Diana Shipping is struggling to remain profitable, with only its Capesize segment showing promise, reports New York's Seeking Alpha.

Analyst Kevin Avroutskii said the company's fixed-rate charter structure limits upside potential despite favourable Capesize fundamentals. Diana Shipping faces minor liquidity risks in 2029 and 2030 due to significant debt maturities.

The fleet comprises 36 dry bulk vessels, including 12 Newcastlemax and Capesize ships. The average age is nearly 12 years, with the oldest built in 2007 and the newest in 2022. None of the ships are scrubber-fitted, leaving them at a disadvantage in fuel efficiency and environmental compliance.

Diana Shipping earns an average of US$16,553 in daily TCE revenues, below peers such as Himalaya Shipping and Seanergy Maritime Holdings. Most of its vessels are locked into charters extending into 2026, limiting near-term flexibility.

Market conditions show the dry bulk order book at just under 12 per cent, with Capesize orders depressed at 10 per cent and Panamax slightly above 15 per cent. This suggests Capesize is better shielded against downturns than Panamax.

Demand drivers include Guinea's Simandou iron ore project, which could boost tonne-mileage, and strong bauxite shipments offsetting coal declines. These factors point to a long-term bullish outlook for Capesize rates, though Diana Shipping's fixed charter model restricts gains.