Lloyd's List Companies: Diana Shipping
Diana Shipping
Diana Shipping Inc is based in Athens, Greece and owns a fleet of dry bulk carriers of various sizes from panama to newcastlemax. Those vessels are managed by its wholly-owned subsidiary Diana Shipping Services SA and its 50:50 joint venture with Wilhelmsen Ship Management, namely Diana Wilhelmsen Management. The company owns around a quarter of Diana Containerships, a Nasdaq-listed containership lessor.
NYSE: DSX
CEO: Simeon Palios
President: Anastasios Margaronis
View fleet data | View share price
Recent performance
In the third quarter, Diana Shipping tumbled into a deep net loss of $78.3m. While the bottom line was bloated by a $50m impairment on the company's investment in Diana Containerships, which is mired in the box shipping downturn, Diana Shipping’s core business in dry bulk also seemed to underperform.
Daily earnings of its fleet continued to fall despite a general market improvement. In fact, Diana Shipping was the worst performer in this aspect among its peers, likely because many of its vessels came off charters when the Baltic Dry Index was in the doldrums in early-2016.
The company has 20 vessels that could have expiring charters by year-end at the earliest, though their charterers will likely keep them longer amid firming rates lately. If some are returned, Diana Shipping will have some chances to inch out higher earnings for them.
The company will need to improve profitability soon. Diana Containers, of which it is largest equity investor and unsecured lender, will be a drag for some time. And Diana Shipping’s debt restructuring talks with lenders failed to bear fruitful results. Its liquidity situation will be carefully studied by equity investors next year.
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