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 $26.5 million and net loss attributed to
common stockholders of $27.9 million for the first quarter of 2017,
compared to a net loss of $31.4 million and net loss attributed to
common stockholders of $32.8 million reported in the first quarter
of 2016.
Time charter revenues were $31.3 million for the
first quarter of 2017, compared to $30.8 million for the same
period of 2016. The increase in time charter revenues was due to
increased average time charter rates that we achieved for our
vessels during the quarter and increased ownership days resulting
from the enlargement of our fleet.
|
|
Fleet Employment Profile (As of May 22,
2017) |
|
|
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 |
11-Feb-17 |
|
|
|
|
|
$ |
9,000 |
|
4.75 |
% |
Cargill International S.A., Geneva |
8-Mar-17 |
24-May-17 |
1,2 |
|
|
|
|
$ |
7,750 |
|
5.00 |
% |
Phaethon International Company AG |
24-May-17 |
9-Oct-17 - 29-Dec-17 |
3 |
|
|
2001 75,106 |
|
|
|
|
|
|
|
|
2 |
DIONE |
A |
$ |
4,350 |
|
5.00 |
% |
Nidera S.P.A., Roma |
4-Feb-16 |
28-Jan-17 |
|
|
|
|
|
$ |
7,200 |
|
5.00 |
% |
Caravel Shipping Limited, Hong Kong |
3-Feb-17 |
4-May-17 |
|
|
|
|
|
$ |
7,050 |
|
5.00 |
% |
4-May-17 |
3-Nov-17 - 18-Feb-18 |
|
|
|
2001 75,172 |
|
|
|
|
|
|
|
|
3 |
NIREFS |
A |
$ |
4,600 |
|
5.00 |
% |
Transgrain Shipping B.V., Rotterdam |
15-Jan-16 |
14-Feb-17 |
|
|
|
|
|
$ |
6,500 |
|
5.00 |
% |
Raffles Shipping International Pte. Ltd., Singapore |
14-Feb-17 |
5-May-17 |
|
|
|
|
|
$ |
9,400 |
|
5.00 |
% |
Jaldhi Overseas Pte. Ltd., Singapore |
5-May-17 |
5-Jun-18 - 5-Sep-18 |
|
|
|
2001 75,311 |
|
|
|
|
|
|
|
|
4 |
ALCYON |
A |
$ |
5,000 |
|
5.00 |
% |
Dampskibsselskabet Norden A/S, Copenhagen |
4-May-16 |
28-May-17 - 4-Sep-17 |
4,5 |
|
|
2001 75,247 |
|
|
|
|
|
|
|
|
5 |
TRITON |
A |
$ |
6,300 |
|
5.00 |
% |
Windrose SPS Shipping and Trading S.A., Geneva |
25-Oct-16 |
30-May-17 - 9-Jun-17 |
5 |
|
|
2001 75,336 |
|
|
|
|
|
|
|
|
6 |
OCEANIS |
A |
$ |
5,200 |
|
5.00 |
% |
Nidera S.P.A., Roma |
30-Jun-16 |
28-May-17 |
5 |
|
|
2001 75,211 |
|
|
|
|
|
|
|
|
7 |
THETIS |
B |
$ |
5,150 |
|
5.00 |
% |
