Diana Shipping Inc. (NYSE:DSX), (the “Company”), a global shipping
company specializing in the ownership of dry bulk vessels, today
reported a net loss of $78.3 million and net loss attributed to
common stockholders of $79.8 million for the third quarter of 2016,
of which $50.0 million relates to loss and impairment of our
investment in Diana Containerships Inc. This compares to a net loss
of $17.4 million and a net loss attributed to common stockholders
of $18.8 million for the third quarter of 2015.
Time charter revenues were $27.1 million for the
third quarter of 2016, compared to $38.9 million for the same
quarter of 2015. The decrease in time charter revenues was due to
decreased average time charter rates that we achieved for our
vessels during the quarter and was partly offset by revenues
derived from the increase in ownership days resulting from the
enlargement of our fleet.
Net loss and net loss attributed to common
stockholders for the nine months ended September 30, 2016 amounted
to $141.0 million and $145.3 million, respectively of which $54.4
million relates to loss and impairment of our investment in Diana
Containerships Inc. This compares to a net loss and net loss
attributed to common stockholders of $42.2 million and $46.5
million, respectively, for the same period of 2015. Time charter
revenues were $86.2 million for the nine months ended September 30,
2016, compared to $119.4 million for the same period of 2015.
Termination of Discussions with
Lenders
The Company has concluded, without agreement,
its previously-announced discussions with its lenders with respect
to certain proposed amendments of its outstanding loan facilities
which were subject to the agreement of all of the Company’s lenders
on similar terms. The Company has also terminated its engagement of
a financial advisor in connection with such discussions. The
Company is current in all payments of principal and interest under
each of its existing loan facilities. The Company does not
currently anticipate resuming such discussions with its
lenders.
| |
Fleet
Employment Profile (As of November 16, 2016) |
| |
Diana
Shipping Inc.’s fleet is employed as follows: |
| |
|
|
|
|
|
|
|
|
|
|
Vessel |
Sister Ships* |
Gross Rate (USD Per
Day) |
Com** |
Charterers |
Delivery Date to Charterers*** |
Redelivery Date to Owners**** |
Notes |
| |
BUILT DWT |
| |
23 Panamax Bulk Carriers |
|
1 |
DANAE |
A |
$ |
4,900 |
|
|
5.00 |
% |
Dampskibsselskabet Norden A/S, Copenhagen |
9-Dec-15 |
26-Nov-16
- 9-Mar-17 |
1 |
| |
2001 75,106 |
|
|
|
|
|
|
|
|
2 |
DIONE |
A |
$ |
4,350 |
|
|
5.00 |
% |
Nidera
S.P.A., Roma |
4-Feb-16 |
20-Jan-17
- 4-May-17 |
|
| |
2001 75,172 |
|
|
|
|
|
|
|
|
3 |
NIREFS |
A |
$ |
4,600 |
|
|
5.00 |
% |
Transgrain Shipping B.V., Rotterdam |
15-Jan-16 |
15-Dec-16
- 30-Mar-17 |
|
| |
2001 75,311 |
