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 $436.9 million and net loss attributed to
common stockholders of $438.4 million for the fourth quarter of
2017, including a $422.5 million impairment loss. Accordingly, for
the fourth quarter ended December 31, 2017, net loss and net loss
attributed to common stockholders, adjusted for impairment,
amounted to $14.5 million and $15.9 million, respectively1.
For the fourth quarter of 2016, net loss and net loss attributed to
common stockholders amounted to $23.3 million and $24.7 million,
respectively.
Time charter revenues were $48.9 million for the
fourth quarter of 2017, compared to $28.0 million for the same
quarter of 2016. 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.
Net loss and net loss attributed to common
stockholders for the year ended December 31, 2017 amounted to
$511.7 million and $517.5 million, respectively. This compares to a
net loss and net loss attributed to common stockholders of $164.2
million and $170.0 million, respectively, for the same period of
2016. Time charter revenues were $161.9 million for the year ended
December 31, 2017, compared to $114.3 million for the same period
of 2016.
1 See the reconciliation of adjusted net loss
and net loss attributed to common stockholders to net loss and net
loss attributed to common stockholders and adjusted loss per share
to loss per share included in this release.
|
Fleet Employment Profile (As of February 22,
2018) |
|
Diana Shipping Inc.’s fleet is employed as follows: |
|
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|
Vessel |
SisterShips* |
GrossRate(USD PerDay) |
Charterers |
DeliveryDate toCharterers*** |
Redelivery Date to Owners**** |
Notes |
|
BUILT DWT |
|
22 Panamax Bulk Carriers |
1 |
DANAE |
A |
$7,750 |
5.00% |
Phaethon International |
24-May-17 |
22-Dec-17 |
|
|
|
|
$10,000 |
5.00% |
Company AG |
22-Dec-17 |
22-Jan-19 - 7-May-19 |
|
|
2001 75,106 |
|
|
|
|
|
|
|
2 |
DIONE |
A |
$7,050 |
5.00% |
Caravel Shipping Limited, HongKong |
3-Feb-17 |
23-Jan-18 |
1 |
|
|
|
$10,350 |
5.00% |
Ausca
Shipping Limited, HongKong |
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 |
|
|
2001 75,311 |
|
|
|
|
|
|
|
4 |
ALCYON |
A |
$8,800 |
5.00% |
Hudson Shipping LinesIncorporated |
20-Jul-17 |
20-Jul-18 - 20-Oct-18 |
|
|
2001 75,247 |
|
|
|
|
|
|
|
5 |
TRITON |
A |
$6,500 |
5.00% |
Ausca
Shipping Limited, HongKong |
8-Jun-17 |
8-Jul-18 - 23-Oct-18 |
|
|
2001 75,336 |
|
|
|
|
|
|
|
6 |
OCEANIS |
A |
$7,000 |
5.00% |
Ausca
Shipping Limited, HongKong |
30-May-17 |
30-Jul-18 - 14-Nov-18 |
|
|
2001 75,211 |
|
|
|
|
|
|
|
7 |
THETIS |
B |
$8,350 |
5.00% |
Ausca
Shipping Limited, HongKong |
14-Jul-17 |
14-Jul-18 - 14-Oct-18 |
|
|
2004 73,583 |
|
|
|
|
|
|
|
8 |
PROTEFS |
B |
$7,900 |
5.00% |
Hudson Shipping LinesIncorporated |
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 |
23-Feb-18 - 30-Mar-18 |
2 |
|
2005 73,691 |
|
|
|
|
|
|
|
10 |
CLIO |
B |
$8,550 |
5.00% |
Phaethon InternationalCompany AG |
9-Jul-17 |
