Image source: Diana Shipping official website
Shipping news, Greek dry bulk shipping company Diana Shipping announced its unaudited financial results for the third quarter of 2025 on November 20. The report shows that this dry bulk shipowner focused on time charter operations remained profitable in the third quarter of 2025.
In the third quarter of 2025, Diana Shipping achieved operating revenue of $51.861 million, a year-on-year decrease of 9.8%; operating profit of $10.898 million, a year-on-year decrease of 34.8%; net profit was $7.158 million, and net profit attributable to common shareholders was $5.715 million, or earnings per share of $0.05.
The average daily TCE for Diana Shipping’s fleet in the third quarter of 2025 was $15,178, a year-on-year decrease of 1.0%; the average daily vessel operating expenses were $6,014, a year-on-year increase of 0.8%.
For the first three quarters of 2025, Diana Shipping achieved operating revenue of $160 million, a year-on-year decrease of 5.6%; operating profit of $34.931 million, a year-on-year decrease of 21.1%; net profit was $14.698 million, a year-on-year increase of 388.5%.
The average daily TCE for Diana Shipping’s fleet in the first three quarters of 2025 was $15,473, a year-on-year increase of 2.1%; the average daily vessel operating expenses were $5,941, remaining largely flat.
Based on the company’s operating performance to date, Diana Shipping announced a third-quarter common stock dividend of $0.01 per share.
As of now, the daily breakeven point for Diana Shipping’s fleet is approximately $16,806.
Diana Shipping Increases Stake in Genco to 14.93%
Meanwhile, as of September 25, 2025, Diana Shipping, led by Semiramis Paliou, held approximately 14.93% of Genco’s shares, becoming its largest known shareholder, which has sparked speculation about Diana Shipping acquiring Genco.
Ioannis Zafirakis, Chief Strategy Officer of Diana Shipping, stated that acquiring shares of the US peer Genco has strategic value. He noted, “For us, this is a medium to long-term investment.”
Genco Adopts “Poison Pill” Plan to Limit Hostile Takeover
Nevertheless, on October 1, US-based dry bulk shipowner Genco announced the adoption of a limited-term shareholder rights plan aimed at preventing the company from being acquired against its will.
Genco emphasized that this plan does not prevent the Board of Directors from considering any proposals, nor is it intended to deter offers that are fair and in the best interests of the company’s shareholders.
As of now, Diana Shipping operates a fleet of 36 dry bulk carriers, including 4 Newcastlemax, 8 Capesize, 15 /Panamax, and 9 Ultramax vessels, totaling 4.1 million deadweight tons, with an average vessel age of 11.97 years. Furthermore, as part of its fleet renewal, Diana Shipping signed a construction contract with Tsuneishi Group (Zhoushan) Shipbuilding Co., Ltd. for two 81,200 DWT methanol dual-fuel Kamsarmax bulk carriers, expected to be delivered in the second half of 2027 and the first half of 2028, respectively, with a unit cost of approximately $46 million.
