Another Bulkship Owner Reports 2012 Profits Imploded

Greece's Diana Shipping reports fourth quarter and year ended 31, December, 2012 results.

Diana Shipping Inc. a shipping company specializing in the ownership and operation of dry bulk vessels, reported net income of US$ 5.0-million for the fourth quarter of 2012, compared to net income of US$ 20.2-million reported in the fourth quarter of 2011.

Time charter revenues were $49.4 million for the fourth quarter of 2012, compared to $57.4 million for the same period of 2011, mainly due to reduced time charter rates. The decrease in time charter revenues was partly offset by revenues derived from the increase in ownership days resulting from the addition to the Company’s fleet of the vessels Leto, delivered in January 2012; Los Angeles, delivered in February 2012; Philadelphia and Melia, delivered in May 2012; Amphitrite, delivered in August 2012; and Polymnia, delivered in November 2012.

Net income to Diana Shipping Inc. for 2012 amounted to $54.6 million, compared to net income of $107.5 million for 2011. Time charter revenues were $220.8 million for 2012, compared to $255.7 million for 2011.