Greece-based and New York-listed Diana Shipping had a quarter of solid performance with a small but growing profit between January and March.
Semiramis Paliou-led Diana posts slightly higher profit than a year ago and locks its entire fleet into charter deals.
The shipowner of 37 dry bulk vessels (4 newcastlemax, 8 capesize, 4 post-panamax, 6 kamsarmax, 6 panamax and 9 ultramax) posted on Thursday a net income of $3m for the first quarter of 2025, up from $2.1m in the same period of 2024.
Meanwhile, earnings per share (EPS) for the first quarter was $0.01 basic and diluted, compared to earnings per share of $0.01 basic and diluted in the same quarter last year.
Furthermore, the time charter revenues were $54.9m for the first quarter, compared to $57.6m for the same quarter of 2024.
In accordance with the company, the decrease in time charter revenues, compared to the same quarter of last year, was due to decreased ownership days and was partly offset by the increased average charter rates and the increased fleet utilization.
In other transactions, Diana Shipping entered into a time charter contract with Refined Success Limited, for one of its newcastlemax dry bulk vessels, the Philadelphia.
Refined Success Limited hired the 206,040 dwt newcastlemax dry bulk vessel built in 2012.
The vessel is chartered to a gross charter rate of $21,500 per day, minus a 5.00% commission paid to third parties, for a period until minimum June 9, 2026 up to maximum August 8, 2026. The charter is expected to begin on May 29.
The Greek shipowner also said that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with SwissMarine Pte. Ltd., Singapore, for one of its post-panamax dry bulk vessels, the Phaidra.
The gross charter rate is $9,750 per day, minus a 5.00% commission paid to third parties, for a period until minimum January 1, 2026 up to maximum February 28, 2026. The charter is expected to start on May 31.
As it is reported, the Phaidra is an 87,146 dwt post-panamax dry bulk vessel built in 2013.
The employments of Philadelphia and Phaidra are anticipated to generate approximately $10.03m of gross revenue for the minimum scheduled periods of the time charters.
