ATHENS, GREECE, August 2, 2012 – Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the ownership and operation of dry bulk vessels, today reported net income of $17.4 million for the second quarter of 2012, compared to net income of $27.7 million reported in the second quarter of 2011.
Time charter revenues were $57.6 million for the second quarter of 2012, compared to $64.6 million for the same period of 2011, mainly due to reduced time charter rates. The decrease in time charter revenues was partly offset by revenues derived from the increase in ownership days resulting from the addition to the Company’s fleet of the vessels Arethusa, delivered in July 2011; Leto, delivered in January 2012; Los Angeles, delivered in February 2012; and Philadelphia and Melia, delivered in May 2012.
Net income to Diana Shipping Inc. for the six months ended June 30, 2012 amounted to $37.3 million, compared to net income of $60.8 million for the same period of 2011. Time charter revenues were $115.2 million for the six months ended June 30, 2012, compared to $134.1 million for the same period of 2011.
Time Charter Contracts
Separately, the Company also announced that it has entered into time charter contracts with Ultrabulk A/S, Copenhagen, Denmark, through separate wholly-owned subsidiaries, for two of its Panamax dry bulk carriers, the m/v “Naias” and the m/v “Oceanis”. The gross charter rate for each vessel is US$9,250 per day, minus a 5% commission paid to third parties, for a period of minimum seventeen (17) months to maximum twenty-three (23) months. The Oceanis charter is expected to commence in mid-August 2012 and the Naias charter is expected to commence at the end of August 2012. The employment of the two vessels is anticipated to generate approximately US$9.4 million of gross revenue for the minimum scheduled period of the charters.
The Naias is a 73,546 dwt Panamax dry bulk vessel built in 2006 and the Oceanis is a 75,211 dwt Panamax dry bulk vessel built in 2001…