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 $24.5 million and net loss attributed to
common stockholders of $25.9 million for the third quarter of 2017,
including an $8.4 million impairment loss on the m/v Melite which
was sold for scrap in October 2017 after her grounding in July 2017
and the receipt from the insurers of the insured value. This
compares to a net loss of $78.3 million and net loss attributed to
common stockholders of $79.8 million for the third quarter of 2016.
Time charter revenues were $43.9 million for the
third quarter of 2017, compared to $27.1 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 nine months ended September 30, 2017 amounted
to $74.8 million and $79.1 million, respectively. This compares to
a net loss and net loss attributed to common stockholders of $141.0
million and $145.3 million, respectively, for the same period of
2016. Time charter revenues were $113.0 million for the nine months
ended September 30, 2017, compared to $86.2 million for the same
period of 2016.
|
Fleet Employment Profile (As of November 17,
2017) |
|
Diana Shipping Inc.’s fleet is employed as follows: |
|
|
|
|
|
|
|
|
|
|
Vessel |
Sister Ships* |
GrossRate (USD
PerDay) |
Com** |
Charterers |
Delivery Date to Charterers*** |
Redelivery Date to Owners**** |
Notes |
|
BUILT DWT |
|
22 Panamax Bulk Carriers |
1 |
DANAE |
A |
$ |
7,750 |
|
|
5.00 |
% |
Phaethon International Company AG |
24-May-17 |
25-Nov-17 - 29-Dec-17 |
1 |
|
2001 75,106 |
|
|
|
|
|
|
|
2 |
DIONE |
A |
$ |
7,050 |
|
|
5.00 |
% |
Caravel Shipping Limited, Hong Kong |
4-May-17 |
27-Nov-17 - 18-Feb-18 |
1 |
|
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 |
|
$ |
5,000 |
|
|
5.00 |
% |
Dampskibsselskabet Norden A/S, Copenhagen |
4-May-16 |
20-Jul-17 |
|
|
|
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 |
$ |
5,150 |
|
|
5.00 |
% |
Transgrain Shipping B.V., Rotterdam |
19-Jun-16 |
14-Jul-17 |
|
|
|
|
$ |
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 |
30-Jan-18 - 14-May-18 |
|
|
2005 73,691 |
|
|
|
|
|
|
|
10 |
CLIO |
|
$ |
5,350 |
|
|
5.00 |
% |
Transgrain Shipping B.V., Rotterdam |
22-May-16 |
9-Jul-17 |
|
|
|
B |
$ |
8,550 |
|
|
5.00 |
% |
Phaethon International Company AG |
9-Jul-17 |
9-Aug-18 - 9-Nov-18 |
|
|
2005 73,691 |
|
|
|
|
|
|
|
11 |
NAIAS |
|
$ |
7,500 |
|
|
5.00 |
% |
Glencore Agriculture B.V., Rotterdam |
27-Dec-16 |
11-Nov-17 |
2 |
|
|
B |
$ |
10,000 |
|
|
5.00 |
% |
Phaethon International Company AG |
24-Nov-17 |
9-Feb-19 - 24-May-19 |
3 |
|
2006 73,546 |
|
|
|
|
|
|
|
12 |
ARETHUSA |
B |
$ |
7,200 |
|
|
5.00 |
% |
Noble Resources International Pte. Ltd., Singapore |
23-Jan-17 |
27-Nov-17 - 23-Mar-18 |
1,4 |
|
2007 73,593 |
|
|
|
|
|
|
|
13 |
ERATO |
C |
$ |
7,250 |
|
|
5.00 |
% |
Phaethon International Company AG |
25-May-17 |
25-Nov-17 - 30-Dec-17 |
1 |
|
2004 74,444 |
|
|
|
|
|
|
|
14 |
CORONIS |
C |
$ |
9,000 |
|
|
5.00 |
% |
Narina Maritime Ltd |
16-May-17 |
16-Apr-18 - 16-Jul-18 |
5 |
|
2006 74,381 |
|
|
|
|
|
|
|
15 |
MELITE |
D |
$ |
8,000 |
|
|
5.00 |
% |
Uniper Global Commodities SE, Düsseldorf |
6-Dec-16 |
