The company, Diana Shipping Inc. (NYSE: DSX), which specialises in the ownership and bareboat charter-in of dry bulk ships, today reported a second-quarter 2022 net income of $35.6 million and common stockholders’ share of that income of $34.2 million.
Increased charter income
In contrast, the second quarter of 2021 saw net income of $2.8 million and net income attributable to common stockholders of $1.4 million. In comparison to earnings per share of $0.02 basic and diluted in the same quarter of 2021, the second quarter of 2022 had earnings per share of $0.44 basic and $0.42 diluted. In comparison to the same quarter in 2021, when time charter revenues were $47.0 million, they were $74.5 million in the second quarter of 2022. The higher average time charter rates the company obtained for its vessels during the quarter were the cause of the increase in time charter income.
Reduced revenues
Reduced revenues brought on by a smaller fleet and more off-hire days during the quarter compared to the same quarter last year somewhat offset this gain.
Net income for the six months ended June 30, 2022, was $61.6 million, of which $58.8 million was attributable to common stockholders. In contrast, for the same time in 2021, there was a net profit of $1.5 million and a net loss of $1.4 million that was attributable to common stockholders. For the six months ended June 30, 2022, time charter revenues were $140.5 million, up from $88.1 million for the corresponding period in 2021.
*Dividend Declaration*
Based on its operating results for the second quarter ended June 30, 2022, the company paid a cash dividend on its common stock of $0.275 per share. To all stockholders with records as of August 8, 2022, the cash dividend will be paid on or around August 19, 2022. 86,142,258 common shares are issued and outstanding at this time for the company.
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