Q2 FY2026
Filed Jul 30, 2026Diana Shipping reported net income of $20.8 million and net income attributable to common stockholders of $19.3 million for the second quarter of 2026, and declared a cash dividend of $0.01 per common share.
Second-quarter time charter revenue, operating income and earnings increased from the prior-year quarter, supported by higher average charter rates. However, the increase in net income also included a $14,261 gain on equity securities, while operating income for the six months ended June 30, 2026 was below the comparable 2025 period.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Time charter revenues, three months ended June 30, 2026GAAP | $ 57,285 | – | – |
| Voyage expenses, three months ended June 30, 2026GAAP | 3,413 | – | – |
| Vessel operating expenses, three months ended June 30, 2026GAAP | 20,953 | – | – |
| Depreciation and amortization of deferred charges, three months ended June 30, 2026GAAP | 12,165 | – | – |
| General and administrative expenses, three months ended June 30, 2026GAAP | 8,328 | – | – |
| Management fees to a related party, three months ended June 30, 2026GAAP | 277 | – | – |
| Gain on sale of vessels, three months ended June 30, 2026GAAP | - | – | – |
| Other operating loss/(income), three months ended June 30, 2026GAAP | 50 | – | – |
| Operating income, total, three months ended June 30, 2026GAAP | $ 12,099 | – | – |
| Interest expense and finance costs, three months ended June 30, 2026GAAP | (9,608) | – | – |
| Interest and other income, three months ended June 30, 2026GAAP | 2,718 | – | – |
| Gain/(loss) on derivative instruments, net, three months ended June 30, 2026GAAP | 70 | – | – |
| Gain/(loss) on related party investments, three months ended June 30, 2026GAAP | 5 | – | – |
| Gain/(loss) on equity securities, three months ended June 30, 2026GAAP | 14,261 | – | – |
| Gain/(Loss) on warrants, three months ended June 30, 2026GAAP | 1,147 | – | – |
| Gain/(loss) from equity method investments, three months ended June 30, 2026GAAP | 67 | – | – |
| Total other income/(expenses), net, three months ended June 30, 2026GAAP | $ 8,660 | – | – |
| Net income, three months ended June 30, 2026GAAP | $ 20,759 | – | – |
| Dividends on series B preferred shares, three months ended June 30, 2026GAAP | (1,442) | – | – |
| Net income attributable to common stockholders, three months ended June 30, 2026GAAP | 19,317 | – | – |
| Earnings per common share, basic, three months ended June 30, 2026GAAP | $ 0.17 | – | – |
| Earnings per common share, diluted, three months ended June 30, 2026GAAP | $ 0.16 | – | – |
| Comprehensive Income, three months ended June 30, 2026GAAP | $ 20,298 | – | – |
| Time charter equivalent (TCE) rate, three months ended June 30, 2026non-GAAP | $ 16,581 | – | – |
| Daily vessel operating expenses, three months ended June 30, 2026non-GAAP | $ 6,396 | – | – |
| Average number of vessels, three months ended June 30, 2026other | 36.0 | – | – |
| Ownership days, three months ended June 30, 2026other | 3,276 | – | – |
| Available days, three months ended June 30, 2026other | 3,249 | – | – |
| Operating days, three months ended June 30, 2026other | 3,237 | – | – |
| Fleet utilization, three months ended June 30, 2026other | 99.6% | – | – |
| Time charter revenues, six months ended June 30, 2026GAAP | $ 112,020 | – | – |
| Operating income, total, six months ended June 30, 2026GAAP | $ 23,400 | – | – |
| Net income, six months ended June 30, 2026GAAP | $ 49,908 | – | – |
| Net income attributable to common stockholders, six months ended June 30, 2026GAAP | 47,024 | – | – |
| Earnings per common share, basic, six months ended June 30, 2026GAAP | $ 0.42 | – | – |
| Earnings per common share, diluted, six months ended June 30, 2026GAAP | $ 0.41 | – | – |
| Time charter equivalent (TCE) rate, six months ended June 30, 2026non-GAAP | $ 16,309 | – | – |
| Daily vessel operating expenses, six months ended June 30, 2026non-GAAP | $ 6,203 | – | – |
Capital returns
- Cash dividend on common stock of $0.01 per share for the quarter ended June 30, 2026.
- The cash dividend will be payable on September 11, 2026, to common shareholders of record as of August 21, 2026.
- As of July 29, 2026, the Company had 124,413,717 common shares issued and outstanding and 15,682,971 warrants outstanding.
What drove it
- The increase in time charter revenues compared to the second quarter of 2025 was due to higher average charter rates and was partially offset by decreased ownership days following the sale of one vessel during the third quarter of 2025.
- Second-quarter TCE rate was $ 16,581, compared to $ 15,492 in the second quarter of 2025.
- Fleet utilization was 99.6% for the three months ended June 30, 2026, compared to 99.5% for the three months ended June 30, 2025.
- Gain/(loss) on equity securities was 14,261 for the three months ended June 30, 2026, compared to (403) for the three months ended June 30, 2025.
