Diana Shipping is a Greek dry bulk shipping company that owns and operates a fleet of 36 vessels with combined capacity of ~4.1M dwt, carrying commodities like iron ore, coal, grain, and bauxite for major commodity traders and producers including Cargill, Glencore, and Bunge. The fleet spans five vessel size classes, from Ultramax (~60,000 dwt) to Newcastlemax (~206,000–208,000 dwt), with two methanol dual-fuel Kamsarmax newbuildings on order for 2027–2028 delivery. Diana earns revenue purely by chartering vessels to customers under time charters, where customers pay a fixed daily hire rate and cover their own voyage costs while Diana covers vessel operating costs. Revenue is driven by fleet size, utilization, and hire rates — rates are highly cyclical, so Diana manages a staggered mix of short- to medium-term charters averaging roughly 1–1.25 years to balance rate exposure and earnings visibility. As of early 2026, Diana had ~76% of 2026 ownership days fixed at ~$17,670/day, against a cash flow breakeven of ~$16,883/day. Beyond its core dry bulk fleet, Diana holds a 34% stake in Windward Offshore (offshore wind service vessels), an 80% stake in Ecogas (LPG newbuildings), and a 50% ship management JV with Wilhelmsen. Diana is also pursuing a hostile acquisition of Genco Shipping & Trading, of which it owned ~14.8% as of early 2026, which would significantly expand its dry bulk fleet if completed.