Stronger bulker markets have helped Diana Shipping to beat analysts’ estimates and record its first profit in seven consecutive quarters. The New York-listed bulker owner reported net income of $2.8m for the period, of which $1.4m was attributable to common stockholders. The last time Diana recorded a quarterly profit was for the third quarter of 2019. Diana booked a $12.2m loss attributable to shareholders during the same period last year, including a $2.6m impairment loss.

The bulker owner’s net result beat analysts’ expectations for the period by $400,000 and its revenue exceeded consensus estimates too. Time-charter revenue totaled $47m for the second quarter, compared to $41m in the same three months last year. Analysts had expected revenue to total $45.7m. “The increase in time-charter revenues was mainly due to increased average time-charter rates that the company achieved for its vessels during the quarter,” Diana Shipping said in its second-quarter report on Tuesday.

But Diana added that the rise was partly offset by lower revenues due to decreased ownership days compared to last year, resulting from the sale of vessels. The Greek shipowner’s fleet comprised 37 bulkers on average during the second quarter this year, down from 41 in the same three months in 2020. The shipowner did not declare a dividend.

The positive second quarter means that Diana Shipping has finished the first half of 2021 in better shape than last year. Net loss attributed to common stockholders amounted to $1.4m.

Last year, Diana booked a net loss of $116.5m attributed to common stockholders, which included a $95.7m impairment charge and a $1.1m loss from the sale of vessels.