|
|
|
|
|
|
|
|
4 |
ALCYON |
A |
$ |
5,000 |
|
|
5.00 |
% |
Dampskibsselskabet Norden A/S, Copenhagen |
4-May-16 |
4-May-17
- 4-Sep-17 |
|
| |
2001 75,247 |
|
|
|
|
|
|
|
|
5 |
TRITON |
A |
$ |
6,800 |
|
|
5.00 |
% |
Glencore
Grain B.V., Rotterdam |
28-Oct-15 |
25-Oct-16 |
|
| |
|
|
$ |
6,300 |
|
|
5.00 |
% |
Windrose
SPS Shipping and Trading S.A., Geneva |
25-Oct-16 |
25-Mar-17
- 9-Jun-17 |
|
| |
2001 75,336 |
|
|
|
|
|
|
|
|
6 |
OCEANIS |
A |
$ |
5,200 |
|
|
5.00 |
% |
Nidera
S.P.A., Roma |
30-Jun-16 |
30-Mar-17
- 30-May-17 |
|
| |
2001 75,211 |
|
|
|
|
|
|
|
|
7 |
THETIS |
B |
$ |
5,150 |
|
|
5.00 |
% |
Transgrain Shipping B.V., Rotterdam |
19-Jun-16 |
19-Apr-17
- 3-Aug-17 |
|
| |
2004 73,583 |
|
|
|
|
|
|
|
|
8 |
PROTEFS |
B |
$ |
4,500 |
|
|
5.00 |
% |
Transgrain Shipping B.V., Rotterdam |
23-Feb-16 |
8-Feb-17
- 23-Jun-17 |
|
| |
2004 73,630 |
|
|
|
|
|
|
|
|
9 |
CALIPSO |
B |
$ |
6,300 |
|
|
5.00 |
% |
Polaris
Shipping Co., Ltd., Seoul |
8-Apr-16 |
24-Aug-16 |
|
| |
|
|
$ |
6,020 |
|
|
5.00 |
% |
Windrose
SPS Shipping and Trading S.A., Geneva |
24-Aug-16 |
24-Jan-17
- 8-Apr-17 |
|
| |
2005 73,691 |
|
|
|
|
|
|
|
|
10 |
CLIO |
B |
$ |
5,350 |
|
|
5.00 |
% |
Transgrain Shipping B.V., Rotterdam |
22-May-16 |
22-Apr-17
- 22-Jul-17 |
|
| |
2005 73,691 |
|
|
|
|
|
|
|
|
11 |
NAIAS |
B |
$ |
5,000 |
|
|
5.00 |
% |
Bunge
S.A., Geneva |
26-May-16 |
25-Nov-16
- 10-Jan-17 |
1 |
| |
2006 73,546 |
|
|
|
|
|
|
|
|
12 |
ARETHUSA |
B |
$ |
5,000 |
|
|
5.00 |
% |
United
Bulk Carriers International S.A., Luxembourg |
10-Jun-16 |
26-Nov-16
- 10-Jan-17 |
1 |
| |
2007 73,593 |
|
|
|
|
|
|
|
|
13 |
ERATO |
C |
$ |
4,650 |
|
|
5.00 |
% |
Glencore
Grain B.V., Rotterdam |
26-Mar-16 |
11-Feb-17
- 26-May-17 |
|
| |
2004 74,444 |
|
|
|
|
|
|
|
|
14 |
CORONIS |
C |
$ |
4,750 |
|
|
5.00 |
% |
Narina
Maritime Ltd |
19-Mar-16 |
19-Feb-17
- 19-May-17 |
|
| |
2006 74,381 |
|
|
|
|
|
|
|
|
15 |
MELITE |
D |
$ |
7,250 |
|
|
4.75 |
% |
Cargill
International S.A., Geneva |
13-Oct-15 |
29-Nov-16
- 13-Dec-16 |
1,2 |
| |
2004 76,436 |
|
|
|
|
|
|
|
|
16 |
MELIA |
D |
$ |
7,200 |
|
|
5.00 |
% |
Nidera
S.P.A., Roma |
24-Oct-15 |
24-Nov-16
- 24-Feb-17 |
|
| |
2005 76,225 |
|
|
|
|
|
|
|
|
17 |
ARTEMIS |
|
$ |
5,350 |
|
|
5.00 |
% |
Bunge
S.A., Geneva |
7-Jun-16 |
7-Apr-17 22-Jul-17 |
|
| |
2006 76,942 |
|
|
|
|
|
|
|
|
18 |
LETO |
|
$ |
7,100 |
|
|
4.75 |
% |
Cargill
International S.A., Geneva |
19-Jun-15 |
26-Nov-16
- 3-Jan-17 |
1 |
| |
2010 81,297 |
|
|
|
|
|
|
|
|
19 |
SELINA |
E |
$ |
5,800 |
|
|
5.00 |
% |
Dampskibsselskabet Norden A/S, Copenhagen |
24-Mar-16 |
26-Nov-16
- 15-Feb-17 |
1 |
| |
2010 75,700 |
|
|
|
|
|
|
|
|
20 |
MAERA |
E |
$ |
4,500 |
|
|
5.00 |
% |
United
Bulk Carriers International S.A., Luxembourg |
10-May-16 |
28-Dec-16
- 28-Apr-17 |
|
| |
2013 75,403 |
|
|
|
|
|
|
|
|
21 |
