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Diana Shipping's CEO Discusses Q3 2011 Results - Earnings Call Transcript

Such forward-looking statements are based on assumptions, expectations, projections, intentions and beliefs as to future events that may not prove to be accurate. For a description of the risks, uncertainties and other factors that may cause future results to differ, please refer to the company’s filings with the Securities and Exchange Commission.

And now with that, let me turn the call over to Mr. Simeon Palios, Chairman and Chief Executive Officer of Diana Shipping Inc.

Simeon Palios

Thanks, Ed. Good morning and thank you for joining us. Diana Shipping delivered respectable financial performance during the 2011 third quarter, despite operating in a dry bulk marketplace and the economic cycle that continue to be extremely challenging. While the overall market environment remains unsettled, we believe that the outlook for the balance of this year and into 2012 is for continue pressure on rates.

In this difficult environment, shareholders should be rest assured that we will continue to follow our time tested strategies, managing our chartering operations in a balanced and conservative manner, prudently expanding our fleet and our revenue generating capacity, and maintaining a sound balance sheet.

We continued to pursue chartering policies that promote a balance of time charter maturities and sustain a predictable revenue stream. Currently, our fixed revenue days are 100% in 2011 and 79% in 2012.

Significantly during the first quarter we enter into time charter agreements for our two Newcastlemax newbuildings, the m/v Los Angeles and the m/v Philadelphia through 2016.

Last week, we announced a further expansion of our fleet with an agreement to purchase the MV Vathy, a 2010 built Panamax dry bulk carrier of 81,297 tonnes deadweight for a price of US$32.25 million.

The vessel to be renamed Leto is expected to be delivered to the company by the sellers during the first quarter of 2012. With this new acquisition, as well as our two Newcastlemax newbuildings our fleet would consist of 27 dry bulk carriers.

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