Concerns
- Vessel operating expenses were 20,953 for the three months ended June 30, 2026, compared to 20,012 for the three months ended June 30, 2025.
- Daily vessel operating expenses were $ 6,396 for the three months ended June 30, 2026, compared to $ 5,944 for the three months ended June 30, 2025.
- Operating income, total was $ 23,400 for the six months ended June 30, 2026, compared to $ 24,031 for the same period in 2025.
- Average number of vessels was 36.0 for the three months ended June 30, 2026, compared to 37.0 for the three months ended June 30, 2025.
What to watch
- Charter rates and redelivery schedules across the fleet employment table.
- The proposed acquisition of Genco referenced by the Chief Executive Officer.
- Fleet operating expenses and daily vessel operating expenses.
- The effect of gains or losses on equity securities, warrants, derivatives, related party investments and equity method investments on reported net income.
- Future dividends, which are subject to the sole discretion of the Company's board of directors.
Balance sheet and cash flow
- Cash, cash equivalents and restricted cash at June 30, 2026: $ 117,928; December 31, 2025: $ 122,255.
- Investments in equity securities at June 30, 2026: 155,235; December 31, 2025: 118,194.
- Fixed assets at June 30, 2026: 809,885; December 31, 2025: 826,663.
- Long-term debt and finance liabilities, net of deferred financing costs, at June 30, 2026: $ 606,055; December 31, 2025: $ 636,109.
- Total stockholders' equity at June 30, 2026: 551,452; December 31, 2025: 502,413.
- Net cash provided by operating activities, three months ended June 30, 2026: $ 17,510; three months ended June 30, 2025: $ 8,623.
- Net cash used in investing activities, three months ended June 30, 2026: (4,176); three months ended June 30, 2025: (39,877).
- Net cash used in financing activities, three months ended June 30, 2026: $ (19,895); three months ended June 30, 2025: $ (16,801).
- Net cash provided by operating activities, six months ended June 30, 2026: $ 37,834; six months ended June 30, 2025: $ 25,835.
- Net cash used in investing activities, six months ended June 30, 2026: (4,077); six months ended June 30, 2025: (29,333).
- Net cash used in financing activities, six months ended June 30, 2026: $ (38,084); six months ended June 30, 2025: $ (56,570).
Analysis
Diana Shipping reported higher second-quarter operating activity and earnings. Time charter revenues were $ 57,285 for the three months ended June 30, 2026, compared with $ 54,688 in the prior-year quarter. The company attributed the revenue increase to higher average charter rates, partly offset by decreased ownership days following the sale of one vessel during the third quarter of 2025. TCE rate was $ 16,581 compared with $ 15,492, while fleet utilization was 99.6% compared with 99.5%.
Operating income, total was $ 12,099 in the second quarter, compared with $ 10,424 a year earlier. Vessel operating expenses rose to 20,953 from 20,012, and daily vessel operating expenses rose to $ 6,396 from $ 5,944. The fleet averaged 36.0 vessels and recorded 3,276 ownership days, compared with 37.0 vessels and 3,367 ownership days in the prior-year quarter.
Net income was $ 20,759, compared with $ 4,542, and diluted earnings per common share were $ 0.16, compared with $ 0.03. The quarter included a 14,261 gain on equity securities, compared with a (403) loss in the prior-year quarter. Total other income/(expenses), net was $ 8,660, compared with $ (5,882), making non-operating items an important contributor to the increase in reported earnings.
For the six months ended June 30, 2026, time charter revenues were $ 112,020 compared with $ 109,625, while operating income, total was $ 23,400 compared with $ 24,031. Net income was $ 49,908 compared with $ 7,539, including 40,683 of gain/(loss) on equity securities compared with (403). Net cash provided by operating activities was $ 37,834 compared with $ 25,835. Cash, cash equivalents and restricted cash were $ 117,928 at June 30, 2026, and long-term debt and finance liabilities, net of deferred financing costs, were $ 606,055.
The company declared a $0.01 per common share cash dividend, payable September 11, 2026, to shareholders of record on August 21, 2026. No quantitative forward financial guidance was issued. Management highlighted Diana's standalone operating performance and discussed the potential proposed acquisition of Genco, while stating that no valuation outcome can be assumed.
Management, verbatim
These results clearly demonstrate that Diana’s business continues to perform strongly, with improving profitability, healthy cash generation and meaningful operating momentum.
Semiramis Paliou, Chief Executive Officer
We believe this valuation no longer reflects the Company’s underlying fundamentals, earnings power or asset quality.
Semiramis Paliou, Chief Executive Officer
Not in the filing
stated, not guessed- Gross profit and gross margin
- Operating margin
- Tax expense and tax rate
- Non-GAAP net income and non-GAAP earnings per share
- Free cash flow
- Share repurchases or repurchase authorization
- Forward revenue, expense, margin, earnings or cash flow guidance
- Prior-quarter financial comparisons
- Separate business segment revenue disclosure
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.