Diana Shipping Inc. (NYSE:DSX) Q3 2019 Earnings Conference Call - Preliminary Transcript
Dec 02, 2019 • 09:00 am ET
Greetings and welcome to the Diana Shipping Third Quarter 2019 Conference Call and Webcast. At this time, all participants Listen only mode. A question-and-answer session will follow the formal presentation. (Operator Instruction) . As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ed Nebb, Investor Relations. Please go ahead.
Thank you, Kevin, and thanks all of you for joining us for the Diana Shipping Inc 2019 third Quarter Conference Call. The members of the management team who are with us today include Mr. Simeon Palios, Chairman and Chief Executive Officer; Mr Anastasios Margaronis, president; Mr. Andreas Michalopoulos, Chief Financial Officer; Mr. Ioannis Zafirakis, Chief Strategy Officer and Secretary; and Mr.Semiramis Paliou, Deputy CEO and Chief Operating Officer and Ms. Maria Dede, chief accounting officer.
Before management begins their remarks. Let me briefly remind you of the safe harbor notice. Certain statements made during this conference call which are not historical fact are forward-looking statements under the Safe Harbor provisions of the Private Securities Litigation Reform Act. Forward-looking statements are based on assumptions, expectations, projections intentions and beliefs that may not prove to be accurate.
For a description of the risks, uncertainties and other factors that may cause future results to differ from the forward-looking statements, please refer to the company's filings with the Securities and Exchange Commission. And with that let me turn the call over to Mr Simeon Palios Chairman and Chief Executive Officer.
Thank you, Ed. Good morning and thank you for joining us today to discuss the results of Diana Shipping Inc for the third quarter of 2019 during the 2019, third quarter, the company continued to demonstrate its focus on creating careful there value (inaudible) and prudently managing the business for the long term. Specifically, we announced and completed several self-tender offers returning, a significant amount of capital to our shareholders.
We also continue to actively manage our fleet profile announcing agreements to sell to versions. In addition to ensure an orderly succession and continue (ph) some strategic management of the company we have appointed a Deputy Chief Executive Officer.
Turning to our financial results. Diana, as you've been Inc reported net income of $1.8 million and net income attributed to common shareholders of $0.3 million. for the third quarter of 2019.
This compares to net income of (ph) $14.8 million and net income attributed to common shareholders or $17.3 million third quarter of 2018.
I'm charter revenues were $53.5 million for the third quarter of 2019, compared to $61.5 million for the same period of 2018. The decrease in time charter revenues was mainly due to the sale of two vessels in December 2018 and five vessels during the 9 months ended September 30 2019, as well as lower average time charter age. That the Company achieved for its vessels using during the recent quarter. Turning to the balance sheet, cash,-- cash equivalents and restricted cash totaled $149.4 million at September 30th 2019. Long-term debt