ATHENS, GREECE, February 19, 2009 – Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the transportation of dry bulk cargoes, today reported net income of $54.2 million for the fourth quarter of 2008. This compared to net income of $36.4 million reported in the fourth quarter of 2007.
Voyage and time charter revenues were $84.3 million for the fourth quarter of 2008, compared to $58.9 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 year ended December 31, 2008 amounted to $221.7 million, compared to net income of $134.2 million for the same period of 2007. Voyage and time charter revenues were $337.4 million for 2008, compared to $190.5 million for the same period of 2007.
Chairman and Chief Executive Officer’s Comments
“In a challenging economic environment, Diana Shipping achieved solid growth in revenues and earnings for the fourth quarter and full year 2008. While business conditions remain unsettled, we are well-positioned to operate our business successfully and to seize upon opportunities that may emerge in the coming year. We have cultivated and expanded our relationships with some of the strongest charterers in the industry. Our balance sheet is healthy and not over-leveraged. And our young, efficient fleet provides a significant competitive advantage. We believe the current dislocations in the dry bulk marketplace will offer many opportunities for companies with good revenue visibility, strong capital and liquidity, and management teams with a disciplined approach to managing risk and creating value. We fully intend to take advantage of those opportunities for the long-term benefit of our shareholders,” said Simeon Palios, Chairman and Chief Executive Officer of Diana Shipping...