This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Diana Shipping's CEO Discusses Q2 2012 Results - Earnings Call Transcript

And with that, let me turn the call over to Mr. Simeon Palios, Chairman and CEO.

Simeon Palios

Thank you, Ed. Good morning and thank you for joining us today. Diana Shipping Inc. continued to operate in a steady and prudent manner despite the challenging conditions that have prevailed in our industry for some time. The company delivered reliable revenues and profits, continued to expand our fleet and maintain a sound capital structure.

During the quarter we announced the delivery of the newly built Philadelphia, a Newcastlemax dry bulk carrier that was contracted in 2010. In addition, in March 2012, we agreed to purchase the Melia, a Panamax dry bulk carrier. Built in 2005, it will join our fleet in May 2012. Just last week we agreed to acquire a new-building Post-Panamax dry built by Tsuneishi Group (Zhoushan) Shipbuilding Inc. The vessel, to be named Amphitrite, is expected to be delivered to the company later this month.

With the delivery of the Amphitrite, we will operate a total of 29 dry bulk carriers. We also have 2 Ice Class Panamax vessels under construction, which would bring the vessels of our fleet to 31 vessels. Considering that we own 21 vessels at the commenced our carrier and fleet investment strategy in 2008, this represents significant progress in the growth of our fleet. We continue to manage our fleet in a responsible manner that promotes a balance of time-charter maturities and produces a predictable revenue stream.

Currently, our fixed revenue days are 69% for 2012. The vast majority of our vessels are chartered for periods ranging from 2013 through 2015 and beyond. We continue to enjoy excellent relationships with many of the industry’s strongest and most respected charterers.

Now let me briefly summarize our financial performance for the second quarter of 2012. Net income to Diana Shipping Inc. was US$17.4 million for the 2012 second quarter compared to US$27.7 million a year ago. Time charter revenues for the latest quarter totaled US$57.6 million versus US$64.6 million in the second quarter of last year. Time charter rates averaged US$22,256 for the 2012 second quarter compared with US$30,597 in the same period of 2011.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs