Diana Shipping 3Q profit plummets on weak demand

Diana Shipping's 3rd-quarter profit tumbles 50 percent on weak demand for ships

• On 9:10 am EST, Tuesday November 10, 2009

NEW YORK (AP) -- Greek drybulk shipper Diana Shipping Inc. on Tuesday said its third-quarter profit plunged 50 percent amid slipping sales.

Demand for ships plunged as the transport of goods around the world slowed dramatically amid the economic slump.

Quarterly earnings declined to $28.7 million, or 36 cents per share, compared with $57.6 million, or 77 cents per share, during the same period last year.

Analysts polled by Thomson Reuters estimated a profit of 34 cents per share, on average. Analysts typically exclude one-time items.

Revenue dropped 33 percent to $58.2 million from $87.4 million. Analysts forecast revenue of $55.5 million.