Diana Shipping

What Diana Shipping does

Diana Shipping Inc. is a Marshall Islands-incorporated, Athens-headquartered provider of global dry bulk shipping transportation services, listed on the New York Stock Exchange (ticker: DSX) since 2005. The company specializes in the ownership and bareboat charter-in of dry bulk vessels and operates a fleet of 36 vessels (4 Newcastlemax, 8 Capesize, 4 Post-Panamax, 6 Kamsarmax, 5 Panamax, 9 Ultramax) with combined carrying capacity of approximately 4.1 million deadweight tons and a weighted average age of 12.58 years. Two additional methanol dual fuel newbuilding Kamsarmax vessels are on order from Tsuneishi Group for 2028 delivery, marking the company's first transition into alternative-fuel propulsion. Fleet management is handled through a wholly-owned subsidiary (Diana Shipping Services S.A.) and a 50/50 joint venture with Wilhelmsen Ship Management (Diana Wilhelmsen Management Limited).

Revenue is generated almost exclusively through short- to medium-term time charter contracts, where vessels are leased to charterers at negotiated daily rates (Time Charter Equivalent, or TCE) with commissions of 4.75%-5.00% paid to third parties. In Q1 2026, the company reported fleet utilization of 99.9% and an average daily TCE rate of $16,035, generating $54.74 million in quarterly revenue and $29.1 million in net income (a sharp increase from $3.0 million in Q1 2025, largely driven by a $26.4 million unrealized gain on its 14.4% stake in Genco Shipping & Trading). Charterers include a globally diversified mix of commodity trading houses and shipping companies (Cargill, Oldendorff, Bunge, Glencore, NYK, SwissMarine, Cobelfret, Stone Shipping, Paralos, and Refined Success). Capital structure is anchored by a $150 million senior unsecured bond listed on the Oslo Stock Exchange (8.75% coupon, July 2029 maturity) and an $80.2 million secured facility with Danish Ship Finance.

Since November 2025, Diana has been conducting an unsolicited acquisition campaign for Genco Shipping & Trading, raising its offer three times to $27.34 per share ($24.80 cash plus one Diana share). The company has secured $1.433 billion in committed acquisition financing from a six-bank syndicate and pre-arranged the conditional $470.5 million sale of 16 of its vessels to Star Bulk Carriers to facilitate the transaction. As of June 2026, Genco's incumbent board has resisted the bid, with shareholders re-electing the existing directors, leaving the outcome unresolved.

Name

Diana Shipping

Legal name

Diana Shipping Inc.

Website

https://dianashippinginc.com

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Diana Shipping Inc. is a NYSE-listed dry bulk vessel owner operating 36 bulk carriers (~4.1M dwt) under short- to medium-term time charters to global commodity traders and shipping companies, currently pursuing an unsolicited acquisition of Genco Shipping & Trading.

Ownership category

akta.pro rank

Product category

Dry bulk shipping services

NAICS

Deep Sea Freight Transportation (483111)

SIC

Deep Sea Foreign Transportation Of Freight (4412)

akta.pro primary industry

Dry Bulk Ocean Shipping (Capesize/Panamax/Handysize) (TLADAKAA)

Keywords

• Dry bulk shipping
• Time charter services
• Maritime transportation
• Bulk carrier fleet
• Ocean freight services

Headquarters

HQ city

Athens

HQ country

Greece

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Others

Revenue model

1. Time Charter Revenue: Diana Shipping generates the majority of its revenue through time charter contracts for its dry bulk vessels. Vessels are employed primarily on short to medium-term time charters at gross daily rates, with commissions paid to third parties typically ranging from 4.75% to 5%. The company maintains high fleet utilization rates (99.9%) and a diversified charterer base.
2. Bond Issuance: The company raised $150 million through senior unsecured bond offering in June 2024, with 8.75% fixed-rate coupon maturing July 2029, listed on Oslo Stock Exchange. This represents debt capital market financing.
3. Refinancing and Credit Facilities: Diana signed an $80.2 million amended and restated loan facility with Danish Ship Finance A/S in October 2024 to refinance existing term loan obligations.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Diana Shipping Inc. provides global dry bulk shipping transportation services through the ownership and bareboat charter-in of dry bulk vessels. The company operates a fleet of 36 vessels (approximately 4.1 million dwt) including Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, and Ultramax classes, primarily employed on short to medium-term time charter contracts to transport commodities such as iron ore, coal, and grain along worldwide shipping routes.

