Athens, Greece-based Diana Shipping (NYSE: DSX ) 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.