Diana Shipping Inc. (DSX), a global shipping company specializing in the ownership and operation of dry bulk vessels, reported a net loss of $3.18 million or $0.04 per share for the first quarter of 2013, compared to net income of $19.96 million or $0.25 per share reported in the first quarter of 2012.
The results for the 2013 first quarter included a loss of $3.3 million on the Company's investment in Diana Containerships Inc., arising from a non-cash impairment recorded by Diana Containerships related to the sale of certain older container vessels.
Time charter revenues for the first quarter of 2013 declined to $42.6 million, from $57.6 million for the same period of 2012, mainly due to reduced time charter rates. The decrease in time charter revenues was partly offset by revenues derived from the increase in ownership days resulting from the addition to the Company's fleet of the vessels Leto, delivered in January 2012; Los Angeles, delivered in February 2012; Philadelphia and Melia, delivered in May 2012; Amphitrite, delivered in August 2012; Polymnia, delivered in November 2012; Myrto, delivered in January 2013; and Maia, delivered in February 2013.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.03 per share on revenues of $41.54 million for the quarter. Analysts' estimates typically exclude special items.
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