Diana Shipping Inc. (NYSESX) a global shipping company specializing in the transportation of dry bulk cargoes, reported net income of $26.4 million for the third quarter of 2011, compared to net income of $33.8 million reported in the third quarter of 2010. Time charter revenues were $64.2 million for the third quarter of 2011, compared to $71.6 million for the same period of 2010, mainly due to reduced average time charter rates and the deconsolidation of Diana Containerships Inc. 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 Alcmene and Arethusa in November 2010 and July 2011, respectively.



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