DSX - Diana Shipping stock jumps on Q4 earnings beat

Diana Shipping (DSX +6.8%) is on the rise after its Q4 earnings and revenue beat estimates and the company declared a cash dividend on its common stock of $0.20 per share. The shipping company, which specializes in dry bulk vessels, reported a net income of $41.1M for Q4, including a $15.3M gain from its spin-off of OceanPal. It swung from a net loss of $7.4M in Q420. Time charter revenues jumped 68.8% Y/Y to $68.8M for Q4, driven by increased average time charter rates despite decreased ownership days resulting from the sale of vessels. For the full year, time charter revenues were $214.2M, up 26% Y/Y, while net income was $57.4M, compared to a net loss of $134.2M in 2020. The FY21 profit included a $1.4M gain on sale of vessels. Diana ended the year with 33 vessels, down from 40 in 2020, but the time charter equivalent (TCE) rate

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Diana Shipping stock jumps on Q4 earnings beat