Diana Shipping Widens Loss as Revenue Rises

Greek dry bulk owner Diana Shipping fell deeper into loss during 2017, while its revenue was on the rise.

The company’s net loss for the year ended December 31, 2017, amounted to USD 511.7 million, compared to a net loss of USD 164.2 million for the same period of 2016.

Diana Shipping’s time charter revenues for the year increased to USD 161.9 million from USD 114.3 million reported in the twelve months of 2016.

For the fourth quarter of 2017, the company saw a net loss of USD 436.9 million, including a USD 422.5 million impairment loss.

Accordingly, for the three months ended December 31, 2017, net loss adjusted for impairment, amounted to USD 14.5 million. For the fourth quarter of 2016, net loss amounted to USD 23.3 million.

Time charter revenues were at USD 48.9 million for the fourth quarter of 2017, compared to USD 28 million for the same quarter of 2016. The rise was mainly due to increased average time charter rates achieved for the company’s vessels during the quarter and increased revenues resulting from the enlargement of the fleet.

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