Greek drybulk carrier Diana Shipping Inc's quarterly results beat analysts' estimates, helped by higher time charter revenue on the addition of three vessels to the company's fleet, Reuters reports. First-quarter net income was $33.1 million, or 41 cents a share, compared with net income of $28.8 million, or 36 cents a share, a year ago.
Time charter revenue rose 11.6 percent to $69.4 million.
Analysts, on average, were expecting the company to earn 37 cents a share on revenue of $66.5 million, according to Thomson Reuters I/B/E/S.
Time charter revenue is a standard shipping industry measure of revenue minus the direct expenses incurred in operating a ship.
Last December, the company divested 80 percent of its interest in its containership unit, Diana Containerships Inc's .
The unit's first-quarter profit of 4 cents a share came in line with market estimates. Time charter revenue was $3.2 million -- slightly higher that the $3.1 million expected.
Diana Shipping's shares had closed at $11.12 on Thursday on the New York Stock Exchange. Those of Diana Containerships had closed at $12.78 on Nasdaq.
Time charter revenue rose 11.6 percent to $69.4 million.
Analysts, on average, were expecting the company to earn 37 cents a share on revenue of $66.5 million, according to Thomson Reuters I/B/E/S.
Time charter revenue is a standard shipping industry measure of revenue minus the direct expenses incurred in operating a ship.
Last December, the company divested 80 percent of its interest in its containership unit, Diana Containerships Inc's .
The unit's first-quarter profit of 4 cents a share came in line with market estimates. Time charter revenue was $3.2 million -- slightly higher that the $3.1 million expected.
Diana Shipping's shares had closed at $11.12 on Thursday on the New York Stock Exchange. Those of Diana Containerships had closed at $12.78 on Nasdaq.