World News
Diana Shipping Profits Down 75% in Q4
Dry bulk shipper Diana Shipping Inc. [NYSE:DSX] (Diana Shipping) said its profits dropped 75 percent to $5 million year-over-year for the fourth quarter of 2012 as time charter rates fell.
The company's time charter equivalent rate (TCE) for the quarter was $17,681 compared with $25,714 in the fourth quarter of 2011, helping to drive down time charter revenues to $49.4 million from $57.4 million in the period the previous year.
For the full 2012 year, the company had a net income of $54.6 million, down from $107.5 million in 2011, and time charter revenues fell to $220.8 million from $255.7 million.
Daily vessel operating expenses rose to $7,128 in Q4 2012 compared with $6,734 in Q4 2011.
Diana Shipping's president, Anastasios C. Margaronis, said in November that the company expects continued pressure on the bulk market in the short term but that Chinese demand should help its results in the medium- to long-term.
Tim Huxley, chief executive of Wah Kwong Maritime Transport, recently said dry bulk shipping companies should use caution in investing in ships because "current charter rates don't really make sense."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 502.00 | 7.00 | 617.00 | 6.00 |
| Rotterdam | 455.00 | 8.00 | 619.50 | 4.00 |
| Houston | 467.00 | 4.50 | 625.00 | 2.50 |
| Fujairah | 495.00 | 6.00 | 712.50 | 1.50 |
| Global 20 Ports Average | 524.50 | 4.50 | 710.50 | 4.00 |
| Global 4 Ports Average | 479.50 | 6.50 | 643.50 | 3.50 |
| Global Average Bunker Price | 570.50 | 2.00 | 747.50 | 5.50 |
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