$DSX-WT

DIANA SHIPPING INC.

CIK:0001318885|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
REVENUES:
Time charter revenues	$ 213,541	$ 228,209	$ 262,098
OPERATING EXPENSES
Voyage expenses	12,417	13,607	13,621
Vessel operating expenses (Note 3)	80,244	82,587	85,486
Depreciation and amortization of deferred charges	46,525	44,691	49,785
General and administrative expenses	34,099	33,435	32,968
Management fees to a related party (Note 4(a))	1,191	1,332	1,313
Gain on sale of vessels (Notes 3 and 6)	(3,663)	(5,799)	(5,323)
Other operating loss/(income)	538	(422)	(1,464)
Operating income, total	42,190	58,778	85,712
OTHER INCOME/(EXPENSES)
Interest expense and finance costs (Note 12)	(42,951)	(47,468)	(49,331)
Interest and other income	7,505	8,369	8,170
Gain/(loss) on derivative instruments (Note 8)	(196)	274	(439)
Loss on extinguishment of debt (Note 8)	0	(3,475)	(748)
Gain on deconsolidation of subsidiary (Note 4(b))	0	0	844
Gain/(loss) on equity securities (Note 5(b))	14,671	(400)	2,813
Gain on warrants (Note 11(h))	490	719	1,583
Loss from equity method investments (Note 4)	(2,810)	(146)	(262)
Total other expenses, net	(24,363)	(46,032)	(35,868)
Net income	17,827	12,746	49,844
Dividends on series B preferred shares (Notes 11(b) and 13)	(5,769)	(5,769)	(5,769)
Net income attributable to common stockholders	$ 12,058	$ 6,977	$ 44,075
Earnings per common share, basic (Note 13)	$ 0.11	$ 0.06	$ 0.44
Earnings per common share, diluted (Note 13)	$ 0.11	$ 0.05	$ 0.42
Weighted average number of common shares outstanding, basic (Note 13)	110,459,096	115,956,249	100,166,629
Weighted average number of common shares outstanding, diluted (Note 13)	110,497,640	118,655,243	101,877,142
Gain/(loss) on related party investments (Note 5(a))	$ (1,072)	$ (3,905)	$ 1,502
Related Party [Member]
Gain/(loss) on related party investments (Note 5(a))	$ (1,072)	$ (3,905)	$ 1,502

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Flows from Operating Activities:
Net income	$ 17,827	$ 12,746	$ 49,844
Adjustments to reconcile net income to cash provided by operating activities
Depreciation and amortization of deferred charges	46,525	44,691	49,785
Amortization of debt issuance costs (Note 12)	2,139	2,372	2,620
Compensation cost on restricted stock (Note 11(i))	9,605	10,012	9,938
Dividends income	0	0	(3)
Pension and other postretirement benefits	23	4	55
(Gain)/loss on derivative instruments (Note 8)	196	(274)	439
Gain on sale of vessels (Notes 3 and 6)	(3,663)	(5,799)	(5,323)
(Gain)/loss on related party investments (Note 5)	1,072	3,905	(1,502)
Loss on extinguishment of debt	0	3,475	748
Gain on deconsolidation of subsidiary	0	0	(844)
(Gain)/loss from equity method investments, net of dividend (Note 4)	2,830	146	262
Gain/(loss) on equity securities (Note 5(b))	(14,671)	400	(2,813)
Gain on warrants (Note 11(h))	(490)	(719)	(1,583)
(Increase) / Decrease
Accounts receivable, trade	2,826	(695)	256
Due from related parties	(808)	119	(252)
Inventories	56	863	(511)
Prepaid expenses and other assets	(1,379)	1,247	(1,950)
Other non-current assets	0	0	70
Investments in equity securities	0	20,329	(17,916)
Increase / (Decrease)
Accounts payable, trade and other	1,621	(673)	(1,761)
Due to related parties	(101)	(569)	(57)
Accrued liabilities	1,548	(520)	282
Deferred revenue	735	672	(4,195)
Other non-current liabilities	(293)	(158)	437
Drydock cost	(18,091)	(8,044)	(5,646)
Net Cash Provided by Operating Activities	47,507	83,530	70,380
Cash Flows from Investing Activities:
Payments for vessels under construction and vessel improvements (Note 6)	(1,502)	(20,516)	(29,732)
Proceeds from sale of vessels, net of expenses (Note 6)	22,975	35,154	36,560
Return of capital from equity method investment (Note 6)	3,505	0	0
Payments to acquire investments (Note 4 and 5(b))	(121,821)	(27,203)	(10,595)
Proceeds from sale of investments (Note 4 and 5(a))	3,005	0	0
Time deposits (Note 2 (c))	63,500	(23,500)	6,500
Payments to acquire other assets	0	0	(216)
Cash divested from deconsolidation	0	0	(771)
Proceeds from convertible loan with limited partnership	0	0	25,189
Payments to acquire property, furniture and fixtures (Note 7))	(1,671)	(3,718)	(2,006)
Net Cash Provided By/(Used) in Investing Activities	(32,009)	(39,783)	24,929
Cash Flows from Financing Activities:
Proceeds from issuance of long-term debt and finance liabilities (Note 8)	55,000	117,150	57,696
Proceeds from issuance of common stock, net of expenses (Note 11(h))	93	24,195	0
Payments for issuance of common stock (Note 11(e))	0	0	(79)
Payments of dividends, preferred stock (Note 11(b))	(5,769)	(5,769)	(5,769)
Payments of dividends, common stock (Note 11(f))	(4,630)	(29,004)	(41,427)
Payments for repurchase of common stock (Note 11(e))	(23,048)	0	0
Payments of financing costs (Notes 8 and 9)	(348)	(5,238)	(1,724)
Repayments of long-term debt and finance liabilities (Notes 8 and 9)	(58,207)	(123,007)	(79,842)
Net Cash Used in Financing Activities	(36,909)	(21,673)	(71,145)
Cash, Cash Equivalents and Restricted Cash, Year Increase/(Decrease)	(21,411)	22,074	24,164
Cash, Cash Equivalents and Restricted Cash, Beginning Balance	143,666	121,592	97,428
Cash, Cash Equivalents and Restricted Cash, Ending Balance	122,255	143,666	121,592
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	50,505	124,666	101,592
Restricted Cash, current	53,750	0	0
Restricted cash, non-current	18,000	19,000	20,000
Cash, Cash Equivalents and Restricted Cash, Total	122,255	143,666	121,592
SUPPLEMENTAL CASH FLOW INFORMATION
Non-cash acquisition of assets	0	0	7,809
Stock issued in noncash financing activities	0	3,852	7,809
Non-cash investments acquired	0	0	10,000
Noncash dividend	0	0	41,521
Interest paid, net of amounts capitalized	$ 41,505	$ 46,257	$ 46,473

