Diana Shipping 2Q18 Result Update
Turnaround in the second quarter: Diana Shipping posted its first net profit in over 3.5 years. While the figure was just USD 2m, it marked an importance milestone for the company which has suffered an aggregate USD 750m of losses, including a USD 442m write down, over this period. Average time charter rates for Diana’s 50 vessel fleet rose to USD 11,773pd in the second quarter from USD 8,173 in the same period last year and helped time charter equivalent revenues which touched USD 52.7m. There was however a marginal increase in operating costs which rose to 5,400pd from USD 5,000pd in the same period last year.Diana Shipping is a holding company. Through its subsidiaries, Co. is a global provider of shipping transportation services. Co. specializes in transporting dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes. As of Dec 31 2017, Co.'s operating fleet consisted of 50 dry bulk carriers, of which 22 are Panamax, five are Kamsarmax, five are Post-Panamax, fourteen are Capesize and four are Newcastlemax vessels, having a combined carrying capacity of approximately 5.8 million dwt.
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