Diana Shipping Inc.

For Q1 2026, Diana reported time charter revenues of $54.7 million versus $54.9 million a year earlier, adjusted EBITDA of $23.3 million versus $23.3 million, net income of $291 million versus $3 million, net income attributable to common stockholders of $27.7 million versus $1.6 million, and basic/diluted EPS of $0.25 versus $0.01. Management also cited fleet utilization of 99.9%, cash of $125 million at quarter-end versus $122 million at 12/31/2025, and long-term debt and finance liabilities of $621 million versus $636 million at year-end 2025. For the remainder of 2026, the company said it has fixed 83% of ownership days at an average time charter rate of about $18,000 per day for expected revenues of approximately $124 million; for 2027, 17% of ownership days are fixed at an average rate of $19.9 thousand per day for expected revenues of $44.1 million. No formal quarterly or full-year earnings guidance was given, but management said potential revenues including unfixed days could reach $150 million for the rest of 2026 and $252 million for 2027 based on FSA rates as of 05/20/2026.

Semiramis Paliou emphasized that the drybulk market remained strong and that the usual Q1 seasonal slowdown did not occur, with Capesize and Kamsarmax markets benefiting from tighter vessel utilization, longer ton-miles, and geopolitical disruption. She framed the company as disciplined and conservative: strong balance sheet, solid cash, cautious mindset, and a chartering strategy focused on staggered medium- to long-term coverage. Her tone was confident and defensive, especially around Genco, where she argued the offer is close to NAV and that shareholders face downside if the deal fails.

Maria Dede said Q1 revenue was broadly flat year over year because a smaller fleet was offset by better rates. She highlighted that cash increased to $125 million, debt fell to $621 million, and the company kept a conservative net loan-to-value of 46%. She also pointed to a steady amortization profile with no significant near-term refinancing concentration, and noted cash flow breakeven rates of $16.03 and $44 per day, along with contracted revenue visibility of $124 million for 2026 and $44.1 million for 2027.

Analysts focused first on whether the higher Genco bid would bring the board to the table and whether the Star Bulk vessel sale terms should be revised; management said any further price moves depend on meaningful engagement from Genco and declined to comment on the Star Bulk leg. Christopher Barth also asked about bauxite and Guinea export restrictions; management called it hard to predict, said it could be bluster, and described Diana as agnostic while acknowledging some downside risk that should not be very significant. On Windward, management said it is generally happy with the investment, sees improved momentum, and said the mark-to-market value has increased substantially, now still around 20% above prior levels after having been closer to 30% a few months ago.