ISMENE |
|
$ |
7,825 |
|
|
5.00 |
% |
Glencore
Grain B.V., Rotterdam |
21-Mar-16 |
19-Jul-16 |
3 |
| |
|
|
$ |
5,850 |
|
|
5.00 |
% |
|
7-Aug-16 |
23-May-17
- 22-Sep-17 |
|
| |
2013 77,901 |
|
|
|
|
|
|
|
|
22 |
CRYSTALIA |
F |
$ |
6,250 |
|
|
5.00 |
% |
SwissMarine Services S.A., Geneva |
28-Jun-16 |
28-May-17 28-Aug-17 |
|
| |
2014 77,525 |
|
|
|
|
|
|
|
|
23 |
ATALANDI |
F |
$ |
5,300 |
|
|
5.00 |
% |
Glencore
Grain B.V., Rotterdam |
26-Mar-16 |
26-Nov-17
- 26-Apr-18 |
|
| |
2014 77,529 |
|
|
|
|
|
|
|
| |
4 Kamsarmax Bulk Carriers |
|
24 |
MAIA |
G |
$ |
7,500 |
|
|
5.00 |
% |
RWE
Supply & Trading GmbH, Essen |
13-Nov-15 |
13-Apr-17
- 13-Jul-17 |
|
| |
2009 82,193 |
|
|
|
|
|
|
|
|
25 |
MYRSINI |
G |
$ |
5,550 |
|
|
5.00 |
% |
RWE
Supply & Trading GmbH, Essen |
9-Mar-16 |
9-Mar-17
- 24-Jun-17 |
|
| |
2010 82,117 |
|
|
|
|
|
|
|
|
26 |
MEDUSA |
G |
$ |
6,300 |
|
|
5.00 |
% |
Quadra
Commodities S.A., Geneva |
7-Apr-16 |
15-Mar-17
- 30-Jul-17 |
|
| |
2010 82,194 |
|
|
|
|
|
|
|
|
27 |
MYRTO |
G |
$ |
6,000 |
|
|
4.75 |
% |
Cargill
International S.A., Geneva |
24-Dec-15 |
25-Nov-16
- 8-Feb-17 |
1 |
| |
|
|
|
|
|
|
|
|
| |
2013 82,131 |
|
|
|
|
|
|
|
| |
3 Post-Panamax Bulk Carriers |
|
28 |
ALCMENE |
|
$ |
6,750 |
|
|
5.00 |
% |
ADM
International Sarl, Rolle, Switzerland |
13-May-15 |
13-Feb-17
- 2-Jun-17 |
|
| |
2010 93,193 |
|
|
|
|
|
|
|
|
29 |
AMPHITRITE |
H |
$ |
7,700 |
|
|
5.00 |
% |
Bunge
S.A., Geneva |
15-Jul-15 |
30-Apr-17
- 30-Aug-17 |
|
| |
2012 98,697 |
|
|
|
|
|
|
|
|
30 |
POLYMNIA |
H |
$ |
5,650 |
|
|
4.75 |
% |
Cargill
International S.A., Geneva |
15-Dec-15 |
30-Nov-16
- 15-Mar-17 |
|
| |
2012 98,704 |
|
|
|
|
|
|
|
| |
14 Capesize Bulk Carriers |
|
31 |
NORFOLK |
|
$ |
4,350 |
|
|
5.00 |
% |
SwissMarine Services S.A., Geneva |
28-Mar-16 |
28-Dec-16
- 28-Mar-17 |
|
| |
2002 164,218 |
|
|
|
|
|
|
|
|
32 |
ALIKI |
|
$ |
5,300 |
|
|
5.00 |
% |
SwissMarine Services S.A., Geneva |
16-Jan-16 |
16-Dec-16
- 16-Mar-17 |
|
| |
2005 180,235 |
|
|
|
|
|
|
|
|
33 |
BALTIMORE |
|
$ |
15,000 |
|
|
5.00 |
% |
RWE
Supply & Trading GmbH, Essen |
8-Jul-13 |
29-Jul-16 |
|
| |
|
|
$ |
7,750 |
|
|
4.75 |
% |
Cargill
International S.A., Geneva |
29-Jul-16 |
29-Dec-16
- 29-Mar-17 |
|
| |
2005 177,243 |
|
|
|
|
|
|
|
|
34 |
SALT LAKE CITY |
|
BCI 4TCs AVG + 3.5% |
|
5.00 |
% |
K Noble
Hong Kong Ltd., Hong Kong |
7-Feb-15 |
25-Nov-16
- 7-Feb-17 |
1 |
| |
2005 171,810 |
|
|
|
|
|
|
|
|
35 |
SIDERIS GS |
I |
$ |
6,500 |
|
|
5.00 |
% |
Rio Tinto
Shipping (Asia) Pte., Ltd., Singapore |
22-Dec-15 |
22-Jan-17
- 7-Jul-17 |
4 |
| |
2006 174,186 |
|
|
|
|
|
|
|
|
36 |
SEMIRIO |
I |
$ |
4,800 |
|
|
5.00 |
% |
SwissMarine Services S.A., Geneva |
6-Feb-16 |
6-Jan-17
- 6-May-17 |
|
| |
2007 174,261 |
|
|
|
|
|
|
|
|
37 |
BOSTON |
I |
$ |
13,000 |
|
|
4.75 |
% |
Clearlake
Shipping Pte. Ltd., Singapore |
