ATHENS, GREECE, August 2, 2007 – 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 $26.0 million for the second quarter of 2007. This compared to net income of $13.2 million reported in the second quarter of 2006 and net loss available to common stockholders of $7.1 million, including a non-recurring preferential deemed dividend of $20.3 million relating to the purchase of Diana Shipping Services S.A., the fleet management company that Diana Shipping Inc. acquired as of April 1, 2006.
Voyage and time charter revenues were $44.0 million for the second quarter of 2007, compared to $26.1 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 six months ended June 30, 2007, amounted to $47.5 million, compared to net income of $24.9 million for the same period of 2006 and net income available to common stockholders of $4.6 million. Voyage and time charter revenues were $82.5 million for the first six months of 2007, compared to $50.3 million for the same period of 2006.
The Company has declared a cash dividend on its common stock of $0.51 per share, based on its results of operations during the second quarter ended June 30, 2007. The cash dividend will be payable on or about August 24, 2007 to shareholders of record as of August 16, 2007. The Company has 62.9 million shares of common stock outstanding…