Diana Shipping today reported net income in the fourth quarter of 2012 was $5 million, slumping 75 percent from $20.2 million in the fourth quarter of 2011.
Quarterly time charter revenue dropped 14 percent from $57.4 million in 2011 to $49.4 million in 2012. The drop in revenue was mainly driven by reduced time charter rates, the Greek dry bulk shipping company said in a written statement.
For the full year of 2012, net income totaled $54.6 million, a drop of more than 49 percent compared with $107.5 million in 2011. Annual time charter revenue decreased 14 percent from $255.7 million in 2011 to $220.8 million in 2012.