Provider of shipping transportation services Diana Shipping Inc. (DSX), on Tuesday reported a sharp drop in profit for the third quarter, as revenues shrank from last year, reflecting reduced shipping demand amid the current dire economic climate. Nevertheless, both earnings and revenues came in ahead of Street estimates.
For the third quarter, the Athens, Greece-based shipping line, which specializes in the transportation of dry bulk cargoes, reported net income available to common shareholders of $28.66 million or $0.36 per share, down from $57.52 million or $0.77 per share a year earlier.
On average, 16 analysts polled by Thomson Reuters expected the company to earn $0.34 per share for the quarter. Analysts' estimates typically exclude one-time charges and gains.
Voyage and time charter revenues for the quarter declined to $58.22 million from $87.41 million last year, due to a decrease in prevailing time charter rates and increased off-hire and drydock days, yet beating Street estimates of $55.47 million for the quarter.
Simeon Palios, chairman and chief executive officer, Diana Shipping said, "Diana Shipping Inc. has again produced strong results during the third quarter of 2009. We have delivered a profitable quarter despite the continued turbulent economic climate."
Average number of vessels for the quarter was flat at 19 with last year. Fleet utilization for the quarter contracted to 99.7% from 99.7% a year ago.
Time charter equivalent rate,or TCE rates defined as voyage and time charter revenues less voyage expenses slipped to $32.37 million from $48.21 million in the prior year quarter.
The company saw 31 days less operating days than a year earlier.
For the nine-month period, net income available to common shareholders declined significantly to $93.91 million or $1.21 per share from $167.36 million or $2.25 per share a year earlier. Voyage and time charter revenues for nine months were $180.70 million, down from $253.05 million in the corresponding period last year.
Earlier in a separate announcement, the company said it has taken delivery of the newly-built m/v Houston, a 177,729 dwt Capesize dry bulk carrier. The Houston is chartered to Shagang Shipping Co., a guaranteed nominee of the Jiangsu Shagang Shipping Group Co. During the contract period, this employment is expected to generate gross revenues of around US$97 million.
DSX closed Monday's trading at $14.16 on the NYSE. n the past 52 weeks, the stock trended in a broad range of $6.85 - $19.00, with a three-month average volume of 1.43 million shares.
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