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.
