Diana Shipping Inc. Reports Financial Results for the First Quarter Ended March 31, 2018
May 10 2018 - 6:55AM
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 $3.1 million and net loss attributed to
common stockholders of $4.5 million for the first quarter of 2018,
compared to a net loss of $26.5 million and net loss attributed to
common stockholders of $27.9 million reported in the first quarter
of 2017.
Time charter revenues were $48.4 million for the
first quarter of 2018, compared to $31.3 million for the same
period of 2017. The increase in time charter revenues was due to
increased average time charter rates that the Company achieved for
its vessels during the quarter and increased ownership days
resulting from the enlargement of the fleet.
Fleet Employment Profile (As of May 09,
2018)
Diana Shipping Inc.’s fleet is employed as follows:
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Vessel |
Sister Ships* |
Gross Rate (USD Per
Day) |
Com** |
Charterers |
Delivery Date to Charterers*** |
Redelivery Date to Owners**** |
Notes |
|
BUILT DWT |
|
22 Panamax Bulk Carriers |
1 |
DANAE |
A |
$ |
10,000 |
5.00 |
% |
Phaethon International Company AG |
22-Dec-17 |
22-Jan-19 - 7-May-19 |
|
|
2001 75,106 |
|
|
|
|
|
|
2 |
DIONE |
A |
$ |
7,050 |
5.00 |
% |
Caravel Shipping Limited, Hong Kong |
3-Feb-17 |
23-Jan-18 |
1 |
|
|
|
$ |
10,350 |
5.00 |
% |
Ausca Shipping Limited, Hong Kong |
23-Jan-18 |
23-Mar-19 - 8-Jul-19 |
|
|
2001 75,172 |
|
|
|
|
|
|
|
3 |
NIREFS |
A |
$ |
9,400 |
5.00 |
% |
Jaldhi Overseas Pte. Ltd., Singapore |
5-May-17 |
5-Jun-18 - 5-Sep-18 |
2 |
|
2001 75,311 |
|
|
|
|
|
|
|
4 |
ALCYON |
A |
$ |
8,800 |
5.00 |
% |
Hudson Shipping Lines Incorporated |
20-Jul-17 |
20-Jul-18 - 20-Oct-18 |
|
|
2001 75,247 |
|
|
|
|
|
|
|
5 |
TRITON |
A |
$ |
6,500 |
5.00 |
% |
Ausca Shipping Limited, Hong Kong |
8-Jun-17 |
8-Jul-18 - 23-Oct-18 |
|
|
2001 75,336 |
|
|
|
|
|
|
|
6 |
OCEANIS |
A |
$ |
7,000 |
5.00 |
% |
Ausca Shipping Limited, Hong Kong |
30-May-17 |
30-Jul-18 - 14-Nov-18 |
|
|
2001 75,211 |
|
|
|
|
|
|
|
7 |
THETIS |
B |
$ |
8,350 |
5.00 |
% |
Ausca Shipping Limited, Hong Kong |
14-Jul-17 |
14-Jul-18 - 14-Oct-18 |
|
|
2004 73,583 |
|
|
|
|
|
|
|
8 |
PROTEFS |
B |
$ |
7,900 |
5.00 |
% |
Hudson Shipping Lines Incorporated |
24-Jun-17 |
24-Jun-18 - 9-Oct-18 |
|
|
2004 73,630 |
|
|
|
|
|
|
|
9 |
CALIPSO |
B |
$ |
9,000 |
5.00 |
% |
Transgrain Shipping B.V., Rotterdam |
14-Mar-17 |
2-Mar-18 |
3 |
|
|
|
$ |
12,200 |
5.00 |
% |
Glencore Agriculture B.V., Rotterdam |
12-Mar-18 |
28-May-19 - 12-Sep-19 |
|
|
2005 73,691 |
|
|
|
|
|
|
|
10 |
CLIO |
B |
$ |
8,550 |
5.00 |
% |
Phaethon International Company AG |
9-Jul-17 |
9-Aug-18 - 9-Nov-18 |
