Diana increases profits despite vessel sales
Slightly smaller fleet impacts revenues but average charter rate remains stable
For the latest quarter, the bulker owner posted net income of $7.2m
DRY bulk carrier owner Diana Shipping has doubled third-quarter profits in spite of reduced revenues.
For the latest quarter, the owner posted net income of $7.2m and net income attributable to common stockholders of $5.7m.
This compared with a $3.7m net profit and net income attributable to common stockholders of $2.3m in the same period last year.
Time charter revenues amounted to $51.9m, a fall of about 9.7% that Diana attributed to the sale of two vessels this year and one in September 2024.
However, the average daily time charter rate for the period — $15,178 per vessel — remained close to the level of the previous year.
Nine-month net income came to $14.7m versus $3m at the same stage last year.
Net income attributable to common stockholders was $10.4m versus a net loss for the first nine months of 2024.
US-listed Diana has a fleet of 37 bulkers ranging from ultramaxes up to newcastlemaxes, with two methanol dual-fuel kamsarmax newbuildings on order.
The Greece-based owner is currently the largest shareholder in fellow publicly listed bulker company Genco and also has stakes in some contracted wind farm support vessels and a pair of 7,500 cu m liquefied petroleum gas carrier newbuildings.
