Diana Shipping Q3 Net Income Narrows
The company posted an operating income of $27.37m for the third quarter of 2011, compared to $35.85m for the same period in 2010.
Time charter revenues were $64.24m for the third quarter of 2011, compared to $71.6m for the same period in 2010. 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 Alcmene and Arethusa in November 2010 and July 2011, respectively.
Total other expenses, net were $0.92m, for the third quarter of 2011, compared to $2.08m for the same period in 2010.
For the nine months ended September 30, 2011, net income was $87.25m, or $1.08 per diluted share, compared to $95.55m, or $1.19 per diluted share, for the same period in 2010.
Operating income was $90.2m for the nine months of 2011, compared to $100.4m for the same period in 2010. Time charter revenues were $198.29m for the nine months of 2011, compared to $202.47m for the same period of 2010.
Diana Shipping is a provider of shipping transportation services through the ownership and operation of dry bulk vessels. The company's vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.
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