly competitive and cyclical industry with limited sustainable competitive advantages. The dry bulk shipping sector is characterized by commodity-like services where vessels are largely interchangeable, and customers typically select carriers based primarily on availability, price, and reliability rather than unique value propositions. The company's primary competitive strengths lie in its **operational excellence** and **fleet scale**. Diana Shipping has demonstrated consistently high fleet utilization rates above 99%, indicating strong operational management and customer relationships. The company's fleet size of 38 vessels provides some economies of scale in operations, maintenance, and chartering activities, though this advantage is not insurmountable. **Financial strength** represents another defensive characteristic, with the company maintaining substantial cash reserves of approximately $125-200 million and disciplined capital allocation. This financial flexibility allows Diana Shipping to weather industry downturns better than highly leveraged competitors and potentially capitalize on acquisition opportunities during market stress periods. However, the company faces significant competitive pressures from numerous global shipping companies operating similar vessels. **Barriers to entry** are relatively low for well-capitalized entities, as vessels can be purchased or built and immediately compete for the same cargo contracts. The industry is also subject to **technological disruption** through more fuel-efficient vessels, alternative fuels like methanol, and potential automation technologies. **Regulatory changes** regarding environmental standards pose both challenges and opportunities, as older, less efficient vessels may face restrictions, potentially benefiting operators with newer, cleaner fleets. Diana Shipping is addressing this through investments in methanol dual-fuel vessels, though this requires significant capital expenditure. Overall, Diana Shipping operates in a structurally challenging industry with weak moats, where success depends more on operational excellence, financial discipline, and cycle timing rather than sustainable competitive advantages.
Risks & safety
Diana Shipping maintains a relatively strong financial position with moderate safety margins, though the cyclical nature of the shipping industry presents ongoing risks. **Cash and Liquidity Position:** - Strong cash reserves of $124.7 million as of Q4 2024 - Current ratio of 2.58, indicating solid short-term liquidity - No debt maturities in 2024 or 2025, providing financial flexibility **Debt and Solvency:** - Total debt of approximately $628-665 million - Debt-to-equity ratio of 1.26, representing moderate leverage - Net debt at 40% of market value, which is manageable but not conservative - Interest coverage appears adequate based on EBITDA levels **Valuation Metrics:** - Price-to-earnings ratio of 6.0 (based on Q4 2024), suggesting potential undervaluation - Price-to-book ratio of 0.46, indicating trading below book value - EV/EBITDA of 7.2, reasonable for the shipping sector - Graham number suggests potential value at current price levels **Other Considerations:** - High fleet utilization rates above 99% demonstrate operational efficiency - Secured revenue contracts provide near-term cash flow visibility - Cyclical industry nature creates earnings volatility risk - Capital-intensive business model requires ongoing vessel investments and maintenance
Recent development
Over the past few years, Diana Shipping has focused on strategic fleet modernization and financial optimization while navigating volatile market conditions. The company has undertaken several key initiatives to position itself for long-term sustainability and environmental compliance. **Fleet Modernization and Environmental Strategy:** Diana Shipping committed to next-generation vessel technology by ordering two methanol dual-fuel Kamsarmax vessels for $92 million, expected for delivery in late 2027 and early 2028. This investment represents a significant step toward meeting evolving environmental regulations and customer preferences for cleaner shipping solutions. The company has also made minority investments totaling €50 million in four modern vessels, with the first delivery expected in September 2025. **Financial Restructuring:** The company successfully completed a major refinancing initiative in 2024, issuing $150 million in senior unsecured bonds and securing a $167.3 million six-year term loan facility. These actions improved the company's debt maturity profile and provided additional financial flexibility. Diana Shipping also maintained its commitment to shareholder returns through consistent quarterly dividend payments, though dividend levels were reduced from $0.075-$0.15 per share in earlier periods to $0.01 per share more recently, reflecting market conditions. **Strategic Portfolio Management:** The company has selectively optimized its fleet composition by selling older vessels, including the Motor Vessel Houston for $23.3 million in 2024, while investing in more modern, efficient tonnage. This approach balances capital recycling with fleet renewal objectives. **ESG Leadership:** Diana Shipping has enhanced its environmental, social, and governance profile through comprehensive ESG reporting, receiving multiple awards including Gold Environmental Leader and Diversity, Equity and Inclusion Leader awards. The company released its fifth consecutive ESG report, demonstrating sustained commitment to sustainability practices and stakeholder transparency.
DSX company profile · for informational purposes only — not investment advice.
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