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Diana Shipping (DSX)
:DSX
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Diana Shipping
(NYSE:DSX)
57Neutral
Diana Shipping (DSX) vs. S&P 500 (SPY)
Market Cap
$199.09M
Dividend Yield13.28%
Average Volume (3M)283.43K
Price to Earnings (P/E)35.4
Beta (1Y)0.52
Revenue Growth-16.79%
EPS Growth-89.43%
CountryUS
Employees1,018
SectorIndustrials
Sector Strength72
IndustryTransportation
Share Statistics
EPS (TTM)0.01
Shares Outstanding113,763,920
10 Day Avg. Volume257,082
30 Day Avg. Volume283,429
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.80
Price to Cash Flow (P/CF)N/A
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
Diana Shipping Business Overview & Revenue Model
Company DescriptionDiana Shipping, Inc. operates as a holding company, which engages in the provision of shipping transportation services through the ownership and operation of dry bulk vessels. Its vessels are being employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain, and other materials along worldwide shipping routes. The company was founded on March 8, 1999 and is headquartered in Athens, Greece.
How the Company Makes MoneyDiana Shipping Inc. generates revenue primarily through the chartering of its vessels to customers. The company earns income by leasing its ships to other businesses on both a time charter and voyage charter basis. Time charters provide a fixed rate of income per day for a specified period, offering more predictable cash flows, while voyage charters are based on the transportation of cargo between specified ports and can be more variable depending on market conditions. Additionally, the company may engage in strategic partnerships or joint ventures to enhance its operational capabilities and access to freight markets. Market demand for dry bulk shipping, fuel costs, and global trade dynamics are significant factors influencing the company's earnings.
Diana Shipping Financial Statement Overview
Summary
Diana Shipping's financial performance is mixed. The income statement shows decreased revenue and profitability, while the balance sheet reflects high leverage and declining ROE. However, the cash flow statement highlights improved free cash flow and solid cash generation, indicating strong liquidity.Income Statement
Diana Shipping's income statement reveals a mixed performance. The company experienced a decline in total revenue from $289.97 million in 2022 to $262.10 million in 2023, indicating a revenue contraction. However, gross profit margin is relatively strong at 43.2% for 2023. The net profit margin has decreased significantly from 41% in 2022 to 19% in 2023, reflecting reduced profitability. EBIT and EBITDA margins also decreased, which suggests lower operational efficiency.60
Neutral
Balance Sheet
The balance sheet shows a stable debt-to-equity ratio of around 1.31 in 2023, indicative of high leverage but consistent with past years. The equity ratio is 41.9%, showing moderate reliance on equity financing. Return on equity decreased significantly from 24.4% in 2022 to 10.2% in 2023, pointing to reduced shareholder returns.55
Neutral
Cash Flow
Diana Shipping's cash flow statement highlights an improvement in free cash flow from negative $72.11 million in 2022 to positive $38.64 million in 2023, showing a positive turnaround. The operating cash flow to net income ratio is 1.41, indicating solid cash generation relative to earnings. The free cash flow to net income ratio is 0.78, reflecting a healthy conversion of net income to free cash flow.70
Positive
| Breakdown | |||||
| TTM | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 235.73M | 262.10M | 289.97M | 214.20M | 169.73M | 220.73M | Gross Profit |
| 92.97M | 113.21M | 167.67M | 93.39M | 27.37M | 67.68M | EBIT |
| 58.44M | 85.71M | 98.36M | 21.84M | -7.20M | -9.85M | EBITDA |
| 110.43M | 96.25M | 188.91M | 120.89M | -68.00M | 69.38M | Net Income Common Stockholders |
| 16.06M | 49.84M | 119.06M | 77.65M | -112.72M | 10.52M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 126.83M | 162.32M | 143.93M | 126.79M | 82.91M | 107.29M | Total Assets |
| 1.19B | 1.17B | 1.18B | 842.16M | 872.41M | 1.07B | Total Debt |
| 530.55M | 642.77M | 754.94M | 423.68M | 420.31M | 474.95M | Net Debt |
| 403.72M | 541.18M | 611.01M | 296.89M | 337.40M | 367.66M | Total Liabilities |
| 560.11M | 677.39M | 695.59M | 448.75M | 443.84M | 501.22M | Stockholders Equity |
| 627.68M | 489.02M | 487.33M | 393.40M | 428.57M | 570.06M |
| Cash Flow | Free Cash Flow | ||||
| 64.55M | 38.64M | -72.11M | 70.71M | 11.10M | 46.95M | Operating Cash Flow |
| 64.35M | 70.38M | 158.86M | 89.70M | 17.23M | 49.88M | Investing Cash Flow |
| 5.26M | 24.93M | -273.10M | 13.36M | 10.48M | 38.40M | Financing Cash Flow |
| -93.69M | -71.14M | 84.88M | -59.19M | -73.10M | -111.40M |
Diana Shipping Technical Analysis
Negative
1.75
Price Trends
1.84
Negative
1.96
Negative
2.27
Negative
Market Momentum
-0.02
Positive
40.17
Neutral
25.39
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DSX, the sentiment is Negative. The current price of 1.75 is below the 20-day moving average (MA) of 1.84, below the 50-day MA of 1.84, and below the 200-day MA of 2.27, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 40.17 is Neutral, neither overbought nor oversold. The STOCH value of 25.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DSX.
