Diana Shipping Inc. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2008 and Declares Cash Dividend of $0.91 per share for the Second Quarter
ATHENS, GREECE, July 31, 2008 – Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the transportation of dry bulk cargoes, today reported net income of $56.7 million for the second quarter of 2008. This compared to net income of $26.0 million reported in the second quarter of 2007.
Voyage and time charter revenues were $86.8 million for the second quarter of 2008, compared to $44.0 million for the same period of 2007, due to an increase in prevailing time charter rates and the increase in operating days due to the enlargement of the Company’s fleet.
Net income for the six months ended June 30, 2008 amounted to $109.9 million, compared to net income of $47.5 million for the same period of 2007. Voyage and time charter revenues were $165.6 million for the first six months of 2008, compared to $82.5 million for the same period of 2007.
The Company has declared a cash dividend on its common stock of $0.91 per share, based on its results of operations during the second quarter ended June 30, 2008. The cash dividend will be payable on or about August 28, 2008 to shareholders of record as of August 14, 2008. The Company has 74.4 million shares of common stock outstanding.
Chairman and Chief Executive Officer’s Comments
“Diana Shipping delivered record revenues and earnings for the second quarter and first half of 2008. We are pleased that these robust financial results have enabled us to increase our cash dividend per share for the 10th consecutive quarter, producing an attractive dividend yield for our shareholders. The consistency and visibility of our financial performance is reflected in the fact that we have secured time charters that provide for $163.8 million to $167.8 million in revenues for the balance of 2008. Thus, we expect our capacity to reward our shareholders with similarly attractive dividends to continue through the remainder of the year. Furthermore, with our young fleet, strong balance sheet, well-established relationships with industry-leading customers, and a track record of revenue visibility, Diana Shipping is well-positioned to continue to benefit from the favorable long-term dynamics of the dry bulk industry,” said Simeon Palios, Chairman and Chief Executive Officer of Diana Shipping...