Diana Shipping posts Q1 results

Greek drybulk carrier Diana Shipping Inc's quarterly results beat analysts' estimates, helped by higher time charter revenue on the addition of three vessels to the company's fleet, Reuters reports. First-quarter net income was $33.1 million, or 41 cents a share, compared with net income of $28.8 million, or 36 cents a share, a year ago.


Time charter revenue rose 11.6 percent to $69.4 million.


Analysts, on average, were expecting the company to earn 37 cents a share on revenue of $66.5 million, according to Thomson Reuters I/B/E/S.


Time charter revenue is a standard shipping industry measure of revenue minus the direct expenses incurred in operating a ship.


Last December, the company divested 80 percent of its interest in its containership unit, Diana Containerships Inc's .


The unit's first-quarter profit of 4 cents a share came in line with market estimates. Time charter revenue was $3.2 million -- slightly higher that the $3.1 million expected.


Diana Shipping's shares had closed at $11.12 on Thursday on the New York Stock Exchange. Those of Diana Containerships had closed at $12.78 on Nasdaq.
(Source:http://en.portnews.ru)