Diana Shipping Risk Analysis
Diana Shipping disclosed 116 risk factors in its most recent earnings report. Diana Shipping reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Diana Shipping Peers Comparison
Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $1.88B | 5.63 | 14.71% | 15.87% | 33.31% | 62.94% | |
73 Outperform | $1.56B | 7.37 | 11.68% | 14.58% | 14.81% | 96.97% | |
71 Outperform | $390.66M | 4.42 | 11.99% | 5.45% | 10.27% | 36.29% | |
70 Outperform | $577.23M | 7.90 | 8.30% | 11.36% | 10.21% | ― | |
69 Neutral | $1.15B | 3.26 | 12.41% | 0.51% | -1.61% | -3.33% | |
62 Neutral | $8.16B | 12.85 | 0.64% | 3.04% | 3.83% | -15.83% | |
57 Neutral | $199.09M | 35.40 | 2.56% | 13.28% | -16.79% | -89.43% |
* Industrials Sector Average
Performance Comparison
DSX
Diana Shipping
1.75
-1.07
-37.94%
GNK
Genco Shipping
14.13
-5.06
-26.37%
NMM
Navios Maritime Partners
38.53
-3.79
-8.96%
SB
Safe Bulkers
3.79
-0.99
-20.71%
SBLK
Star Bulk Carriers
15.79
-6.06
-27.73%
GOGL
Golden Ocean Group
8.10
-3.81
-31.99%
Diana Shipping Earnings Call Summary
Earnings Call Date: Feb 25, 2025 | % Change Since: -2.78% | Next Earnings Date: May 16, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted strong fleet management and strategic financial decisions, including successful chartering strategies and a commitment to ESG. However, the company faced challenges with declining revenue and earnings per share, along with market volatility affecting time charter rates.Highlights
Fleet Utilization and Management
Fleet utilization reached 99.7% for the fiscal year 2024, indicating effective vessel management. Diana Shipping operates a fleet of 38 dry bulk vessels, with an average age of 11.4 years and a total deadweight capacity of approximately 4.2 million tons.
Successful Financial Moves
Secured revenues for 63% of the remaining ownership days of 2025, amounting to approximately $125 million, and 10% of available ownership days in 2026, amounting to approximately $30 million. The company holds significant cash reserves of $207 million.
Chartering Strategy
Secured favorable time charters for multiple vessels with daily rates ranging from $11,260 to $18,312, showcasing a disciplined chartering strategy to ensure earnings visibility and resilience against market downturns.
ESG Commitment
Released the fifth annual ESG report, highlighting the company's commitment to sustainability and eco-friendly technologies.
Lowlights
Revenue and Income Decline
Revenue for the fourth quarter of 2024 was $57.1 million, down 5% from $60 million in the same quarter of the previous year. Net income for 2024 was $12.7 million, a significant decrease from $49.8 million in 2023.
Earnings Per Share Drop
Diluted earnings per common share decreased to $0.02 in the fourth quarter of 2024 from $0.06 in the same quarter of 2023 due to an increased average number of shares and other income adjustments.
Time Charter Equivalent Rate Decrease
The time charter equivalent for 2024 was $15,267, down from $16,713 in 2023, reflecting decreased average rates achieved during the year.
Dry Bulk Market Volatility
The dry bulk market experienced significant volatility, with the Baltic Dry Index dropping to 715 by January 2025, down from a high of 2,419 in March 2024.
Company Guidance
During the Diana Shipping Inc. 2024 fourth quarter and year-end conference call, the company provided a comprehensive review of its financial performance and strategic initiatives. For fiscal year 2024, Diana Shipping achieved a fleet utilization rate of 99.7%, underscoring their effective vessel management. The company operates 38 dry bulk vessels, with seven being mortgage-free, and a total deadweight capacity of approximately 4.2 million tons. Financially, Diana Shipping reported a net debt standing at 40% of market value, bolstered by $207 million in cash reserves. The fourth quarter revenue was $57.1 million, a slight decrease from $60 million in the same period last year, while adjusted EBITDA stood at $25.9 million. The company declared a quarterly cash dividend of $0.01 per common share, totaling about $1.1 million. The guidance highlighted the successful refinancing of existing debt, securing $80.2 million through a new term loan facility, and the completion of a $25 million tap issue under their outstanding senior unsecured bond. Looking ahead, contracted revenues for the remaining ownership days of 2025 are projected at $124.8 million, with $30 million for 2026. Additionally, Diana Shipping's strategy includes fleet modernization with the anticipated delivery of two methanol dual-fuel newbuilding Kamsarmax vessels and an emphasis on an ongoing environmental, social, and governance (ESG) strategy.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.