9-Aug-15 |
25-May-17
- 24-Oct-17 |
5 |
| |
2007 177,828 |
|
|
|
|
|
|
|
|
38 |
HOUSTON |
I |
$ |
5,150 |
|
|
5.00 |
% |
SwissMarine Services S.A., Geneva |
29-Jan-16 |
29-Dec-16
- 29-Mar-17 |
|
| |
2009 177,729 |
|
|
|
|
|
|
|
|
39 |
NEW YORK |
I |
$ |
5,200 |
|
|
5.00 |
% |
Rio Tinto
Shipping (Asia) Pte., Ltd., Singapore |
3-Feb-16 |
3-Jan-17
- 18-May-17 |
|
| |
2010 177,773 |
|
|
|
|
|
|
|
|
40 |
SEATTLE |
J |
$ |
7,300 |
|
|
4.75 |
% |
SwissMarine Services S.A., Geneva |
9-Dec-15 |
25-Nov-16
- 9-Feb-17 |
1 |
| |
2011 179,362 |
|
|
|
|
|
|
|
|
41 |
P. S. PALIOS |
J |
$ |
13,000 |
|
|
5.00 |
% |
RWE
Supply & Trading GmbH, Essen |
18-Sep-15 |
31-Dec-16
- 31-Mar-17 |
|
| |
|
|
|
|
|
|
|
|
| |
2013 179,134 |
|
|
|
|
|
|
|
|
42 |
G. P. ZAFIRAKIS |
K |
$ |
6,500 |
|
|
5.00 |
% |
RWE
Supply & Trading GmbH, Essen |
14-Feb-16 |
14-May-17
- 14-Aug-17 |
|
| |
|
|
|
|
|
|
|
|
| |
2014 179,492 |
|
|
|
|
|
|
|
|
43 |
SANTA BARBARA |
K |
$ |
7,500 |
|
|
5.00 |
% |
RWE
Supply & Trading GmbH, Essen |
18-Dec-15 |
18-Dec-16
- 18-Mar-17 |
|
| |
2015 179,426 |
|
|
|
|
|
|
|
|
44 |
NEW ORLEANS |
|
$ |
11,650 |
|
|
5.00 |
% |
SwissMarine Services S.A., Geneva |
11-Nov-15 |
30-Nov-16
- 15-Dec-16 |
1 |
| |
2015 180,960 |
|
|
|
|
|
|
|
| |
2 Newcastlemax Bulk Carriers |
|
45 |
LOS ANGELES |
L |
$ |
7,750 |
|
|
5.00 |
% |
SwissMarine Services S.A., Geneva |
9-Dec-15 |
24-Nov-16
- 24-Mar-17 |
|
| |
2012 206,104 |
|
|
|
|
|
|
|
|
46 |
PHILADELPHIA |
L |
$ |
6,450 |
|
|
5.00 |
% |
RWE
Supply & Trading GmbH, Essen |
20-Jan-16 |
20-Dec-16
- 20-Mar-17 |
|
| |
2012 206,040 |
|
|
|
|
|
|
|
| |
2 Vessels Under Construction |
|
47 |
HULL No. H2548 |
M |
|
- |
|
|
- |
|
- |
- |
- -
- |
6 |
| |
(tbn. SAN FRANCISCO) |
|
|
|
|
|
|
|
| |
2016 208,500 |
|
|
|
|
|
|
|
|
48 |
HULL No. H2549 |
M |
|
- |
|
|
- |
|
- |
- |
- -
- |
6 |
| |
(tbn. NEWPORT NEWS) |
|
|
|
|
|
|
|
| |
2017 208,500 |
|
|
|
|
|
|
|
| * Each dry bulk carrier is a "sister
ship", or closely similar, to other dry bulk carriers that have the
same letter. |
| ** Total commission percentage paid
to third parties. |
| *** In case of newly acquired vessel
with time charter attached, this date refers to the expected/actual
date of delivery of the vessel to the Company. |
| **** Range of redelivery dates, with
the actual date of redelivery being at the Charterers’ option, but
subject to the terms, conditions, and exceptions of the particular
charterparty. |
| |
| 1 Based on latest information. |
| 2 As per addendum dated September
23, 2016, charterers have the option to extend the initially agreed
maximum redelivery date and pay the "P2A_03" route as published by
the Baltic Exchange on December 13, 2016, but in any case not below
the US$7,250 initially agreed. |
| 3 Vessel on scheduled drydocking
from July 19, 2016 to July 23, 2016. |