9-Aug-18 - 9-Nov-18 |
|
|
2005 73,691 |
|
|
|
|
|
|
|
11 |
NAIAS |
B |
$7,500 |
5.00% |
Glencore Agriculture B.V.,Rotterdam |
27-Dec-16 |
11-Nov-17 |
3 |
|
|
|
$10,000 |
5.00% |
Phaethon InternationalCompany AG |
26-Nov-17 |
11-Feb-19 - 26-May-19 |
|
|
2006 73,546 |
|
|
|
|
|
|
|
12 |
ARETHUSA |
B |
$7,200 |
5.00% |
Noble
Resources InternationalPte. Ltd., Singapore |
23-Jan-17 |
1-Mar-18 - 23-Mar-18 |
2,4 |
|
2007 73,593 |
|
|
|
|
|
|
|
13 |
ERATO |
C |
$7,250 |
5.00% |
Phaethon InternationalCompany AG |
25-May-17 |
30-Dec-17 |
|
|
|
|
$10,500 |
5.00% |
30-Dec-17 |
2-Mar-19 - 30-May-19 |
|
|
2004 74,444 |
|
|
|
|
|
|
|
14 |
CORONIS |
C |
$9,000 |
5.00% |
Narina Maritime Ltd |
16-May-17 |
16-Apr-18 - 16-Jul-18 |
|
|
2006 74,381 |
|
|
|
|
|
|
|
15 |
MELIA |
|
$9,500 |
5.00% |
Nidera S.P.A., Roma |
19-Mar-17 |
27-Feb-18 - 4-May-18 |
5 |
|
2005 76,225 |
|
|
|
|
|
|
|
16 |
ARTEMIS |
|
$9,000 |
5.00% |
Ausca
Shipping Limited, HongKong |
8-Jul-17 |
8-Jul-18 - 8-Oct-18 |
|
|
2006 76,942 |
|
|
|
|
|
|
|
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 |
|
|
2010 81,297 |
|
|
|
|
|
|
|
18 |
SELINA |
D |
$7,100 |
5.00% |
BG Shipping Co., Limited, HongKong |
24-Jan-17 |
6-Feb-18 |
6 |
|
|
|
$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 & CharteringLimited, Hong Kong |
16-Sep-17 |
16-Sep-18 - 16-Dec-18 |
|
|
2013 77,901 |
|
|
|
|
|
|
|
21 |
CRYSTALIA |
E |
$6,250 |
5.00% |
SwissMarine Services S.A.,Geneva |
28-Jun-16 |
3-Oct-17 |
|
|
|
|
$11,100 |
5.00% |
Glencore Agriculture B.V.,Rotterdam |
3-Oct-17 |
3-Oct-18 - 18-Jan-19 |
|
|
2014 77,525 |
|
|
|
|
|
|
|
22 |
ATALANDI |
E |
$5,300 |
5.00% |
Glencore Grain B.V., Rotterdam |
26-Mar-16 |
25-Feb-18 - 26-Apr-18 |
2 |
|
2014 77,529 |
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
24 |
MYRSINI |
F |
$8,650 |
5.00% |
RWE
Supply & Trading GmbH,Essen |
8-Jun-17 |
31-Aug-18 - 31-Dec-18 |
|
|
2010 82,117 |
|
|
|
|
|
|
|
25 |
MEDUSA |
F |
$10,000 |
4.75% |
Cargill International S.A.,Geneva |
6-Jul-17 |
6-Jul-18 - 6-Oct-18 |
|
|
2010 82,194 |
|
|
|
|
|
|
|
26 |
MYRTO |
F |
$8,000 |
4.75% |
Cargill International S.A.,Geneva |
17-Jan-17 |
26-Feb-18 - 17-Apr-18 |
2,7 |
|
2013 82,131 |
|
|
|
|
|
|
|
27 |
ASTARTE |
|
$9,000 |
5.00% |
Glencore Agriculture B.V.,Rotterdam |
12-Jun-17 |
12-Aug-18 - 12-Nov-18 |
|
|
2013 81,513 |
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
29 |
AMPHITRITE |
G |
$11,150 |
4.75% |
Cargill International S.A.,Geneva |
28-Sep-17 |
28-Oct-18 - 28-Jan-19 |
|
|
2012 98,697 |
|
|
|
|
|
|
|
30 |
POLYMNIA |
G |
$10,100 |
4.75% |
Cargill International S.A.,Geneva |
15-Mar-17 |
31-Mar-18 - 15-Jul-18 |
|
|
2012 98,704 |
|
|
|
|
|
|
|
31 |
ELECTRA |
H |
$8,000 |
5.00% |
Uniper Global Commodities SE,Düsseldorf |
11-Jun-17 |
11-Jul-18 - 11-Nov-18 |
|
|
2013 87,150 |
|
|
|
|
|
|
|
32 |
PHAIDRA |
H |
$7,750 |
5.00% |
Jera
Trading Singapore Pte. Ltd. |
19-May-17 |
13-Jan-18 |
8 |
|
|
|
$12,700 |
5.00% |
Uniper Global Commodities SE,Düsseldorf |
13-Jan-18 |
13-Jan-19 - 13-Apr-19 |
|
|
2013 87,146 |
