News

25/11/2014

Diana Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2014

ATHENS, GREECE, November 25, 2014 – Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today reported net income of $7.7 million and net income available to common stockholders of $6.3 million for the third quarter of 2014, compared to net loss and net loss available to common stockholders of $3.2 million reported in the third quarter of 2013.

Time charter revenues were $45.1 million for the third quarter of 2014, compared to $41.9 million for the same quarter of 2013. This increase was mainly due to the increase in ownership days resulting from the enlargement of our fleet and was partly offset by decreased time charter rates compared to the third quarter of 2013.

Net loss and net loss available to common stockholders for the nine months ended September 30, 2014 amounted to $4.0 million and $7.7 million, respectively, compared to net loss and net loss available to common stockholders of $11.6 million for the same period of 2013. Time charter revenues were $129.4 million for the nine months ended September 30, 2014, compared to $124.5 million for the same period of 2013.

Share Repurchase Plan

As previously announced, on May 23, 2014, the Company’s Board of Directors authorized a share repurchase plan, under which, during the third quarter of 2014, the Company repurchased and retired 1,038,645 shares at an aggregate cost of approximately $10.0 million, or an average of $9.65 per common share, decreasing the Company’s issued and outstanding shares as of September 30, 2014 to 82,352,725...
 

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