A global dry bulk shipping company based in Athens, Diana Shipping owns and charters a large fleet of vessels that haul cargoes like iron ore, coal, grain, fertilizers, and cement across the world's oceans. Its roots trace to 1972, when Simeon Palios founded Diana Shipping Agencies to manage dry cargo and refrigerated ships, with the current company incorporated in 1999 and listed on the New York Stock Exchange. The name honors the Roman goddess Diana, a nod long popular among merchant vessels for its ties to strength and the sea.
20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗
Diana Shipping's net income fell 74% to $12.7M in FY2024 as time charter rates declined for a second consecutive year.
Time charter rates fell for a second straight year, cutting 13% and 74%. Revenue dropped to $228.2 million as the average daily charter rate declined 9% to $15,267, while vessel operating expenses fell only 3%, compressing the to 25.8%. With 30% of 2025 ownership days unfixed and exposed to spot rates, the company's earnings remain tied to a dry bulk market that has not yet stabilized.
Key takeaways
Time charter fell 13% to $228.2 million, driven by a 9% decline in the average to $15,267 per day and fewer operating days after the sale of two vessels.
dropped 74% to $12.7 million, as the rate decline flowed through against vessel operating expenses that fell only 3%, compressing the by 6.9 percentage points to 25.8%.
rose 19% to $83.5 million, helped by the liquidation of $20.7 million in equity securities; increased to $126.4 million.
Section summaries
Quantitative and Qualitative Disclosures About Market Risk
Interest-rate risk from floating-rate debt and Euro expense exposure are the primary market risks; hedging is limited and no instruments are designated as accounting hedges.
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A hypothetical 1% increase in variable interest rates on loan facilities during 2025 could have raised interest cost by approximately $3.4 million.
The company manages interest-rate exposure through a mix of fixed and floating financing, including a $30 million interest-rate swap (pay fixed, receive floating) and fixed-rate sale-leaseback transactions.
The company entered a joint venture, Windward Offshore, to construct Commissioning Service Operation Vessels for the offshore wind sector, and ordered two methanol dual-fuel Kamsarmax newbuildings with $73.6 million in remaining commitments.
The fleet shrank to 39 vessels from 40, with a weighted average age of 11.4 years, as the company sold two vessels while taking delivery of newbuildings.
About 70% of 2025 ownership days are fixed at rates around the company's break-even level, leaving the remaining 30% exposed to spot market rates.
What changed
The time charter rate decline flagged in FY2023 continued: the average rate fell another 9% to $15,267, after a 26% drop the prior year, confirming a sustained downward trend rather than a one-year correction.
The FY2023 watch item on Windward Offshore progressed: the joint venture is now underway, and the company added two methanol dual-fuel Kamsarmax newbuildings, introducing new capital commitments of $73.6 million.
The sustainability question raised in FY2023 sharpened: fell to $12.7 million against $469.4 million in , while rose only because of a one-time $20.7 million sale of equity securities.
Vessel market values did not trigger the or breach flagged in FY2023, but the fleet continued to shrink, with two more vessels sold, reducing operating days and capacity.
What to watch
Time charter equivalent rates in early 2025: with 30% of ownership days unfixed, the spot market will determine whether stabilizes or declines for a third consecutive year.
Capital commitments for the two methanol dual-fuel Kamsarmax newbuildings ($73.6 million remaining) and progress on Windward Offshore and LPG joint venture construction, and how these are financed.
The $150 million senior unsecured bond and its effect on interest costs, given that a hypothetical 1% rate rise would increase annual by $3.8 million.
Whether the company can sustain its while funding fleet renewal and diversification, given of only $12.7 million against $469.4 million in .
As of December 31, 2025, no financial instruments were designated as .
All is in U.S. dollars, but 30% of operating expenses and 49% of general and administrative expenses in 2025 were incurred in other currencies, primarily the Euro.
Non-U.S. dollar expenses represented 19% of revenues in 2025, and the company does not currently consider foreign-exchange risk material; it has not used derivatives to hedge this exposure.
The company may use financial derivatives in the future to manage currency risk, acknowledging and loss-exceeding-investment risks.
Dry bulk charter rate volatility, geopolitical disruptions, and tightening environmental regulations are the dominant risks to earnings and vessel values.
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Charter hire rates for dry bulk vessels are highly volatile and have historically declined below operating costs, directly threatening revenues, profitability, and loan compliance.
Geopolitical conflicts, including U.S.-Iran tensions disrupting the Strait of Hormuz and Red Sea, and U.S.-China trade tariffs, create significant uncertainty for trade routes and demand.
Increasing environmental regulations, such as FuelEU Maritime, the expanding EU ETS, and IMO greenhouse gas targets, are adding cost pressure and may require significant or lead to vessel obsolescence.
The company's reliance on short-term time charters in a volatile market makes it vulnerable to declining rates and may impair its ability to pay dividends.
A decline in vessel market values could trigger breaches of financial covenants in loan facilities and force the company to record charges.
The company faces heightened cyber-attack risks, and despite achieving ISO 27001 certification, it does not maintain cyber-liability insurance.
Diana Shipping Inc. is a global dry bulk shipping company operating a fleet of 38 vessels across multiple size categories, primarily employed on short- to medium-term time charters.
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The company operates as a single business , owning and bareboat chartering-in dry bulk vessels, with a current fleet of 38 vessels (36 in operation) totaling 4.1 million dwt and a weighted average age of 12.3 years.
The fleet is diversified across six vessel classes: Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, and Ultramax, with two methanol dual-fuel Kamsarmax newbuildings on order for 2027/2028 delivery.
Vessels are employed worldwide under time charters where the charterer pays a fixed daily rate and voyage expenses, while Diana Shipping covers operating costs; was 99.7% in 2025 with a daily of $15,454.
The company highlights competitive strengths including a modern, high-quality fleet with for operational efficiency, an experienced management team, and a strong balance sheet with relatively low indebtedness.
During 2025, Diana Shipping acquired a 14.8% stake in Genco Shipping and Trading Limited and made an unsolicited all-cash proposal to acquire the remaining shares, later increased to $23.50 per share, financed by a $1.43 billion committed facility.
The company is expanding into new sectors through joint ventures, including a 34% stake in Windward Offshore GmbH & Co. KG for commissioning service operation vessels (CSOVs) and an 80% interest in Ecogas Holding AS for LPG newbuilding vessels.