|
|
|
|
|
|
|
|
14 Capesize Bulk Carriers |
33 |
NORFOLK |
|
$12,000 |
5.00% |
Trafigura Maritime Logistics Pte.Ltd., Singapore |
26-Apr-17 |
1-Dec-17 |
|
|
|
|
$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 |
25-Feb-18 - 14-Apr-18 |
2 |
|
2005 180,235 |
|
|
|
|
|
|
|
35 |
BALTIMORE |
|
$11,300 |
4.75% |
Cargill International S.A.,Geneva |
16-Feb-17 |
16-Mar-18 - 1-Jul-18 |
|
|
2005 177,243 |
|
|
|
|
|
|
|
36 |
SALT LAKE
CITY |
|
$9,000 |
5.00% |
Uniper Global Commodities SE,Düsseldorf |
20-Jan-17 |
1-Mar-18 - 20-May-18 |
2 |
|
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 |
$13,000 |
4.75% |
Clearlake Shipping Pte. Ltd.,Singapore |
9-Aug-15 |
6-Dec-17 |
9,10 |
|
|
|
$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 |
2-Mar-18 - 17-May-18 |
11 |
|
2009 177,729 |
|
|
|
|
|
|
|
41 |
NEW
YORK |
I |
$14,450 |
5.00% |
Koch
Shipping Pte. Ltd.,Singapore |
23-Apr-17 |
2-Feb-18 |
12 |
|
|
|
$16,000 |
5.00% |
DHL
Project & CharteringLimited, 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 |
8-Apr-18 - 23-Jul-18 |
|
|
2011 179,362 |
|
|
|
|
|
|
|
43 |
P. S.
PALIOS |
J |
$10,550 |
5.00% |
Koch
Shipping Pte. Ltd.,Singapore |
27-Jan-17 |
28-Feb-18 - 11-Jun-18 |
2 |
|
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 |
27-Feb-18 - 24-Apr-18 |
2 |
|
2015 179,426 |
|
|
|
|
|
|
|
46 |
NEW
ORLEANS |
|
$11,250 |
5.00% |
Koch
Shipping Pte. Ltd.,Singapore |
10-Dec-16 |
24-Feb-18 - 10-Apr-18 |
2 |
|
2015 180,960 |
|
|
|
|
|
|
|
|
4 Newcastlemax Bulk Carriers |
47 |
LOS
ANGELES |
L |
BCI_20145TCs AVG+ 14% |
5.00% |
SwissMarine Services S.A.,Geneva |
22-Jan-17 |
24-Feb-18 - 22-Apr-18 |
2 |
|
2012 206,104 |
|
|
|
|
|
|
|
48 |
PHILADELPHIA |
L |
$15,500 |
5.00% |
Koch
Shipping Pte. Ltd.,Singapore |
14-Mar-17 |
26-Feb-18 - 29-Apr-18 |
2 |
|
2012 206,040 |
|
|
|
|
|
|
|
49 |
SAN
FRANCISCO |
M |
$11,750 |
5.00% |
Koch
Shipping Pte. Ltd.,Singapore |
5-Jan-17 |
28-Feb-18 - 20-May-18 |
2 |
|
2017 208,006 |
|
|
|
|
|
|
|
50 |
NEWPORT
NEWS |
M |
BCI_20145TCs 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 Based on latest information. |
3 Vessel on scheduled drydocking from November 11, 2017 to
November 26, 2017. |
4 Vessel currently off-hire for drydocking. |
5 Since September 17, 2017, Charterers have changed to COFCO
Agri Freight SA. |
6 The charter rate was US$4,500 for the first thirty (30) days
of the charter period. |
7 Vessel off-hire for drydocking from December 24, 2017 to
January 12, 2018. |
8 Charterers have agreed to pay the weighted average of the 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. |
9 Clearlake Shipping Pte. Ltd., Singapore is a member of the
Gunvor Group. |
10 The compensation for the overlapping period from November
20, 2017 to December 6, 2017, which is beyond the maximum
contractual period, is still pending to be agreed between Owners
and Clearlake Shipping Pte. Ltd., Singapore. |
11 The charter rate was US$5,150 for the first fifteen (15)
days of the charter period. |
