2018 has thus far proved to be much better for Greek carrier Diana Shipping, as rates in the Spring have been high enough to secure a profit for the shipping company.
The Greek bulk carrier, which is listed in New York, turned a USD 23.8 million deficit from the same period last year into a USD 2 million profit, shows a report published Thursday.
According to the carrier, increasing time charter rates for vessels and more ownership days contributed to an increase in time-charter revenue over the quarter, which rose to USD 53.4 million from USD 37.8 million in the same period last year.
JP Morgan: Low risk profile
In a comment on the report, JP Morgan notes that the company's loan to subsidiary Diana Containerships has now been repaid in full, and that in July the company received the remaining USD 82.6 million in the loan.
"Along with the refinancing of a portion of its debt, the company’s liquidity profile and balance sheet is now heading back to the low risk levels it has historically maintained," writes the investment bank, which has a neutral recommendation on Diana's shares.
Altogether, the carrier still has red figures on the bottom line in the first half, with a USD 1.1 million minus. However, there has been a significant improvement from a USD 50.3 million minus in the first half of 2017.
Diana Shipping has 50 bulk vessels in total. The fleet consists of panamax and capesize vessels with 22 and 14 vessels respectively, and also has kamsarmax, post-panamax and newcastlemax bulk vessels.
English Edit: Lena Rutkowski