|
|
2005 73,691 |
|
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|
|
11 |
NAIAS |
B |
$ |
10,000 |
5.00 |
% |
Phaethon International Company AG |
26-Nov-17 |
11-Feb-19 - 26-May-19 |
|
|
2006 73,546 |
|
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12 |
ARETHUSA |
B |
$ |
7,200 |
5.00 |
% |
Noble Resources International Pte. Ltd., Singapore |
23-Jan-17 |
27-Apr-18 |
4 |
|
|
|
$ |
12,600 |
5.00 |
% |
Glencore Agriculture B.V., Rotterdam |
27-Apr-18 |
27-Apr-19 - 27-Jul-19 |
|
|
2007 73,593 |
|
|
|
|
|
|
|
13 |
ERATO |
C |
$ |
10,500 |
5.00 |
% |
Phaethon International Company AG |
30-Dec-17 |
2-Mar-19 - 30-May-19 |
|
|
2004 74,444 |
|
|
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14 |
CORONIS |
C |
$ |
9,000 |
5.00 |
% |
Narina Maritime Ltd |
16-May-17 |
17-May-18 - 16-Jul-18 |
5 |
|
2006 74,381 |
|
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15 |
MELIA |
|
$ |
9,500 |
5.00 |
% |
Nidera S.P.A., Roma |
19-Mar-17 |
28-Apr-18 |
6 |
|
|
|
$ |
12,000 |
5.00 |
% |
United Bulk Carriers International S.A., Luxemburg |
28-Apr-18 |
28-Sep-19 - 28-Dec-19 |
|
|
2005 76,225 |
|
|
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16 |
ARTEMIS |
|
$ |
9,000 |
5.00 |
% |
Ausca Shipping Limited, Hong Kong |
8-Jul-17 |
8-Jul-18 - 8-Oct-18 |
|
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2006 76,942 |
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17 |
LETO |
|
$ |
7,750 |
5.00 |
% |
Glencore Agriculture B.V., Rotterdam |
29-Dec-16 |
10-Jan-18 |
|
|
|
|
$ |
12,500 |
5.00 |
% |
10-Jan-18 |
10-May-19 - 25-Aug-19 |
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2010 81,297 |
|
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18 |
SELINA |
D |
$ |
7,100 |
5.00 |
% |
BG Shipping Co., Limited, Hong Kong |
24-Jan-17 |
6-Feb-18 |
7 |
|
|
|
$ |
12,250 |
5.00 |
% |
6-Feb-18 |
6-Jun-19 - 6-Sep-19 |
|
|
2010 75,700 |
|
|
|
|
|
|
|
19 |
MAERA |
D |
$ |
11,900 |
5.00 |
% |
Unico Logistics Co., Ltd., Seoul |
19-Sep-17 |
19-Jun-18 - 19-Aug-18 |
|
|
2013 75,403 |
|
|
|
|
|
|
|
20 |
ISMENE |
|
$ |
12,000 |
5.00 |
% |
DHL Project & Chartering Limited, Hong Kong |
16-Sep-17 |
16-Sep-18 - 16-Dec-18 |
|
|
2013 77,901 |
|
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21 |
CRYSTALIA |
E |
$ |
11,100 |
5.00 |
% |
Glencore Agriculture B.V., Rotterdam |
3-Oct-17 |
3-Oct-18 - 18-Jan-19 |
|
|
2014 77,525 |
|
|
|
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|
|
22 |
ATALANDI |
E |
$ |
5,300 |
5.00 |
% |
Glencore Grain B.V., Rotterdam |
26-Mar-16 |
27-Apr-18 |
|
|
|
|
$ |
13,500 |
5.00 |
% |
Uniper Global Commodities SE, Düsseldorf |
27-Apr-18 |
27-Jun-19 - 27-Sep-19 |
|
|
2014 77,529 |
|
|
|
|