Product overview

Diana Shipping Inc. is a global provider of shipping transportation services operating a fleet of 36 dry bulk vessels (as of June 24, 2026) with a combined carrying capacity of approximately 4.1 million dwt. The company specializes in the ownership and bareboat charter-in of dry bulk vessels, including Newcastlemax (4 vessels), Capesize (8 vessels), Post-Panamax (4 vessels), Kamsarmax (6 vessels), Panamax (5 vessels), and Ultramax (9 vessels) classes. The fleet has a weighted average age of 12.58 years and 99.9% utilization rate. The company also has two methanol dual fuel new-building Kamsarmax dry bulk vessels expected for delivery in 2028. Services are primarily provided through time charter contracts where vessels are employed with major charterers including Cargill, Oldendorff, SwissMarine, and others.

Differentiator

Problem solved

Functional benefit

Products and services

• Dry Bulk Vessel Ownership and Bareboat Charter-In Services
• Time Charter Services
• Fleet Employment Management

Quantifiable outcome

• Fleet utilization rate of 99.9% in Q1 2026
• +2 more outcomes

Named customers14 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core.

• Star Bulk Carriers Corp.coreStrategic or Co-development Partner · 6 March 2026Star Bulk entered into a conditional Sale and Purchase Agreement to acquire 16 vessels from Diana Shipping for $470.5 million in cash. This acquisition is contingent upon Diana successfully completing its acquisition of Genco Shipping & Trading. The 16 vessels comprise one Newcastlemax, six Capesize, seven Ultramax, and two Supramax vessels with combined capacity of 1.8 million dwt and average age of 11.4 years.
• Star Bulk Carriers Corp.coreGTM or Marketing Partner · 6 March 2026Star Bulk has agreed to partner with Diana on the Genco acquisition, acquiring 16 vessels from Genco's fleet upon successful completion of Diana's acquisition of Genco. This partnership is designed to facilitate the transaction and create operational efficiencies.
• Diana Wilhelmsen Management LimitedcoreStrategic or Co-development PartnerEstablished 50/50 joint venture with Wilhelmsen Ship Management for vessel management services. The joint venture combines Diana's shipping expertise with Wilhelmsen's global ship management capabilities.
• Tsuneishi GroupcoreTechnology or IntegrationShip builder for new methanol dual fuel Kamsarmax vessels under construction, expected to be delivered by 2028. Tsuneishi Group (Zhoushan) Shipbuilding Inc. is building two 81,200 DWT vessels.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Star Bulk Carriers Corp. Major pure-play dry bulk shipowner operating a fleet of Newcastlemax, Capesize, Kamsarmax, Ultramax, and Supramax vessels; the most direct peer to Diana, recently contracted to acquire 16 Diana vessels for $470.5M as part of the Genco transaction.
• Genco Shipping & Trading Limited: U.S.-listed dry bulk shipowner with a fleet of Capesize and Ultramax vessels; Diana's acquisition target and largest holding, with overlapping customer base across commodity trading houses and similar time charter revenue model.
• Safe Bulkers Inc. Greek-based dry bulk shipowner operating Panamax, Kamsarmax, Post-Panamax, and Capesize vessels; comparable business model focused on short-to-medium time charters with diversified charterer base.
• Golden Ocean Group Limited: John Fredriksen-controlled dry bulk shipowner with a fleet of Newcastlemax, Capesize, Kamsarmax, and Ultramax vessels; one of the largest publicly listed pure-play dry bulk owners directly comparable to Diana.
• Eurodry Ltd. Athens-based dry bulk shipowner operating a fleet of Panamax, Ultramax, Kamsarmax, and Capesize vessels; similar Greek shipping ecosystem, fleet size, and time-charter operating model as Diana Shipping.
• Pangaea Logistics Solutions Ltd. U.S.-listed smaller dry bulk owner/operator focused on specialized ice-class and project cargo vessels; overlaps with Diana in the Panamax/Ultramax segments and time charter distribution, though at smaller scale.
• Grindrod Shipping Holdings Ltd. Dry bulk shipowner with a mixed fleet of Handysize, Supramax/Ultramax, and small Capesize vessels providing global tramp shipping services; comparable dry bulk exposure with similar time charter revenue model.

Broad incumbents

• Costamare Inc. Athens-based shipping company with diversified container and dry bulk (Costamare Bulkers) exposure; broader portfolio than Diana but provides benchmark for Greek shipping capital allocation and debt-funded fleet expansion.

Others

• Wilhelmsen Ship Management: Global third-party ship manager and Diana's 50/50 joint venture partner in Diana Wilhelmsen Management Limited; comparable as a vessel management services provider but operates as a service vendor rather than a shipowner.

Emerging players

• Performance Shipping Inc. Greek-based smaller dry bulk shipowner (Newcastlemax and Ultramax vessels) with overlapping board and management lineage to Diana Shipping via Semiramis Paliou, Simeon Palios, and Anastasios Margaronis; related-party exposure and comparable dry bulk operating model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Dianaship
• Facebookfacebook.com/420144414708586
• LinkedInlinkedin.com/company/2730217
• Instagraminstagram.com/?hl=en

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries2 records

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Diana Shipping