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Diana Shipping Inc (DSX)
NYSE:DSX
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Diana Shipping
(NYSE:DSX)
Rating:58Neutral
Price Target:
$1.50
▼(-5.06%Downside)
Diana Shipping (DSX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$184.08M
Dividend Yield2.52%
Average Volume (3M)277.62K
Price to Earnings (P/E)23.1
Beta (1Y)0.73
Revenue Growth-8.74%
EPS Growth-70.04%
CountryUS
Employees981
SectorIndustrials
Sector Strength84
IndustryMarine Shipping
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding115,771,510
10 Day Avg. Volume304,079
30 Day Avg. Volume277,622
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)0.64
Price to Sales (P/S)0.00
P/FCF Ratio-4.33
Enterprise Value/Market Cap5.02
Enterprise Value/Revenue0.98
Enterprise Value/Gross Profit9.35
Enterprise Value/Ebitda2.21
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
Diana Shipping Business Overview & Revenue Model
Company DescriptionDiana Shipping Inc. provides shipping transportation services. The company transports a range of dry bulk cargoes, including commodities, such as iron ore, coal, grain, and other materials in shipping routes worldwide. As of April 13, 2022, it operated a fleet of 35 dry bulk vessels, including 4 Newcastlemax, 12 Capesize, 5 Post-Panamax, 6 Kamsarmax, and 8 Panamax. The company was formerly known as Diana Shipping Investments Corp. and changed its name to Diana Shipping Inc. in February 2005. Diana Shipping Inc. was incorporated in 1999 and is based in Athens, Greece.
How the Company Makes MoneyDiana Shipping generates revenue primarily through the chartering of its vessels to customers on long-term, fixed-rate time charters or on spot market charters. The company earns charter hire fees based on the length of the contract and the type of vessel. Key revenue streams include time charter contracts with major global charterers such as commodity traders, producers, and government entities that require reliable and efficient marine transportation services. The company's earnings are influenced by factors like charter rates, fleet utilization, and the global demand for dry bulk shipping. Additionally, strategic partnerships and relationships with major industry players contribute to sustaining and enhancing its revenue streams.
Diana Shipping Earnings Call Summary
Earnings Call Date:May 29, 2025
(Q1-2025)
| % Change Since: 15.33%|
Next Earnings Date:Aug 05, 2025
Earnings Call Sentiment Neutral
The earnings call reflects a company maintaining a strong operational and financial position despite facing industry-wide challenges. While strategic investments and high fleet utilization are positive, decreased revenue and market uncertainties weigh on future prospects.Q1-2025 Updates
Positive Updates
Fleet Utilization and Chartering Strategy
Fleet utilization reached 99.6% for Q1 2025, highlighting effective vessel management. The company secured favorable time charters for nine vessels, ensuring earnings visibility and resilience against market downturns.
Strategic Investments and Partnerships
Diana Shipping became a strategic partner with an 80% equity interest in a joint venture, Ecogas Holding AS, to order semi-refrigerated LPG newbuildings, marking a strategic investment in future growth.
Strong Balance Sheet and Cash Reserves
The company has $187.7 million in cash reserves and a net debt standing at 42% of market value, reflecting a strong financial position.
Shareholder Returns
The company declared a quarterly cash dividend of $0.01 per common share and has raised $25.6 million from the exercise of warrants, with the potential for further capital raising.
Negative Updates
Decreased Revenue and EBITDA
Time charter revenues decreased by about 5% to $54.9 million, and adjusted EBITDA decreased by 6% to $23.3 million compared to Q1 2024.
Market Challenges and Uncertainty
The dry bulk market is experiencing negative dynamics due to geopolitical and economic uncertainty, with a significant dip in February 2025 and low scrapping rates.
Fleet Size Reduction and Operational Costs
The average number of vessels decreased, leading to decreased ownership, available, and operating days. Daily operating expenses increased by 2% to $5,866 per day.
Global Economic and Trade Concerns
Global seaborne dry bulk trade is expected to decline, impacted by geopolitical tensions, protectionist measures, and anticipated reduction in Chinese coal imports.
