Diana Shipping Inc. entered into a time‑charter for its 179,362‑dwt Capesize dry‑bulk vessel m/v Seattle with SwissMarine Pte. Ltd., beginning November 26, 2025 and running through a minimum of May 1, 2027 with a possible extension to June 30, 2027. The charter carries a gross rate of US$24,500 per day, less a 5.00% commission, and is projected to generate roughly US$12.62 million in gross revenue over the minimum period. The company also confirmed the sale of its 2016‑built Ultramax vessel m/v DSI Drammen, a 25% partnership interest, to a buyer with delivery scheduled for March 31, 2026.
Diana Shipping reported its third‑quarter 2025 earnings on November 20, 2025, posting a net income of US$7.2 million and a basic EPS of US$0.05, a beat of US$0.0348 (approximately 229%) over the consensus estimate of US$0.0152. Revenue, however, fell to US$48.63 million, missing the analyst estimate of US$52.84 million by US$4.21 million (about 8%). The earnings beat was driven by disciplined cost control and high operating leverage, while the revenue miss reflected a decline in time‑charter revenue from US$57.5 million in Q3 2024 to US$51.9 million in Q3 2025, largely due to the sale of two vessels in 2025 and one in September 2024.
The new m/v Seattle charter strengthens Diana Shipping’s earnings visibility by locking in a higher daily rate than the previous US$17,500‑per‑day agreement with Solebay Shipping. The higher rate, combined with the company’s 99.5% fleet utilisation in Q3 2025, is expected to offset the revenue shortfall from the vessel sale and support a more predictable cash‑flow profile through mid‑2027. The charter also aligns with the company’s disciplined strategy of staggered, medium‑ to long‑term time charters, reinforcing its focus on stable, contract‑backed income streams in a cyclical dry‑bulk market.
CEO Semiramis Paliou highlighted that the dry‑bulk market performed solidly in Q3 2025, with Capesize vessels outperforming and tailwinds in the Panamax sector from reduced Chinese soybean imports. She noted that the company’s focus on cost discipline and high utilisation rates underpinned the earnings beat, while the revenue miss underscored the impact of asset divestitures and market‑specific demand shifts.
Market reaction to the earnings release was cautious. Investors weighed the significant EPS beat against the revenue miss and the company’s debt‑to‑equity ratio of 1.13, which tempered enthusiasm. Analysts maintained a “Sell” consensus rating, reflecting concerns about broader industry trends and the company’s financial leverage, despite the positive charter news.
Diana Shipping’s long‑term outlook remains anchored by its fleet optimisation plan, which includes the delivery of two methanol‑dual‑fuel Kamsarmax vessels by late 2027 and the first half of 2028. The company’s strategy to divest older assets, such as the m/v DSI Drammen, and invest in newer, more efficient vessels positions it to capture higher freight rates and improve operating margins in the coming years.
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