DSX Diana Shipping

Dry Bulk · Newcastlemax / Capesize / Post-Panamax / Kamsarmax / Panamax / Ultramax · 156 documents

Diana Shipping's 36-vessel dry bulk fleet — 9 Ultramax, 8 Capesize, 6 Kamsarmax and 13 across 3 other classes — should earn about $29,577 a day in 2026Q3 and pay $0.01 a share. That is our forecast (PATTERN).

Last paid · 2026Q2

$0.01

1.6% annualised

$16,581/d earned

TTM $0.04 (1.6% trailing)

2026Q3 · our model

$0.01

1.6% annualised

$29,577/d modelled

PATTERN

declared rate held flat

2026Q4 · our model

$0.01

1.6% annualised

$24,969/d modelled

declared rate held flat

Yields annualise each quarter ×4 at the last close, $2.50 (2026-10-16). Our model is not company guidance.

What will Diana Shipping pay for 2026Q3?

Company said

Diana Shipping has published no booked rates for 2026Q3. It does not say what it will pay — turning its rates into a dividend is our job.

—

no dividend given

Our model

Every day at market rates; dividend by declared rate held flat.

$29,577/d

modelled

$0.01

modelled · PATTERN

Rates in, dividend out 2026Q3

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

Class	Company earned	Booked 2026Q3	Market now
Newcastlemax · 4	$16,5812026Q2 · fleet avg	—none printed	—licensed index only
Capesize · 8	$16,5812026Q2 · fleet avg	—none printed	—licensed index only
Post-Panamax · 4	$16,5812026Q2 · fleet avg	—none printed	—licensed index only
Kamsarmax · 6	$16,5812026Q2 · fleet avg	—none printed	—licensed index only
Panamax · 5	$16,5812026Q2 · fleet avg	—none printed	—licensed index only
Ultramax · 9	$16,5812026Q2 · fleet avg	—none printed	—licensed index only

Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class — a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago. Dry-bulk class rates exist only as licensed Baltic Exchange indices, which this site does not republish.

Your rates every day is at your rate

Newcastlemax 368 open days

$/d

Capesize 736 open days

$/d

Post-Panamax 368 open days

$/d

Kamsarmax 552 open days

$/d

Panamax 460 open days

$/d

Ultramax 828 open days

$/d

2026Q3 P&L and cash

Model

Your scenario

Vessel-days, days modelled

Ships on the fleet list × the quarter's calendar days for capesize, kamsarmax, newcastlemax, panamax, post-panamax, ultramax: no off-hire or drydock days are deducted there.

3,312

By class

Class	Days	Model $/day	Yours $/day
Newcastlemax	368	47,050	47,050
Capesize	736	47,050	47,050
Post-Panamax	368	21,375	21,375
Kamsarmax	552	21,375	21,375
Panamax	460	21,375	21,375
Ultramax	828	19,950	19,950

Fleet TCE, $/day assumed

29,577

Revenue (TCE basis), $m assumed

Vessel-days × fleet TCE.

98.0

Vessel opex, $m assumed

2026Q2: $21.0m over 3,312 vessel-days, held per day. Source (2026Q2)

(21.0)

G&A, $m assumed

2026Q2: $8.6m over 3,312 vessel-days, held per day. Source (2026Q2)

(8.6)

EBITDA, $m assumed

68.4

Hire for chartered-in ships, $m

Not on file for any quarter (not extracted, or not disclosed).

—

Interest expense, $m assumed

2026Q2: $9.6m over 3,312 vessel-days, held per day. Source (2026Q2)

(9.6)

Scheduled debt amortisation, $m stated

2026Q2: $15.6m over 3,312 vessel-days, held per day (the issuer’s scheduled principal). Source (2026Q2)

(15.6)

Drydock cost, $m

No separate drydock cash line on file.

—

Cash break-even, $/day assumed

Σ cash costs above ÷ vessel-days.

16,537

Cushion vs fleet TCE, $/day

13,040

Free cash flow to equity, $m assumed

Revenue − cash costs: the cash available for distribution.

43.2

Maintenance capex, $m

Not disclosed as a cash line; not in the model’s cash.

—

Dividend policy pattern

No stated payout policy on file.

Dividend by declared rate held flat; it does not move with the rate, so your scenario leaves it unchanged.

Output	Model	Your scenario	Δ
Estimated DPS, $/share pattern	$0.01
Forward yield, run-rate %	1.6%
vs last declared ($0.01, 2026Q2)	+0%

Yield annualises the quarter’s DPS × 4 (a run-rate, not a forecast of the year) against the $2.50 close on 2026-10-16.

