Diana Shipping Inc. Reported Net Loss of $13.2 Million For the Third Quarter of 2020

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, reported a net loss of $13.2 million and a net loss attributed to common stockholders of $14.6 million for the third quarter of 2020, including a $6.8 million impairment loss which resulted from the agreement to sell the vessels Sideris G.S. and Coronis. This compares to net income of $1.8 million and net income attributed to common stockholders of $0.3 million reported in the third quarter of 2019.

Time charter revenues were $42.3 million for the third quarter of 2020, compared to $53.5 million for the same period of 2019. The decrease in time charter revenues was mainly due to the decrease in ownership days resulting from the sale of six vessels in 2019 and two vessels in 2020 and also due to decreased average time charter rates that the Company achieved for its vessels during the quarter.

Net loss for the nine months ended September 30, 2020 amounted to $126.8 million and net loss attributed to common stockholders amounted to $131.1 million, including a $102.5 million impairment loss and $1.1 million loss on sale of vessels. This compares to net income of $3.4 million and net loss attributed to common stockholders of $0.9 million for the same period of 2019 including a $7.5 million impairment loss and $2.8 million loss on sale of vessels. Time charter revenues were $127.1 million for the nine months ended September 30, 2020, compared to $169.2 million for the same period of 2019..