Diana Shipping Inc. (NYSE: DSX)

Sector: Industrials Industry: Marine Shipping CIK: 0001318885
Market Cap 281.14 Mn
P/B 0.56
P/E 15.06
P/S 1.29
ROIC (Qtr) 4.39
Div Yield % 1.66
Rev 1y % (Qtr) -9.79
Total Debt (Qtr) 651.11 Mn
Debt/Equity (Qtr) 1.30
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About

Diana Shipping Inc., a prominent player in the dry bulk shipping industry, operates through the ownership and bareboat charter-in of dry bulk vessels. The company's business activities primarily involve chartering its vessels to customers, with the majority of contracts falling under medium-term and long-term time charter agreements. Diana Shipping Inc. boasts a diverse fleet of 41 vessels, comprising nine Ultramax, seven Panamax, six Kamsarmax, five Post-Panamax, nine Capesize, and four Newcastlemax vessels. As of December 31, 2

Investment thesis

Bull case

No data available.

Bear case

  • Operating cash flow of 0 barely covers operating expenses of 43.66M with a 0 ratio, suggesting thin operational efficiency margins and limited flexibility.
  • Cash position of 133.86M provides only 3.03x coverage of interest expenses of 44.20M, indicating potential refinancing risks in a rising rate environment.
  • R&D investment of 0 represents just 0x of SG&A expenses of 33.45M, indicating potential underinvestment in innovation relative to administrative overhead.
  • Interest expense of 44.20M consumes 0.64x of operating earnings 68.64M, suggesting concerning debt service burden relative to operational performance.

Peer comparison

Companies in the Marine Shipping
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 KEX Kirby Corp 7.05 Bn 19.89 2.10 1.13 Bn
2 MATX Matson, Inc. 6.79 Bn 74.01 4.43 0.72 Bn
3 ZIM ZIM Integrated Shipping Services Ltd. 3.36 Bn 3.35 0.44 5.66 Bn
4 HAFN Hafnia Ltd 3.35 Bn 10.82 1.51 0.89 Bn
5 BWLP BW LPG Ltd 2.38 Bn 10.97 0.67 1.09 Bn
6 SBLK Star Bulk Carriers Corp. 2.37 Bn 245.30 3.42 1.23 Bn
7 CMRE Costamare Inc. 2.05 Bn 6.81 1.69 1.58 Bn
8 DAC Danaos Corp 1.99 Bn 4.27 1.93 0.75 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.63 0.60
EV to Cash from Ops. EV/CFO 10.54 6.07
EV to Debt EV to Debt 1.14 60.45
EV to EBIT EV/EBIT 10.81 4.74
EV to EBITDA EV/EBITDA 5.47 5.76
EV to Free Cash Flow [EV/FCF] EV/FCF 9.86 5.00
EV to Market Cap EV to Market Cap 2.64 29.59
EV to Revenue EV/Rev 3.39 2.00
Price to Book Value [P/B] P/B 0.56 1.07
Price to Earnings [P/E] P/E 15.06 13.80
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 2.47
Dividend Payout Ratio % Div Payout % (Qtr) 25.00 68.67
Dividend per Basic Share Div per Share (Qtr) 0.04 1.18
FCF Dividend Payout Ratio % FCF Dividend Payout Ratio % 0.00 105.16
Interest Coverage Int. cover (Qtr) 1.55 -7.10
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex Growth (1y) % 0.00 -33.98
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -28.34 25.96
Dividend Growth (1y) % Div 1y % (Qtr) -82.22 9.12
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 12.73 -27.24
EBITDA Growth (1y) % EBITDA Growth (1y) % 0.00 -36.36
EBIT Growth (1y) % EBIT 1y % (Qtr) 12.73 -26.39
EBT Growth (1y) % EBT 1y % (Qtr) 97.19 -36.07
EPS Growth (1y) % EPS 1y % (Qtr) 128.57 -30.68
FCF Growth (1y) % FCF Growth (1y) % 0.00 14.21
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -4.76 -7.09
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.18 0.63
Cash Payout Ratio Cash Payout Ratio 0.00 0.08
Cash Ratio Cash Ratio (Qtr) 0.00 1.33
Current Ratio Curr Ratio (Qtr) 0.00 2.15
Debt to Equity Ratio Debt/Equity (Qtr) 1.30 0.73
Interest Cover Ratio Int Coverage (Qtr) 1.55 -7.10
Times Interest Earned Times Interest Earned (Qtr) 1.55 -7.10
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % 0.00 27.36
EBIT Margin % EBIT Margin % (Qtr) 31.41 17.95
EBT Margin % EBT Margin % (Qtr) 11.18 10.77
Gross Margin % Gross Margin % (Qtr) 57.90 37.00
Net Profit Margin % Net Margin % (Qtr) 8.50 9.28