Diana Shipping Inc. (NYSESX) reported net income of $27.7 million for the second quarter of 2011, compared to net income of $33.9 million reported in the second quarter of 2010. Time charter revenues were $64.6 million for the second quarter of 2011, compared to $68.7 million for the same period of 2010, mainly due to reduced average time charter rates and increase in off hire days. 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 vessel Alcmene in November 2010.
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