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Diana Shipping has released its third quarter results

Published by , Editorial Assistant
Dry Bulk,

Diana Shipping Inc. has reported a net income of US$7.4 million and a net income attributed to common stockholders of US$5.9 million for 3Q23. This compares to a net income of US$31.7 million and net income attributed to common stockholders of US$30.3 million for 3Q22. Earnings per share for 3Q23 was US$0.06 basic and diluted, compared to earnings per share of US$0.39 basic and US$0.37 diluted in 3Q22.

Mrs Semiramis Paliou, Director and Chief Executive Officer of the company, stated: “We are delighted to announce yet another profitable quarter and nine-month period for our company. Our unwavering commitment to our long-term strategy has yielded positive results. A testament to this success is the continuous distribution of dividends since November 2021. We have rewarded our shareholders since that time with a cash dividend of US$1.45 per share, for those that elected to take cash, amounting to US$130 million in total. In addition, our shareholders have received in kind dividends in the form of newly issued Diana Shipping Inc. common shares, as well as OceanPal Inc. common and preferred shares. We remain focused and committed to providing long term shareholder value.”

Time charter revenues were US$62.1 million for 3Q23, compared to US$73.8 million for 3Q22. The decrease in time charter revenues, compared to the same quarter of last year, was due to decreased average charter rates. This decrease was partly offset by increased ownership days resulting from vessel acquisitions.

Net income for the nine months ended 30 September 2023 amounted to US$40.5 million and net income attributed to common stockholders amounted to US$36.1 million. This compares to a net income of US$93.4 million and net income attributed to common stockholders of US$89.1 million for 3Q22. Time charter revenues for the nine months ended 30 September 2023 were US$202.1 million compared to US$214.3 million in 3Q22. The earnings per share was US$0.36 basic and diluted, compared to the earnings per share of US$1.15 basic and US$1.10 diluted in the nine months ended 30 September 2022.

Dividend Declaration

The company has declared a dividend on its common stock based on the results of its operations during the quarter ended 30 September 2023, in the amount of US$0.15 per share, which will be paid in shares of the company’s common stock on or about 4 December 2023, to all shareholders on record as of 27 November 2023. The company has 108 233 948 common shares issued and outstanding.

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