Diana Shipping (DSX) Q1 2025 earnings summary

Executive summary

• Achieved Q1 2025 net income of $3.0 million, up from $2.1 million year-over-year, with diluted EPS steady at $0.01 and a $0.01 per share dividend declared.

• Time charter revenues were $54.9 million, down from $57.6 million in Q1 2024, mainly due to a smaller fleet and more dry dock days, partially offset by higher average charter rates and improved utilization.

• Maintained a strong cash position of $187.7 million at quarter-end, with net debt/market value at 42%.

• Strategic initiatives included the sale of vessel Alcmene for $11.9 million, an 80% stake in Ecogas Holdings AS, and ordering LPG newbuilds.

• Celebrated 20 years of NYSE listing and hosted Investor Day.

Financial highlights

• Adjusted EBITDA was $23.3 million, down from $24.9 million year-over-year; net income rose to $3.0 million from $2.1 million, mainly due to lower interest and finance charges.

• Earnings per share diluted remained at $0.01, unchanged year-over-year.

• Cash reserves at quarter-end were $187.7 million, down from $207.2 million at year-end, mainly due to a $23 million share repurchase.

• Long-term debt and finance liabilities stood at $623.9 million, down from $637.5 million at year-end 2024.

• Fleet utilization reached 99.6% for Q1 2025.

Outlook and guidance

• Secured $86.8 million in contracted revenues for 66% of remaining 2025 ownership days at an average rate of $15,806/day; $36.5 million secured for 13% of 2026 at $20,363/day.

• Estimated total 2025 revenues could reach $123.6 million at $14,911/day, and 2026 revenues $190.7 million at $14,118/day, based on FFA rates.

• 34% of 2025 ownership days remain unfixed, providing upside potential.

• Conservative chartering strategy with medium to long-term contracts to mitigate market volatility.

• Management expects to capture market upside through flexible chartering, despite current FFA rates being below break-even.