Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels, today reported a net loss of $10.8 million and a net loss attributed to common stockholders of $12.2 million for the second quarter of 2020, including a $2.6 million impairment loss. This compares to a net loss of $1.3 million and net loss attributed to common stockholders of $2.7 million reported in the second quarter of 2019.

Time charter revenues were $41.0 million for the second quarter of 2020, compared to $55.4 million for the same period of 2019. The decrease in time charter revenues was mainly due to decreased revenues due to the sale of six vessels in 2019 and one vessel in 2020 and also due to decreased average time charter rates that the Company achieved for its vessels during the quarter.

Net loss for the six months ended June 30, 2020 amounted to $113.6 million and net loss attributed to common stockholders amounted to $116.5 million, including a $95.7 million impairment loss and $1.1 million loss from sale of vessels. This compares to net income of $1.7 million and net loss attributed to common stockholders of $1.2 million for the first half of 2019. Time charter revenues were $84.7 million for the first half of 2020, compared to $115.7 million for the same period of 2019.