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|
|
|
5 Kamsarmax Bulk Carriers |
23 |
MAIA |
F |
$ |
10,125 |
5.00 |
% |
Glencore Agriculture B.V., Rotterdam |
27-Jul-17 |
27-Jul-18 - 27-Oct-18 |
|
|
2009 82,193 |
|
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24 |
MYRSINI |
F |
$ |
8,650 |
5.00 |
% |
RWE Supply & Trading GmbH, Essen |
8-Jun-17 |
31-Aug-18 - 31-Dec-18 |
|
|
2010 82,117 |
|
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|
25 |
MEDUSA |
F |
$ |
10,000 |
4.75 |
% |
Cargill International S.A., Geneva |
6-Jul-17 |
6-Jul-18 - 6-Oct-18 |
|
|
2010 82,194 |
|
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|
26 |
MYRTO |
F |
$ |
8,000 |
4.75 |
% |
Cargill International S.A., Geneva |
17-Jan-17 |
25-Apr-18 |
8,9 |
|
|
|
$ |
14,000 |
4.75 |
% |
25-Apr-18 |
25-May-19 - 25-Jul-19 |
|
|
2013 82,131 |
|
|
|
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|
27 |
ASTARTE |
|
$ |
9,000 |
5.00 |
% |
Glencore Agriculture B.V., Rotterdam |
12-Jun-17 |
12-Aug-18 - 12-Nov-18 |
|
|
2013 81,513 |
|
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|
|
5 Post-Panamax Bulk Carriers |
28 |
ALCMENE |
|
$ |
8,000 |
4.75 |
% |
Cargill International S.A., Geneva |
8-Jun-17 |
8-Jul-18 - 23-Oct-18 |
|
|
2010 93,193 |
|
|
|
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|
|
29 |
AMPHITRITE |
G |
$ |
11,150 |
4.75 |
% |
Cargill International S.A., Geneva |
28-Sep-17 |
28-Oct-18 - 28-Jan-19 |
|
|
2012 98,697 |
|
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|
30 |
POLYMNIA |
G |
$ |
10,100 |
4.75 |
% |
Cargill International S.A., Geneva |
15-Mar-17 |
18-May-18 - 15-Jul-18 |
5 |
|
2012 98,704 |
|
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31 |
ELECTRA |
H |
$ |
8,000 |
5.00 |
% |
Uniper Global Commodities SE, Düsseldorf |
11-Jun-17 |
11-Jul-18 - 11-Nov-18 |
|
|
2013 87,150 |
|
|
|
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32 |
PHAIDRA |
H |
$ |
7,750 |
5.00 |
% |
Jera Trading Singapore Pte. Ltd. |
19-May-17 |
13-Jan-18 |
10 |
|
|
|
$ |
12,700 |
5.00 |
% |
Uniper Global Commodities SE, Düsseldorf |
13-Jan-18 |
13-Jan-19 - 13-Apr-19 |
2 |
|
2013 87,146 |
|
|
|
|
|
|
|
|
14 Capesize Bulk Carriers |
33 |
NORFOLK |
|
$ |
13,250 |
5.00 |
% |
SwissMarine Services S.A., Geneva |
1-Dec-17 |
1-Sep-19 - 1-Dec-19 |
|
|
2002 164,218 |
|
|
|
|
|
|
|
34 |
ALIKI |
|
$ |
10,300 |
5.00 |
% |
SwissMarine Services S.A., Geneva |
14-Feb-17 |
9-Apr-18 |
|
|
|
|
$ |
18,000 |
5.00 |
% |
9-Apr-18 |
9-Dec-19 - 9-Feb-20 |
|
|
2005 180,235 |
|
|
|
|
|
|
|
35 |
BALTIMORE |
|
$ |
11,300 |
4.75 |
% |
Cargill International S.A., Geneva |
16-Feb-17 |
18-May-18 - 1-Jul-18 |
5 |
|
2005 177,243 |
|
|
|
|
|
|
|
36 |
SALT LAKE
CITY |
|
$ |
9,000 |
5.00 |
% |