-
- - |
6,7,8 |
|
2004 76,436 |
|
|
|
|
|
|
|
16 |
MELIA |
D |
$ |
9,500 |
|
|
5.00 |
% |
Nidera S.P.A., Roma |
19-Mar-17 |
4-Feb-18 - 4-May-18 |
9 |
|
2005 76,225 |
|
|
|
|
|
|
|
17 |
ARTEMIS |
|
$ |
5,350 |
|
|
5.00 |
% |
Bunge S.A., Geneva |
7-Jun-16 |
8-Jul-17 |
|
|
|
|
$ |
9,000 |
|
|
5.00 |
% |
Ausca Shipping Limited, Hong Kong |
8-Jul-17 |
8-Jul-18 - 8-Oct-18 |
|
|
2006 76,942 |
|
|
|
|
|
|
|
18 |
LETO |
|
$ |
7,750 |
|
|
5.00 |
% |
Glencore Agriculture B.V., Rotterdam |
29-Dec-16 |
27-Nov-17 - 29-Jan-18 |
1 |
|
2010 81,297 |
|
|
|
|
|
|
|
19 |
SELINA |
E |
$ |
7,100 |
|
|
5.00 |
% |
BG
Shipping Co., Limited, Hong Kong |
23-Feb-17 |
26-Nov-17 - 8-Feb-18 |
1 |
|
2010 75,700 |
|
|
|
|
|
|
|
20 |
MAERA |
|
$ |
8,500 |
|
|
5.00 |
% |
Transgrain Shipping B.V., Rotterdam |
15-Jun-17 |
22-Aug-17 |
10,11 |
|
|
E |
$ |
11,900 |
|
|
5.00 |
% |
Unico Logistics Co., Ltd., Seoul |
19-Sep-17 |
19-Jun-18 - 19-Aug-18 |
|
|
2013 75,403 |
|
|
|
|
|
|
|
21 |
ISMENE |
|
$ |
5,850 |
|
|
5.00 |
% |
Glencore Grain B.V., Rotterdam |
7-Aug-16 |
16-Sep-17 |
|
|
|
|
$ |
12,000 |
|
|
5.00 |
% |
DHL Project & Chartering Limited, Hong Kong |
16-Sep-17 |
16-Sep-18 - 16-Dec-18 |
|
|
2013 77,901 |
|
|
|
|
|
|
|
22 |
CRYSTALIA |
|
$ |
6,250 |
|
|
5.00 |
% |
SwissMarine Services S.A., Geneva |
28-Jun-16 |
3-Oct-17 |
|
|
|
F |
$ |
11,100 |
|
|
5.00 |
% |
Glencore Agriculture B.V., Rotterdam |
3-Oct-17 |
3-Oct-18 - 18-Jan-19 |
|
|
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 |
|
$ |
7,500 |
|
|
5.00 |
% |
RWE Supply & Trading GmbH, Essen |
13-Nov-15 |
27-Jul-17 |
12 |
|
|
G |
$ |
10,125 |
|
|
5.00 |
% |
Glencore Agriculture B.V., Rotterdam |
27-Jul-17 |
27-Jul-18 - 27-Oct-18 |
|
|
2009 82,193 |
|
|
|
|
|
|
|
25 |
MYRSINI |
G |
$ |
8,650 |
|
|
5.00 |
% |
RWE Supply & Trading GmbH, Essen |
8-Jun-17 |
31-Aug-18 - 31-Dec-18 |
|
|
2010 82,117 |
|
|
|
|
|
|
|
26 |
MEDUSA |
|
$ |
6,300 |
|
|
5.00 |
% |
Quadra Commodities S.A., Geneva |
7-Apr-16 |
6-Jul-17 |
|
|
|
G |
$ |
10,000 |
|
|
4.75 |
% |
Cargill International S.A., Geneva |
6-Jul-17 |
6-Jul-18 - 6-Oct-18 |
|
|
2010 82,194 |
|
|
|
|
|
|
|
27 |
MYRTO |
G |
$ |
8,000 |
|
|
4.75 |
% |
Cargill International S.A., Geneva |
17-Jan-17 |
17-Jan-18 - 17-Apr-18 |
|
|
2013 82,131 |
|
|
|
|
|
|
|
28 |
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 |
29 |
ALCMENE |
|
$ |
8,000 |
|
|
4.75 |
% |
Cargill International S.A., Geneva |
8-Jun-17 |
8-Jul-18 - 23-Oct-18 |
|
|
2010 93,193 |
|
|
|
|
|
|
|
30 |
AMPHITRITE |
|
$ |
7,700 |
|
|
5.00 |
% |
Bunge S.A., Geneva |
15-Jul-15 |
8-Sep-17 |
13,14 |
|
|
H |
$ |
11,150 |
|
|
4.75 |
% |
Cargill International S.A., Geneva |
28-Sep-17 |
28-Oct-18 28-Jan-19 |
|
|
2012 98,697 |
|
|
|
|
|
|
|
31 |
POLYMNIA |
H |
$ |
10,100 |
|
|
4.75 |
% |
Cargill International S.A., Geneva |
15-Mar-17 |
31-Mar-18 - 15-Jul-18 |
|
|
2012 98,704 |
|
|
|
|
|
|
|
32 |
ELECTRA |
I |
$ |
8,000 |
|
|
5.00 |
% |
Uniper Global Commodities SE, Düsseldorf |
11-Jun-17 |
11-Jul-18 - 11-Nov-18 |
|
|
2013 87,150 |
|
|
|
|
|
|
|
33 |
PHAIDRA |
I |
$ |
7,750 |
|
|
5.00 |
% |
Jera Trading Singapore Pte. Ltd. |
