Diana Shipping’s M/V Arethusa

Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the ownership and operation of dry bulk vessels, today reported a net income of $12.3 million for the third quarter of 2012, down more than 50% from the same time last year.

Diana Shipping said that time charter revenues for the third quarter declined almost 13% compared to last year with $56.2 million in revenues, although both earnings and revenues came in above analysts’ expectations according to RTT News. DSX shares were up up 3 percent in midday trade.

The company said that the decrease in time charter revenues was partly offset by revenues from the increase in ownership days from additions to the company’s fleet which included the delivery of the M/V Leto, delivered in January 2012; the M/V Los Angeles, delivered in February 2012; the M/V Philadelphia and Melia, delivered in May 2012; and the M/V Amphitrite, delivered in August 2012.

Meanwhile net income to Diana Shipping Inc. for the nine months ended September 30, 2012 amounted to $49.6 million, compared to net income of $87.3 million for the same period of 2011. Meanwhile, time charter revenues were $171.4 million for the nine months ended September 30, 2012, compared to $198.3 million for 2011.

M/V Polymnia

Diana Shipping also announced Tuesday that, through a separate wholly-owned subsidiary, it has taken delivery of the M/V Polymnia, a newly built 98,704 DWT Post-Panamax dry bulk carrier that agreed to purchase in October 2012. Diana Shipping says it has entered into a time charter contract for the vessel with Sino East Transportation Ltd. of Hong Kong at a gross charter rate of US$8,000 per day for a period of 45 to 50 days. The charter is expected to commence Wednesday, November 21.

M/V Arethusa

Diana Shipping also announced that it has entered into a time charter contract with Cargill International S.A., Geneva for one of its Panamax dry bulk carriers, the M/V Arethusa, at a gross charter rate of US$7,300 per day, for a minimum eighteen months. The charter is expected to commence on November 23, 2012. This contract is expected to generate approximately US$3.9 million.

The Arethusa is a 73,593 dwt Panamax dry bulk vessel built in 2007.

Including the newly-delivered M/V Polymnia, Diana Shipping Inc.’s fleet currently consists of 30 dry bulk carriers — made up of 17 Panamax, 3 Post-Panamax, 8 Capesize and 2 Newcastlemax — as well as 2 new-building Ice Class Panamax vessels expected to be delivered to the Company during the fourth quarter of 2013. As of today, the combined carrying capacity of Diana Shipping’s current fleet is approximately 3.4 million DWT with a weighted average age of 5.9 years.

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