Diana Shipping Inc. Reports Positive Financial Results for Second Quarter and First Half of 2025; Declares Cash Dividend of $0.01 Per Share
Diana Shipping , a leading global provider of shipping transportation services specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced its unaudited financial results for the second quarter and the six-month period ended June 30, 2025. The company also declared a cash dividend of $0.01 per common share for the second quarter of 2025.
Second Quarter 2025 Financial Highlights
For the quarter ended June 30, 2025, Diana Shipping reported net income of $4.5 million, a significant rebound from the net loss of $2.8 million recorded during the same period last year. Net income attributable to common stockholders totaled $3.1 million, marking a considerable improvement from the $4.2 million net loss attributable to common stockholders in the second quarter of 2024. Basic and diluted earnings per share (EPS) for Q2 2025 were reported at $0.03, in contrast to a loss of $0.04 per share in Q2 2024.
Despite a slight decline in top-line revenue, Diana Shipping maintained profitability due to enhanced operational efficiency and favorable chartering conditions. Time charter revenues for Q2 2025 came in at $54.7 million, compared to $56.0 million in the same quarter of the previous year. The decrease, the company noted, was primarily attributable to a reduction in ownership days, although this was partially offset by an uptick in average time charter rates.
First Half 2025 Performance Overview
For the six-month period ending June 30, 2025, Diana Shipping achieved a net income of $7.5 million, compared to a net loss of $0.7 million in the first half of 2024. Net income attributable to common stockholders during the period was $4.7 million, marking a significant recovery from a net loss of $3.6 million for the corresponding period last year.
Time charter revenues for the six-month period totaled $109.6 million, a slight decline from the $113.6 million recorded during the same period in 2024. The decrease was again linked to a reduced fleet size and fewer ownership days, even as average daily charter rates showed improvement.
Earnings per share for the six-month period were $0.04 basic and diluted, compared to a loss of $0.03 per share for the same period in 2024.
Dividend Declaration
Reflecting confidence in its financial stability and ongoing performance, Diana Shipping’s Board of Directors has declared a cash dividend of $0.01 per common share for the second quarter of 2025. The dividend will be payable on or around August 30, 2025, to shareholders of record as of August 15, 2025.
This dividend announcement aligns with the company’s ongoing commitment to returning value to shareholders while maintaining disciplined capital allocation and a strong balance sheet.
Operational Context and Market Trends
The second quarter of 2025 saw continued volatility in the global shipping markets, with spot charter rates experiencing fluctuations due to seasonal demand patterns, port congestion, and geopolitical developments. Amid these dynamics, Diana Shipping maintained its resilience by leveraging long-term time charter contracts that provide stable and predictable cash flows.
The company’s diversified fleet, composed primarily of Panamax, Post-Panamax, and Capesize vessels, continues to serve leading global charterers, transporting essential dry bulk commodities including coal, iron ore, and grains. Diana’s strategy of optimizing fleet deployment and maintaining high fleet utilization contributed to its improved financial performance.
Fleet and Chartering Strategy
Diana Shipping’s ability to adapt its fleet strategy has played a key role in navigating market conditions. As of June 30, 2025, the company operated a fleet of dry bulk vessels with a combined carrying capacity of over 4 million deadweight tons (dwt). The company has consistently focused on medium to long-term charters, thereby minimizing exposure to the short-term spot market.
The decrease in ownership days compared to 2024 was a direct result of the company’s fleet rationalization strategy, which includes selective vessel sales and redeployments to enhance overall fleet efficiency. Management continues to evaluate the fleet’s age profile and market conditions to identify opportunities for strategic acquisitions and disposals.
Financial Stability and Capital Allocation
Diana Shipping has remained focused on maintaining a conservative financial profile. As of mid-2025, the company’s liquidity position remains robust, supported by steady cash flows from long-term charter contracts and disciplined capital expenditure.
The return to profitability and reinstatement of shareholder dividends signal Diana’s confidence in the strength of its operating model. The company’s capital allocation framework balances investments in fleet renewal with prudent leverage management and shareholder returns.
Management Commentary
Commenting on the results, Semiramis Paliou, Chief Executive Officer of Diana Shipping Inc., stated:
“We are pleased to report a profitable second quarter and first half of 2025. Our solid earnings performance reflects our disciplined operational strategy and the strength of our long-term chartering approach. While revenue was slightly down year-over-year due to fewer ownership days, improved average charter rates and tight cost control enabled us to generate meaningful profitability.”
“We remain committed to returning value to shareholders, as reflected in our dividend declaration, while ensuring the financial strength of the company is maintained. As we look ahead to the remainder of the year, we will continue to focus on optimizing our fleet employment, managing capital prudently, and positioning the company for long-term success.”
As global trade patterns evolve and dry bulk market fundamentals remain sensitive to macroeconomic trends, Diana Shipping is cautiously optimistic about the future. Demand for dry bulk transportation is expected to remain relatively stable, supported by commodity demand from Asia and infrastructure investments in emerging markets.
The company’s long-term chartering focus provides visibility into future cash flows, while its financial discipline ensures flexibility to act on strategic opportunities. Diana Shipping plans to maintain its measured approach to fleet growth, while actively exploring avenues to enhance operational efficiencies and shareholder value.
Diana Shipping Inc. is a global provider of shipping transportation services. The company specializes in owning and operating dry bulk vessels, primarily on medium- to long-term time charters. Its vessels transport a range of dry bulk commodities, including iron ore, coal, grain, and other materials. Diana Shipping is headquartered in Athens, Greece, and its shares are listed on the New York Stock Exchange under the ticker symbol DSX.