Diana Shipping has reported a 50% fall in net income to $28.7m, from $57.6m in 2008, the company has announced.

The Greek shipping line’s voyage and time charter revenues were down $58.2m for the quarter, compared to $87.4m a year earlier, Diana said.

For the nine months ending 30 September, the company’s voyage and time charter revenues reduced to $180.7m, compared to $253.1m in the same period 2008.

The company attributed the fall to the decrease in prevailing time charter rates and increased off-hire and drydock days.

Diana’s net income for the nine months amounted to $93.9m, compared to $167.5m a year earlier.