Replies to post #2100 on Navios Maritime Holdings Inc. (NM)

[Jang-A-Lang]

Thanks EZ.

[Jang-A-Lang]

UPDATE 1-Diana Shipping Q2 profit rises on strong freight rates
Thu Jul 31, 2008 8:00am EDT
(Recasts; adds details, CEO Comment)

July 31 (Reuters) - Greek shipping company Diana Shipping Inc's (DSX.N: Quote, Profile, Research, Stock Buzz) profit more than doubled, in line with market expectations, helped by higher freight rates for hauling dry bulk commodities.

For the second quarter, the company earned $56.7 million, or 76 cents a share, compared with $26.0 million, or 41 cents a share, a year earlier.

Voyage and time charter revenue rose about 97 percent to $86.8 million.

Analysts on average were expecting earnings of 76 cents a share, excluding items, on revenue of $83.9 million, according to Reuters Estimates.

Quarterly average time charter equivalent rate rose about 65 percent to $47,844.

Vessel operating days increased to 1,728 from 1,441 days, while the quarterly fleet utilization was 99.9 percent.

"The consistency and visibility of our financial performance is reflected in the fact that we have secured time charters that provide for $163.8 million to $167.8 million in revenues for the balance of 2008," Chief Executive Simeon Palios said in a statement.

Analysts are expecting full year revenue of $328.6 million, according to Reuters Estimates.

Shares of the company, which have declined about 5.5 percent so far this year, closed at $30.17 Wednesday in the New York Stock Exchange.

(Reporting by Sakthi Prasad in Bangalore; Editing by Bernard Orr)