Transgrain Shipping B.V., Rotterdam |
19-Jun-16 |
29-May-17 - 3-Aug-17 |
5 |
|
|
2004 73,583 |
|
|
|
|
|
|
|
|
8 |
PROTEFS |
B |
$ |
4,500 |
|
5.00 |
% |
Transgrain Shipping B.V., Rotterdam |
23-Feb-16 |
25-May-17 - 31-May-17 |
5 |
|
|
2004 73,630 |
|
|
|
|
|
|
|
|
9 |
CALIPSO |
B |
$ |
6,020 |
|
5.00 |
% |
Windrose SPS Shipping and Trading S.A., Geneva |
24-Aug-16 |
14-Mar-17 |
|
|
|
|
|
$ |
9,000 |
|
5.00 |
% |
Transgrain Shipping B.V., Rotterdam |
14-Mar-17 |
30-Jan-18 - 14-May-18 |
|
|
|
2005 73,691 |
|
|
|
|
|
|
|
|
10 |
CLIO |
B |
$ |
5,350 |
|
5.00 |
% |
Transgrain Shipping B.V., Rotterdam |
22-May-16 |
29-May-17 - 22-Jul-17 |
5 |
|
|
2005 73,691 |
|
|
|
|
|
|
|
|
11 |
NAIAS |
B |
$ |
7,500 |
|
5.00 |
% |
Glencore Agriculture B.V., Rotterdam |
27-Dec-16 |
12-Jul-17 - 11-Nov-17 |
|
|
|
2006 73,546 |
|
|
|
|
|
|
|
|
12 |
ARETHUSA |
B |
$ |
5,000 |
|
5.00 |
% |
United Bulk Carriers International S.A., Luxembourg |
10-Jun-16 |
23-Jan-17 |
6 |
|
|
|
|
$ |
7,200 |
|
5.00 |
% |
Noble Resources International Pte. Ltd., Singapore |
23-Jan-17 |
23-Nov-17 - 23-Mar-18 |
|
|
|
2007 73,593 |
|
|
|
|
|
|
|
|
13 |
ERATO |
C |
$ |
4,650 |
|
5.00 |
% |
Glencore Grain B.V., Rotterdam |
26-Mar-16 |
24-May-17 |
5 |
|
|
2004 74,444 |
|
|
|
|
|
|
|
|
14 |
CORONIS |
C |
$ |
4,750 |
|
5.00 |
% |
Narina Maritime Ltd |
19-Mar-16 |
16-May-17 |
|
|
|
|
|
$ |
9,000 |
|
5.00 |
% |
16-May-17 |
16-Apr-18 - 16-Jul-18 |
|
|
|
2006 74,381 |
|
|
|
|
|
|
|
|
15 |
MELITE |
D |
$ |
8,000 |
|
5.00 |
% |
Uniper Global Commodities SE, Düsseldorf |
6-Dec-16 |
6-Jul-17 - 6-Oct-17 |
|
|
|
2004 76,436 |
|
|
|
|
|
|
|
|
16 |
MELIA |
D |
$ |
7,200 |
|
5.00 |
% |
Nidera S.P.A., Roma |
24-Oct-15 |
19-Mar-17 |
7 |
|
|
|
|
$ |
9,500 |
|
5.00 |
% |
19-Mar-17 |
4-Feb-18 - 4-May-18 |
|
|
|
2005 76,225 |
|
|
|
|
|
|
|
|
17 |
ARTEMIS |
|
$ |
5,350 |
|
5.00 |
% |
Bunge S.A., Geneva |
7-Jun-16 |
1-Jun-17 22-Jul-17 |
5 |
|
|
2006 76,942 |
|
|
|
|
|
|
|
|
18 |
LETO |
|
$ |
7,750 |
|
5.00 |
% |
Glencore Agriculture B.V., Rotterdam |
29-Dec-16 |
29-Sep-17 - 29-Jan-18 |
|
|
|
2010 81,297 |
|
|
|
|
|
|
|
|
19 |
SELINA |
E |
$ |
5,800 |
|
5.00 |
% |