Uniper Global Commodities SE, Düsseldorf |
20-Jan-17 |
1-May-18 |
|
|
|
|
$ |
16,250 |
4.75 |
% |
Cargill International S.A., Geneva |
1-May-18 |
1-Jan-19 - 1-Mar-19 |
|
|
2005 171,810 |
|
|
|
|
|
|
|
37 |
SIDERIS
GS |
I |
$ |
13,000 |
5.00 |
% |
Rio Tinto Shipping (Asia) Pte., Ltd., Singapore |
21-Jun-17 |
21-Jul-18 - 21-Nov-18 |
|
|
2006 174,186 |
|
|
|
|
|
|
|
38 |
SEMIRIO |
I |
$ |
14,150 |
5.00 |
% |
Koch Shipping Pte. Ltd., Singapore |
21-May-17 |
21-May-18 - 21-Sep-18 |
|
|
2007 174,261 |
|
|
|
|
|
|
|
39 |
BOSTON |
I |
$ |
17,000 |
5.00 |
% |
EGPN Bulk Carrier Co., Limited, Hong Kong |
6-Dec-17 |
6-Apr-19 - 6-Jul-19 |
|
|
2007 177,828 |
|
|
|
|
|
|
|
40 |
HOUSTON |
I |
$ |
10,000 |
5.00 |
% |
SwissMarine Services S.A., Geneva |
17-Feb-17 |
9-May-18 |
11,12 |
|
|
|
$ |
19,000 |
5.00 |
% |
9-May-18 |
25-Jan-19 - 24-Apr-19 |
13 |
|
2009 177,729 |
|
|
|
|
|
|
|
41 |
NEW
YORK |
I |
$ |
14,450 |
5.00 |
% |
Koch Shipping Pte. Ltd., Singapore |
23-Apr-17 |
2-Feb-18 |
14 |
|
|
|
$ |
16,000 |
5.00 |
% |
DHL Project & Chartering Limited, Hong Kong |
2-Feb-18 |
2-Jun-19 - 2-Sep-19 |
|
|
2010 177,773 |
|
|
|
|
|
|
|
42 |
SEATTLE |
J |
$ |
11,700 |
5.00 |
% |
Koch Shipping Pte. Ltd., Singapore |
8-Feb-17 |
19-May-18 - 23-Jul-18 |
5 |
|
2011 179,362 |
|
|
|
|
|
|
|
43 |
P. S.
PALIOS |
J |
$ |
10,550 |
5.00 |
% |
Koch Shipping Pte. Ltd., Singapore |
27-Jan-17 |
17-May-18 - 11-Jun-18 |
5 |
|
2013 179,134 |
|
|
|
|
|
|
|
44 |
G. P.
ZAFIRAKIS |
K |
$ |
15,000 |
5.00 |
% |
RWE Supply & Trading GmbH, Essen |
14-Aug-17 |
29-Sep-18 - 14-Jan-19 |
|
|
2014 179,492 |
|
|
|
|
|
|
|
45 |
SANTA
BARBARA |
K |
$ |
12,000 |
4.75 |
% |
Cargill International S.A., Geneva |
24-Jan-17 |
24-Apr-18 |
|
|
|
|
$ |
20,250 |
4.75 |
% |
24-Apr-18 |
9-Oct-19 - 9-Dec-19 |
|
|
2015 179,426 |
|
|
|
|
|
|
|
46 |
NEW ORLEANS |
|
$ |
11,250 |
5.00 |
% |
Koch Shipping Pte. Ltd., Singapore |
10-Dec-16 |
24-Mar-18 |
|
|
|
|
$ |
21,000 |
5.00 |
% |
SwissMarine Services S.A., Geneva |
24-Mar-18 |
24-Feb-19 - 24-Apr-19 |
|
|
2015 180,960 |
|
|
|
|
|
|
|
|
4 Newcastlemax Bulk Carriers |
47 |
LOS
ANGELES |
L |
BCI_2014 5TCs AVG + 14% |
5.00 |
% |
SwissMarine Services S.A., Geneva |
22-Jan-17 |
16-Apr-18 |
|
|
|
|
$ |
19,150 |
5.00 |
% |
16-Apr-18 |
1-Jan-19 - 16-Apr-19 |
|
|
2012 206,104 |
|
|
|
|
|
|
|
48 |
PHILADELPHIA |
L |
$ |
15,500 |
5.00 |
% |
Koch Shipping Pte. Ltd., Singapore |
14-Mar-17 |
11-May-18 |
5,15 |
|
2012 206,040 |
|
|
|
|
|
|
|
49 |
SAN
FRANCISCO |
M |
$ |
11,750 |
5.00 |
% |
Koch Shipping Pte. Ltd., Singapore |
5-Jan-17 |
13-May-18 |
5 |
|
2017 208,006 |
|
|
|
|
|
|
|
50 |
NEWPORT
NEWS |
M |
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 The charter rate was US$7,200 for the first ninety (90) days
