Greece: Diana Shipping Reports USD 3.2 Mil. Net Loss for 3Q 2013

Diana Shipping Inc, a global shipping company specializing in the ownership of dry bulk vessels, recently reported a net loss of $3.2 million for the third quarter of 2013, compared to net income of $12.3 million reported for the third quarter of 2012.

Time charter revenues were $41.9 million for the third quarter of 2013, compared to $56.2 million for the same period of 2012, 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 enlargement of our fleet.

Net loss for the nine months ended September 30, 2013 amounted to $11.6 million, compared to net income of $49.6 million for the same period of 2012. Time charter revenues were $124.5 million for the nine months ended September 30, 2013, compared to $171.4 million for the same period of 2012.

Diana Shipping, November 22, 2013

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