If my wife knew how smitten I am with a Greek girl named Diana, she might just be jealous.
Before I get into trouble, let me clarify that I'm referring to Diana Shipping (NYSE: DSX ) , the dry bulk shipper with an alluring dividend. Diana flirted with investors everywhere by reporting another steel-hulled quarter Thursday.
Thanks to rising charter rates and a larger fleet, Diana was able to more than double net income to $56.7 million, which led the company to issue its 10th straight quarterly dividend increase to $0.91. Trading at about $29 per share, that amounts to a 12% annualized yield.
On the strength of time charters already secured through the remainder of 2008, Diana raised revenue guidance for the full year beyond analyst expectations to between $329 million and $333 million. All six of the company's massive "Capesize" vessels are chartered until at least 2011.
Furthermore, the company's outlook for "favorable long-term dynamics of the dry bulk industry" is supported by robust demand for shipping of commodities like coal being observed by rail shippers like Norfolk Southern (NYSE: NSC ) and Canadian National (NYSE: CNI ) . And, of course, there's also the continued strong numbers coming out of peers Excel Maritime (NYSE: EXM ) , Navios Maritime (NYSE: NM ) , and DryShips (Nasdaq: DRYS ) .
I have no reservations about suggesting that Fools give Diana a closer inspection. Considering these impressive quarterly results, solid fleet utilization looking forward, a 12% dividend yield, and a favorable outlook for the sector at large, I believe Diana will continue to flirt with investors for some time to come.