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Diana Shipping reports plunging profit in 2009

World Cement,

Diana Shipping Inc. has reported a massive drop in Q4 net income, which fell from US$54.2 million in Q42008 to US$27.6 million. The Athens-based global shipping company, which specializes in the transportation of dry bulk cargoes, also reported that net income for the year ending 31 December 2009 fell by more than US$100 million to US$121.5 million.

Voyage and time charter revenues were US$58.6 million for Q4 and US$293.3 million for the year, both significantly down on 2008 results.

Chairman and CEO’s comments:
“Diana Shipping Inc. has delivered another profitable quarter while at the same time implementing our strategy to build the company in a consistent and disciplined manner. It is our view that the actual deliveries of dry bulk vessels in the next two years will not be easily absorbed by the growth in demand, although demand is expected to be more solid than in the recent recessionary period. Therefore we continue to feel strongly that the market will present us with many attractive opportunities, given our strong balance sheet, track record of profitability and well-defined strategic direction, and we will gradually and deliberately seek to take advantage of those opportunities. As previously announced, we are pursuing a strategy of expanding our investments in the dry bulk sector through vessel purchases during the next 24 months, and have begun this effort with the purchase in December 2009 of MV Melite. We will continue to be disciplined in our execution, while looking forward to opportunities that offer the potential to benefit all of our shareholders,” said Simeon Palios, Chairman and Chief Executive Officer of Diana Shipping Inc.

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