Diana Shipping Stays in Red
- Business & Finance
Athens-based dry bulk owner Diana Shipping has managed to slightly improve its financials by shrinking its net loss in the second quarter of 2017.
Although the net loss decreased, the company still ended the quarter with a net loss of USD 23.8 million, compared to a net loss of USD 31.3 million seen in the same three-month period of 2016.
Diana Shipping’s operating loss stood at USD 15.5 million, compared to an operating loss of USD 24.2 million reported a year earlier, while the company’s time charter revenues reached USD 37.8 million, up from USD 28.3 million seen in the same quarter of 2016.
The increase in time charter revenues was 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.
Net loss for the six months ended June 30, 2017 amounted to USD 50.3 million, compared to a net loss of USD 62.7 million reported in the same period a year earlier.
Time charter revenues for the first half of the year increased to USD 69 million from USD 59.1 million reported in the same six-month period of 2016.