Diana Shipping Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2013
ATHENS, GREECE, February 18, 2014 - Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today reported a net loss of $9.6 million for the fourth quarter of 2013, compared to net income of $5.0 million reported for the fourth quarter of 2012.
Time charter revenues were $39.5 million for the fourth quarter of 2013, compared to $49.4 million for the same period of 2012. This was mainly due to reduced time charter rates, as well as the accelerated amortization of the prepaid charter revenue for the m/v Houston, due to the earlier redelivery of the vessel by the charterers, resulting in the unamortized balance of $3.0 million being recorded against time charter revenues in the fourth quarter of 2013. The decrease in time charter revenues was partly offset by revenues derived from the increase in ownership days resulting from the enlargement of our fleet.
Net loss for 2013 amounted to $21.2 million, compared to net income of $54.6 million for 2012. Time charter revenues were $164.0 million for 2013, compared to $220.8 million for 2012...