Time charter revenues were $51.9 million for the third quarter of 2025, compared to $57.5 million for the same quarter of 2024. The decrease in time charter revenues, compared to the same quarter last year, was primarily attributable to the sale of two vessels in 2025 and one vessel in September 2024.
Net income for the nine months ended September 30, 2025, amounted to $14.7 million and net income attributable to common stockholders amounted to $10.4 million. This compares to a net income of $3.0 million and a net loss attributable to common stockholders of $1.3 million for the same period in 2024. Time charter revenues for the nine months ended September 30, 2025, were $161.5 million, compared to $171.1 million for the same period in 2024. Earnings per share for the nine months ended September 30, 2025 were $0.09 basic and diluted, compared to a loss per share of $0.01 basic and diluted for the same period in 2024.
Dividend Declaration
The Company has declared a cash dividend on its common stock of $0.01 per share, based on the Company's results of operations during the quarter ended September 30, 2025. The cash dividend will be payable on December 17, 2025, to all common shareholders of record as of December 8, 2025. As of November 18, 2025, the Company has 115,781,752 common shares issued and outstanding and 16,207,541 outstanding warrants.
Fleet Employment (As of November 18, 2025)
VESSEL
SISTER SHIPS*
GROSS RATE (USD PER DAY)
COM**
CHARTERERS
DELIVERY DATE TO CHARTERERS***
REDELIVERY DATE TO OWNERS****
NOTES
BUILT DWT
9 Ultramax Bulk Carriers
1
DSI Phoenix
A
16,500
5.00
%
Bulk Trading SA
6-May-24
8-Aug-25
2017 60,456
13,500
4.75
%
Cargill Ocean Transportation (Singapore) Pte. Ltd.
8-Aug-25
1/Oct/2026 - 30/Nov/2026
2
DSI Pollux
A
14,000
4.75
%
Cargill Ocean Transportation (Singapore) Pte. Ltd.
28-Dec-23
4-Sep-25
1
2015 60,446
14,000
5.00
%
Bunge SA, Geneva
30-Sep-25
5-Dec-25
2
3
DSI Pyxis
A
13,100
5.00
%
Stone Shipping Ltd
8-Nov-24
20/Feb/2026 - 20/Apr/2026
2018 60,362
4
DSI Polaris
A
15,400
5.00
%
Stone Shipping Ltd
20-Jul-24
1-Jul-25
2018 60,404
12,250
4.75
%
Cargill Ocean Transportation (Singapore) Pte. Ltd.
1-Jul-25
21/Jul/2026 - 21/Sep/2026
5
DSI Pegasus
A
15,250
4.75
%
Cargill Ocean Transportation (Singapore) Pte. Ltd
5-Sep-24
25-Jul-25
3
2015 60,508
14,250
4.75
%
15-Aug-25
20/May/2026 - 20/Jul/2026
6
DSI Aquarius
B
13,300
5.00
%
Bunge SA, Geneva
6-Dec-24
7-Nov-25
2016 60,309
14,500
5.00
%
7-Nov-25
1/Nov/2026 - 31/Dec/2026
7
DSI Aquila
B
12,250
5.00
%
Western Bulk Carriers AS
21-Jan-25
17-Sep-25
4,5
2015 60,309
14,500
5.00
%
Bunge SA, Geneva
12-Oct-25
25/Feb/2027 - 25/Apr/2027
8
DSI Altair
B
15,750
5.00
%
Propel Shipping Pte. Ltd.
28-Sep-24
25/Nov/2025 - 31/Dec/2025
6
2016 60,309
9
DSI Andromeda
B
14,000
4.75
%
Cargill Ocean Transportation (Singapore) Pte. Ltd
28-Mar-25
17-Nov-25
7,8
2016 60,309
6 Panamax Bulk Carriers
10
LETO
12,275
4.75
%
Cargill International SA, Geneva
4-Apr-25
16/Jul/2026 - 16/Sep/2026
2010 81,297
11
SELINA
C
6,500
5.00
%
Reachy Shipping (SGP) Pte. Ltd.
13-May-25
12-Jul-25
9
2010 75,700
12
MAERA
C
8,400
5.00
%
China Resource Chartering Limited
15-Dec-24
3-Nov-25
2013 75,403
11,750
5.00
%
CRC Shipping Pte. Ltd., Singapore
3-Nov-25
20/Oct/2026 - 20/Dec/2026
13
ISMENE
11,000
5.00
%
China Resource Chartering Pte. Ltd.
24-Apr-25
20/Mar/2026 - 20/May/2026
2013 77,901
14
CRYSTALIA
D
13,900
5.00
%
Louis Dreyfus Company Freight Asia Pte. Ltd.
4-May-24
4/Feb/2026 - 4/Jun/2026
2014 77,525
15
ATALANDI
D
10,100
5.00
%
Stone Shipping Ltd
8-Jun-25
15/Jun/2026 - 15/Aug/2026
10
2014 77,529
6 Kamsarmax Bulk Carriers
16
MAIA
E
11,600
5.00
%
Paralos Shipping Pte. Ltd.
9-Dec-24
25/Nov/2025 - 31/Dec/2025
6
2009 82,193
17
MYRSINI
E
13,000
4.75
%
Cargill International SA, Geneva
26-Feb-25
1/Jan/2026 - 28/Feb/2026
2010 82,117
18
MEDUSA
E
13,000
4.75
%
Cargill International SA, Geneva
16-Mar-25
15/May/2026 - 15/Jul/2026
2010 82,194
19
MYRTO
E
12,000
5.00
%
Nippon Yusen Kabushiki Kaisha, Tokyo
23-Dec-24
1/Mar/2026 - 15/May/2026
2013 82,131
20
ASTARTE
14,000
5.00
%
Paralos Shipping Pte. Ltd.
19-Aug-24
31-Jul-25
2013 81,513
12,500
5.00
%
Propel Shipping Pte. Ltd.
2-Aug-25
16/Aug/2026 - 16/Oct/2026
21
LEONIDAS P. C.
17,000
5.00
%
Ming Wah International Shipping Company Limited
22-Feb-24
28-Aug-25
11
2011 82,165
14,000
5.00
%
Nippon Yusen Kabushiki Kaisha, Tokyo
24-Sep-25
15/Sep/2026 - 15/Nov/2026
4 Post-Panamax Bulk Carriers
22
AMPHITRITE
F
12,100
5.00
%
Cobelfret S.A., Luxembourg
8-Jan-25
1/Jan/2026 - 15/Mar/2026
12
2012 98,697
