A decline in revenue helped push down Diana Shipping’s quarterly profit in the third quarter, though the results were in line with expectations on Wall Street.
The New York-listed bulker owner reported bottom-line net income of $7.4m, down from $31.7m in the same period of last year.
But the portion attributable to common shareholders was lower, at $5.9m compared to $30.3m in the third quarter of 2022.
Earnings per share of $0.06 met expectations, investment bank Jefferies said.
Chief executive Semiramis Paliou said the company’s profitable quarter was a positive result of its “unwavering commitment” to its long-term strategy.
“A testament to this success is the continuous distribution of dividends since November 2021,” she said in a statement. “We have rewarded our shareholders since that time with a cash dividend of $1.45 per share, for those that elected to take cash, amounting to $130m in total.”
The Greek company held firm to its dividend policy in the third quarter, paying an unchanged $0.15 per share.
The quarter saw Diana Shipping deliver time-charter revenue of $62.1m, down from $73.8m, as rates slipped in the dry bulk sector. Vessel operating expenses rose to $21.2m from $17.7m.
The company controls a fleet of 41 bulkers, with a strategy focused on the time-charter market.
The quarter’s decline added to a nine-month result that saw the bottom line fall to $40.5m, down from $93.4m in the same period of 2022.
Profit attributed to common shareholders dropped to $36.1m from $89.1m in the first nine months of last year.
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