Diana Shipping 1Q profit rises 15%

Diana Shipping Inc. a shipping company specializing in the transportation of dry bulk cargoes, reported net income of $33.1 million for the first quarter of 2011, compared to net income of $28.8 million reported in the first quarter of 2010.

Time charter revenues were $69.4 million for the first quarter of 2011, compared to $62.2 million for the same period of 2010, mainly due to the addition to the company’s fleet of the vessels m/v Melite, m/v New York and m/v Alcmene, delivered in January, March and November 2010, respectively.<Korea Shipping Gazette>