Diana Shipping ( (DSX) ) has released its Q4 earnings. Here is a breakdown of the information Diana Shipping presented to its investors.
Diana Shipping Inc. is a global shipping company that specializes in the ownership and bareboat charter-in of dry bulk vessels, primarily transporting commodities such as iron ore, coal, and grain across worldwide shipping routes.
In its latest earnings report, Diana Shipping Inc. announced a net income of $9.7 million for the fourth quarter of 2024, with a net income attributed to common stockholders of $8.3 million. The company also declared a cash dividend of $0.01 per common share for the fourth quarter of 2024.
The company’s time charter revenues for the fourth quarter of 2024 were $57.1 million, a decrease from $60.0 million in the same quarter of 2023, attributed to decreased ownership days. For the full year 2024, net income was $12.7 million, significantly lower than the $49.8 million reported in 2023, with time charter revenues totaling $228.2 million compared to $262.1 million in the previous year.
Despite the decline in annual earnings, Diana Shipping Inc. maintained a high fleet utilization rate of 99.7% and managed to keep its daily vessel operating expenses stable. The company continues to focus on optimizing its fleet employment and managing operational costs effectively.
Looking ahead, Diana Shipping Inc. remains committed to navigating the challenges in the global shipping market and aims to enhance its financial performance by leveraging its strategic fleet management and operational efficiencies.