Dry Bulk sector
14 covered companies
Dividend yields and the next payout set your own rates →
| Company | Yield | Last DPS | TTM | Next · our model | Company said | Fleet | |
|---|---|---|---|---|---|---|---|
| USEA United Maritime | 15.5% | $0.10/q | $0.39/yr | $0.10 2026Q3 | 75% booked | 5 Capesize 2 · Panamax 2 · Kamsarmax 1 | |
| HSHP.OL Himalaya Shipping | 9.2% | $0.22/mo | $1.49/yr | $0.58 2026Q4 low | policy | 12 Newcastlemax 12 | |
| CMBTO.OL CMB.TECH | 8.5% | $0.64/q | $1.49/yr | no forecast · cost stack / debt service | 48% booked | 192 CTV 48 · Newcastlemax 40 · Capesize 37 · Kamsarmax 26 · Suezmax 18 · Chemical 8 · Panamax 4 · VLCC 4 · Container 4 · CSOV 3 | |
| GNK Genco Shipping & Trading | 7.3% | $0.80/q | $1.80/yr | $1.12 2026Q3 low | 66% booked | 43 Capesize 17 · Ultramax 15 · Supramax 9 · Newcastlemax 2 | |
| SBLK Star Bulk Carriers | 6.8% | $0.90/q | $1.88/yr | $0.92 2026Q3 low | policy | 138 Ultramax 47 · Kamsarmax 42 · Newcastlemax 17 · Capesize 14 · Supramax 11 · Post Panamax 7 | |
| KCC.OL Klaveness Combination Carriers | 6.7% | $0.30/q | $0.75/yr | $0.34 2026Q3 medium | 100% booked | 19 Combimax 11 · Cleanbu 8 | |
| SHIP Seanergy Maritime Holdings | 5.8% | $0.35/q | $0.88/yr | $0.25 2026Q3 low | 100% booked | 18 Capesize 16 · Newcastlemax 2 | |
| PANL Pangaea Logistics Solutions | 3.3% | $0.10/q | $0.25/yr | $0.10 2026Q3 low | 85% booked | 38 Handysize 14 · Supramax 8 · Panamax Ice Class 1A 6 · Post Panamax Ice Class 1A 4 · Panamax 2 · Ultramax Ice Class 1C 2 · Ultramax 2 | |
| SB Safe Bulkers | 3.0% | $0.075/q | $0.235/yr | $0.071 2026Q3 low | 15% booked | 46 Post Panamax 17 · Kamsarmax 14 · Panamax 8 · Capesize 7 | |
| NORDEN Dampskibsselskabet Norden | 2.2% DKK | DKK 2.00/q | DKK 8.00/yr | DKK 2.00 2026Q3 | — | 81 Dry 52 · Tanker 29 | |
| DSX Diana Shipping | 1.6% | $0.01/q | $0.04/yr | $0.01 2026Q3 | — | 36 Ultramax 9 · Capesize 8 · Kamsarmax 6 · Panamax 5 · Newcastlemax 4 · Post Panamax 4 | |
| NMM Navios Maritime Partners | 0.2% | $0.06/q | $0.22/yr | $0.0578 2026Q3 medium | — | 60 Capesize 35 · Kamsarmax 17 · Panamax 4 · Ultra Handymax 4 | |
| CMDB Costamare Bulkers Holdings | — | pending | — | no forecast · payout behaviour | — | 29 Ultramax 9 · Kamsarmax 7 · Supramax 7 · Capesize 6 | |
| EDRY EuroDry | — | pending | — | $0.00 2026Q3 | — | 11 Ultramax 5 · Panamax 3 · Kamsarmax 2 · Supramax 1 |
Ranked by trailing yield — the only figure comparable across companies, since a dividend in dollars depends on the share price behind it. Dividends declared in NOK or DKK are converted at the Norges Bank rate on the price date and chipped fx. Earnings bridges that do not reconcile to reported net income: USEA (insufficient data for an earnings bridge), HSHP.OL (insufficient data for an earnings bridge), GNK (ok), SBLK (ok), KCC.OL (ok), SHIP (insufficient data for an earnings bridge), PANL (ok), SB (ok), NORDEN (ok), DSX (insufficient data for an earnings bridge), NMM (ok), CMDB (insufficient data for an earnings bridge), EDRY (insufficient data for an earnings bridge) — shown once here rather than on every row.
