EMEA News
More Losses for Greek Dry Bulk Specialist
Diana Shipping Inc. [NYSE:DSX] (Diana Shipping) Wednesday reported a net loss of $10.8 million and net loss attributed to common stockholders of $12.2 million for the first quarter of 2015, says GlobeNewswire.
This is compared to a net loss of $6 million and net loss attributed to common stockholders of $6.8 million that Diana reported for the same time period last year.
The Q1 2015 results also show that time charter revenues were $42 million for the first quarter compared to $41.1 million for the same period in 2014.
Diana Shipping attributes this rise to the increase in ownership days resulting from the enlargement of its fleet (from an average 36.4 vessels last year to 39.9 this year) and was partly offset by reduced time charter rates.
Voyage expenses, including bunker expenses, rose to $4.9 million for Q1 2015 compared to $2.3 million for Q1 2014.
But even though the Athens, Greece-based dry bulk specialist said these figures translate into a loss of 15 cents per share, the results met Wall Street expectations, reports media.
The average estimate of nine analysts surveyed by Zacks Investment Research was also for a loss of 15 cents per share.
Meanwhile, Diana Containerships Inc. (DCIX), a former majority-owned subsidiary of Diana Shipping, saw losses for Q1 2015 that were also less severe than Wall Street expectations, the Associated Press reports.
DCIX incurred a Q1 2015 loss of $502,000, which translates into a 1 cent per share loss, while Zacks analysts predicted a 2 cent per share loss.
DCIX posted revenue of $13.9 million in the period, while Zacks expected $13.3 million.
In March, Diana Shipping posted a 2014 net loss attributable to shareholders of $15.3 million.
