Diana Shipping Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2023; Declares Cash Dividend of $0.075 Per Share for the Fourth Quarter 2023; Announces the Sale of a Capesize Dry Bulk Vessel, the m/v Houston
Diana Shipping Inc. reported a decrease in net income for the fourth quarter of 2023 compared to the same period in 2022. Time charter revenues also decreased due to lower average charter rates, partially offset by increased ownership days from vessel acquisitions. The company declared a cash dividend of $0.075 per share.
Negative
Decrease in net income for the fourth quarter of 2023 compared to 2022
Decrease in time charter revenues for 2023 compared to 2022
Earnings per share decline in 2023 compared to 2022
The reported financial results of Diana Shipping Inc. indicate a significant year-over-year decline in net income and earnings per share (EPS), which are critical metrics for investors assessing the company's profitability. The decrease in net income from $25.7 million in Q4 2022 to $9.4 million in Q4 2023, alongside a drop in EPS from $0.28 to $0.08, suggests a contraction in profitability that may concern shareholders. This contraction is attributed to lower average charter rates, a key indicator of market demand and pricing power within the dry bulk shipping industry.
Despite the decline in charter rates, the company's strategy to offset this through increased ownership days via vessel acquisitions demonstrates a growth-oriented approach. However, investors may scrutinize the effectiveness of this strategy given the overall decline in revenue and net income. The dividend declaration of $0.075 per share, while providing immediate cash return to shareholders, may be evaluated in the context of the company's reduced earnings and its impact on future capital allocation and financial flexibility.
The dry bulk shipping market is influenced by global trade volumes, commodity prices and fleet supply-demand dynamics. Diana Shipping's performance, reflected in the reduced time charter revenues from $75.7 million in Q4 2022 to $60.0 million in Q4 2023, may signal broader market trends such as oversupply or decreased demand for dry bulk commodities. Understanding these market forces is essential for stakeholders to anticipate future performance and strategic decisions by the company.
Moreover, the shipping industry is cyclic and sensitive to macroeconomic factors. The decrease in average charter rates could be a result of macroeconomic headwinds, trade disputes, or changes in shipping routes. Stakeholders should consider these external factors when evaluating the company's ability to rebound or sustain profitability in a challenging market environment.
An economist's perspective on Diana Shipping's financial results would highlight the potential macroeconomic implications of their reported decline in revenue and net income. For instance, the reduced demand for shipping could be indicative of a slowdown in international trade, which may have broader economic consequences. Additionally, the impact of inflation on operational costs and the potential for rate volatility in the shipping industry could be areas of concern.
The company's performance must also be contextualized within the economic climate of 2023, considering factors such as interest rate trends, currency fluctuations and global economic policies. These elements can significantly affect the profitability of shipping companies and their ability to maintain dividends, invest in fleet expansion, or navigate market downturns.
02/23/2024 - 08:39 AM
ATHENS, Greece, Feb. 23, 2024 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today reported net income of $9.4 million and net income attributed to common stockholders of $7.9 million for the fourth quarter of 2023. This compares to net income of $25.7 million and net income attributed to common stockholders of $24.2 million for the fourth quarter of 2022. Earnings per share for the fourth quarter of 2023 was $0.08 b asic and $0.06 diluted, compared to earnings per share of $0.28 b asic and $0.27 diluted in the same quarter of 2022.
Time charter revenues were $60.0 million for the fourth quarter of 2023, compared to $75.7 million for the same quarter of 2022. The decrease in time charter revenues, compared to the same quarter of last year, was due to decreased average charter rates. This decrease was partly offset by increased ownership days that resulted from vessel acquisitions.
Net income for 2023, amounted to $49.8 million and net income attributed to common stockholders amounted to $44.1 million . This compares to net income of $119.1 million and net income attributed to common stockholders of $113.3 million , for 2022. Time charter revenues for 2023 were $262.1 million , compared to $290.0 million for 2022. Earnings per share was $0.44 b asic and $0.42 diluted, compared to earnings per share of $1.42 b asic and $1.36 diluted in 2022.
Dividend Declaration
The Company has declared a cash dividend on its common stock of $0.07 5 per share, based on the Company’s results of operations during the fourth quarter ended December 31, 2023. The cash dividend will be payable on or about March 12, 2024 to all shareholders of record as of March 5, 2024. The Company currently has 115,996,291 common shares issued and outstanding. As of February 16, 2024, there were 1,940,736 warrants exercised.