Dampskibsselskabet Norden A/S, Copenhagen |
24-Mar-16 |
24-Jan-17 |
|
|
|
|
|
$ |
4,500 |
|
5.00 |
% |
BG Shipping Co., Limited, Hong Kong |
24-Jan-17 |
23-Feb-17 |
|
|
|
|
|
$ |
7,100 |
|
5.00 |
% |
23-Feb-17 |
24-Oct-17 - 8-Feb-18 |
|
|
|
2010 75,700 |
|
|
|
|
|
|
|
|
20 |
MAERA |
E |
$ |
4,500 |
|
5.00 |
% |
United Bulk Carriers International S.A., Luxembourg |
10-May-16 |
30-Apr-17 |
8,9 |
|
|
2013 75,403 |
|
|
|
|
|
|
|
|
21 |
ISMENE |
|
$ |
5,850 |
|
5.00 |
% |
Glencore Grain B.V., Rotterdam |
7-Aug-16 |
29-May-17 - 22-Sep-17 |
5 |
|
|
2013 77,901 |
|
|
|
|
|
|
|
|
22 |
CRYSTALIA |
F |
$ |
6,250 |
|
5.00 |
% |
SwissMarine Services S.A., Geneva |
28-Jun-16 |
28-May-17 21-Oct-17 |
10 |
|
|
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 |
|
|
|
|
|
|
|
|
|
5 Kamsarmax Bulk Carriers |
|
24 |
MAIA |
G |
$ |
7,500 |
|
5.00 |
% |
RWE Supply & Trading GmbH, Essen |
13-Nov-15 |
2-Jun-17 - 13-Jul-17 |
5 |
|
|
2009 82,193 |
|
|
|
|
|
|
|
|
25 |
MYRSINI |
G |
$ |
5,550 |
|
5.00 |
% |
RWE Supply & Trading GmbH, Essen |
9-Mar-16 |
29-May-17 - 10-Jun-17 |
5 |
|
|
2010 82,117 |
|
|
|
|
|
|
|
|
26 |
MEDUSA |
G |
$ |
6,300 |
|
5.00 |
% |
Quadra Commodities S.A., Geneva |
7-Apr-16 |
1-Jun-17 - 30-Jul-17 |
5 |
|
|
2010 82,194 |
|
|
|
|
|
|
|
|
27 |
MYRTO |
G |
$ |
6,000 |
|
4.75 |
% |
Cargill International S.A., Geneva |
24-Dec-15 |
17-Jan-17 |
|
|
|
|
|
$ |
8,000 |
|
4.75 |
% |
17-Jan-17 |
17-Jan-18 - 17-Apr-18 |
|
|
|
2013 82,131 |
|
|
|
|
|
|
|
|
28 |
ASTARTE |
|
|
- |
|
- |
|
- |
- |
-
- - |
9 |
|
|
2013 81,513 |
|
|
|
|
|
|
|
|
|
5 Post-Panamax Bulk Carriers |
|
29 |
ALCMENE |
|
$ |
6,750 |
|
5.00 |
% |
ADM International Sarl, Rolle, Switzerland |
13-May-15 |
28-May-17 - 2-Jun-17 |
5 |
|
|
2010 93,193 |
|
|
|
|
|
|
|
|
30 |
AMPHITRITE |
H |
$ |
7,700 |
|
5.00 |
% |
Bunge S.A., Geneva |
15-Jul-15 |
1-Jun-17 - 30-Aug-17 |
5 |
|
|
2012 98,697 |
|
|
|
|
|
|
|
|
31 |
POLYMNIA |
H |
$ |
5,650 |
|
4.75 |
% |
Cargill International S.A., Geneva |
15-Dec-15 |
15-Mar-17 |
|
|
|
|
|
$ |
10,100 |
|
4.75 |
% |
15-Mar-17 |
31-Mar-18 - 15-Jul-18 |
11 |
|
|
2012 98,704 |
|
|
|
|
|
|
|
|
32 |
GRAIN
MAY |
I |
|
- |
|
- |
|
- |
- |
-
- - |
12 |
|
|
(tbr.
