Although it remain in the red, Greece-based dry bulk owner Diana Shipping managed to cut its net loss in the third quarter of 2017 ended September 30.

The company’s net loss for the three months stood at USD 24.5 million, compared to a net loss of USD 78.3 million seen in the third quarter of 2016.

The result includes a USD 8.4 million impairment loss on the MV Melite which was sold for scrap in October 2017. The ship was disposed of after it grounded in July 2017.

Time charter revenues increased to USD 43.9 million in the third quarter, from USD 27.1 million reported in the same quarter of 2016.

Diana Shipping said that the increase in time charter revenues was due to increased average time charter rates achieved for the company’s vessels during the quarter and increased revenues resulting from the enlargement of the fleet.

For the nine months ended September 30, 2017, Diana Shipping’s net loss amounted to USD 74.8 million. This compares to a net loss of USD 141 million seen in the same period of 2016.