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current Assets
Cash and cash equivalents (Note 2(e))	$ 50,505	$ 124,666
Time deposits (Note 2(e))	0	63,500
Restricted cash, current (Note 2(e) and 8)	53,750	0
Accounts receivable, trade (Note 2(f))	3,739	6,565
Inventories (Note 2(g))	4,137	4,193
Prepaid expenses and other assets	8,828	7,490
Investments in equity securities (Note 5(b))	118,194	0
Equity method investment, current (Note 4 (b))	4,227	0
Total Current Assets	244,875	206,608
Fixed Assets:
Advances for vessels under construction (Note 6)	20,877	19,558
Vessels, net (Note 6)	777,938	833,412
Property and equipment, net (Note 7)	27,848	27,175
Total fixed assets	826,663	880,145
Other Noncurrent Assets
Restricted cash, non-current (Note 8)	18,000	19,000
Equity method investments (Note 4)	53,875	42,826
Other non-current assets	31	31
Deferred costs	26,748	17,838
Total Non-current Assets	925,317	964,410
Total assets	1,170,192	1,171,018
Current Liabilities
Long-term debt, current, net of deferred financing costs (Note 8)	50,281	45,230
Finance liabilities, current (Note 9)	10,041	9,608
Accounts payable	10,611	8,990
Accrued liabilities	13,444	11,896
Deferred revenue	4,970	4,235
Fair value of derivatives (Note 2(bb) 8)	144	31
Total Current Liabilities	89,580	80,180
Non-current Liabilities
Long-term debt, net of current portion and deferred financing costs (Note 8)	472,528	469,387
Finance liabilities, net of current portion (Note 9)	103,259	113,300
Fair value of derivatives (Note 8)	217	134
Warrant liability (Note 11(h))	1,330	1,802
Other non-current liabilities	865	1,158
Total Noncurrent Liabilities	578,199	585,781
Commitments and contingencies (Note 10)
Stockholders' Equity
Preferred stock (Note 11)	26	26
Common stock, $0.01 par value; 1,000,000,000 shares authorized and 115,787,434 and 125,203,405 issued and outstanding on December 31, 2025 and 2024, respectively (Note 11)	1,158	1,252
Additional paid in capital	1,126,049	1,139,363
Accumulated other comprehensive income	3,648	312
Accumulated deficit	(628,468)	(635,896)
Total Stockholders' Equity	502,413	505,057
Total Liabilities and Stockholders' Equity	1,170,192	1,171,018
Related Party [Member]
Current Assets
Accounts receivable, trade (Note 2(f))	1,157	194
Investments in equity securities (Note 5(b))	338	0
Other Noncurrent Assets
Due from related parties, non-current (Note 4)	0	155
Investments in a related party (Notes 2(y) and 5(a))	0	4,415
Current Liabilities
Accounts payable	$ 89	$ 190