Diana Shipping 3Q profit rises 2 percent

Diana Shipping Inc., a dry bulk cargo shipper, on Tuesday said its third-quarter earnings rose 2 percent as it expanded its fleet.Quarterly earnings available to common shareholders increased to $16.7 million, or 32 cents per share, from $16.4 million, or 41 cents per share during the same period a year ago. The company had an average of 53.1 million shares outstanding in the recent quarter versus 40 million in the year-ago period.Analysts polled by Thomson Financial forecast a profit of 32 cents per share.Revenue grew 19 percent to $30.6 million from $25.8 million during the same period a year ago. Analysts expected revenue of $29.4 million.Diana Shipping cited growth of its fleet, which was partly offset by lower charter rates.The company also declared a quarterly dividend of 40 cents. The dividend is payable on or about Nov. 30 to shareholders of record on Nov. 22.Shares of Diana Shipping rose 33 cents, or 2.2 percent, to close at $15.34 on the New York Stock Exchange.