8.86%C 6.45 22.20%F 2.55 5.20%
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NEW YORK - Diana Shipping Inc., a Greek owner of drybulk ships, said Wednesday its first-quarter earnings more than doubled as it expanded its fleet and took advantage of soaring charter rates.
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| DSX | 7.64 |  -1.2 |
The company earned $53.2 million, or 71 cents per share, compared with $21.4 million, or 40 cents per share, in the year-ago quarter.
Revenue leaped to $78.9 million from $38.5 million in the first-quarter of 2007.
Analysts were expecting a profit of 67 cents per share on revenue of $73.8 million, according to a poll by Thomson Financial.
The company attributed the improvement to the acquisition of new vessels combined with soaring drybulk demand that drove charter rates.
Drybulk vessels, which transport items such as iron ore, coal and grain, are in high demand from emerging nations as the demand for commodities and raw materials soar.
Major U.S. stock indexes slumped further south midday Monday, further extending this morning's hefty losses which erased last week's f...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
African Eagle Resources has raised its stake in the Mokambo joint venture to 87% and says 2008 drill results were "promising".
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