Diana Shipping Inc., a global shipping company specializing in the ownership and operation of dry bulk vessels, reported on Tuesday net income of $12.3 million for the third quarter of 2012, compared to net income of $26.4 million reported in the third quarter of 2011.

Time charter revenues were $56.2 million for the third quarter of 2012, compared to $64.2 million for the same period of 2011, mainly due to reduced time charter rates. The decrease in time charter revenues was partly offset by revenues derived from the increase in ownership days resulting from the addition to the company’s fleet of the vessels Leto delivered in January 2012, Los Angeles delivered in February 2012, Philadelphia and Melia delivered in May 2012, and Amphitrite delivered in August 2012.

Net income to Diana Shipping Inc. for the nine months ended September 30, 2012 amounted to $49.6 million, compared to net income of $87.3 million for the same period of 2011. Time charter revenues were $171.4 million for the nine months ended September 30, 2012, compared to $198.3 million for 2011.

Delivery of the Diana Shipping and Entry into Time Charter Contract

In addition, the company also announced that, through a separate wholly-owned subsidiary, it has taken delivery of the m/v “Polymnia”, a 98,704 dwt newly built Post-Panamax dry bulk carrier that the company entered into an agreement to purchase in October 2012.

Diana Shipping also announced that it has entered into a time charter contract with Sino East Transportation Ltd., Hong Kong, through the aforementioned subsidiary, for the newly delivered Polymnia at a gross charter rate of US$8,000 per day, minus a 5% commission paid to third parties, for a period of about forty-five (45) to fifty-five (55) days. The charter is scheduled to commence on November 21, 2012.