Thursday, May 5, 2011

Diana Shipping Inc. - Earnings Estimate For 2011 Q1

For the quarter ended March 31st, 2011, we forecast that Diana Shipping Inc. (NYSE: DSX) generated net income of $31.6 million or $0.39 basic earnings per common share. We also forecast that TCE Revenues for the quarter were $65.7 million and the net average TCE rate was $29,200.

As of March 31st, 2011, we estimate that the company had a capitalization of $1.530 billion including long-term debt of $364 million. We also estimate that its debt to capitalization ratio stood at 23.8%.

As of March 31st, 2011 the company was operating a modern diversified fleet of 23 dry cargo vessels (consisting of 14 panamax size vessels, one post-panamax vessel, and 8 cape size vessels), with a total DWT carrying capacity of 1,398,000 MT. The company also has two specialized cape size vessels on order, scheduled for delivery in 2012.

Diana Shipping was the majority holder of privately held Diana Containerships Inc. In January 2011 DSX did a partial spin-off of Diana Containerships, reducing its shareholding to approximately 11%. Following the partial spin-off, Diana Containerships is publicly traded on NASDAQ (NASDAQ: DCIX).