Fleet and cost base
| Company | Fleet | On order | Opex /day | G&A /day | Debt service /day | Cash break-even | Realized TCE | Margin | Forward rate | Headroom |
|---|---|---|---|---|---|---|---|---|---|---|
| CMBTO.OL | 192 | — | — | — | — | not on file | $126,790 2026Q2 | — | — | — |
| CMDB | 29 | — | $5,938 | $2,218 | $2,296 | $10,452 derived | $14,827 2025Q4 | +$4,375 | $23,277 2026Q4 | +$12,825 |
| DSX | 36 | — | $6,327 | $2,598 | $7,612 | $16,537 derived | $16,581 2026Q2 | +$44 | $25,023 2026Q4 | +$8,486 |
| EDRY | 11 | 2 | $5,521 | $1,842 | $6,949 | $14,312 derived | $20,398 2026Q2 | +$6,086 | $20,207 2026Q4 | +$5,895 |
| GNK | 43 | — | $6,970 | $2,078 | $1,512 | $15,920 cost lines | $24,273 2026Q2 | +$8,353 | $26,763 2026Q4 | +$10,843 |
| HSHP.OL | 12 | — | $6,431 | $1,721 | $17,482 | $25,634 derived | $51,200 2026Q3 | +$25,566 | $34,800 2026Q4 | +$9,166 |
| KCC.OL | 19 | — | $9,438 | $1,770 | $8,845 | $21,502 cost lines | $37,782 2026Q2 | +$16,280 | — | — |
| NMM | 60 | — | $7,261 | $1,855 | $7,593 | $16,710 derived | $28,512 2026Q2 | +$11,802 | — | — |
| NORDEN | 81 | — | — | — | — | not on file | $15,868 2026Q2 | — | — | — |
| PANL | 38 | — | $6,654 | $2,574 | $3,241 | $12,470 derived | $18,153 2026Q2 | +$5,683 | — | — |
| SB | 46 | 4 | $6,342 | $1,766 | $4,301 | $12,409 dividend history | $20,642 2026Q2 | +$8,233 | $22,231 2026Q4 | +$9,822 |
| SBLK | 138 | — | $5,349 | $1,339 | $5,583 | $12,271 cost lines | $24,486 2026Q2 | +$12,215 | $23,484 2026Q4 | +$11,213 |
| SHIP | 18 | — | $6,932 | $3,947 | $10,575 | $21,454 dividend history | $32,355 2026Q2 | +$10,901 | $34,800 2026Q4 | +$13,346 |
| USEA | 5 | — | $6,308 | $3,687 | $6,592 | $16,587 derived | $18,654 2026Q2 | +$2,067 | $25,905 2026Q4 | +$9,318 |
| Sector median | 37 n=14 | 3 n=2 | $6,386 n=12 | $1,966 n=12 | $6,770 n=12 | $16,228 n=12 | $22,458 n=14 | $8,293 n=12 | $9,822 n=9 |
Cash cost per vessel-day: operating cost, overhead, and interest plus scheduled debt repayment, each divided by the same quarter's vessel days (derived), or the figure the company prints itself (issuer). “Not on file” means an input is missing — hover for which — and the page will not assume it is zero. Margin is the latest realized TCE less the break-even. Forward rate is the nearest-quarter Braemar dry-FFA strip weighted by the company's fleet mix, applied to every day — it ignores time-charter cover, so read headroom as what open days would clear. Fleet age, eco and scrubber share and loan-to-value are not shown: no source on file.
