Diana Shipping’s Net Loss Edges Down in Q1

Image Courtesy: Diana Shipping

Greek owner of dry bulk vessels Diana Shipping today reported a net loss of USD 26.5 million for the first quarter of 2017, narrowing last year’s net loss of USD 31.4 million.

The company’s net loss attributed to common stockholders of was USD 27.9 million, also down from USD 32.8 million reported in the first quarter of 2016.

During the first three months of this year time charter revenues stood at USD 31.3 million, marking an improvement when compared to USD 30.8 million reported in the corresponding period in 2016.

“The increase in time charter revenues was due to increased average time charter rates that we achieved for our vessels during the quarter and increased ownership days resulting from the enlargement of our fleet,” the company said.

Namely, in January, the shipowner took delivery of the two newbuilding Newcastlemax dry bulkers of approximately 208,500 dwt that were contracted in May 2013, m/v San Francisco and the m/v Newport News.

In addition, the company’s board approved the acquisition of three second-hand vessels back in April. Out of the batch, two 2013-built vessels have been delivered so far with one more scheduled for delivery by the end of this month.

Specifically, Post-Panamax vessel, previously known as Soya May, was handed over to Diana earlier this month from the US-based Foremost Maritime Corp, followed by M/V Astarte Kamsarmax bulker that was delivered yesterday from compatriot shipping company Thenamaris.

Diana Shipping’s fleet currently consists of 50 dry bulk vessels, with one Post-Panamax dry bulk vessel slated for delivery by the end of May 2017. The combined carrying capacity of the fleet is approximately 5.8 million dwt with a weighted average age of 7.86 years.

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