ELECTRA) |
|
|
|
|
|
|
|
|
|
2013 87,150 |
|
|
|
|
|
|
|
|
33 |
PHAIDRA |
I |
|
- |
|
- |
|
- |
- |
-
- - |
9 |
|
|
2013 87,146 |
|
|
|
|
|
|
|
|
|
14 Capesize Bulk Carriers |
|
34 |
NORFOLK |
|
$ |
4,350 |
|
5.00 |
% |
SwissMarine Services S.A., Geneva |
28-Mar-16 |
30-Mar-17 |
13,14 |
|
|
|
|
|
|
Trafigura Maritime Logistics Pte. Ltd., Singapore |
26-Apr-17 |
11-Oct-17 - 26-Dec-17 |
|
|
|
|
|
$ |
12,000 |
|
5.00 |
% |
|
|
|
|
|
2002 164,218 |
|
|
|
|
|
|
|
|
35 |
ALIKI |
|
$ |
5,300 |
|
5.00 |
% |
SwissMarine Services S.A., Geneva |
16-Jan-16 |
14-Feb-17 |
|
|
|
|
|
$ |
10,300 |
|
5.00 |
% |
14-Feb-17 |
30-Dec-17 - 14-Apr-18 |
|
|
|
2005 180,235 |
|
|
|
|
|
|
|
|
36 |
BALTIMORE |
|
$ |
7,750 |
|
4.75 |
% |
Cargill International S.A., Geneva |
29-Jul-16 |
16-Feb-17 |
|
|
|
|
|
$ |
11,300 |
|
4.75 |
% |
16-Feb-17 |
16-Mar-18 - 1-Jul-18 |
|
|
|
2005 177,243 |
|
|
|
|
|
|
|
|
37 |
SALT LAKE
CITY |
|
BCI 4TCs AVG + 3.5% |
5.00 |
% |
K
Noble Hong Kong Ltd., Hong Kong |
7-Feb-15 |
20-Jan-17 |
|
|
|
|
|
$ |
9,000 |
|
5.00 |
% |
Uniper Global Commodities SE, Düsseldorf |
20-Jan-17 |
20-Jan-18 - 20-May-18 |
|
|
|
2005 171,810 |
|
|
|
|
|
|
|
|
38 |
SIDERIS
GS |
J |
$ |
6,500 |
|
5.00 |
% |
Rio Tinto Shipping (Asia) Pte., Ltd., Singapore |
22-Dec-15 |
1-Jun-17 - 7-Jul-17 |
5,15 |
|
|
2006 174,186 |
|
|
|
|
|
|
|
|
39 |
SEMIRIO |
J |
$ |
4,800 |
|
5.00 |
% |
SwissMarine Services S.A., Geneva |
6-Feb-16 |
21-May-17 |
16 |
|
|
|
|
$ |
14,150 |
|
5.00 |
% |
Koch Shipping Pte. Ltd., Singapore |
21-May-17 |
21-May-18 - 21-Sep-18 |
|
|
|
2007 174,261 |
|
|
|
|
|
|
|
|
40 |
BOSTON |
J |
$ |
13,000 |
|
4.75 |
% |
Clearlake Shipping Pte. Ltd., Singapore |
9-Aug-15 |
29-May-17 - 24-Oct-17 |
5,17 |
|
|
2007 177,828 |
|
|
|
|
|
|
|
|
41 |
HOUSTON |
J |
$ |
5,150 |
|
5.00 |
% |
SwissMarine Services S.A., Geneva |
29-Jan-16 |
17-Feb-17 |
|
|
|
|
|
$ |
10,000 |
|
5.00 |
% |
17-Feb-17 |
2-Mar-18 - 17-May-18 |
18 |
|
|
2009 177,729 |
|
|
|
|
|
|
|
|
42 |
NEW
YORK |
J |
$ |
5,200 |
|
5.00 |
% |
Rio Tinto Shipping (Asia) Pte., Ltd., Singapore |
3-Feb-16 |
23-Apr-17 |
|
|
|
|
|
$ |
14,450 |
|
5.00 |
% |
Koch Shipping Pte. Ltd., Singapore |
23-Apr-17 |
8-Oct-17 - 29-Dec-17 |
|
|
|
2010 177,773 |
|
|
|
|
|
|
|
|
43 |
SEATTLE |
K |
$ |
7,300 |
|
4.75 |
% |
SwissMarine Services S.A., Geneva |
9-Dec-15 |
8-Feb-17 |
|
|
|
|
|
$ |
11,700 |
|
5.00 |
% |
Koch Shipping Pte. Ltd., Singapore |
8-Feb-17 |
8-Apr-18 - 23-Jul-18 |
|
|
|
2011 179,362 |
