Categories Earnings, Industrials, LATEST

Diana Shipping (NYSE: DSX): Q3 2019 Earnings Snapshot

— Diana Shipping Inc. (NYSE: DSX) reported its third-quarter 2019 breakeven per share versus $0.02 per share expected.

— Time charter revenues fell by 13% to $53.53 million versus $51.78 million expected. This was due to the sale of two vessels in December 2018 and decreased average time charter rates that it achieved for its vessels.

Diana Shipping (DSX) Q3 2019 Earnings Snapshot
Image for representation. Courtesy: Nilantha Ilangamuwa on Unsplash

— The average number of vessels decreased to 43.8 from 50 in the prior-year quarter. However, the weighted average age of vessels rose to 9.4 from 9.1 a year ago.

— Fleet utilization for the third quarter declined to 99.4% from 99.5% in the previous year quarter.

— Time charter equivalent rate decreased to $12,682 from $12,975 a year earlier. However, the daily vessel operating expenses rose to $5,458 from $4,958 a year ago.

— Long-term debt as of September 30, 2019, was $485.53 million while cash and cash equivalents stood at $127.27 million.

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