This dividend is set by declared rate held flat, not by the rate — your scenario moves the cash line, not the DPS.

Showing the model’s own figures. Setting your own rates needs JavaScript.

Dividend per share declared · model

Market context — rates, the dividend, and the price

Rates and dividend — realized rate and declared

Realized fleet TCEModelDeclared DPS

forecast →

$0k

$15k

$30k

2025Q3

2025Q4

2026Q1

2026Q2

2026Q3

2026Q4

Declared DPS, USD/share — solid: declared · dashed: model

$0.01

2025Q4 rec 2026-03-11 · pay 2026-03-18 2026Q1 rec 2026-06-10 · pay 2026-06-18 2026Q2 rec 2026-08-21 · pay 2026-09-11

Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate — see Dividend forecast.

The line is the declared dividend per share — dashed where it is the model's estimate. Model estimate — not issuer guidance.

Forward (our model — model quarter ×4): $0.04/yr · @ $2.50 (as of 2026-10-16) = 1.6% yield (spot-exposure scenario) · Trailing TTM $0.04/yr = 1.6%

How we got the number

How to read this page

Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it →

No departure from the method above is recorded for DSX; the inputs and their basis are listed below.

What drives it — fleet TCE, 2026Q3

Expected fleet TCE

$29,577/d

22% MODELLED · 14% MODELLED (FFA forward) · 64% ASSUMED

How we got to the DPS

Declared rate held flat PATTERN $0.01

Stated payout policy declined — the company publishes no payout policy this model can read

Earnings bridge — 2026Q2 → 2026Q3

Anchor DPS (2026Q2) $0.01

Booked cover — issuer guidance targets a different quarter than the anchor — no same-vintage comparison TBD

Expected DPS (2026Q3) $0.01

Dividend history & forecast accuracy

Upcoming

Quarter	Ex-date (est.)	Forecast DPS	Actual DPS
2026Q3 E	—	$0.01	—
2026Q4 E	—	$0.01	—

Period	DPS	Kind	Ex-date	Pay date	Source
2026-Q2	$0.01/share	regular	—	2026-09-11	as of 2026-07-30 declaration
2026-Q1	$0.01/share	regular	—	2026-06-18	as of 2026-05-28 declaration
2025-Q4	$0.01/share	regular	—	2026-03-18	as of 2025-11-20 declaration
2025-Q3	$0.01/share	regular	—	—	as of 2025-11-20 declaration
2025-Q2	$0.01/share	regular	—	2025-09-11	as of 2025-03-21 declaration
2025-Q1	$0.01/share	regular	—	2025-06-24	as of 2025-05-29 declaration
2024-Q4	$0.01/share	regular	—	2025-03-21	as of 2025-02-25 declaration

DPS method: declared rate held flat.

Financials & fleet

Latest quarter 2026Q2 2 qtrs old

Fleet

Realized TCE

$16,581/d 2026Q2

Declared DPS

$0.01 2026Q2

TTM DPS

$0.04

Coverage

—

Revenue

$57.3M

Opex

$21.0M

Net income

$19.3M

8× capesize · 6× kamsarmax · 4× newcastlemax · 5× panamax · 4× Post-Panamax · 9× ultramax current

Fleet model — 2026Q3

Fleet model estimate — not issuer guidance.

Class	Ships	TC	Spot	% Fixed	Guided $/d	Spot $/d	Blended $/d	QTD rev $M	Modeled Q rev $M
Newcastlemax	4	—	—	—	—	—	47,050	—	17.3
Capesize	8	—	—	—	—	—	47,050	—	34.6
Post-Panamax	4	—	—	—	—	—	21,375	—	7.9
Kamsarmax	6	—	—	—	—	—	21,375	—	11.8
Panamax	5	—	—	—	—	—	21,375	—	9.8
Ultramax	9	—	—	—	—	—	19,950	—	16.5
Total	36						29,577	—	98.0

Guided rates are issuer-booked cover for 2026Q3 blended with SSY capesize assessments and the Braemar dry-FFA curve for the open days.

Expected DPS

$0.01/share

Annualized

$0.04/yr

Revenue if rates hold

$98.0M

Bear counts booked cover only, with open days at zero; Base is the next-quarter estimate above, which prices the open days; Bull needs a recent peak index, which this fleet's classes do not have.