Sale of Capesize Dry Bulk Vessel, m/v Houston
The Company also announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party, the 2009-built vessel “Houston”, with delivery to the buyer latest by September 16, 2024, for a sale price of $23.3 million before commissions.
Fleet Employment (As of February 23, 2024) VESSEL SISTER SHIPS* GROSS RATE (USD PER DAY) COM** CHARTERERS DELIVERY DATE TO CHARTERERS*** REDELIVERY DATE TO OWNERS**** NOTES BUILT DWT 9 Ultramax Bulk Carriers 1 DSI Phoenix A 13,250 5.00 % ASL Bulk Marine Limited 4-Nov-22 4/Mar/2024 - 4/May/2024 2017 60,456 2 DSI Pollux A 17,000 5.00 % Delta Corp Shipping Pte. Ltd. 27-Oct-22 28-Dec-23 2015 60,446 14,000 4.75 % Cargill Ocean Transportation (Singapore) Pte. Ltd. 28-Dec-23 20/Aug/2025 - 20/Oct/2025 3 DSI Pyxis A 14,250 5.00 % ASL Bulk Marine Limited 24-Sep-23 10/Oct/2024 - 10/Dec/2024 2018 60,362 4 DSI Polaris A 13,100 5.00 % ASL Bulk Marine Limited 12-Nov-22 12/May/2024 - 12/Jul/2024 2018 60,404 5 DSI Pegasus A 14,000 5.00 % Reachy Shipping (SGP) Pte. Ltd. 7-Dec-22 15/Jul/2024 - 15/Sep/2024 2015 60,508 6 DSI Aquarius B 14,200 5.00 % Engelhart CTP Freight (Switzerland) SA 1-Feb-23 18-Jan-24 2016 60,309 14,500 5.00 % Stone Shipping Ltd 18-Jan-24 1/Dec/2024 - 1/Feb/2025 7 DSI Aquila B 13,300 5.00 % Western Bulk Carriers AS 22-Nov-22 11-Nov-23 2015 60,309 12,500 11-Nov-23 10/Nov/2024 - 10/Jan/2025 8 DSI Altair B 13,800 5.00 % Western Bulk Carriers AS 23-Jun-23 10/Aug/2024 - 10/Oct/2024 2016 60,309 9 DSI Andromeda B 14,250 5.00 % Western Bulk Carriers AS 17-Nov-22 27-Nov-23 2016 60,309 13,500 5.00 % Bunge SA, Geneva 27-Nov-23 20/Feb/2025 - 20/Apr/2025 1, 2 7 Panamax Bulk Carriers 10 ARTEMIS 10,000 5.00 % ASL Bulk Shipping Limited 17-Jun-23 6-Oct-23 3 2006 76,942 12,000 5.00 % Jera Global Markets Pte. Ltd. 14-Oct-23 23-Feb-24 4, 5 11 LETO 14,500 4.75 % Cargill International S.A., Geneva 29-Jan-23 1/Mar/2024 - 30/Apr/2024 2010 81,297 12 SELINA C 12,000 4.75 % Cargill International S.A., Geneva 20-May-23 15/Sep/2024 - 15/Nov/2024 2010 75,700 13 MAERA C 12,000 4.75 % Cargill International S.A., Geneva 16-Dec-22 29-Jan-24 6 2013 75,403 13,750 5.00 % ST Shipping and Transport Pte. Ltd. 29-Jan-24 20/Nov/2024 - 20/Jan/2025 14 ISMENE 12,650 5.00 % Paralos Shipping Pte., Ltd. 13-Sep-23 15/Apr/2025 - 30/Jun/2025 2013 77,901 15 CRYSTALIA D 11,250 5.00 % Reachy Shipping (SGP) Pte. Ltd. 6-Sep-23 29/Feb/2024 - 20/Apr/2024 2014 77,525 16 ATALANDI D 13,250 4.75 % Aquavita International S.A. 15-Feb-23 5/Mar/2024 - 5/May/2024 2014 77,529 6 Kamsarmax Bulk Carriers 17 MAIA E 13,500 5.00 % ST Shipping and Transport Pte. Ltd. 23-Sep-23 15/Jun/2024 - 20/Aug/2024 2009 82,193 18 MYRSINI E 15,000 5.00 % Salanc Pte. Ltd. 22-Nov-22 20/Apr/2024 - 28/Jun/2024 2010 82,117 19 MEDUSA E 14,250 5.00 % ASL Bulk Shipping Limited 14-May-23 10/Feb/2025 - 15/Apr/2025 2010 82,194 20 MYRTO E 12,650 5.00 % Cobelfret S.A., Luxemburg 15-Jul-23 1/Nov/2024 - 15/Jan/2025 2013 82,131 21 ASTARTE 15,000 5.00 % Reachy Shipping (SGP) Pte. Ltd. 29-Apr-23 1/Aug/2024 - 1/Oct/2024 2013 81,513 22 LEONIDAS P. C. 17,000 4.75 % Cargill International S.A., Geneva 17-Mar-23 22-Feb-24 7 2011 82,165 17,000 5.00 % Ming Wah International Shipping Company Limited 22-Feb-24 20/Aug/2025 - 