ATHENS, GREECE, May 3, 2007 – Diana Shipping Inc. (NYSE: DSX), a global shipping transportation company specializing in dry bulk cargoes, today reported net income of $21.4 million for the first quarter of 2007, compared to net income of $11.7 million reported for the same period of 2006.
Voyage and time charter revenues were $38.5 million for the first quarter of 2007, compared to $24.2 million for the same period of 2006. This increase was due to the growth in the number of vessels in the Company’s fleet and to increased time charter rates.
The Company has declared a cash dividend on its common stock of $0.50 per share, based on its cash from operations during the first quarter of 2007. The cash dividend will be payable on or about May 23, 2007 to shareholders of record as of May 16, 2007. The Company currently has approximately 62.9 million shares of common stock outstanding.
“I am pleased to report a significant increase in first quarter earnings as compared with the year-ago period, as well as an increase in our dividend payable to shareholders. This progress continues to reflect our strategy to expand our fleet through accretive vessel acquisitions, to build our relationships with top-quality charterers, and to maintain strong financial resources to support future growth,” said Simeon Palios, Chairman and Chief Executive Officer of Diana Shipping Inc…