Diana doubles up

Vastly improved charters rates and a larger fleet doubled second-quarter earnings at Greek bulker owner Diana Shipping.

Diana chairman & CEO Simeon Palios.

Although expenses ballooned they were largely in line with revenue growth while direct vessel operating expenses were only marginally ahead of last year.

A statement from Athens-based Diana on Thursday attributed the improved performance “to an increase in prevailing time charter rates and the increase in operating days due to the enlargement of the company’s fleet”.

The Greek’s fleet swelled from an average of 16 ships operated in the second quarter of 2007 to an average of 19 in the latest period.

Average daily time charter equivalent (TCE) rates soared from $29,081 last year to $47,844 this time around.

Utilisation virtually remained unchanged at just shy of 100% but ownership and operating days were well ahead of last year.

There was also a small boost from a foreign currency gain of $97,000 as opposed to a gain of $47,000 in 2007.

Net income for the three months to the end of June hit $56.73m, a 98% rise from the $26.02m. Diana boasted a “record” quarterly revenue sum of $86.77m as opposed to $44m this time last year.

Voyage expenses doubled to $4.05m while vessel operating expenses went up 43% to $9.86m.

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