Diana Shipping Reports 3Q Loss of $24.5 Mln

 

This compares to a net loss of $78.3 million and net loss attributed to common stockholders of $79.8 million for the third quarter of 2016.

 

The loss is including an $8.4 million impairment loss on the m/v Melite which was sold for scrap in October 2017 after her grounding in July 2017 and the receipt from the insurers of the insured value. 

 

Time charter revenues were $43.9 million for the third quarter of 2017, compared to $27.1 million for the same quarter of 2016. The increase in time charter revenues was due to increased average time charter rates achieved for the company’s vessels during the quarter and increased revenues resulting from the enlargement of the fleet.

 

Net loss and net loss attributed to common stockholders for the nine months ended September 30, 2017 amounted to $74.8 million and $79.1 million, respectively. This compares to a net loss and net loss attributed to common stockholders of $141million and $145.3 million, respectively, for the same period of 2016. 

 

Time charter revenues were $113 million for the nine months ended September 30, 2017, compared to $86.2 million for the same period of 2016.