Diana Shipping Inc. Reports Financial Results for the second quarter and six months at 30 June
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Diana Shipping Inc., a global shipping company specializing in the transportation of dry bulk cargoes, yesterday reported net income of $30.4 million for the second quarter of 2009. This compared to net income of $56.7 million reported in the second quarter of 2008. Voyage and time charter revenues were $59.8
million for the second quarter of 2009, compared to $86.8 million for
the same period of 2008, due to a decrease in prevailing time charter
rates and increased off-hire days.
Net income for the six months ended June 30, 2009 amounted to $65.2
million,
compared to net income of $109.9 million for the same period of 2008.
Voyage and time charter revenues were $122.5 million for the six months
ended June 30, 2009, compared to $165.6 million for the same period of
2008.
Chairman and Chief Executive Officer’s Comments
“We are pleased to note that Diana Shipping’s second quarter
performance was distinguished by profitable operations, a strong cash
position and minimal leverage, despite the continuing weakness in
overall economic conditions. The consistent application of our
strategies has enabled the Company to deliver a predictable revenue
stream from relationships with quality charterers. At the same time, we
have substantially grown our cash position to nearly $218 million and
maintained one of the lowest debt levels in our industry,” said Simeon
Palios, Chairman and Chief Executive Officer of Diana Shipping Inc.
Mr. Palios further stated, “We believe that Diana is well-positioned,
not only to navigate this turbulent economic cycle, but also to seize
upon the opportunities that will be available to strong competitors in
the dry bulk sector. Over time, we plan to take advantage of these
opportunities to expand our fleet and enhance our cash generation
potential for the benefit of our shareholders. That said, we believe
that the difficult phase of the cycle is far from over in the dry bulk
market. We will therefore be patient and disciplined, gradually
deploying our resources as we invest in future opportunities.”
Diana Shipping Inc. is a global provider of shipping transportation
services. The Company specializes in transporting dry bulk cargoes,
including such commodities as iron ore, coal, grain and other materials
along worldwide shipping routes.
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Diana Shipping Inc., a global shipping company specializing in the transportation of dry bulk cargoes, yesterday reported net income of $30.4 million for the second quarter of 2009. This compared to net income of $56.7 million reported in the second quarter of 2008. Voyage and time charter revenues were $59.8 million for
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Diana Shipping Inc., a global shipping company specializing in the transportation of dry bulk cargoes, today reported net income of $30.4 million for the second quarter of 2009. This compared to net income of $56.7 million reported in the second quarter of 2008. Voyage and time charter revenues were $59.8 million
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