Company Guidance
During the Diana Shipping Inc. first quarter 2025 conference call, CEO Semiramis Paliou reported on various financial metrics and strategic initiatives. The company operates a fleet of 37 dry bulk vessels with an average age of 11.6 years and a total deadweight capacity of approximately 4.1 million tons. Fleet utilization was high at 99.6%. Financially, Diana Shipping's net debt stands at 42% of market value, supported by $187.7 million in cash reserves and secured revenues of approximately $124 million as of May 22. The call highlighted the sale of the vessel Alcmene for $11.9 million and a strategic partnership investment in Ecogas Holding AS. Diana has secured $86.8 million of contracted revenues for 66% of the ownership days in 2025 and $36.5 million for 13% of 2026. The company declared a quarterly cash dividend of $0.01 per common share, totaling $1.2 million. Additionally, Diana Shipping has raised $25.6 million from the exercise of 6,414 warrants, with potential to raise $64.9 million more. Despite a 5% decrease in time charter revenues from Q1 2024 to $54.9 million, the company achieved a 5% increase in time charter equivalent rates to $15,739 per day. Earnings per share remained at $0.01, with net income increasing to $3 million. The company maintains a mix of variable and fixed-rate debt instruments, with long-term debt decreasing to $623.9 million. Diana Shipping's disciplined chartering strategy and ESG initiatives were also emphasized.Diana Shipping Financial Statement Overview
Summary
Diana Shipping demonstrates a mixed financial performance, with a strong gross profit margin but declining revenues and profit margins in recent years. The balance sheet is stable with a moderate leverage position, yet potential liquidity concerns arise from the cash flow statement with zero free cash flow in the latest period.Income Statement
Diana Shipping has faced fluctuating revenue over the years, with a noticeable decline in total revenue in the latest period. The company maintains a reasonable gross profit margin of 57.85% and a net profit margin of 5.59% for 2024, indicating some profitability despite challenges. However, the significant revenue drop in 2024 compared to previous years and a declining trend in EBIT and EBITDA margins indicate pressures on operating efficiency.65
Positive
Balance Sheet
The company has a moderate debt-to-equity ratio of 1.26, suggesting a balanced leverage position. Stockholders' equity has remained relatively stable, and the equity ratio of 43.13% indicates a solid capital structure. However, the total liabilities are high compared to assets, which may pose potential risks if not managed properly.70
Positive
Cash Flow
Despite having a free cash flow of zero in the latest period, Diana Shipping had a positive operating cash flow in previous years, indicating past operational cash generation ability. However, the absence of free cash flow growth and zero operating cash flow in the latest period highlight potential liquidity issues.40
Negative
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 228.21M | 262.10M | 289.97M | 214.20M | 169.73M |
| Gross Profit | 132.01M | 113.21M | 167.67M | 93.39M | 27.37M |
| EBITDA | 97.90M | 96.25M | 188.91M | 120.89M | -68.00M |
| Net Income | 12.75M | 49.84M | 119.06M | 77.65M | -112.72M |
Balance Sheet | |||||
| Total Assets | 1.17B | 1.17B | 1.18B | 842.16M | 872.41M |
| Cash, Cash Equivalents and Short-Term Investments | 188.17M | 162.32M | 143.93M | 126.79M | 82.91M |
| Total Debt | 637.52M | 642.77M | 754.94M | 423.68M | 420.31M |
| Total Liabilities | 665.96M | 677.39M | 695.59M | 448.75M | 443.84M |
| Stockholders Equity | 505.06M | 489.02M | 487.33M | 393.40M | 428.57M |
Cash Flow | |||||
| Free Cash Flow | 59.30M | 38.64M | -72.11M | 70.71M | 11.10M |
| Operating Cash Flow | 78.29M | 70.38M | 158.86M | 89.70M | 17.23M |
| Investing Cash Flow | -39.78M | 24.93M | -273.10M | 13.36M | 10.48M |
| Financing Cash Flow | -21.67M | -71.14M | 84.88M | -59.19M | -73.10M |
Diana Shipping Technical Analysis
Neutral
1.58
Price Trends
1.51
Positive
1.61
Negative
1.85
Negative
Market Momentum
0.03
Positive
51.61
Neutral
18.75
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DSX, the sentiment is Neutral. The current price of 1.58 is below the 20-day moving average (MA) of 1.58, above the 50-day MA of 1.51, and below the 200-day MA of 1.85, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 51.61 is Neutral, neither overbought nor oversold. The STOCH value of 18.75 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for DSX.
Diana Shipping Risk Analysis
Diana Shipping disclosed 116 risk factors in its most recent earnings report. Diana Shipping reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Diana Shipping Peers Comparison
Overall Rating
UnderperformOutperform
Sector (71)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $327.77M | 2.52 | 39.30% | 5.56% | 14.62% | 21.99% | |
75 Outperform | $244.06M | 3.53 | 10.95% | ― | 14.08% | 28.84% | |
72 Outperform | $137.54M | 5.14 | 10.11% | 6.08% | 17.53% | 58.04% | |
71 Outperform | ¥249.80B | 12.82 | 8.49% | 3.14% | 6.31% | 12.92% | |
61 Neutral | $20.26M | 2.38 | 3.07% | ― | -32.07% | -9.50% | |
58 Neutral | $184.08M | 23.11 | 2.79% | 2.52% | -8.74% | -70.04% | |
45 Neutral | $23.77M | 61.24 | -0.43% | ― | 17.92% | -131.47% |
* Industrials Sector Average
Performance Comparison
DSX
Diana Shipping
1.58
-1.13
-41.70%
ESEA
Euroseas
45.72
18.51
68.03%
GLBS
Globus Maritime
1.16
-0.74
-38.95%
SHIP
Seanergy Maritime
6.56
-2.89
-30.58%
GASS
StealthGas
6.53
-0.86
-11.64%
CTRM
Castor Maritime
2.15
-2.61
-54.83%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.