| 4 Vessel off-hire for drydocking
from October 24, 2016 to November 11, 2016. |
| 5 Clearlake Shipping Pte. Ltd.,
Singapore is a member of the Gunvor Group. |
| 6 Year of delivery and dwt are based
on shipbuilding contract and the relevant addenda. |
|
Summary of Selected Financial & Other Data
(unaudited) |
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF OPERATIONS DATA (in thousands of US
Dollars) |
|
|
Time charter revenues |
$ |
|
27,122 |
|
$ |
|
38,852 |
|
$ |
|
86,240 |
|
$ |
|
119,427 |
|
|
|
Voyage expenses |
|
|
2,122 |
|
|
|
3,053 |
|
|
|
12,439 |
|
|
|
12,105 |
|
|
|
Vessel operating expenses |
|
|
21,218 |
|
|
|
21,573 |
|
|
|
65,093 |
|
|
|
64,695 |
|
|
|
Net loss |
|
|
(78,312 |
) |
|
|
(17,396 |
) |
|
|
(140,981 |
) |
|
|
(42,216 |
) |
|
|
Net loss attributed to common
stockholders |
|
|
(79,754 |
) |
|
|
(18,838 |
) |
|
|
(145,308 |
) |
|
|
(46,543 |
) |
| FLEET DATA |
| |
Average number of vessels |
|
|
46.0 |
|
|
|
41.0 |
|
|
|
44.9 |
|
|
|
40.4 |
|
| |
Number of vessels |
|
|
46.0 |
|
|
|
41.0 |
|
|
|
46.0 |
|
|
|
41.0 |
|
| |
Weighted average age of
vessels |
|
|
7.9 |
|
|
|
7.5 |
|
|
|
7.9 |
|
|
|
7.5 |
|
| |
Ownership days |
|
|
4,232 |
|
|
|
3,772 |
|
|
|
12,310 |
|
|
|
11,030 |
|
| |
Available days |
|
|
4,227 |
|
|
|
3,695 |
|
|
|
12,232 |
|
|
|
10,798 |
|
| |
Operating days |
|
|
4,201 |
|
|
|
3,691 |
|
|
|
12,144 |
|
|
|
10,697 |
|
| |
Fleet utilization |
|
|
99.4 |
% |
|
|
99.9 |
% |
|
|
99.3 |
% |
|
|
99.1 |
% |
|
AVERAGE DAILY RESULTS |
| |
Time charter equivalent (TCE) rate
(1) |
$ |
|
5,914 |
|
$ |
|
9,688 |
|
$ |
|
6,033 |
|
$ |
|
9,939 |
|
| |
Daily vessel operating expenses
(2) |
$ |
|
5,014 |
|
$ |
|
5,719 |
|
$ |
|
5,288 |
|
$ |
|
5,865 |
|
_____________________
(1) Time charter equivalent rates, or TCE rates,
are defined as our time charter revenues less voyage expenses
during a period divided by the number of our available days during
the period, which is consistent with industry standards.
Voyage expenses include port charges, bunker (fuel) expenses, canal
charges and commissions. TCE is a non-GAAP measure. TCE
rate is a standard shipping industry performance measure used
primarily to compare daily earnings generated by vessels on time
charters with daily earnings generated by vessels on voyage
charters, because charter hire rates for vessels on voyage charters
are generally not expressed in per day amounts while charter hire
rates for vessels on time charters are generally expressed in such
amounts.
(2) Daily vessel operating expenses, which
include crew wages and related costs, the cost of insurance,
expenses relating to repairs and maintenance, the costs of spares
and consumable stores, tonnage taxes and other miscellaneous
expenses, are calculated by dividing vessel operating expenses by
ownership days for the relevant period.