20/Oct/2025 5 Post-Panamax Bulk Carriers 23 ALCMENE 13,000 5.00 % SwissMarine Pte. Ltd., Singapore 2-Jan-23 29/Feb/2024 - 25/Mar/2024 8 2010 93,193 24 AMPHITRITE F 14,250 5.00 % Cobelfret S.A., Luxembourg 9-Nov-22 13-Jan-24 2012 98,697 15,000 13-Jan-24 15/Nov/2024 - 15/Jan/2025 9 25 POLYMNIA F 15,000 5.00 % Cobelfret S.A., Luxemburg 14-Jan-23 1/Apr/2024 - 31/May/2024 10 2012 98,704 26 ELECTRA G 14,500 5.00 % Cobelfret S.A., Luxemburg 13-Apr-23 1/Jun/2024 - 1/Aug/2024 2013 87,150 27 PHAIDRA G 12,250 4.75 % Aquavita International S.A. 9-May-23 1/Sep/2024 - 15/Nov/2024 2013 87,146 9 Capesize Bulk Carriers 28 SEMIRIO H 14,150 5.00 % Solebay Shipping Cape Company Limited, Hong Kong 18-Aug-23 20/Nov/2024 - 30/Jan/2025 2007 174,261 29 BOSTON 17,000 5.00 % ST Shipping and Transport Pte. Ltd. 6-May-23 15/Jul/2024 - 15/Oct/2024 11 2007 177,828 30 HOUSTON H 13,000 5.00 % EGPN Bulk Carrier Co., Limited 21-Nov-22 1/Jul/2024 - 31/Aug/2024 12 2009 177,729 31 NEW YORK H 16,000 5.00 % SwissMarine Pte. Ltd., Singapore 11-Jun-23 1/Oct/2024 - 7/Dec/2024 2010 177,773 32 SEATTLE I 26,500 5.00 % Solebay Shipping Cape Company Limited, Hong Kong 2-Mar-22 1-Oct-23 2011 179,362 17,500 1-Oct-23 15/Jul/2025 - 30/Sep/2025 33 P. S. PALIOS I 31,000 5.00 % Classic Maritime Inc. 11-Jun-22 15/Apr/2024 - 30/Jun/2024 2013 179,134 34 G. P. ZAFIRAKIS J 17,000 5.00 % Solebay Shipping Cape Company Limited, Hong Kong 12-Jan-23 15/Jun/2024 - 15/Aug/2024 2014 179,492 35 SANTA BARBARA J 21,250 5.00 % Smart Gain Shipping Co., Limited 7-May-23 10/Oct/2024 - 10/Dec/2024 13 2015 179,426 36 NEW ORLEANS 32,000 5.00 % Engelhart CTP Freight (Switzerland) SA 25-Mar-22 7-Dec-23 13, 2015 180,960 20,000 5.00 % Kawasaki Kisen Kaisha, Ltd. 7-Dec-23 15/Aug/2025 - 31/Oct/2025 14 37 FLORIDA 25,900 5.00 % Bunge S.A., Geneva 29-Mar-22 29/Jan/2027 - 29/May/2027 2 2022 182,063 4 Newcastlemax Bulk Carriers 38 LOS ANGELES K 17,700 5.00 % Nippon Yusen Kabushiki Kaisha, Tokyo 15-Jan-23 20/May/2024 - 5/Aug/2024 2012 206,104 39 PHILADELPHIA K 26,000 5.00 % C Transport Maritime Ltd., Bermuda 12-Apr-22 4-Feb-24 2012 206,040 22,500 5.00 % Nippon Yusen Kabushiki Kaisha, Tokyo 4-Feb-24 20/Apr/2025 - 20/Jul/2025 40 SAN FRANCISCO L 22,000 5.00 % SwissMarine Pte. Ltd., Singapore 18-Feb-23 5/Jan/2025 - 5/Mar/2025 2017 208,006 41 NEWPORT NEWS L 20,000 5.00 % Nippon Yusen Kabushiki Kaisha, Tokyo 20-Sep-23 10/Mar/2025 - 10/Jun/2025 2017 208,021 * Each dry bulk carrier is a “sister ship”, or closely similar, to other dry bulk carriers that have the same letter. ** Total commission percentage paid to third parties. *** In case of newly acquired vessel with time charter attached, this date refers to the expected/actual date of delivery of the vessel to the Company. **** Range of redelivery dates, with the actual date of redelivery being at the Charterers’ option, but subject to the terms, conditions, and exceptions of the particular charterparty. 1The fixture includes the option for redelivery of vessel east of Suez against a gross ballast bonus of US$250,000. 2Bareboat chartered-in for a period of ten years. 3Vessel on scheduled drydocking from October 6, 2023 to October 14, 2023. 