of the charter period. |
2 Vessel currently off-hire for drydocking. |
3 Vessel on scheduled drydocking from March 4, 2018 to March
12, 2018. |
4 Vessel off-hire for drydocking from January 23, 2018 to
February 27, 2018. |
5 Based on latest information. |
6 Since September 17, 2017, Charterers have changed to COFCO
Agri Freight SA. |
7 The charter rate was US$4,500 for the first thirty (30) days
of the charter period. |
8 Vessel off-hire for drydocking from December 24, 2017 to
January 12, 2018. |
9 Charterers have agreed to pay the weighted average of the
Baltic Panamax 4 T/C routes, as published by the Baltic Exchange on
April 17, 2018 plus 15%, for the excess period commencing from
April 17, 2018. If such a hire is less than the current rate, then
the current rate of US$8,000 to apply. |
10 Charterers have agreed to pay the weighted average of the
Baltic Panamax 4 T/C routes, as published by the Baltic Exchange on
January 3, 2018 plus 12%, for the excess period commencing from
January 3, 2018. |
11 The charter rate was US$5,150 for the first fifteen (15)
days of the charter period. |
12 Estimated redelivery date from the charterers. |
13 Estimated delivery date to the charterers. |
14 Charterers have agreed to pay the weighted average of the
Baltic Capesize 5 T/C routes, as published by the Baltic Exchange
on January 2, 2018 plus 10%, for the excess period commencing from
December 29, 2017. |
15 The compensation for the overlapping period from April 29,
2018 to May 11, 2018, which is beyond the maximum contractual
period, is still pending to be agreed between Owners and Koch
Shipping Pte. Ltd., Singapore. |
|
Summary of Selected Financial & Other Data
(unaudited)
|
|
Three months ended March 31, |
|
|
2018 |
|
2017 |
|
|
|
|
|
STATEMENT OF OPERATIONS DATA (in thousands of US
Dollars) |
Time
charter revenues |
$ |
48,365 |
|
$ |
31,288 |
|
Voyage
expenses |
|
2,077 |
|
|
1,061 |
|
Vessel
operating expenses |
|
22,930 |
|
|
21,316 |
|
Net
loss |
|
(3,052 |
) |
|
(26,470 |
) |
Net loss
attributed to common stockholders |
|
(4,494 |
) |
|
(27,912 |
) |
FLEET DATA |
Average
number of vessels |
|
50.0 |
|
|
47.9 |
|
Number of
vessels |
|
50.0 |
|
|
48.0 |
|
Weighted
average age of vessels |
|
8.6 |
|
|
7.8 |
|
Ownership
days |
|
4,500 |
|
|
4,313 |
|
Available
days |
|
4,444 |
|
|
4,276 |
|
Operating
days |
|
4,435 |
|
|
4,201 |
|
Fleet
utilization |
|
99.8 |
% |
|
98.2 |
% |
AVERAGE DAILY RESULTS |
Time
charter equivalent (TCE) rate (1) |
$ |
10,416 |
|
$ |
7,069 |
|
Daily
vessel operating expenses (2) |
$ |
5,096 |
|
$ |
4,942 |
|
|
|
|
|
|
|
|
(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 Thursday, May 10, 2018.