Booked coverage
| Company | Class | Booked | At | Still open | Quarter | Said on |
|---|---|---|---|---|---|---|
| CMBTO.OL | Container | 100% | $29,664 | 0% | 2026Q3 carried | 2026-09-15 |
| GNK | Capesize | 69% | $38,059 | 31% | 2026Q3 | 2026-08-05 |
| Supramax | 63% | $20,394 | 37% | 2026Q3 | 2026-08-05 | |
| HSHP.OL | Newcastlemax | 67% | $54,450 | 33% | 2026Q3 | 2026-09-08 |
| KCC.OL | Combination | 100% | $36,116 | 0% | 2026Q3 | 2026-10-09 |
| PANL | Fleet | 85% | $20,258 | 15% | 2026Q3 | 2026-08-10 |
| SB | Capesize | 100% | $24,580 | 0% | 2026Q4 | 2026-07-24 |
| SHIP | Capesize | 55% | $30,800 | 45% | 2026H2 | 2026-07-30 |
| USEA | Fleet | 75% | $21,388 | 25% | 2026Q3 | 2026-07-30 |
The share of days each company has already fixed and the rate it fixed them at, as it said itself — this quarter where it has spoken, else the quarter just closed. 6 of 14 companies have printed no booking for either.
Valuation
| Company | Price | Market cap | Net income, last 4Q | P/E | Earnings yield | Dividend yield |
|---|---|---|---|---|---|---|
| CMBTO.OL | $17.61 2026-10-19 | — | — | — | — | 8.5% |
| CMDB | $19.55 2026-10-16 | $475m | — | — | — | — |
| DSX | $2.50 2026-10-16 | $289m | — | — | — | 1.6% |
| EDRY | $45.70 2026-10-16 | $132m | — | — | — | — |
| GNK | $24.51 2026-10-16 | $1,068m | — | — | — | 7.3% |
| HSHP.OL | $16.16 2026-10-19 | $755m | — | — | — | 9.2% |
| KCC.OL | $11.12 2026-10-19 | $660m | $58.8m to 2026Q2 | 11.2× | 8.9% | 6.7% |
| NMM | $88.03 2026-10-16 | $2,497m | — | — | — | 0.2% |
| NORDEN | $55.81 2026-10-19 | — | — | — | — | 2.2% |
| PANL | $7.61 2026-10-16 | $498m | — | — | — | 3.3% |
| SB | $7.83 2026-10-16 | $891m | $87.0m to 2026Q2 | 10.2× | 9.8% | 3.0% |
| SBLK | $27.79 2026-10-16 | $3,226m | $287.1m to 2026Q2 | 11.2× | 8.9% | 6.8% |
| SHIP | $15.28 2026-10-16 | $331m | $61.1m to 2026Q2 | 5.4× | 18.5% | 5.8% |
| USEA | $2.52 2026-10-16 | $24m | — | — | — | 15.5% |
| Sector median | $579m n=12 | 10.7× n=4 | 6.2% n=12 |
Market cap is the latest USD close times the latest filed share count. P/E is trailing: the four most recent consecutive reported quarters, shown only when all four are on file and in USD. Price-to-NAV and EV/EBITDA are not shown — vessel values and net debt are not on file, and broker vessel values are licensed.
Rate context
This sector's rate series are licensed: the model uses them, and they are not republished here.
Realized vs benchmark
| Company | Realized fleet TCE | Benchmark (the row's own quarter) | Realization (4Q) | As of |
|---|---|---|---|---|
| CMBTO.OL | 126,790 VLCC only | — | — | 2026Q2 |
| CMDB | 14,827 | — | — | 2025Q4 |
| DSX | 16,581 | — | — | 2026Q2 |
| EDRY | 20,398 | — | — | 2026Q2 |
| GNK | 24,273 | — | — | 2026Q2 |
| HSHP.OL | 51,200 | 35,143 | 1.42× | 2026Q3 |
| KCC.OL | 37,782 | — | — | 2026Q2 |
| NMM | 28,512 | — | — | 2026Q2 |
| NORDEN | 15,868 derived | — | — | 2026Q2 |
| PANL | 18,153 | — | — | 2026Q2 |
| SB | 20,642 | — | — | 2026Q2 |
| SBLK | 24,486 | — | — | 2026Q2 |
| SHIP | 32,355 | — | — | 2026Q2 |
| USEA | 18,654 | — | — | 2026Q2 |
Issuer-printed fleet TCE ÷ benchmark over trailing four quarters. Benchmarks are the printed peer figure where one exists, else derived from Gibson class rates weighted by the company's fleet mix, priced for the same quarter the realized figure covers (5.10: the column no longer reads this month's rate beside a 2026Q2 realized TCE). Index-linked players target >1.0×; spot players track the benchmark.