Another Loss for Dry Bulk Shipowner in 2014

by Ship & Bunker News Team
Monday March 9, 2015

Dry bulk shipper Diana Shipping Inc. [NYSE:DSX] (Diana Shipping) Wednesday posted a net loss attributable to shareholders of $15.3 million.

Voyage expenses, including the cost of bunkers, totalled $10.7 million.

Diana Shipping's 2014 loss was smaller than the $21.2 million incurred in 2013, and time charter revenues were up, at $175.6 million, versus $164.0 million for the prior year.

Vessel utilisation was roughly flat at 99.4 percent.

During the year, the company repurchased and retired 2.8 million of its share capital at a cost of $25.3 million.

The company's fleet includes Panamax, Post-Panamax, Kamsarmax, Capesize, and Newcastlemax bulkers.

Diana Shipping's charter customers include Glencore, Cargill, Rio Tinto, and Bunge.

The company increased the average number of vessels in its fleet from 33 in 2013 to 37.9 last year and the weighted average age of the fleet also increase from 6.6 years to 7.1 over the same period.

It also has three newbuild vessels under construction, but delivery dates were not disclosed.

Last month dry bulk carrier Copenship filed for bankruptcy as a result of what it called an "extremely bad" dry bulk market.

Ship & Bunker News Team
To contact the editor responsible for this story email us at editor@shipandbunker.com