Diana Shipping Inc. Reports Fourth Quarter Net Loss of $14 Million

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, Friday reported net loss of $14.0 million and net loss attributed to common stockholders of $15.4 million for the fourth quarter of 2019, including a $6.5 million impairment loss and $3.3 million loss from sale of vessels. This compares to net income of $2.9 million and net income attributed to common stockholders of $1.5 million reported in the fourth quarter of 2018.

Time charter revenues were $51.5 million for the fourth quarter of 2019, compared to $62.9 million for the same period of 2018. The decrease in time charter revenues was mainly due to decreased revenues due to the sale of two vessels in December 2018 and six vessels in 2019 and decreased average time charter rates that the Company achieved for its vessels during the quarter.

Net loss for 2019 amounted to $10.5 million and net loss attributed to common stockholders amounted to $16.3 million, including a $14.0 million impairment loss and $6.2 million loss from sale of vessels. This compares to net income and net income attributed to common stockholders of $16.6 million and $10.8 million, respectively, for 2018. Time charter revenues were $220.7 million for 2019, compared to $226.2 million for 2018.