• Revenue: $57.1 million for Q4 2024, a decrease of about 5% from $60 million in Q4 2023.
• Net Income: Increased to $9.7 million in Q4 2024 from $9.4 million in Q4 2023.
• EBITDA: $25.9 million in Q4 2024, down from $27.1 million in Q4 2023.
• Cash Reserves: $207 million as of February 19, 2025.
• Net Debt: 40% of market value.
• Dividend: Declared a quarterly cash dividend of $0.01 per common share, totaling approximately $1.1 million.
• Fleet Utilization: 99.7% for fiscal year 2024.
• Time Charter Equivalent (TCE): $15,589 for Q4 2024, up from $15,162 in Q4 2023.
• Long-term Debt: $637.5 million as of December 31, 2024, a decrease from $642.8 million as of December 31, 2023.
• Contracted Revenues: $124.8 million for the remainder of 2025 and $30 million for 2026.

• Warning! GuruFocus has detected 6 Warning Sign with DSX.

Release Date: February 25, 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 99.7% for the fiscal year 2024, demonstrating effective vessel management.
• The company has secured revenues for 63% of the remaining ownership days of 2025, amounting to approximately $125 million, providing earnings visibility.
• Diana Shipping Inc (NYSE:DSX) successfully refinanced its debt agreements, pushing back maturities and decreasing loan margins.
• The company has a strong cash position with $207 million in cash reserves, supporting its financial stability.
• Diana Shipping Inc (NYSE:DSX) declared a quarterly cash dividend of $0.01 per common share, continuing its commitment to shareholder returns.

Negative Points

• Revenues for the fourth quarter of 2024 decreased by about 5% compared to the same quarter in 2023.
• Net income for the year decreased significantly to $12.7 million from $49.8 million in 2023, impacted by decreased revenues and non-operating losses.
• The dry bulk market has become increasingly volatile, with significant fluctuations in the Baltic Dry Index and time charter rates.
• The company's diluted earnings per share decreased to $0.02 in the fourth quarter of 2024 from $0.06 in the same quarter of 2023.
• Diana Shipping Inc (NYSE:DSX) faces challenges from a softer dry bulk market in 2025, with supply growth expected to outpace demand growth.

Q & A Highlights

Q: Can you provide an overview of Diana Shipping's financial performance for the fourth quarter of 2024? A: Maria Dede, Co-Chief Financial Officer, reported that revenues for the fourth quarter of 2024 were $57.1 million, a decrease from $60 million in the same quarter of the previous year. Net income increased to $9.7 million from $9.4 million in 2023, mainly due to decreased interest expenses and increased gains from non-operating activities.

Q: What are the key strategic developments Diana Shipping has undertaken recently? A: Semiramis Paliou, Chief Executive Officer, highlighted several strategic moves, including signing a term loan facility with Danish Ship Finance, refinancing existing loans, and completing a $25 million bond issue. The company also purchased over 11 million common shares and raised $25.6 million through warrant exercises.

Q: How is Diana Shipping addressing market volatility and future projections? A: Anastasios Margaronis, President, noted that the dry bulk market has been volatile, with significant fluctuations in the Baltic Dry Index and time charter rates. The company expects modest bulk carrier earnings in 2026, with fleet growth anticipated to slow down, potentially leading to better earnings than in 2025.

Q: What are Diana Shipping's plans regarding fleet modernization and sustainability? A: Semiramis Paliou emphasized the company's commitment to eco-friendly technologies and fleet modernization. Diana Shipping is focused on transparency in emission data and is developing an equity, diversity, and inclusion program while investing in its workforce.

Q: Can you elaborate on Diana Shipping's dividend policy and shareholder returns? A: Maria Dede explained that the company declared a quarterly cash dividend of $0.01 per common share for the fourth quarter, totaling approximately $1.1 million. Since 2021, Diana Shipping has consistently rewarded shareholders with cash and share distributions, with cumulative dividends reaching $2.66 per share.

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