DIANA Shipping has trimmed its dividend to its lowest level since regular quarterly payouts to shareholders restarted with the fourth quarter of 2021.

The cash dividend of $0.01 per common share for the third quarter of 2024 compared with a dividend of $0.075 for the last several quarters and $0.15 per share prior to that.

The cut comes against faltering charter rates in the dry bulk market although the New York Stock Exchange-listed owner of 39 dry bulk carriers did not provide any commentary in its earnings statement.

The price of the company’s shares dropped in early trading on the stock market.

Third-quarter net income dropped to $3.7m, from $7.4m for the same period last year.

Net income attributable to common stockholders was reduced to $2.3m from $5.9m in last year’s third quarter.

Time charter revenues came in at $57.5m compared with $62.1m in the same quarter last year, reflecting decreased charter rates and an average of three fewer vessels in the fleet.

The Greece-based company has two methanol dual-fuel kamsarmaxes on order and has invested in wind farm support vessel newbuildings through a German-led joint venture.

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