Company actions and Genco bid: Diana repurchased about 11.5 million shares for $22.9 million in 2025, purchased a 14.8% stake in Genco and submitted an all-cash $20.60-per-share takeover proposal (rejected by Genco’s board), then introduced plans to appoint six administrators to Genco’s 2026 board; the provide is backed by shipping-bank financing letters for as much as $1.1 billion.
Income visibility and monetary place: Administration has locked in roughly 71% of remaining 2026 possession days with common mounted revenues close to $17,700/day, reviews money of $133 million and a loan-to-value rising to 53%, and estimates a money break-even round $16,800/day with implied constructive contribution for 2026 utilizing present FFA curves.
Decarbonization and fleet renewal: Diana has a proper decarbonization plan (operational measures and retrofits that improved effectivity by ~15%) and is renewing the fleet with two methanol dual-fuel Kamsarmax newbuilds due end-2027/early-2028 to help alternative-fuel functionality.
Diana Delivery (NYSE:DSX) outlined its fleet profile, capital allocation exercise, chartering technique, and views on market situations and decarbonization throughout a Capital Hyperlink company presentation webinar that includes members of the corporate’s senior administration crew.
Ioannis Zafirakis, talking for the corporate, mentioned Diana Delivery’s predecessors had been based in 1972 and that Diana Delivery Inc. went public in 2005. He described the corporate as a worldwide supplier of dry bulk delivery transportation companies via vessel possession and bareboat chartering, with vessels employed totally on short- to medium-term time charters carrying cargos reminiscent of iron ore, coal, grain, and different dry bulk supplies.
Administration mentioned that within the first 9 months of 2025, the corporate carried greater than 17.5 million tons and employed greater than 950 folks throughout shore and sea-based roles. As of Jan. 26, 2026, Diana Delivery owned 36 vessels and had two methanol dual-fuel propulsion Kamsarmax newbuildings on order, with anticipated supply on the finish of 2027 and starting of 2028. The corporate reported a median fleet age of 12.17 years, a carrying capability above 4 million deadweight tons, and common utilization of 99.5% as of September 2025.
In reviewing 2025 highlights, Zafirakis mentioned the corporate repurchased near 11.5 million widespread shares for an combination $22.9 million. He additionally mentioned Diana Delivery turned a strategic companion in 27,500 cubic meter semi-refrigerated LPG newbuildings in the course of the 12 months, and famous the corporate held a 20-year NYSE itemizing anniversary occasion that included a closing bell ceremony and investor day.
Administration mentioned the corporate offered two vessels for about $23.7 million and drew down a $55 million time period mortgage facility with the Nationwide Financial institution of Greece, secured by 5 vessels. The corporate additionally printed its 2024 ESG report and maintained consistency in its dividend payout throughout 2025.
Individually, administration mentioned Diana Delivery acquired 14.8% of Genco Delivery & Buying and selling Restricted’s issued and excellent widespread shares and later submitted a proposal to amass the remaining shares. Zafirakis added that Diana Delivery secured $154.4 million of contracted revenues protecting 71% of remaining possession days for 2026, plus $14.5 million representing 6% of possession days for 2027. He additionally mentioned that “since yesterday” the corporate had secured greater than $168 million in revenues.
Zafirakis mentioned Diana Delivery submitted a proposal on Nov. 24 to amass all excellent Genco shares it didn’t already personal at $20.60 per share. He mentioned the proposal was publicly disclosed and “flatly rejected” by Genco’s board with out engagement, with the rejection occurring on Jan. 13.
He added that on Jan. 16 Diana Delivery introduced its intention to appoint a slate of six impartial director candidates for election to the Genco board at Genco’s upcoming 2026 annual assembly. Zafirakis mentioned Diana believes a mix would improve scale, flexibility, and working leverage in dry bulk, and that the provide gives Genco shareholders “instant and sure worth” and “excessive certainty of execution.”
He additionally cited premiums related to the proposed $20.60 per share worth, together with a 15% premium to the Nov. 21 closing worth, a 21% premium to the July 17 closing worth, and a 23% premium to 30- and 90-day VWAP for the interval ending Nov. 21, 2025. On financing, Zafirakis mentioned the all-cash provide was supported by a “extremely assured” letter from two delivery banks for financing as much as $1.1 billion to fund the acquisition worth, refinance Genco’s present debt, and canopy charges and bills.
Administration highlighted what it described as a disciplined, non-speculative chartering technique designed to offer income visibility and cut back danger from market downturns by avoiding clustered maturities. Zafirakis mentioned Diana had mounted three vessels early within the 12 months—two Kamsarmax vessels and one Ultramax vessel—with the Ultramax mounted at $14,750 per day with 361 days remaining, and the 2 Kamsarmax vessels mounted at a median of $13,872 per day with 443 days remaining.