12 Charterers have agreed to pay the weighted average of the 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. |
Summary of Selected Financial & Other Data
(unaudited) |
|
|
|
Three months ended December 31, |
|
Year ended December 31, |
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
STATEMENT OF OPERATIONS DATA (in thousands of US
Dollars) |
|
Time charter
revenues |
$ |
48,936 |
$ |
28,020 |
$ |
161,897 |
$ |
114,259 |
|
Voyage expenses |
|
3,020 |
|
1,387 |
|
8,617 |
|
13,826 |
|
Vessel operating
expenses |
|
24,021 |
|
20,863 |
|
90,358 |
|
85,955 |
|
Net loss |
|
(436,932) |
|
(23,256) |
|
(511,714) |
|
(164,237) |
|
Net loss attributed to
common stockholders |
|
(438,374) |
|
(24,698) |
|
(517,483) |
|
(170,006) |
FLEET DATA |
|
Average number of
vessels |
|
50.3 |
|
46.0 |
|
49.6 |
|
45.2 |
|
Number of vessels |
|
50.0 |
|
46.0 |
|
50.0 |
|
46.0 |
|
Weighted average age of
vessels |
|
8.4 |
|
8.2 |
|
8.4 |
|
8.2 |
|
Ownership days |
|
4,624 |
|
4,232 |
|
18,119 |
|
16,542 |
|
Available days |
|
4,615 |
|
4,215 |
|
17,890 |
|
16,447 |
|
Operating days |
|
4,562 |
|
4,210 |
|
17,566 |
|
16,354 |
|
Fleet utilization |
|
98.9% |
|
99.9% |
|
98.2% |
|
99.4% |
AVERAGE DAILY RESULTS |
|
Time charter equivalent
(TCE) rate (1) |
$ |
9,949 |
$ |
6,319 |
$ |
8,568 |
$ |
6,106 |
|
Daily vessel operating
expenses (2) |
$ |
5,195 |
$ |
4,930 |
$ |
4,987 |
$ |
5,196 |
|
|
|
|
|
|
|
|
|
|
|
_____________________ |
(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. |
|
|
Non-GAAP Measures
This press release includes a discussion of net
loss and loss per share adjusted for impairment losses as
identified in the reconciliations provided below. The Company
believes that discussion of these additional non-GAAP measures
provides investors with meaningful comparisons of current results
to prior periods’ results by excluding items that the Company does
not believe reflect its fundamental business performance. The
following shows the difference between net loss to adjusted net
loss, and loss per share to adjusted loss per share for the three
months ended December 31, 2017 and 2016 (in thousands, except per
share amounts):
|
|
Three months ended December 31, |
|
|
2017 |
|
2016 |
Adjusted net loss and net loss attributed to common
stockholders |
|
|
|
|
|
|
|
|
|
Net
loss |
$ |
(436,932 |
) |
$ |
(23,256 |
) |
|
|
|
|
|
Impairment loss |
|
422,466 |
|
|
- |
|
|
|
|
|
|
Adjusted
net loss |
$ |
(14,466 |
) |
$ |
(23,256 |
) |
|
|
|
|
|
Dividends on series B preferred shares |
(1,442 |
) |
|
(1,442 |
) |
|
|
|
|
|
Adjusted
net loss attributed to common stockholders |
$ |
(15,908 |
) |
$ |
(24,698 |
) |
|
|
|
|
|
Adjusted loss per share |
|
|
|
|
|
|
|
|
|
Loss per
common share, basic and diluted |
$ |
(4.28 |
) |
$ |
(0.31 |
) |
|
|
|
|
|
Impairment loss |
|
4.13 |
|
|
- |
|
|
|
|
|
|
Adjusted
loss per share, basic and diluted |
$ |
(0.15 |
) |
$ |
(0.31 |
) |
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, February 22,
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 13675888.
