Diana Shipping reported net income of $26.0 million and net income attributed to common stockholders of $24.6 million for the first quarter of 2022. This compares to a net loss of $1.3 million and net loss attributed to common stockholders of $2.7 million reported in the first quarter of 2021.
Earnings per share for the first quarter of 2022 was $0.32 basic and $0.31 diluted, compared to loss per share of $0.03 basic and diluted in the same quarter in 2021.
Time charter revenues were $65.9 million for the first quarter of 2022, compared to $41.1 million for the same quarter of 2021. The increase in time charter revenues was due to increased average time charter rates that the Company achieved for its vessels during the quarter. This increase was partly offset by decreased ownership days compared to the same quarter of last year, which was due to vessel sales and a spin-off in November 2021.