Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the transportation of dry bulk cargoes has announced net income of $26.4 million for the third quarter of 2011, down 22 percent from last year's net income of $33.8 million, the Company said on Wednesday.
Time charter revenues were $64.2 million for the third quarter of 2011, compared to $71.6 million for the same period of 2010, mainly due to reduced average time charter rates and the deconsolidation of Diana Containerships Inc. The decrease in time charter revenues was partly offset by revenues derived from the increase in ownership days resulting from the addition to the Company’s fleet of the vessels Alcmene and Arethusa in November 2010 and July 2011, respectively.
Net income to Diana Shipping Inc. for the nine months ended September 30, 2011 amounted to $87.3 million, compared to net income of $96.5 million for the same period of 2010. Time charter revenues were $198.3 million for the nine months ended September 30, 2011, compared to $202.5 million for the same period of 2010.
Authorization of Share Repurchase Program
The Company has further announced that the Board of Directors has authorized a new share repurchase program for up to U.S. $100 million of the Company's common shares, which may be repurchased from time to time until December 31, 2012. The new authorization replaces the Company’s previous share repurchase program, which was scheduled to expire on December 31, 2011. The Company noted that it did not repurchase any shares under the prior buyback authorization.
Time charter revenues were $64.2 million for the third quarter of 2011, compared to $71.6 million for the same period of 2010, mainly due to reduced average time charter rates and the deconsolidation of Diana Containerships Inc. The decrease in time charter revenues was partly offset by revenues derived from the increase in ownership days resulting from the addition to the Company’s fleet of the vessels Alcmene and Arethusa in November 2010 and July 2011, respectively.
Net income to Diana Shipping Inc. for the nine months ended September 30, 2011 amounted to $87.3 million, compared to net income of $96.5 million for the same period of 2010. Time charter revenues were $198.3 million for the nine months ended September 30, 2011, compared to $202.5 million for the same period of 2010.
Authorization of Share Repurchase Program
The Company has further announced that the Board of Directors has authorized a new share repurchase program for up to U.S. $100 million of the Company's common shares, which may be repurchased from time to time until December 31, 2012. The new authorization replaces the Company’s previous share repurchase program, which was scheduled to expire on December 31, 2011. The Company noted that it did not repurchase any shares under the prior buyback authorization.