Diana Shipping sailed back to black for the first quarter, thanks to higher freight rates.
The New York-listed owner posted a $1.5m profit attributable to common shareholders versus a $4.5m attributable loss a year earlier.
That translated into $0.02 earnings per share, missing analysts' estimates by $0.02.
Excluding a $4.8m impairment loss, net profit totaled $3m compared to a $4.5m net loss a year ago.
Revenue came in at $60.3m, up from $48.4m due to higher average time charter rates, partly offset by decreased revenue from two ship sales in December 2018.
The two vessels were the 75,200-dwt Alcyon (built 2001) for $7.45m and 75,336-dwt Triton (built 2001) for $7.35m.
Average TCE rates were $13,453 versus $10,416 during the same period last year.
Other ships on the way out
Diana in mid-February announced plans to sell 75,100-dwt Danae and 75,200-dwt Dione (both built 2001) for $7.2m each.
It also signed an agreement on 10 April to sell 74,400-dwt Erato (built 2004) by 10 June.
