Diana Shipping Slips To Loss In Q4

(RTTNews) - Diana Shipping Inc. (DSX) posted fourth-quarter net loss of $9.6 million or $0.12 per share, compared to net income of $5.0 million or $0.06 per share in the comparable quarter last year. On average, 18 analysts polled by Thomson Reuters expected the company to report a loss of $0.06 per share. Analysts' estimates typically exclude special items.

Time charter revenues declined to $39.46 million from $49.38 million in the year-ago period, while 14 analysts expected revenues of $42.51 million.

The company said the decline in time charter revenues was mainly due to reduced time charter rates, as well as the accelerated amortization of the prepaid charter revenue for the m/v Houston, due to the earlier redelivery of the vessel by the charterers, resulting in the unamortized balance of $3.0 million being recorded against time charter revenues in the fourth quarter of 2013. The decrease in time charter revenues was partly offset by revenues derived from the increase in ownership days resulting from the enlargement of our fleet.