|
|
|
|
|
|
|
|
44 |
P. S.
PALIOS |
K |
$ |
13,000 |
|
5.00 |
% |
RWE Supply & Trading GmbH, Essen |
18-Sep-15 |
27-Jan-17 |
|
|
|
|
|
$ |
10,550 |
|
5.00 |
% |
Koch Shipping Pte. Ltd., Singapore |
27-Jan-17 |
27-Jan-18 - 11-Jun-18 |
|
|
|
2013 179,134 |
|
|
|
|
|
|
|
|
45 |
G. P.
ZAFIRAKIS |
L |
$ |
6,500 |
|
5.00 |
% |
RWE Supply & Trading GmbH, Essen |
14-Feb-16 |
2-Jun-17 - 14-Aug-17 |
5 |
|
|
2014 179,492 |
|
|
|
|
|
|
|
|
46 |
SANTA
BARBARA |
L |
$ |
7,500 |
|
5.00 |
% |
RWE Supply & Trading GmbH, Essen |
18-Dec-15 |
24-Jan-17 |
|
|
|
|
|
$ |
12,000 |
|
4.75 |
% |
Cargill International S.A., Geneva |
24-Jan-17 |
9-Jan-18 - 24-Apr-18 |
|
|
|
2015 179,426 |
|
|
|
|
|
|
|
|
47 |
NEW
ORLEANS |
|
$ |
11,250 |
|
5.00 |
% |
Koch Shipping Pte. Ltd., Singapore |
10-Dec-16 |
10-Dec-17 - 10-Apr-18 |
|
|
|
2015 180,960 |
|
|
|
|
|
|
|
|
|
4 Newcastlemax Bulk Carriers |
|
48 |
LOS
ANGELES |
M |
$ |
7,750 |
|
5.00 |
% |
SwissMarine Services S.A., Geneva |
9-Dec-15 |
14-Jan-17 |
19 |
|
|
|
|
BCI_2014 5TCs AVG + 14% |
5.00 |
% |
22-Jan-17 |
7-Feb-18 - 22-Apr-18 |
|
|
|
2012 206,104 |
|
|
|
|
|
|
|
|
49 |
PHILADELPHIA |
M |
$ |
6,450 |
|
5.00 |
% |
RWE Supply & Trading GmbH, Essen |
20-Jan-16 |
2-Mar-17 |
20 |
|
|
|
|
$ |
15,500 |
|
5.00 |
% |
Koch Shipping Pte. Ltd., Singapore |
14-Mar-17 |
14-Jan-18 - 29-Apr-18 |
|
|
|
2012 206,040 |
|
|
|
|
|
|
|
|
50 |
SAN
FRANCISCO |
N |
$ |
11,750 |
|
5.00 |
% |
Koch Shipping Pte. Ltd., Singapore |
5-Jan-17 |
5-Jan-18 - 20-May-18 |
|
|
|
2017 208,006 |
|
|
|
|
|
|
|
|
51 |
NEWPORT
NEWS |
N |
BCI_2014 5TCs AVG + 24% |
5.00 |
% |
SwissMarine Services S.A., Geneva |
10-Jan-17 |
10-Nov-18 - 10-Mar-19 |
|
|
|
2017 208,021 |
|
|
|
|
|
|
|
| * 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 Redelivery date based on an estimated time charter trip
duration of about 75 days. |
| 2 Charter includes a one time gross ballast bonus payment of
US$400,000. |
| 3 Estimated delivery date to the charterers. |
| 4 Vessel off-hire from February 15, 2017 to February 18,
2017. |
| 5 Based on latest information. |
| 6 As per addendum dated January 2, 2017, charterers exercised
their option to extend the initially agreed maximum redelivery
date, i.e. January 10, 2017 and pay US$7,000 per day. |
| 7 As per addendum dated December 15, 2016, charterers have
agreed to pay a gross rate of US$11,500 per day for the excess
period commencing February 24, 2017 till March 19, 2017. |