4Redelivery date based on an estimated time charter trip duration of about 131 days. 5Vessel has been sold and it is expected to be delivered to her new Owners by latest March 8, 2024. 6Charterers will compensate the Owners at a rate of 105% of the Baltic Panamax Index 5 TC average as published by the Baltic Exchange on a daily basis or the vessel’s present charter party rate, whichever is higher, for the excess period commencing from December 29, 2023 until the actual redelivery date. 7Vessel off hire for 6.83 days. 8Based on latest information. 9The charter rate will be US$12,250 per day for the first 30 days of the charter period. 10The charter rate was US$10,000 per day for the first 30 days of the charter period. 11Vessel has been sold and delivered to her new Owners on December 6, 2023. 12Vessel has been sold and it is expected to be delivered to her new Owners by latest September 16, 2024. 13Bareboat chartered-in for a period of eight years. 14Vessel off hire for 3.65 days.
Summary of Selected Financial & Other Data (unaudited) Three months ended December 31, Year ended December 31, 2023 2022 2023 2022 STATEMENT OF INCOME DATA (in thousands of US Dollars) Time charter revenues $ 60,016 $ 75,705 $ 262,098 $ 289,972 Voyage expenses 3,326 2,846 13,621 6,942 Vessel operating expenses 21,520 19,527 85,486 72,033 Net income 9,382 25,682 49,844 119,063 Net income attributable to common stockholders 7,940 24,240 44,075 113,294 FLEET DATA Average number of vessels 40.7 38.2 41.1 35.4 Number of vessels 40.0 42.0 40.0 42.0 Weighted average age of vessels 10.5 10.2 10.5 10.2 Ownership days 3,746 3,512 14,986 12,924 Available days 3,739 3,453 14,867 12,449 Operating days 3,727 3,393 14,824 12,306 Fleet utilization 99.7 % 98.3 % 99.7 % 98.9 % AVERAGE DAILY RESULTS Time charter equivalent (TCE) rate (1) $ 15,162 $ 21,100 $ 16,713 $ 22,735 Daily vessel operating expenses (2) $ 5,745 $ 5,560 $ 5,704 $ 5,574
Non-GAAP Measures
(1) Time charter equivalent rates, or TCE rates, are defined as our time charter revenues less voyage expenses during a period divided by the number of available days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses or gain, canal charges and commissions. TCE is a non-GAAP measure. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts. (2) Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period.
Conference Call and Webcast Information
The Company’s management will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Time) on Friday, February 23, 2024.
Investors may access the webcast by visiting the Company’s website at www.dianashippinginc.com, and clicking on the webcast link. An accompanying investor presentation also will be available via the webcast link and on the Company’s website. The conference call also may be accessed by telephone by dialing 1-877-407-8291 (for U.S.-based callers) or 1-201-689-8345 (for international callers) and asking the operator for the Diana Shipping Inc. conference call.
A replay of the webcast will be available soon after the completion of the call and will be accessible for 30 days on www.dianashippinginc.com. A telephone replay also will be available for 30 days by dialing 1-877-660-6853 (for U.S.-based callers) or 1-201-612-7415 (for international callers) and providing the Replay ID number 13744214.
