Diana Shipping Inc. Q2 2010 Earnings Call Transcript

We also have continued to manage all of our vessels in a manner intended to produce trade and the revenues across the industry site. For example between June and July 2010 we announced time charter condos for high vessels; the Panamax vessels Dione, Oceanis, Nirefs and Calipso and the Capsize, Sideris GS. As a result of this activity, approximately 70% of our fleet is now charter for 2011.

Looking towards the future, we continue to be enthusiastic above our opportunities to make strategic investments in the expulsion of our fleet. By taking advantage of present market conditions, we have increased the size of the fleet to 22 vessels as well as to look after the much new billings on order for 2012 January.

We plan to continue this process in a focused and disciplined manner over the next 18 months subject to market conditions in order to further enhance our revenue stream capacity to generate consistent revenues and drive increasing shareholder value. We are confident that Diana Shipping remains well positioned to continue to build shareholders' value. We have a proven growth strategy, reliable cash flow and a solid balance sheet to support our initiatives.

With that, I will now turn the call over to our President, Stacy Margaronis for a perspective on industry conditions. We will then be followed by our Chief Financial Officer, Andreas Michalopoulos, who will provide us a financial overview. Thank you.

Anastassis Margaronis

Thank you, Simeon and a warm welcome, to all who have joined us in this mid-summer conference call. The second quarter was certainly one which reminded us all that volatility is the name of the game in the dry bulk shipping industry. Those who regard the shipping as a daily cash flow business providing a nice steady dividend suitable for retirement or to consider more carefully their investment philosophy.

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