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 13679523.
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, |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
REVENUES: |
|
|
|
|
|
Time
charter revenues |
$ |
48,365 |
|
|
$ |
31,288 |
|
|
|
|
|
|
|
EXPENSES: |
|
|
|
|
|
Voyage
expenses |
|
2,077 |
|
|
|
1,061 |
|
Vessel
operating expenses |
|
22,930 |
|
|
|
21,316 |
|
Depreciation and amortization of deferred charges |
|
12,977 |
|
|
|
21,073 |
|
General
and administrative expenses |
|
6,989 |
|
|
|
5,786 |
|
Management fees to related party |
|
600 |
|
|
|
420 |
|
Other
loss |
|
324 |
|
|
|
69 |
|
Operating gain/(loss) |
2,468 |
|
|
|
(18,437 |
) |
|
|
|
|
|
|
OTHER INCOME /
(EXPENSES): |
|
|
|
|
|
Interest
and finance costs |
|
(6,947 |
) |
|
|
(6,388 |
) |
Interest
and other income |
|
1,412 |
|
|
|
640 |
|
Gain/(loss) from equity method investments |
|
15 |
|
|
|
(2,285 |
) |
Total other expenses, net |
|
(5,520 |
) |
|
|
(8,033 |
) |
|
|
|
|
|
|
Net
loss |
$ |
(3,052 |
) |
|
$ |
(26,470 |
) |
|
|
|
|
|
|
Dividends on
series B preferred shares |
|
(1,442 |
) |
|
|
(1,442 |
) |
|
|
|
|
|
|
Net loss
attributed to common stockholders |
|
(4,494 |
) |
|
|
(27,912 |
) |
|
|
|
|
|
|
Loss per common
share, basic and diluted |
$ |
(0.04 |
) |
|
$ |
(0.34 |
) |
|
|
|
|
|
|
Weighted
average number of common shares, basic and diluted |
|
103,124,133 |
|
|
|
81,253,721 |
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
Net
loss |
$ |
(3,052 |
) |
|
$ |
(26,470 |
) |
Other comprehensive
loss (Actuarial loss) |
|
(7 |
) |
|
|
(7 |
) |
Comprehensive
loss |
$ |
(3,059 |
) |
|
$ |
(26,477 |
) |
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEET
DATA |
|
|
|
(in
thousands of U.S. Dollars) |
|
|
|
|
|
|
|
|
|
|
|
March 31, 2018 |
|
|
December 31, 2017* |
ASSETS |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents |
$ |
64,283 |
|
$ |
40,227 |
Other
current assets |
|
67,826 |
|
|
98,534 |
Vessels, net of depreciation |
|
1,042,018 |
|
|
1,053,578 |
Other
fixed assets, net |
|
22,581 |
|
|
22,650 |
Restricted cash |
|
25,582 |
|
|
25,582 |
Investments in related parties |
|
3,264 |
|
|
3,249 |
Other
non-current assets |
|
3,387 |
|
|
2,902 |
Total assets |
$ |
1,228,941 |
|
$ |
1,246,722 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, net of deferred financing costs |
$ |
587,209 |
|
$ |
601,384 |
Other
liabilities |
|
19,604 |
|
|
20,580 |
Total
stockholders' equity |
|
622,128 |
|
|
624,758 |
Total liabilities and stockholders' equity |
$ |
1,228,941 |
|
$ |
1,246,722 |
|
|
|
|
|
|
* 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, |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
Net
Cash provided by / (used in) operating activities |
$ |
9,805 |
|
|
$ |
(592 |
) |
Net
Cash provided by / (used in) investing activities |
|
30,190 |
|
|
|
(58,021 |
) |
Net
Cash provided by / (used in) financing activities |
$ |
(15,939 |
) |
|
$ |
45,673 |
|
|
|
|
|
|
|
|
|
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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