About the Company
Diana Shipping Inc. is a global provider of shipping transportation services through its ownership and bareboat charter-in of dry bulk vessels. The Company’s vessels are employed primarily on short to medium-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the continuing impacts of the COVID-19 pandemic; the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, including risks associated with the continuing conflict between Russia and Ukraine and related sanctions, potential disruption of shipping routes due to accidents or political events, including the escalation of the conflict in the Middle East, vessel breakdowns and instances of off-hires and other factors. Please see the Company’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
(See financial tables attached)
DIANA SHIPPING INC. FINANCIAL TABLES Expressed in thousands of U.S. Dollars, except share and per share data UNAUDITED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Three months ended December 31, Year ended December 31, 2023 2022 2023 2022 REVENUES: Time charter revenues $ 60,016 $ 75,705 $ 262,098 $ 289,972 OPERATING EXPENSES Voyage expenses 3,326 2,846 13,621 6,942 Vessel operating expenses 21,520 19,527 85,486 72,033 Depreciation and amortization of deferred charges 11,508 12,228 49,785 43,326 General and administrative expenses 8,364 7,407 32,968 29,367 Management fees to a related party 333 61 1,313 511 Gain on sale of vessels (329 ) (9 ) (5,323 ) (2,850 ) Insurance recoveries - - - (1,789 ) Other operating (income)/loss (572 ) 209 (1,464 ) (265 ) Operating income, total $ 15,866 $ 33,436 $ 85,712 $ 142,697 OTHER INCOME / (EXPENSES): Interest expense and finance costs (12,649 ) (9,795 ) (49,331 ) (27,419 ) Interest and other income 2,129 1,484 8,170 2,737 Loss on derivative instruments (592 ) - (439 ) - Loss on extinguishment of debt - (222 ) (748 ) (435 ) Gain on deconsolidation of subsidiary - - 844 - Gain on related party investments 740 589 1,502 589 Unrealized gain on equity investments 2,813 - 2,813 - Gain on warrants 1,583 - 1,583 - Gain/(loss) from equity method investments (508 ) 190 (262 ) 894 Total other expenses, net $ (6,484 ) $ (7,754 ) $ (35,868 ) $ (23,634 ) Net income $ 9,382 $ 25,682 $ 49,844 $ 119,063 Dividends on series B preferred shares (1,442 ) (1,442 ) (5,769 ) (5,769 ) Net income attributable to common stockholders 7,940 24,240 44,075 113,294 Earnings per common share, basic $ 0.08 $ 0.28 $ 0.44 $ 1.42 Earnings per common share, diluted $ 0.06 $ 0.27 $ 0.42 $ 1.36 Weighted average number of common shares outstanding, basic 102,910,653 87,076,947 100,166,629 80,061,040 Weighted average number of common shares outstanding, diluted 105,488,012 90,474,943 101,877,142 83,318,901 Three months ended December 31, Year ended December 31, 2023 2022 2023 2022 Net Income $ 9,382 $ 25,682 $ 49,844 $ 119,063 Other comprehensive income (Defined benefit plan) 55 181 55 182 Comprehensive Income $ 9,437 $ 25,863 $ 49,899 $ 119,245
CONDENSED CONSOLIDATED BALANCE SHEET DATA (in thousands of U.S. Dollars) 2023 2022 *ASSETS (unaudited) Cash, cash equivalents, restricted cash and time deposits $ 161,592** $ 143,928** Investments in equity securities 20,729 - Other current assets 19,900 17,636 Fixed assets 924,474 996,702 Investments in related parties and equity method investments 24,087 8,250 Other noncurrent assets 15,628 16,403 Total assets $ 1,166,410 $ 1,182,919 LIABILITIES AND STOCKHOLDERS' EQUITY Long-term debt and finance liabilities, net of deferred financing costs $ 642,772 $ 663,442 Other liabilities 34,617 32,149 Total stockholders' equity 489,021 487,328 Total liabilities and stockholders' equity $ 1,166,410 $ 1,182,919 * The balance sheet data have been derived from the audited consolidated financial statements at that date. ** Includes time deposits of $40 million and $46.5 million as of December 31, 2023 and 2022, respectively
OTHER FINANCIAL DATA (unaudited) Three months ended December 31, For the years ended December 31, 2023 2022 2023 2022 Net cash provided by/(used in) operating activities $ (2,235 ) $ 34,745 $ 70,380 $ 158,859 Net cash provided by/(used in) investing activities 31,037 (218,718 ) 24,929 (273,097 ) Net cash provided by/(used in) financing activities $ (16,762 ) $ 151,726 $ (71,145 ) $ 84,878
What was Diana Shipping Inc.'s net income for the fourth quarter of 2023?
Diana Shipping Inc. reported a net income of $9.4 million for the fourth quarter of 2023.
How much was the dividend declared by Diana Shipping Inc.?
Diana Shipping Inc. declared a cash dividend of $0.075 per share.
Why did time charter revenues decrease in 2023 for Diana Shipping Inc.?
Time charter revenues decreased in 2023 for Diana Shipping Inc. due to lower average charter rates, partially offset by increased ownership days from vessel acquisitions.