Diana reports Q1 results

(Posted on 14/05/19)

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, has reported net income of $3.0 million and net income attributed to common stockholders of $1.5 million for the first quarter of 2019, including a $4.8 million impairment loss. This compares to a net loss of $3.1 million and net loss attributed to common stockholders of $4.5 million reported in the first quarter of 2018.

Time charter revenues were $60.3 million for the first quarter of 2019, compared to $48.4 million for the same period of 2018. The increase in time charter revenues was due to increased average time charter rates that the Company achieved for its vessels during the quarter and was partly offset by decreased revenues due to the sale of two vessels in December 2018...

As of May 9, 2019 Diana’s fleet consists of 45 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 17 Panamax), as well as one Panamax dry bulk vessel, the ''Erato'', that has been sold and expected to be delivered to her new owners at the latest by 10 June, 2019.
As of the same date, the combined carrying capacity of the fleet, including the m/v Erato, is approximately 5.5 million dwt with a weighted average age of 9.25 years.

Diana’s vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes