Diana’s net loss plunges deeper

The Athens, Greece-based dry bulk vessel owner recorded a net loss of $436.9 million for the fourth quarter of 2017.    Diana Shipping Inc.’s net loss for the fourth quarter of 2017 sank down to $436.9 million, much deeper than the net loss of $23.3 million for the fourth quarter of 2016, the dry bulk vessel owner’s latest financial statements revealed.
   On the flip side, Diana’s time charter revenues rose to $48.9 million for the fourth quarter of 2017, up from $28.0 million for the fourth quarter of 2016, due to increased average time charter rates achieved for the company’s vessels during the quarter, coupled with higher revenues resulting from the enlargement of its fleet.
   Diana is currently equipped with a fleet of 50 dry bulk vessels with a combined carrying capacity of around 5.8 million dwt and a weighted average age of 8.5 years.
   For the full year, Diana recorded a net loss of $511.7 million, compared to a net loss of $164.2 million for 2016.
   Meanwhile, time charter revenues rose to $161.9 million, up from $114.3 million for 2016.