Diana Shipping Inc. Reports Strong Fourth Quarter, Declares Cash Dividend

Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, has reported strong financial results for the fourth quarter and year ended December 31, 2024. The company's net income for the fourth quarter was $9.7 million, up from $9.4 million in the same period last year. Earnings per share for the fourth quarter were $0.07 basic and $0.02 diluted, compared to $0.08 basic and $0.06 diluted in the same quarter of 2023. Time charter revenues for the fourth quarter were $57.1 million, down from $60.0 million in the same period last year, primarily due to decreased ownership days.

For the full year 2024, Diana Shipping reported net income of $12.7 million and net income attributed to common stockholders of $7.0 million. Time charter revenues for the full year were $228.2 million, down from $262.1 million in 2023. Earnings per share for 2024 were $0.06 basic and $0.05 diluted, compared to $0.44 basic and $0.42 diluted for 2023.

The company has declared a cash dividend on its common stock of $0.01 per share, based on the Company’s results of operations during the fourth quarter ended December 31, 2024. The cash dividend will be payable on March 21, 2025 to all common shareholders of record as of March 12, 2025. As of February 24, 2025, the Company has 113,763,924 common shares issued and outstanding and there were 6,394,709 warrants exercised.

Diana Shipping's fleet employment as of February 24, 2025, includes 9 Ultramax bulk carriers, 6 Panamax bulk carriers, 6 Kamsarmax bulk carriers, and 5 Post-Panamax bulk carriers, totaling 30 vessels. The company's fleet utilization rate was 99.9% during the fourth quarter of 2024.

Diana Shipping's strong fourth quarter and full year results demonstrate the company's ability to generate profit even in a challenging market environment. The company's high fleet utilization rate and stable liquidity position contribute to its overall financial stability and resilience in the face of market fluctuations. The declared cash dividend reflects the company's commitment to returning value to shareholders, even in a declining revenue environment.

In conclusion, Diana Shipping Inc. has reported strong financial results for the fourth quarter and year ended December 31, 2024, with a net income of $9.7 million and a cash dividend declaration of $0.01 per common share. The company's high fleet utilization rate and stable liquidity position contribute to its overall financial stability and resilience in the face of market fluctuations. Investors should consider Diana Shipping's strong performance and commitment to shareholder value when evaluating the company as a potential investment opportunity.