He mentioned the corporate had mounted revenues at a median each day time constitution charge of about $17,700 per day for the remaining days of 2026, with 29% of 2026 days nonetheless unfixed and a median contract length of 1.2 years.
On leverage and liquidity, Co-Chief Monetary Officer and Treasurer Maria Dede addressed a query about diminished money and better loan-to-value. She mentioned money ranges had been “fairly good” at $133 million however declined in 2025 as a result of Genco stake buy, capital contributions to joint ventures, and inventory repurchases. She mentioned loan-to-value elevated from 43% to 53% year-over-year, however pointed to Diana’s debt profile and scheduled amortization as offering “robust visibility” on deleveraging. Zafirakis additionally famous the corporate had “mainly no maturities” earlier than 2029.
Administration mentioned break-even and estimated revenues utilizing ahead freight settlement (FFA) assumptions for unfixed days. Zafirakis mentioned money break-even—comprising working bills, debt amortization, curiosity expense, depreciation and amortization, voyage bills, most well-liked dividend, drydocking provision, and different gadgets—was calculated at about $16,800 per day. Utilizing the Jan. 23, 2026 FFA curve for unfixed days, he mentioned estimated common income could be about $17,200 per day for 2026 and $18,000 for 2027, implying a constructive contribution of $5.8 million for 2026, whereas emphasizing it was an estimate and that some days remained unfixed.
Chief Business Officer Dave van der Linden described 2025 as “a narrative of two halves,” with weaker demand early within the 12 months—notably for coal—and decrease year-on-year iron ore imports into China. He additionally referenced the impression of tariff-related bulletins and different coverage uncertainty, however mentioned the second half noticed a robust restoration throughout vessel sizes pushed extra by tightening utilization than a surge in demand, citing longer ton-miles, a considerable drydock schedule, and weather-related delays within the Pacific. He mentioned Capesize charges rallied from below $10,000 per day early within the 12 months to a short peak of $45,000 per day in December.
Seeking to 2026, van der Linden cited Clarksons Analysis expectations for international GDP development of about 3.3% and moderating merchandise commerce, with coal demand edging down and iron ore roughly flat. He mentioned the 12 months had began “traditionally robust” throughout sizes, with iron ore and bauxite supporting Capesize demand and long-haul grain supporting mid-size vessels. On provide, he mentioned fleet development remained managed, with the orderbook-to-fleet ratio at 11% in deadweight phrases (citing Banchero Costa Analysis) and deliveries in 2026 concentrated in Ultramax and Kamsarmax segments. He added that scrapping remained low and that Diana avoids the Pink Sea and Black Sea areas as a result of battle dangers.
On decarbonization, Chief Technical Funding Officer Evangelos Sfakiotakis mentioned the IMO’s net-zero framework had been permitted in precept, however the newest MEPC session ended with out formal adoption, creating uncertainty round timelines and compliance pathways that would affect business funding choices. Regardless of this, he mentioned Diana has drafted a complete decarbonization technique that’s periodically revisited, together with operational measures reminiscent of velocity optimization and use of biofuels, in addition to drydock upgrades and retrofits reminiscent of silicone paints, ultra-smooth coatings, and robotic hull-cleaning gadgets on some vessels. He mentioned these measures have improved fleet effectivity by virtually 15% during the last couple of years and added that the technique consists of midterm steps reminiscent of categorizing vessels by design/efficiency and renewing the fleet by promoting older, much less environment friendly tonnage whereas buying newer vessels able to utilizing different fuels, citing the 2 Tsuneishi-built dual-fuel methanol vessels on order.
Chief Company Improvement, Governance and Communications Officer Margarita Veniou mentioned sustainability is embedded in Diana’s company technique and long-term worth creation. She mentioned the corporate has printed six ESG reviews since its first in 2019, initiated exterior assurance final 12 months, and acquired impartial assessments together with a CDP ranking for environmental disclosure and an S&P World ESG rating.
Zafirakis additionally famous that Diana has paid a quarterly dividend since 2021 and mentioned cumulative dividends totaled $2.69 per widespread share via the interval mentioned.
Diana Delivery Inc is a worldwide delivery firm integrated within the Republic of the Marshall Islands and headquartered in Athens, Greece. The corporate specializes within the possession and operation of dry bulk vessels that transport a wide range of commodities, together with coal, iron ore, grains, fertilizers, metal merchandise and different bulk supplies. Diana Delivery’s fleet includes Panamax, Capesize, Newcastlemax and Supramax/Newcastlemax segments, enabling it to handle the wants of consumers on key international commerce routes.
The corporate conducts its operations by chartering vessels on quick‐time period voyage charters and longer‐time period interval charters.
