Diana Shipping (DSX) 2011年年度报告「NYSE」.pdf

1、ANNUAL REPORT 2011 1DIANA SHIPPING INC.2011 ANNUAL REPORT Annual_Report_2011.indd 1Annual_Report_2011.indd 130/4/2012 1:34:54 30/4/2012 1:34:54 2 ANNUAL REPORT 2011 DIANA SHIPPING INC.2011 ANNUAL REPORT LETTER TO SHAREHOLDERSAnnual_Report_2011.indd 2Annual_Report_2011.indd 230/4/2012 1:34:56 30/4/20

2、12 1:34:56 ANNUAL REPORT 2011 3To Our Shareholders:I am pleased to report that Diana Shipping Inc.successfully navigated the turbulent eco-nomic and market conditions that faced the dry bulk shipping industry during the past year.By continuing to execute on our well-defined strategy,we employed our

3、fleet to deliver a sta-ble and reliable revenue stream,operated our business in a profitable manner,and main-tained a strong balance sheet.Furthermore,we built upon our strong financial position by taking advantage of market opportunities to expand our fleet and position the Company for an eventual

4、positive turn in the industry cycle.Financial Performance.Despite pressures imposed on our market by weak global economic conditions and an oversupply of dry bulk tonnage,the Company remained prof-itable in 2011.Net income to Diana Shipping Inc.was$107.5 million in 2011,compared to net income of$128

5、.8 million for 2010.Time charter revenues were$255.7 million for 2011,compared to$275.4 million for 2010.The trend in time charter revenues was primarily due to decreased average hire rates during 2011 and the deconsolidation of Diana Container-ships Inc.,which was partially offset by revenues gener

6、ated by the additional vessels that joined our fleet during the year.While time charter rates have remained volatile,and the Baltic Dry Index tested historically low levels in 2011,our balanced chartering strategy enabled us to maintain a daily time char-ter equivalent rate of$28,920 for the past ye