Greek dry bulk shipowner Diana Shipping reported a net income of $29.1 million for the first quarter ended March 31, 2026.
This financial result represents a significant increase from the $3 million net income recorded during the same period in 2025.
Net income attributable to common stockholders rose to $27.7 million, or $0.25 basic and diluted earnings per share, from $1.6 million, or $0.01 per share, in the first quarter of 2025. Meanwhile, time charter revenues experienced a slight decline to $54.7 million from $54.9 million in the corresponding quarter of the previous year.
The company attributed this marginal drop in revenue to decreased ownership days following the sale of one vessel.
However, this downturn was partially offset by higher average charter rates and improved fleet utilisation, which reached 99.9 per cent compared to 99.6 per cent in the previous year.
The average number of vessels in the company's fleet decreased to 36 from 37.8, while daily vessel operating expenses rose to $6,009 from $5,866 in the first quarter of 2025. Despite the smaller fleet, Diana Shipping noted that daily time charter equivalent rate improved to $16,035 from $15,739, helping to bolster overall earnings.
