Diana Shipping Inc. (NYSE:DSX) shares sank on reporting third-quarter numbers before Monday’s opening bell.
The Greek-based shipping company, specializing in the ownership of dry bulk vessels, today reported net income of $1.8 million and net income attributed to common stockholders of $0.3 million for the third quarter of 2019.
This compares to net income of $14.8 million and net income attributed to common stockholders of $13.3 million reported in the third quarter of 2018.
Time charter revenues were $53.5 million for the third quarter of 2019, compared to $61.5 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 five vessels during the nine months ended September 30, 2019 and decreased average time charter rates that the Company achieved for its vessels during the quarter.
Net income for the nine months ended September 30, 2019 amounted to $3.4 million and net loss attributed to common stockholders amounted to $0.9 million, including a $7.5 million impairment loss.
This compares to net income and net income attributed to common stockholders of $13.7 million and $9.3 million, respectively, for the same period of 2018.
Time charter revenues were $169.2 million for the nine months ended September 30, 2019, compared to $163.3 million for the same period of 2018.
Diana shares slipped 60 cents, or 1.7%, to $3.41 first thing Monday morning.
