• Time Charter Revenues: $54.9 million for Q1 2025, a decrease of 5% from $57.6 million in Q1 2024.

• Adjusted EBITDA: $23.3 million for Q1 2025, down 6% from $24.9 million in Q1 2024.

• Net Income: Increased to $3 million in Q1 2025 from $2.1 million in Q1 2024.

• Earnings Per Share (Diluted): $0.01 for Q1 2025, unchanged from Q1 2024.

• Cash Reserves: $187.7 million as of March 31, 2025, down from $207.2 million as of December 31, 2024.

• Long-term Debt: $623.9 million as of March 31, 2025, a decrease from $637.5 million as of December 31, 2024.

• Fleet Utilization: 99.6% for Q1 2025, up from 99.1% in Q1 2024.

• Time Charter Equivalent Rate: $15,739 per day for Q1 2025, up 5% from $15,051 per day in Q1 2024.

• Daily Operating Expenses: Increased to $5,866 per day in Q1 2025 from $5,735 per day in Q1 2024.

• Quarterly Cash Dividend: $0.01 per common share, totaling approximately $1.2 million.

• Warning! GuruFocus has detected 7 Warning Signs with DSX.

Release Date: May 29, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Diana Shipping Inc (NYSE:DSX) achieved a fleet utilization rate of 99.6% for the first quarter of 2025, demonstrating effective vessel management.

• The company has secured $86.8 million of contracted revenues for 66% of the remaining ownership days of 2025, providing revenue visibility.

• Diana Shipping Inc (NYSE:DSX) declared a quarterly cash dividend of $0.01 per common share, continuing its commitment to shareholder returns.

• The company has a strong cash reserve of $187.7 million, supporting its financial stability.

• Diana Shipping Inc (NYSE:DSX) has a disciplined chartering strategy focusing on staggered medium- to long-term charters, ensuring earnings visibility and resilience against market downturns.

Negative Points

• Time charter revenues for the first quarter decreased by about 5% compared to the same quarter last year, indicating a decline in revenue generation.

• The dry bulk market has been uninspiring with significant volatility, impacting overall market sentiment.

• The company's cash decreased from $207.2 million at the end of 2024 to $187.7 million as of March 31, 2025, due to share repurchases.

• Global seaborne dry bulk trade is expected to drop by 1% this year, presenting challenges for market demand.

• Diana Shipping Inc (NYSE:DSX) faces headwinds from geopolitical and economic uncertainties, including tariffs and trade restrictions, affecting market conditions.

Q & A Highlights

Q: Can you provide an overview of Diana Shipping's financial performance for the first quarter of 2025? A: Maria Dede, Co-Chief Financial Officer, reported that time charter revenues for Q1 2025 were $54.9 million, a decrease of about 5% from the same quarter last year. Adjusted EBITDA decreased by 6% to $23.3 million. However, net income increased to $3 million from $2.1 million in Q1 2024, mainly due to decreased interest and finance charges.