Q2 2026 spot
2026 locked
2027 question
2027 rates
hold above breakeven
normalize below
Diana Shipping per-day cash breakeven gate on 2026 covered voyage cash flow vs open 2027 rates
per-day cash breakeven
cape
pana
kams
ultra
1 · Dry-bulk charter & spot rates
set Diana's fleet revenue
per-day rate
net income
accrues
cash burn
TCE
2 · Per-day cash breakeven
is the gate for
net income
covered
covered
?
hold
fade
Q3 '26
Q4 '26
2027
88%
3 · Forward voyage coverage
(2026 mostly locked)
secures the cash flow
4 · Delivered earnings close
the gap to net asset value
→ today's +7.5% re-rating
net asset value
DSX market price
NAV gap
+7.5%
5 · Do 2027 charter rates
stay above breakeven?