As of February 18, Diana Shipping had locked in $153 million of contracted revenues, covering 76% of 2026 ownership days at an average fixed time charter rate of $17,670 per day, with the remaining 24% of days unfixed and an average contract duration of 1.24 years. The company operated 36 vessels with 100% utilization in Q4 and expects to take delivery of two methanol dual-fuel Panamax newbuildings by early 2028.

Fourth-quarter time charter revenues fell to $52.1 million from $57.1 million a year earlier, while adjusted EBITDA declined to $19.3 million from $25.9 million. Net income dropped to $3.1 million ($0.02 per share) in Q4 but full-year net income rose to $17.8 million from $12.7 million, driven by lower interest expenses and higher non-operating gains despite a smaller average fleet.

Cash balances decreased to $122.3 million at year-end from $207.2 million, reflecting $103.5 million invested in a Genco stake, $18.3 million in equity investments, $23 million of vessel sales and share repurchases, and drydock capital of $18 million. Long-term debt remained stable at around $636 million, supported by bank facilities, a $175 million unsecured bond maturing in 2029, and sale-and-leaseback funding, yielding a daily cash flow break-even of $16,883.