Model gaps & assumptions

newcastlemax: SSY Capesize Index SPOT proxy $47,050/day (our mean of 2026Q3's monthly medians across the SSY T/C routes, 3/3 months, 48 weekly print(s); the quarter has ended, so it is priced at its own months; route values are licensed and not shown; no Gibson route for dry class) · newcastlemax: priced off the Capesize index — a neighbouring market (208k vs 180k dwt), ASSUMED, no premium added (owner 2026-10-19) · index realization not applied to the cape classes: fewer than 2 closed quarters with this issuer's own cape TCE on file — the open share is priced at the full index, which this issuer has not been shown to capture · newcastlemax: no fixed-coverage guidance -> 100% spot proxy · capesize: SSY Capesize Index SPOT proxy $47,050/day (our mean of 2026Q3's monthly medians across the SSY T/C routes, 3/3 months, 48 weekly print(s); the quarter has ended, so it is priced at its own months; route values are licensed and not shown; no Gibson route for dry class) · capesize: no fixed-coverage guidance -> 100% spot proxy · post-panamax: priced off the Panamax FFA curve — the board quotes no Post-Panamax line (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) · index realization not applied to the Panamax/Supramax/Handysize families: the Braemar curve began in 2026-09, so there is no history to measure this issuer's capture against — their open share is priced at the full curve · post-panamax: no fixed-coverage guidance -> 100% spot proxy · kamsarmax: priced off the Panamax FFA curve — the board quotes no Kamsarmax line (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) · kamsarmax: no fixed-coverage guidance -> 100% spot proxy · panamax: Braemar dry-FFA FORWARD-curve proxy (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) · panamax: no fixed-coverage guidance -> 100% spot proxy · ultramax: priced off the Supramax FFA curve — the board quotes no Ultramax line (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) · ultramax: no fixed-coverage guidance -> 100% spot proxy · one-model DPS not used: fewer than 3 quarters of rate and dividend history, no break-even, or it does not explain the company's own dividends (R² < 0.5) · DPS is the declared rate: $0.010 in each of 6 quarters (2025Q1, 2025Q2, 2025Q3, 2025Q4, 2026Q1, 2026Q2) — held flat, so it is not modelled from TCE

Profit statement highlights

Line	2026Q2	2026Q1	YoY Δ
Revenue	$57.3M	—	—
Opex	$21.0M	—	—
Net income	$19.3M	—	—

reconciliation: insufficient data for an earnings bridge (2026Q2) earnings bridge incomplete — treat income-derived figures as provisional

Full P&L grid — 6 quarters

Line item	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1
Revenue $M	57.3	—	—	—	—	—
Voyage expenses $M	—	—	—	—	—	—
Vessel opex $M	21.0	—	—	—	—	—
G&A $M	8.6	—	—	—	—	—
Depreciation $M	—	—	—	—	—	—
Interest expense, gross $M	9.6	—	—	—	—	—
Net income $M	19.3	—	—	—	—	—
Declared DPS	0.01	0.01	0.01	0.01	0.01	0.01

Realized fleet TCE

Benchmark comparison will appear once issuer-printed benchmark data is available.

Guidance & sources

Issuer guidance — forward-looking

Period	Metric	Value	Coverage	As of	Source
2027FY	Fleet charters expiring (vessels)	20 vessels	—	2026-07-29	print
2028FY	Fleet charters expiring (vessels)	1 vessels	—	2026-07-29	print

Historical guidance (1 rows)

Period	Metric	Value	Coverage	As of	Source
2026FY	Fleet charters expiring (vessels)	15 vessels	—	2026-07-29	print

Sources — press, filings & documents

Press & filings by quarter

Quarter	Report	Presentation	Dividend	Other
2026Q4	6-K, 6-K exhibit	—	—	—
2026Q3	6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, FORM 6-K, 6-K, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K exhibit	—	—	—
2026Q2	6-K, 6-K exhibit, CURRENT REPORT OF FOREIGN ISSUER PURSUANT TO R…, CURRENT REPORT OF FOREIGN ISSUER PURSUANT TO R…, 6-K, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K exhibit	—	—	—
2026Q1	6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, FORM 20-F, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit	—	—	—
2025Q4	6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K, 6-K exhibit, 6-K, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit	—	—	—
2025Q3	6-K, 6-K exhibit, 6-K, 6-K, 6-K exhibit, 6-K exhibit, 6-K, 6-K exhibit, FORM 6-K, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit	—	—	—
2025Q2	6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K, 6-K exhibit, 6-K exhibit, 6-K, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit	—	—	—
2025Q1	6-K, 6-K, 6-K exhibit, 6-K exhibit, 6-K, FORM 20-F, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K, 6-K, 6-K exhibit, 6-K, 6-K, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit	—	—	—