Diana reports higher earnings as rate climb

Diana reports higher earnings as rate climb Athens-based dry cargo specialist Diana Shipping Inc. reported second quarter net income of $26.0 million, compared to $13.2 million in the year-earlier period.
   Voyage and time charter revenue improved to $44 million for the second quarter from $26.1 million.
   Diana, which is listed on the New York Stock Exchange, reported the upsurge in earnings as the Baltic Dry Index hit a new high of 7,000 today. The index, compiled by the Baltic Exchange in London, tracks the cost of moving dry cargo by sea by obtaining estimates from brokers for the cost of 26 different fixtures, a variety of commodities moving on various routes in ships of varying size — handysize, Panamax and capesize vessels and both time and voyage charters.
   The rise in the Baltic Dry Index, which was near 4,200 earlier this year before its current climb, has coincided with increased shipments of raw materials to China and other countries in the developing world, and has resulted in widespread interest by investors in the dry bulk shipping sector.
   The index ranged from 500 to 2,500 from 1985 when it was created to late 2003. It began to rise sharply late that year, and had previously reached a high of 6,208 in December 2004.