Impairments from the sale of two bulk carriers caused Diana Shipping to fall to an even greater loss during the third quarter.
The New York-listed bulker owner recorded a $14.6m net loss attributed to common stockholders for the three-month period, including the $6.8m impairment loss.
In the previous quarter, Diana booked a $12.2m net loss attributed to common stockholders, which included a $2.6m impairment charge.
Diana agreed to sell its 174,200-dwt capesize Sideris GS and 74,400-dwt panamax Coronis (both built 2006) during the third quarter, which resulted in the impairment.
The Coronis was sold in early September for a gross price of $7.1m and the Sideris GS went for $11.5m. The buyers' names have not yet been revealed.
Time-charter revenue was $42.3m for the third quarter, 21% below its earnings of $53.5m during the same period of 2019.
Diana said the drop was down to the decrease in ownership days, resulting from the sale of eight bulkers since the start of 2019, as well as due to lower average time-charter rates earned by its trading vessels.
Nine months of losses
For the first nine months of 2020, Diana's net loss attributed to common stockholders totals of $131.1m, including a $102.5m impairment loss and $1.1m loss on vessel sales.
The company logged a $900,000 net loss attributed to common stockholders for the same period of 2019, including a $7.5m impairment loss and $2.8m loss on vessel sales.
Time-charter revenues were $127.1m for the nine-month period this year, down by one-third compared to $169.2m for the same period of 2019.
Diana's stock, which trades on the New York Stock Exchange, fell by 4% when markets opened in the US on Monday. Its share price was $1.65 as of 11:30am.
