Diana Shipping Inc. (NYSE: DSX) filed its 2025 Annual Report on Form 20‑F with the U.S. Securities and Exchange Commission on March 16, 2026, covering the year ended December 31, 2025.
The full‑year results show revenue of $213.5 million and net income of $17.8 million, translating to earnings per share of $0.11. Compared with 2024, revenue fell 6.4 % to $228.2 million while net income rose 40.9 % to $12.7 million and EPS increased 83.3 % to $0.06. The revenue decline is largely attributable to the sale of two vessels and higher dry‑docking days in the fourth quarter, whereas the net‑income gain reflects disciplined cost management and gains from debt‑refinancing activities.
For the nine‑month period ending September 30, 2025, the company reported revenue of $161.5 million and net income of $14.7 million, or $0.05 per share. This represents a 5.9 % drop in revenue from the same period in 2024 ($171.1 million) but a 389 % jump in net income from $3.0 million, driven by higher charter rates and tighter operating leverage.
Strategically, Diana Shipping has increased its stake in Genco Shipping & Trading, becoming the largest shareholder and raising its offer to $23.50 per share in partnership with Star Bulk Carriers. The company has also ordered two methanol‑dual‑fuel Kamsarmax vessels, with deliveries scheduled for 2027 and 2028, and invested in Ecogas Holding for new LPG carriers, underscoring a commitment to fleet modernization and sustainability.
CEO Coustas highlighted the company’s $4.3 billion backlog as providing strong earnings visibility and positioning the business for future market developments. He also emphasized the company’s dedication to sustainability through the methanol vessel program.
The filing itself is a routine regulatory milestone; the company’s Q3 2025 earnings had a mild negative market reaction, but the 20‑F filing did not trigger significant market movement.
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