What: Shares of Diana Shipping (NYSE:DSX) plunged 11% on Thursday after the company reported third-quarter earnings.

So what: Revenue for the quarter fell 14% to $38.9 million and the company swung from a profit of $6.3 million a year ago to a $18.8 million loss, or $0.24 per share. The loss exceeded the $0.20 loss Wall Street analysts projected and was even more surprising because revenue topped the $37.4 million estimate, meaning costs were much higher than anticipated.  

Now what: There's not a lot of positive news to talk about at Diana Shipping as the dry bulk market continues to struggle mightily in 2015. Losses for the year have reached $46.5 million, more than a tenth of the company's market cap, and show no signs of slowing down. What's equally concerning is that long-term debt rose from $405.5 million a year ago to $532.8 million, just as losses were growing.

There's not a lot to like from Diana Shipping, and as long as dry bulk rates are low and the company is reporting losses, I think this is a stock to avoid.