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Diana Shipping reports net loss of US$24.5 million for 3Q17

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Dry Bulk,


Diana Shipping Inc., a global shipping company specialising in the ownership of dry bulk vessels has reported a net loss of US$24.5 million and net loss attributed to common stockholders of US$25.9 million for 3Q17, including an US$8.4 million impairment loss on the m/v Melite which was sold for scrap in October 2017 after her grounding in July 2017 and the receipt from the insurers of the insured value. This compares to a net loss of US$78.3 million and net loss attributed to common stockholders of US$79.8 million for the third quarter of 2016.

Time charter revenues were US$43.9 million for 3Q17, compared to US$27.1 million for 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 and net loss attributed to common stockholders for the nine months ended 30 September 2017 amounted to US$74.8 million and US$79.1 million, respectively. This compares to a net loss and net loss attributed to common stockholders of US$141.0 million and US$145.3 million, respectively, for the same period of 2016. Time charter revenues were US$113.0 million for the nine months ended 30 September 2017, compared to US$86.2 million for the same period of 2016.

Read the article online at: https://www.drybulkmagazine.com/shipping/22112017/diana-shipping-reports-net-loss-of-us245-million-for-3q17/

 

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