Conference Call and Webcast Information
The Company’s management will conduct a
conference call and simultaneous Internet webcast to review these
results at 9:00 A.M. (Eastern Time) on Tuesday, November 29,
2016.
Investors may access the webcast by visiting the
Company’s website at www.dianashippinginc.com, and clicking on the
webcast link. The conference call also may be accessed by telephone
by dialing 1-877-407-8291 (for U.S.-based callers) or
1-201-689-8345 (for international callers), and asking the operator
for the Diana Shipping Inc. conference call.
A replay of the webcast will be available soon
after the completion of the call and will be accessible for 30 days
on www.dianashippinginc.com. A telephone replay also will be
available for 30 days by dialing 1-877-660-6853 (for U.S.-based
callers) or 1-201-612-7415 (for international callers), and
providing the Replay ID number 13646687.
About the Company
Diana Shipping Inc. is a global provider of
shipping transportation services through its ownership of dry bulk
vessels. The Company’s vessels are employed primarily on medium to
long-term time charters and transport a range of dry bulk cargoes,
including such commodities as iron ore, coal, grain and other
materials along worldwide shipping routes.
Cautionary Statement Regarding Forward-Looking
Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and is including this cautionary statement in
connection with this safe harbor legislation. The words “believe,”
“anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,”
“potential,” “may,” “should,” “expect,” “pending” and similar
expressions identify forward-looking statements.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, our management's examination of historical operating
trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were
reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond our control, we
cannot assure you that we will achieve or accomplish these
expectations, beliefs or projections.
In addition to these important factors, other
important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward-looking
statements include the strength of world economies and currencies,
general market conditions, including fluctuations in charter rates
and vessel values, changes in demand for dry bulk shipping
capacity, changes in our operating expenses, including bunker
prices, drydocking and insurance costs, the market for our vessels,
availability of financing and refinancing, changes in governmental
rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general
domestic and international political conditions, potential
disruption of shipping routes due to accidents or political events,
vessel breakdowns and instances of off-hires and other factors.
Please see our filings with the Securities and Exchange Commission
for a more complete discussion of these and other risks and
uncertainties.
(See financial tables attached)
| |
| DIANA SHIPPING INC. |
| FINANCIAL TABLES |
| Expressed in thousands of U.S. Dollars, except share
and per share data |
|
|
|
|
|
|
|
|
|
|
|
| UNAUDITED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES: |
|
|
|
|
|
|
|
|
| |
Time charter revenues |
$ |
|
27,122 |
|
$ |
|
38,852 |
|
$ |
|
86,240 |
|
$ |
|
119,427 |
|
| |
|
|
|
|
|
|
|
|
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
| |
Voyage expenses |
|
|
2,122 |
|
|
|
3,053 |
|
|
|
12,439 |
|
|
|
12,105 |
|
| |
Vessel operating expenses |
|
|
21,218 |
|
|
|
21,573 |
|
|
|
65,093 |
|
|
|
64,695 |
|
| |
Depreciation and amortization of
deferred charges |
|
|
20,626 |
|
|
|
19,274 |
|
|
|
60,940 |
|
|
|
56,538 |
|
| |
General and administrative
expenses |
|
|
5,975 |
|
|
|
5,977 |
|
|
|
18,718 |
|
|
|
17,874 |
|
|
|
Management fees to related
party |
|
|
360 |
|
|
|
85 |
|
|
|
1,080 |
|
|
|
85 |
|
| |
Foreign currency loss / (gain) |
