Diana Shipping (DSX) 2009年年度报告「NYSE」.pdf

1、ANNUAL REPORT 2009 1DIANA SHIPPING INC.2009 ANNUAL REPORT Annual Report.indd 1Annual Report.indd 115/4/2010 10:04:03 15/4/2010 10:04:03 2 ANNUAL REPORT 2009 DIANA SHIPPING INC.2009 ANNUAL REPORT LETTER TO SHAREHOLDERSAnnual Report.indd 2Annual Report.indd 215/4/2010 10:04:05 15/4/2010 10:04:05 ANNUA

2、L REPORT 2009 3To Our Shareholders:In the five years since the March 2005 initial public offering of Diana Shipping Inc.,we have consistently operated the Company in a manner intended to build and enhance share-holder value.This focus has enabled us to deliver profitable performance each year,not-wi

3、thstanding the recent environment of economic challenge and uncertainty.We also have continued to expand our fleet,which will be the source of future earnings potential.And,we have maintained a fortress balance sheet that we consider promotes financial stability,sup-ports our growth strategies and p

4、ositions the Company for opportunities.In 2009,we navigated the turbulent market conditions effectively and generated net in-come of$121.5 million.Voyage and time charter revenues amounted to$239.3 million for the past year.In other key developments,we continued to strengthen the Company s bal-ance

5、sheet our cash position was more than$282 million at the end of 2009,an increase of nearly$220 million from the prior year-end.In addition,we have operated our business with considerably less leverage than virtually any other public company in our industry.Long-term debt at the end of 2009 was$281.5

6、 million,against stockholder equity of$999 million.Opportunities for Growth.As we view the outlook for our industry,we believe the dry bulk marketplace will offer attractive opportunities for a soundly managed,profitable and well-capitalized Company such as Diana Shipping.The actual deliveries of dr