Diana Shipping net income rise 11% in 2Q

Diana Shipping Inc. reported net income to Diana Shipping Inc. of $33.9 million for the second quarter of 2010. This compared to net income of $30.4 million reported in the second quarter of 2009.

Voyage and time charter revenues were $68.7 million for the second quarter of 2010, compared to $59.8 million for the same period of 2009, mainly due to the addition to the Company fleet of the vessels m/v Houston, acquired in October 2009, m/v Melite, delivered in January 2010, and m/v New York, delivered in March 2010.

Net income to Diana Shipping Inc., for the six months ended June 30, 2010 amounted to $62.7 million, compared to net income of $65.2 million for the same period of 2009. Voyage and time charter revenues were $130.9 million for the six months ended June 30, 2010, compared to $122.5 million for the same period of 2009.

Simeon Palios, Chairman and CEO of Diana Shipping, said, Diana Shipping strategy has always been focused on creating value for shareholders, taking into account the highly cyclical nature of the dry bulk shipping industry.<Korea Shipping Gazette>