|
|
(53 |
) |
|
|
(77 |
) |
|
|
22 |
|
|
|
(558 |
) |
| |
Operating
loss |
|
|
(23,126 |
) |
|
|
(11,033 |
) |
|
|
(72,052 |
) |
|
|
(31,312 |
) |
| |
|
|
|
|
|
|
|
|
|
|
OTHER INCOME / (EXPENSES): |
|
|
|
|
|
|
|
|
| |
Interest and finance costs |
|
|
(5,698 |
) |
|
|
(4,791 |
) |
|
|
(16,309 |
) |
|
|
(10,684 |
) |
| |
Interest and other income |
|
|
540 |
|
|
|
834 |
|
|
|
1,637 |
|
|
|
2,635 |
|
| |
Loss from equity method
investments |
|
|
(50,028 |
) |
|
|
(2,406 |
) |
|
|
(54,257 |
) |
|
|
(2,855 |
) |
|
|
Total other expenses,
net |
|
|
(55,186 |
) |
|
|
(6,363 |
) |
|
|
(68,929 |
) |
|
|
(10,904 |
) |
|
|
|
|
|
|
|
|
|
|
|
| Net
loss |
$ |
|
(78,312 |
) |
$ |
|
(17,396 |
) |
$ |
|
(140,981 |
) |
$ |
|
(42,216 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on series B preferred shares |
|
|
(1,442 |
) |
|
|
(1,442 |
) |
|
|
(4,327 |
) |
|
|
(4,327 |
) |
|
|
|
|
|
|
|
|
|
|
|
| Net
loss attributed to common stockholders |
|
|
(79,754 |
) |
|
|
(18,838 |
) |
|
|
(145,308 |
) |
|
|
(46,543 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Loss per common share, basic and diluted |
$ |
|
(0.99 |
) |
$ |
|
(0.24 |
) |
$ |
|
(1.81 |
) |
$ |
|
(0.59 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares, basic and
diluted |
|
|
80,534,351 |
|
|
|
79,562,705 |
|
|
|
80,370,383 |
|
|
|
79,462,836 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
| |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
| |
|
|
|
|
|
|
|
|
|
| Net loss |
$ |
|
(78,312 |
) |
$ |
|
(17,396 |
) |
$ |
|
(140,981 |
) |
$ |
|
(42,216 |
) |
| Other comprehensive loss (Actuarial
loss) |
|
|
(8 |
) |
|
|
- |
|
|
|
(23 |
) |
|
|
- |
|
| Comprehensive
loss |
$ |
|
(78,320 |
) |
$ |
|
(17,396 |
) |
$ |
|
(141,004 |
) |
$ |
|
(42,216 |
) |
| CONDENSED CONSOLIDATED BALANCE SHEET
DATA |
|
| (in
thousands of U.S.
Dollars) |
|
| |
|
|
|
|
|
|
|
|
|
|
September 30, 2016 |
|
December 31, 2015 |
* |
| ASSETS |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
$ |
108,382 |
$ |
171,718 |
|
| Other current assets |
|
13,476 |
|
21,795 |
|
| Advances for vessels under construction and
acquisitions and other vessel costs |
|
51,287 |
|
44,514 |
|
| Vessels' net book value |
|
1,423,190 |
|
1,440,803 |
|
| Other fixed assets, net |
|
23,242 |
|
23,489 |
|
| Compensating cash balance |
|
23,000 |
|
21,500 |
|
| Due from related parties, non-current |
|
45,417 |
|
43,750 |
|
| Equity method investments |
|
8,134 |
|
62,487 |
|
| Other non-current assets |
|
5,636 |
|
6,909 |
|
|
|
Total assets |
$ |
1,701,764 |
$ |
1,836,965 |
|
|
|
|
|
|
|
|
|
| LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
| |
|
|
|
|
|
|
| Long-term debt, net of deferred financing costs |
$ |
608,975 |
$ |
600,071 |
|
| Other liabilities |
|
13,506 |
|
18,528 |
|
| Total stockholders' equity |
|
1,079,283 |
|
1,218,366 |
|
|
|
Total liabilities and
stockholders' equity |
$ |
1,701,764 |
$ |
1,836,965 |
|
| |
|
|
|
|
|
|
| * |
The balance
sheet data as of December 31, 2015 has been derived from the
audited consolidated financial statements at that date. |
|
OTHER FINANCIAL DATA (unaudited) |
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
| |
|
|
|
|
|
|
|
|
|
| Net Cash provided by/(used in) operating
activities |
$ |
|
(4,981 |
) |
$ |
|
8,186 |
|
$ |
|
(18,606 |
) |
$ |
|
22,452 |
|
| Net Cash used in investing activities |
|
|
(737 |
) |
|
|
(551 |
) |
|
|
(46,295 |
) |
|
|
(77,418 |
) |
| Net Cash provided by/(used in) financing
activities |
$ |
|
(11,538 |
) |
$ |
|
(39,866 |
) |
$ |
|
1,565 |
|
$ |
|
77,585 |
|
Corporate Contact:
Ioannis Zafirakis
Director, Chief Operating Officer and Secretary
Telephone: + 30-210-9470100
Email: izafirakis@dianashippinginc.com
Website: www.dianashippinginc.com
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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