ATHENS, GREECE, February 15, 2008 – Diana Shipping Inc. (NYSE: DSX), a global shipping transportation company specializing in dry bulk cargoes, today reported net income and net income available to common stockholders of $36.4 million for the fourth quarter of 2007. This compared to net income and net income available to common stockholders of $19.4 million reported in the fourth quarter of 2006.
Voyage and time charter revenues were $58.9 million for the fourth quarter of 2007, compared to $35.2 million for the same period of 2006, due to an increase in prevailing time charter rates and an increase in the number of vessels in the Company’s fleet.
Net income and net income available to common stockholders for the full year 2007 amounted to $134.2 million. This compared to net income of $61.1 million and net income available to common stockholders of $40.8 million for 2006. Net income for 2007 also included gains of $21.5 million relating to the sale of the Pantelis SP realized in July 2007. Voyage and time charter revenues were $190.5 million for 2007, compared to $116.1 million for 2006.
The Company has declared a cash dividend on its common stock of $0.60 per share, based on its results of operations during the fourth quarter ended December 31, 2007. The cash dividend will be payable on or about March 6, 2008 to shareholders of record as of February 29, 2008. The Company has 74.4 million shares of common stock outstanding…