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 December 31, |
|
Year ended December 31, |
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
(audited) |
REVENUES: |
|
|
|
|
|
|
|
|
|
Time charter
revenues |
$ |
48,936 |
$ |
28,020 |
$ |
161,897 |
$ |
114,259 |
|
|
|
|
|
|
|
|
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
Voyage expenses |
|
3,020 |
|
1,387 |
|
8,617 |
|
13,826 |
|
Vessel operating
expenses |
|
24,021 |
|
20,863 |
|
90,358 |
|
85,955 |
|
Depreciation and
amortization of deferred charges |
|
21,920 |
|
20,638 |
|
87,003 |
|
81,578 |
|
General and
administrative expenses |
|
8,157 |
|
6,792 |
|
26,332 |
|
25,510 |
|
Management fees to
related party |
|
542 |
|
384 |
|
1,883 |
|
1,464 |
|
Impairment loss |
|
422,466 |
|
- |
|
442,274 |
|
- |
|
Insurance recoveries,
net of other loss |
|
482 |
|
- |
|
(10,879) |
|
- |
|
Gain on contract
termination |
|
- |
|
(5,500) |
|
- |
|
(5,500) |
|
Other
(income)/loss |
|
9 |
|
(275) |
|
296 |
|
(253) |
|
Operating loss |
(431,681) |
|
(16,269) |
|
(483,987) |
|
(88,321) |
|
|
|
|
|
|
|
|
|
|
OTHER INCOME / (EXPENSES): |
|
|
|
|
|
|
|
|
|
Interest and finance
costs |
|
(6,754) |
|
(5,640) |
|
(26,628) |
|
(21,949) |
|
Interest and other
income |
|
1,480 |
|
773 |
|
4,508 |
|
2,410 |
|
Loss from equity method
investments |
|
23 |
|
(2,120) |
|
(5,607) |
|
(56,377) |
|
Total other
expenses, net |
|
(5,251) |
|
(6,987) |
|
(27,727) |
|
(75,916) |
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(436,932) |
$ |
(23,256) |
$ |
(511,714) |
$ |
(164,237) |
|
|
|
|
|
|
|
|
|
|
Dividends on series B preferred shares |
|
(1,442) |
|
(1,442) |
|
(5,769) |
|
(5,769) |
|
|
|
|
|
|
|
|
|
|
Net loss attributed to common
stockholders |
|
(438,374) |
|
(24,698) |
|
(517,483) |
|
(170,006) |
|
|
|
|
|
|
|
|
|
|
Loss per common share, basic and diluted |
$ |
(4.28) |
$ |
(0.31) |
$ |
(5.41) |
$ |
(2.11) |
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares, basic and
diluted |
|
102,394,183 |
|
80,653,373 |
|
95,731,093 |
|
80,441,517 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
Year ended December 31, |
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
(audited) |
Net loss |
$ |
(436,932) |
$ |
(23,256) |
$ |
(511,714) |
$ |
(164,237) |
Other comprehensive income/(loss) (Actuarial gain/(loss)) |
|
130 |
|
(61) |
|
109 |
|
(84) |
Comprehensive loss |
$ |
(436,802) |
$ |
(23,317) |
$ |
(511,605) |
$ |
(164,321) |
|
|
CONDENSED CONSOLIDATED BALANCE SHEET
DATA |
|
|
(in thousands of U.S. Dollars) |
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016* |
ASSETS |
|
(unaudited) |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
40,227 |
$ |
98,142 |
Other current assets |
|
98,534 |
|
17,174 |
Advances for vessels under construction and
acquisitions and other vessel costs |
|
- |
|
46,863 |
Vessels, net of depreciation |
|
1,053,578 |
|
1,403,912 |
Other fixed assets, net |
|
22,650 |
|
23,114 |
Restricted cash |
|
25,582 |
|
23,000 |
Due from related parties, non-current |
|
- |
|
45,417 |
Investments in related parties |
|
3,249 |
|
6,014 |
Other non-current assets |
|
2,902 |
|
5,027 |
Total assets |
$ |
1,246,722 |
$ |
1,668,663 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
Long-term debt, net of deferred financing costs |
$ |
601,384 |
$ |
598,181 |
Other liabilities |
|
20,580 |
|
13,893 |
Total stockholders' equity |
|
624,758 |
|
1,056,589 |
Total liabilities and stockholders'
equity |
$ |
1,246,722 |
$ |
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 December 31, |
|
Year ended December 31, |
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
(audited) |
Net Cash provided by / (used in) operating
activities |
$ |
12,241 |
$ |
(2,392) |
$ |
23,413 |
$ |
(20,998) |
Net Cash provided by / (used in) investing
activities |
|
13,351 |
|
4,676 |
|
(152,333) |
|
(41,619) |
Net Cash provided by / (used in) financing
activities |
$ |
(22,484) |
$ |
(12,524) |
$ |
73,587 |
$ |
(9,459) |
|
Corporate Contact:Ioannis ZafirakisDirector,
Chief Operating Officer and SecretaryTelephone: +
30-210-9470100Email: izafirakis@dianashippinginc.comWebsite:
www.dianashippinginc.com
Investor and Media Relations:Edward
NebbComm-Counsellors, LLCTelephone: + 1-203-972-8350Email:
enebb@optonline.net
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