| 8 Charterers have agreed to pay the BPI 4 T/C Average as
published by The Baltic Exchange on 28th April 2017 and in any case
not below the current rate of USD 4,500 for the excess period
commencing April 28, 2017. |
| 9 Currently without an active charterparty. |
| 10 Vessel off-hire for drydocking from March 2, 2017 to April
26, 2017. |
| 11 Vessel off-hire for drydocking from April 30, 2017 to May
14, 2017. |
| 12 Expected date of delivery to the Company by the end of May
2017. |
| 13 As per addendum dated March 23, 2017, charterers exercised
their option to extend the initially agreed maximum redelivery
date, i.e. March 28, 2017 and pay a daily hire applicable for
overrun days as per BCI 4TC Average. |
| 14 Vessel on scheduled drydocking from March 31, 2017 to April
26, 2017. |
| 15 Vessel off-hire for drydocking from October 24, 2016 to
November 11, 2016. |
| 16 Vessel on scheduled drydocking from March 16, 2017 to April
2, 2017. |
| 17 Clearlake Shipping Pte. Ltd., Singapore is a member of the
Gunvor Group. |
| 18 Charterers will pay US$5,150 per day for the first 15 days
of the charter period. |
| 19 Vessel on scheduled drydocking from January 14, 2017 to
January 22, 2017. |
| 20 Vessel on scheduled drydocking from March 5, 2017 to March
14, 2017. |
| |
| |
| Summary of Selected Financial & Other Data
(unaudited) |
|
|
|
|
Three months ended March 31, |
|
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
| STATEMENT OF OPERATIONS DATA (in thousands of US
Dollars)
|
|
|
Time
charter revenues |
$ |
31,288 |
|
$ |
30,792 |
|
|
|
Voyage
expenses |
|
1,061 |
|
|
6,755 |
|
|
|
Vessel
operating expenses |
|
21,316 |
|
|
21,942 |
|
|
|
Net
loss |
|
(26,470 |
) |
|
(31,386 |
) |
|
|
Net loss
attributed to common stockholders |
|
(27,912 |
) |
|
(32,828 |
) |
| FLEET DATA |
|
|
Average
number of vessels |
|
47.9 |
|
|
43.2 |
|
|
|
Number of
vessels |
|
48.0 |
|
|
45.0 |
|
|
|
Weighted
average age of vessels |
|
7.8 |
|
|
7.5 |
|
|
|
Ownership
days |
|
4,313 |
|
|
3,931 |
|
|
|
Available
days |
|
4,276 |
|
|
3,880 |
|
|
|
Operating
days |
|
4,201 |
|
|
3,844 |
|
|
|
Fleet
utilization |
|
98.2 |
% |
|
99.1 |
% |
| AVERAGE DAILY RESULTS |
|
|
Time
charter equivalent (TCE) rate (1) |
$ |
7,069 |
|
$ |
6,195 |
|
|
|
Daily
vessel operating expenses (2) |
$ |
4,942 |
|
$ |
5,582 |
|
_____________________
(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, May 23, 2017.
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 13661289.
