Diana posts profit after average charter rate increases

DIANA Shipping has eked out a second-quarter profit, reversing a loss made in the same period last year.

The result comes despite a perceived softer market for several segments of the dry bulk market.

Despite this, New York Stock Exchange-listed Diana managed to slightly increase average charter rates earned by its vessels, partly offsetting the reduction of its fleet by two bulkers.

The average daily time charter equivalent rate across the fleet for the period was $15,492, up from $15,106 for the same three months last year.

Because of the reduced number of vessels, revenues fell to $54.7m, from $56m in the second quarter of 2024.

The Greece-based owner of 37 bulkers and two methanol dual-fuel kamsarmaxes on order posted net income attributable to common stockholders of $3.1m for the quarter.

This compared with a loss of $4.2m in the same period last year.

Diana has declared an unchanged quarterly cash dividend of $0.01 per common share.

In addition to its own dry bulk fleet, Diana recently acquired a 7.7% stake in US-based rival Genco.

It has also diversified modestly, with investments in a joint venture ordering wind farm support vessels and another joint venture that has ordered two new 7,500 cu m liquefied petroleum gas carriers.