The latest quarter bottom line benefited from the increase in time charter revenues and lower voyage expenses as well as a decline in depreciation and amortization of deferred charges.
Time charter revenues jumped 40% to $61.5 million driven by increased average time charter rates that the company achieved for its vessels during the quarter.
Thanksgiving turned out quite busy at Tesla
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However, the average number of its fleet vessels declined by 2% while the weighted average age of vessels increased by 11%. The fleet ownership days decreased 2% while operating days rose by 1%. The company had an increase in fleet utilization for the quarter of 99.5%, up from 97.9% a year ago.
Average daily time charter equivalent rate soared 45% year-over-year to $12,975. On the other hand, daily vessel operating expenses rose by 2.5% to $4,958 due to a rise in crew wages, cost of insurance, expenses relating to repairs and maintenance, and the costs of spares and consumable stores.
As of November 26, 2018, the company’s fleet consists of 48 dry bulk vessels. This includes 4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax, and 20 Panamax, as well as two Panamax dry bulk vessels, which have been sold and expected to be delivered by January 7, 2019.
Shares of Diana Shipping ended Friday’s session up 8.92% at $3.42 on the NYSE. The stock has fallen over 15% in the year so far and over 14% in the past year.