Diana Shipping Back to Black in 4Q 2018
Greek dry bulk shipowner Diana Shipping managed to return to the black in the fourth of 2018.
The company delivered a net income of USD 2.9 million and net income attributed to common stockholders of USD 1.5 million for the three months ended December 31, 2018. In the same period a year earlier, Diana Shipping recorded a net loss of USD 436.9 million and a net loss attributed to common stockholders of USD 438.4 million, including a USD 422.5 million impairment loss.
Time charter revenues reached USD 62.9 million, rising from USD 48.9 million reported in the fourth quarter of 2017. The increase in time charter revenues was due to increased average time charter rates that the company achieved for its vessels during the quarter and was partly offset by decreased ownership days resulting from the sale of two vessels in December 2018.
For the full year, Diana Shipping’s net income and net income attributed to common stockholders amounted to USD 16.6 million and USD 10.8 million, compared to a net loss and net loss attributed to common stockholders of USD 511.7 million and USD 517.5 million reported in 2017.
Time charter revenues were USD 226.2 million for the year ended December 31, 2018, surging from USD 161.9 million achieved in 2017.
Separately, Diana Shipping commenced a tender offer to purchase up to 5,178,571 shares, or about 4.9%, of its outstanding common stock using funds available from cash and cash equivalents at a price of USD 2.80 per share, on February 27.
The Board of Directors determined that it is in the company’s best interest to repurchase shares at this time given Diana Shipping’s cash position and stock price.