Diana Shipping saw its revenue take a hit as the New York-listed bulker owner reported lower charter rates again, as it had done for the first quarter.
The Semiramis Paliou-led company, whose fleet employment strategy is focused on period charters rather than the spot market, reported a net income loss of $2.8m and a net loss attributed to common stockholders, of $4.2m for the second quarter of 2024.
This compares to net income of $10.4m and net income attributed to common stockholders of $8.9m for the second quarter of 2023.
Athens-based Diana said its time-charter revenue fell to $56m for the second quarter, down from $67.4m in the same quarter of 2023.
“The decrease in time charter revenues, compared to the same quarter of last year, was due to decreased average charter rates and ownership days,” the company said.
Time charter equivalent rates during the second quarter were $15,106 per day, down from $17,311 per day during the same quarter in 2023.
The shipowner had 41 vessels at the time of its earnings report for the second quarter of 2023, compared to a fleet list of just 39 in the current quarter.
Daily vessel operating expenses came in at nearly $5.9m during the second quarter, compared to $6.1m a year earlier, while first-quarter voyage expenses dropped to $3.14m from $3.55m in the opening three months of 2023.
Meanwhile, the company also saw a net income loss for the six months to 30 June 2024, amounting to $700,000 and a net loss attributed to common stockholders amounted to $3.6m.
This compares to net income of $33.1m and net income attributed to common stockholders of $30.2m, for the same period in 2023.
Time charter revenues for the six months to 30 June were $113.6m, compared to $140m in the same period of 2023.
Loss per share was $0.03 basic and diluted, compared to earnings per share of $0.31 basic and $0.30 diluted in the six months to 30 June.
Diana also declared a shareholder dividend of $0.075 per share, equal to the prior quarter and payable on or about 30 August to shareholders of record as of 15 August.
The profit plunge was not unexpected following its first-quarter results back in May.
Last week, the company reached a $167m loan deal with Nordea Bank that will allow it to pay down previous borrowings backed by nearly one-third of its vessels.