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 March 31, |
|
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
| REVENUES: |
|
|
|
|
|
|
Time
charter revenues |
$ |
31,288 |
|
$ |
30,792 |
|
|
|
|
|
|
|
|
| EXPENSES: |
|
|
|
|
|
|
Voyage
expenses |
|
1,061 |
|
|
6,755 |
|
|
|
Vessel
operating expenses |
|
21,316 |
|
|
21,942 |
|
|
|
Depreciation and amortization of deferred charges |
|
21,073 |
|
|
20,005 |
|
|
|
General
and administrative expenses |
|
5,786 |
|
|
6,278 |
|
|
|
Management fees to related party |
|
420 |
|
|
360 |
|
|
|
Other
expenses |
|
69 |
|
|
161 |
|
|
|
Operating loss |
|
(18,437 |
) |
|
(24,709 |
) |
|
|
|
|
|
|
|
| OTHER INCOME / (EXPENSES): |
|
|
|
|
|
|
Interest
and finance costs |
|
(6,388 |
) |
|
(5,025 |
) |
|
|
Interest
and other income |
|
640 |
|
|
556 |
|
|
|
Loss from
equity method investments |
|
(2,285 |
) |
|
(2,208 |
) |
|
|
Total other expenses, net |
|
(8,033 |
) |
|
(6,677 |
) |
|
|
|
|
|
|
|
| Net loss |
$ |
(26,470 |
) |
$ |
(31,386 |
) |
|
|
|
|
|
|
|
| Dividends on series B preferred shares |
|
(1,442 |
) |
|
(1,442 |
) |
|
|
|
|
|
|
|
| Net loss attributed to common
stockholders |
|
(27,912 |
) |
|
(32,828 |
) |
|
|
|
|
|
|
|
| Loss per common share, basic and diluted |
$ |
(0.34 |
) |
$ |
(0.41 |
) |
|
|
|
|
|
|
|
| Weighted average number of common shares, basic and
diluted |
|
81,253,721 |
|
|
80,040,645 |
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
| Net loss |
$ |
(26,470 |
) |
$ |
(31,386 |
) |
| Other comprehensive loss (Actuarial loss) |
|
(7 |
) |
|
(7 |
) |
| Comprehensive loss |
$ |
(26,477 |
) |
$ |
(31,393 |
) |
| |
|
|
| |
|
|
| CONDENSED CONSOLIDATED BALANCE SHEET
DATA |
|
|
| (in thousands of U.S. Dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2017 |
|
December 31, 2016* |
| ASSETS |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
$ |
84,202 |
$ |
98,142 |
| Other current assets |
|
16,875 |
|
17,174 |
| Advances for vessels under construction and
acquisitions and other vessel costs |
|
- |
|
46,863 |
| Vessels' net book value |
|
1,489,006 |
|
1,403,912 |
| Other fixed assets, net |
|
22,977 |
|
23,114 |
| Compensating cash balance |
|
24,000 |
|
23,000 |
| Due from related parties, non-current |
|
45,417 |
|
45,417 |
| Equity method investments |
|
3,729 |
|
6,014 |
| Other non-current assets |
|
5,102 |
|
5,027 |
|
|
Total assets |
$ |
1,691,308 |
$ |
1,668,663 |
|
|
|
|
|
|
|
| LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
| Long-term debt, net of deferred financing costs |
$ |
645,364 |
$ |
598,181 |
| Other liabilities |
|
15,268 |
|
13,893 |
| Total stockholders' equity |
|
1,030,676 |
|
1,056,589 |
|
|
Total liabilities and stockholders' equity |
$ |
1,691,308 |
$ |
1,668,663 |
|
|
|
|
|
|
|
| * |
The balance sheet data have been derived from the audited
consolidated financial statements at that date. |
| OTHER FINANCIAL DATA (unaudited) |
|
|
|
|
Three months ended March 31, |
|
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
| Net Cash used in operating activities |
$ |
(592 |
) |
$ |
(9,433 |
) |
| Net Cash used in investing activities |
|
(58,021 |
) |
|
(26,548 |
) |
| Net Cash provided by financing activities
|
$ |
45,673 |
|
$ |
13,794 |
|
| |
|
|
|
|
|
|
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
Diana Shipping (NYSE:DSX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Diana Shipping (NYSE:DSX)
Historical Stock Chart
From Apr 2023 to Apr 2024
