Diana Shipping's fourth-quarter net income tumbled as the entire sector wrestles with lower charter rates for ships.
The company earned $5 million, or 6 cents per share, down from $20.2 million, or 25 cents per share, a year earlier. Revenue from time charters — its main source of revenue — fell almost 14 percent to $49.4 million, from $57.4 million a year earlier.
Analysts surveyed by FactSet had been expecting a profit of 9 cents per share on revenue of $49.8 million.
For the full year, net income fell by almost half to $54.6 million, or 67 cents per share, down from $107.5 million, or $1.33 per share, in 2011. Time charter revenue fell 13.6 percent to $220.8 million, from $255.7 million in 2011.
Shares fell 12 cents to $8.99 in morning trading.
Diana Shipping Inc. is based in Athens, Greece.