Dry bulk vessels operator Diana Shipping Inc. (DSX), Wednesday reported a slip to loss in the first quarter from a year ago, hurt mainly by lower revenues and impairment charges. Loss per share was worse than what the Street expected.
Diana shares dropped 3.7 percent in afternoon trade on the New York Stock Exchange.
The company posted quarterly net loss of $3 million or $0.04 per share, compared with net income of $20 million or $0.25 per share last year.
Results for the recent quarter included impairment charges of $3 million related to Diana Containerships Inc.
Analysts polled by Thomson Reuters expected a loss of $0.03 per share for the quarter. Analysts' estimates typically exclude special items.
Time charter revenues for the quarter dropped to $42.6 million from $57.6 million a year ago, owing to lower time charter rates, partly offset by an increase in ownership days stemming from a strengthened fleet.
Analysts had consensus revenue estimate of $41.54 million for the quarter.
Time charter equivalent rates, defined as time charter revenues less voyage expenses, declined to $14,398 from $24,276 last year.
The company's stock is trading at $10.39, down $0.40 or 3.71%.
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