The financial seas were choppy for Diana Shipping (DSX +2.80%) in both its Q4 and fiscal 2013 results, according to results for the two periods announced by the company today. For the quarter, revenue was $39.5 million, down from the $50.0 million in the same period the previous month. Bottom line swung to a loss of $9.6 million ($0.12 per diluted share), against a profit of $5.0 million ($0.06) in Q4 2012.
The company attributed the weaker results largely to reduced time charter rates.
On average, analysts were expecting $42.5 million in revenues, and a per-share loss of $0.06 for the most recent quarter.
For the full year, Diana Shipping posted top line of $164.4 million, a significant drop from the $223.2 million it brought in for 2012. As with the quarterly figures net swung to a loss, with the shortfall amounting to $21.2 million ($0.26 per diluted share) versus a $54.6 million ($0.67) profit in the previous year.
