Diana Shipping Inc. Reports 2021 Net Income of $57.4 Million, Versus 2020 Net Loss of $134 Million

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, reported net income of $41.1 million and net income attributed to common stockholders of $39.7 million for the fourth quarter of 2021, including a gain of $15.3 million from the spin-off of OceanPal Inc. This compares to a net loss of $7.4 million and net loss attributed to common stockholders of $8.9 million, including a $1.9 million impairment loss, reported in the fourth quarter of 2020.

Time charter revenues were $68.8 million for the fourth quarter of 2021, compared to $42.7 million for the same quarter of 2020. The increase in time charter revenues was mainly due to increased average time charter rates that the Company achieved for its vessels during the quarter. This increase was partly offset by decreased revenues due to decreased ownership days compared to last year, resulting from the sale of vessels.

Net income for the year ended December 31, 2021 amounted to $57.4 million and net income attributed to common stockholders amounted to $51.6 million, including a $1.4 million gain on sale of vessels and $15.3 million gain from the spin-off of OceanPal Inc. This compares to a net loss of $134.2 million and net loss attributed to common stockholders of $140.0 million, including a $104.4 million impairment loss and $1.1 million loss on sale of vessels, for the same period of 2020. Time charter revenues were $214.2 million for the year ended December 31, 2021, compared to $169.7 million for the same period of 2020.

Dividend Declaration

The Company declared a cash dividend on its common stock of $0.20 per share, based on the Company’s results of operations during the fourth quarter ended December 31, 2021. The cash dividend will be payable on or about March 21, 2022 to all shareholders of record as of March 9, 2022. The Company has 84.67 million shares of common stock issued and outstanding.