Diana ekes out higher first-quarter profit
- US-listed owner achieves uptick in time charter equivalent rate
- Two methanol dual-fuel kamsarmaxes are on order, on top of 38 bulkers on the water
- Recent investment in tanker and offshore support vessel joint ventures will not dilute focus on dry bulk, company says
Seasonally weak quarter sees Greek bulker owner stay in the black despite lower revenues
DRY bulk shipowner Diana Shipping has eked out a larger first-quarter profit despite a drop in revenues.
The New York-listed owner of 38 bulk carriers posted net income of $3m, an increase from a $2.1m profit in the same period last year.
Meanwhile, charter revenues shrank by 4.7% to $54.9m although Diana managed a small uptick in its average daily time charter equivalent earnings per vessel.
This rose from $15,051 in 2024 to $15,739 in the latest quarter.
Greece-based Diana kept its quarterly dividend steady at $0.01 per share.
The Semiramis Paliou-led owner has two methanol dual-fuel kamsarmax newbuildings on order at a Tsuneishi Shipbuilding group yard in China.
The company has taken some interesting but modest steps to diversify of late but executives have been adamant that there is no dilution of its focus on the dry bulk shipping industry which will remain its core business.
In 2023, Diana unveiled a participation in a German-led joint venture, Windward Offshore, that has four wind farm support vessels on order in Norway.
Earlier this year, it agreed to take a majority stake in Ecogas Holding, a new joint venture with Spanish tanker owner Tradewind Tankers, which has ordered two 7,500 cu m semi-refrigerated LPG newbuildings.
