Diana Shipping Loss Narrows, but Shares Still Sink

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Athens, Greece-based Diana Shipping shares got crushed in Tuesday trading, closing 6% lower despite reporting earnings that exceeded analyst estimates by a significant margin.

Diana reported a $0.04-per share loss in its fiscal third quarter 2013, a reversal from the company's year-ago profit, but better than the $0.06-per share loss that Wall Street had been expecting. Revenues from the time-chartering of vessels slipped similarly, down 25% year over year. But at $41.9 million, these revenues likewise exceeded the expected number: $41.2 million.

Diana's business was profitable last year but has suffered in 2013, with year-to-date revenues down 27% from where the company was at this time, last year.

The company operates a fleet of 36 bulk carrier ships ranging in size from Panamax to Newcastlemax, and has four additional ships under construction.

The article Diana Shipping Loss Narrows, but Shares Still Sink originally appeared on Fool.com.

Fool contributor Rich Smith and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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