ATHENS, GREECE, August 5, 2010 – Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the transportation of dry bulk cargoes, today reported net income to Diana Shipping Inc. of $33.9 million for the second quarter of 2010. This compared to net income of $30.4 million reported in the second quarter of 2009.
Voyage and time charter revenues were $68.7 million for the second quarter of 2010, compared to $59.8 million for the same period of 2009, mainly due to the addition to the Company’s fleet of the vessels m/v Houston, acquired in October 2009, m/v Melite, delivered in January 2010, and m/v New York, delivered in March 2010.
Net income to Diana Shipping Inc., for the six months ended June 30, 2010 amounted to $62.7 million, compared to net income of $65.2 million for the same period of 2009. Voyage and time charter revenues were $130.9 million for the six months ended June 30, 2010, compared to $122.5 million for the same period of 2009.
Simeon Palios, Chairman and CEO of Diana Shipping, said:
“Diana Shipping’s strategy has always been focused on creating value for shareholders, taking into account the highly cyclical nature of the dry bulk shipping industry. We delivered increased profitability for the 2010 second quarter by pursuing our disciplined business strategy of expanding our fleet and managing our charter activities to produce a reliable revenue stream. World economies have shown clear signs of sustainable improvement, which should have a positive effect on the demand for carrying dry bulk commodities by sea. However, on the supply side, the industry is witnessing a significant order book of new vessels to be delivered in the next two years, which may create further pressure on charter rates and vessel values. We believe the Company is appropriately positioned in our industry space, with a strong balance sheet and predictable contracted cash flow, and is thus well prepared to take advantage of opportunities that may arise in this situation.”..