And to additionally clarify in case YOU, (I hate caps, but phul only understands these) don't understand it, the delivery dates I refer to are the delivery date to "charterer." Regardless of contract signature date, these are the dates of revenue development. Agreed, it is not the date that Diana received the ship. Who stated that? Of course it isn't. That's not relevant to the discussion or anything anyone has stated. When discussing EPS, the critical dates of discussion are the specific contract income periods....would you not agree?
The original question was, "Why does the EPS of DSX continue to shrink?" My answer was essentially because of diminishing contract rates as you agree. I use specific examples of specific ships that DSX operates and the contract rates it operates under. Regardless of when the contracts were written, it is the time period when DSX gained this revenue under those contracts. It is specifically and accurately correct. You seem to want to continue to argue a point we both agree on for no particular reason.
A gentleman states."Pi is approx 3.1," another gentleman states,"Pi is 3.121...." They are both correct, though one is more correct in detail.
In our example, yes, you are the larger, more vacuous Pi. Congratulations.
Time charter rates are 1/2 to 1/3 of what they were 2-3 years ago. Simple as that. In fact earnings per charter will continue to decrease in the immediate term. Earnings per share could increase if they follow through on the share buyback and also buy a few more ships. I still think the key is in the analytics and predictive modeling. Someone in the organization is modeling when they will begin to exit the quagmire of discounted shipping rates. The market wants to hear that.