Diana Shipping Inc recorded reduced financial performance in the fourth quarter of 2023, due to a drop in freight rates.
The NYSE-listed shipping company, which specializes in the ownership and charter of dry bulk vessels, reported fourth-quarter 2023 net income of 9.4 million US dollars, down from 25.8 million US dollars in the fourth quarter of 2022, and revenue of 60.0 million US dollars in 2023 versus 75.7 million US dollars in the same quarter of 2022.
Net earnings attributable to common stockholders were 7.9 million US dollars in the fourth quarter of 2023 compared to 24.2 million US dollars in the fourth quarter of 2022.
Earnings per share
Earnings per share dropped to 0.08 dollars in the fourth quarter of 2023, compared to earnings per share of 0.28 dollars in the same quarter of 2022.
The company currently has 115,996,291 common shares issued and outstanding.
Time charter revenue stood at 60.0 million US dollars for the fourth quarter of 2023 compared to 75.7 million US dollars for the same period in 2022.
Full-year net income dropped to 49.8 million US dollars in 2023 compared to 119.063 million US dollars in 2022, while net income attributable to common shareholders fell to 44.1 million US dollars in 2023 compared to 113.2 million dollars in 2022.
Time charter revenue for 2023 stood at 262.1 million US dollars, compared to 290.0 million US dollars in 2022.
Capesize sale
The company also announced that it has signed, via a subsidiary, a memorandum of agreement for the sale to an unrelated third party of the 2009-built Houston, with delivery to the buyer no later than September 16, 2024, for a sale price of 23.3 million dollars.
