DSX Diana Shipping Inc.

Exchange

NYSE

Sector

Transportation

Industry

Marine Transportation

Market Cap.

815.1M

Very Poor Cash Return on Invested Capital over the past 5 years

DSX has failed to generate positive returns on its investments in buildings, projects and equipment. This could be due to poor management, lack of an economic moat or the capital intensive nature of the business.

DSX has lost $1.13 of cash for every $100 invested.

Figures in USD. Fiscal year ends in December

	2007	2008	2009	2010	2011
Free Cash Flow	-310.03M	151.58M	86.68M	-81.40M	126.07M
divided by
Invested Capital	906.65M	975.16M	997.91M	1.21B	1.14B
Cash ROIC	-34.20%	15.54%	8.69%	-6.74%	11.06%

Excellent Return on Equity over the past 5 years

Over the past 5 years, DSX has generated strong profits with money shareholders have invested. This is considered one of the best indicators of quality management. Beware of extremely high Return on Equity (> 50%) as this is often unsustainable.

DSX has generated $15.56 of Earnings for every $100 of Shareholders' Equity.

Figures in USD. Fiscal year ends in December

	2007	2008	2009	2010	2011
Net Income	134.22M	221.70M	121.50M	128.78M	107.50M
divided by
Stockholders' Equity	799.47M	775.48M	999.33M	1.13B	1.21B
Return on Equity	16.79%	28.59%	12.16%	11.38%	8.89%

Mediocre Business Performance over the past 10 years

DSX isn't a strong business and might be consistently attempting to fuel growth with debt or has trouble staying profitable. The lack of predictability in free cash flow should be concerning for the reliability of future earnings.

DSX has been unable to consistently create value for shareholders.

Figures in USD. Fiscal year ends in December

	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011
Free Cash Flow	5.45M	-28.86M	11.42M	-95.76M	-86.38M	-310.03M	151.58M	86.68M	-81.40M	126.07M