Diana Shipping’s fourth-quarter results exceeded analyst expectations, but it nonetheless lowered its dividend.

The Semiramis Paliou-led owner of 41 bulkers posted $25.7m in net income for the three months on Wednesday, compared with $41.1m a year earlier.

Athens-based, New York-listed Diana reported $24.2m in net profit attributable to common shareholders, down from $39.7m