Diana Shipping has posted a loss for the second quarter, in spite seeing of a slight rise in time-charter revenue.

The bulker owner reported a net loss of $1.3m for the second quarter, compared to net income of $2.0m in the same period last year.

The net loss attributed to common stockholders is $2.7m for the past quarter, which includes a $2.8m impairment loss.

Last year, the New York-listed company reported $500,000 in net income attributed to common stockholders in the second quarter.

Earnings per share (EPS) were $0.02, after adjusting for one-time items.

Benjamin Nolan, analyst for Stifel, this afternoon noted the EPS result "was slightly better than our estimate but slightly below consensus".

Stifel's EPS target was $0.01, while the analyst consensus was $0.03.

Revenue picture

Time-charter revenue was $55.4m during the past three months, up 4% on the $53.4m posted in the second quarter 2018.

Diana said the increase was due to increased average rates achieved by its fleet during the quarter

However, this progress was partly offset by a decrease in earnings caused by Diana's slightly smaller fleet this past quarter.

Diana sold two vessels in December and three vessels in the first half of 2019.

First-half result

Diana's net income was $1.7m for the six months ended June 30, but the net loss attributed to shareholders was $1.2m, including a $7.5m impairment charge.

The first half result for 2018 showed a net loss of $1.1m and a $4.0m net loss attributed shareholders.

Time charter revenues were $115.7m for the first six months, up 14% compared to $101.8m for the first half of 2018.

Earlier this month, Diana completed a tender offer in which it spent $7.5m on taking back 2 million shares or 2% of its outstanding common stock.