Diana Shipping Q1 Net Income Rises to $29.1M, Declares $0.01 Dividend
DSX•Diana Shipping reported Q1 net income of $29.1 million ($0.25/share), up from $3.0 million ($0.01) in Q1 2025, on time charter revenues of $54.7 million versus $54.9 million a year earlier. The board declared a $0.01 dividend payable June 18 and said higher charter rates and fleet utilization offset reduced ownership days after a vessel sale.
1. Q1 Financial Performance
Diana Shipping generated net income of $29.1 million in the first quarter, or $0.25 per basic and diluted share, compared with $3.0 million, or $0.01 per share, in Q1 2025. Time charter revenues totaled $54.7 million, slightly below $54.9 million a year earlier, with adjusted revenue of $51.7 million.
2. Dividend Declaration
The board declared a $0.01 dividend payable on June 18 to shareholders of record as of June 10, reflecting the company’s strong quarterly results. As of May 27, 2026, Diana Shipping had 124.4 million common shares and 15.7 million warrants outstanding.
3. Fleet Utilization and Rates
Time charter revenue edged lower due to decreased ownership days following the sale of one vessel, but higher average charter rates and improved fleet utilization bolstered earnings. The company’s fleet of 36 dry bulk vessels, ranging from ultramax to Newcastlemax classes, remains chartered through late 2027.