19-May-17 |
26-Nov-17 - 3-Jan-18 |
1 |
|
2013 87,146 |
|
|
|
|
|
|
|
|
14 Capesize Bulk Carriers |
34 |
NORFOLK |
|
$ |
12,000 |
|
|
5.00 |
% |
Trafigura Maritime Logistics Pte. Ltd., Singapore |
26-Apr-17 |
24-Nov-17 |
1 |
|
2002 164,218 |
|
|
|
|
|
|
|
35 |
ALIKI |
|
$ |
10,300 |
|
|
5.00 |
% |
SwissMarine Services S.A., Geneva |
14-Feb-17 |
30-Dec-17 - 14-Apr-18 |
|
|
2005 180,235 |
|
|
|
|
|
|
|
36 |
BALTIMORE |
|
$ |
11,300 |
|
|
4.75 |
% |
Cargill International S.A., Geneva |
16-Feb-17 |
16-Mar-18 - 1-Jul-18 |
|
|
2005 177,243 |
|
|
|
|
|
|
|
37 |
SALT LAKE
CITY |
|
$ |
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 |
$ |
13,000 |
|
|
5.00 |
% |
Rio Tinto Shipping (Asia) Pte., Ltd., Singapore |
21-Jun-17 |
21-Jul-18 - 21-Nov-18 |
|
|
2006 174,186 |
|
|
|
|
|
|
|
39 |
SEMIRIO |
J |
$ |
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 |
20-Nov-17 |
1,15 |
|
2007 177,828 |
|
|
|
|
|
|
|
41 |
HOUSTON |
J |
$ |
10,000 |
|
|
5.00 |
% |
SwissMarine Services S.A., Geneva |
17-Feb-17 |
2-Mar-18 - 17-May-18 |
16 |
|
2009 177,729 |
|
|
|
|
|
|
|
42 |
NEW
YORK |
J |
$ |
14,450 |
|
|
5.00 |
% |
Koch Shipping Pte. Ltd., Singapore |
23-Apr-17 |
25-Nov-17 - 29-Dec-17 |
1 |
|
2010 177,773 |
|
|
|
|
|
|
|
43 |
SEATTLE |
K |
$ |
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 |
$ |
10,550 |
|
|
5.00 |
% |
Koch Shipping Pte. Ltd., Singapore |
27-Jan-17 |
27-Jan-18 - 11-Jun-18 |
17 |
|
2013 179,134 |
|
|
|
|
|
|
|
45 |
G. P.
ZAFIRAKIS |
L |
$ |
6,500 |
|
|
5.00 |
% |
RWE Supply & Trading GmbH, Essen |
14-Feb-16 |
14-Aug-17 |
|
|
|
|
$ |
15,000 |
|
|
5.00 |
% |
14-Aug-17 |
29-Sep-18 - 14-Jan-19 |
|
|
2014 179,492 |
|
|
|
|
|
|
|
46 |
SANTA
BARBARA |
L |
$ |
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 |
BCI_20145TCs AVG+ 14% |
|
|
5.00 |
% |
SwissMarine Services S.A., Geneva |
22-Jan-17 |
7-Feb-18 - 22-Apr-18 |
|
|
2012 206,104 |
|
|
|
|
|
|
49 |
PHILADELPHIA |
M |
$ |
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_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 Based on latest information. |
2 Currently without an active charterparty. Vessel on
scheduled drydocking. |
3 Estimated delivery date to the charterers. |
4 Vessel off-hire from June 27, 2017 to July 1, 2017. |
5 Vessel off-hire for drydocking from August 11, 2017 to
August 30, 2017. |
6 As of July 25, 2017, vessel is off-hire due to a grounding
incident. |
7 On September 21, 2017, the Owners of the m/v Melite advised
Charterers and cargo receivers that due to the impossibility of
performance of the voyage under the relevant Bills of Lading, the
Time Charterparty contract had been rendered frustrated and cargo
owners were asked to make arrangements for the on carriage of their
cargo or other disposal thereof. |
8 ''Melite'' sold and delivered to her new Owners on October
24, 2017. |
9 Since September 17, 2017, Charterers have changed to COFCO
Agri Freight SA. |
10 Charter included a one time gross ballast bonus payment of
US$350,000. |
11 Vessel on scheduled drydocking from August 24, 2017 to
September 19, 2017. |
12 Charterers have agreed to pay the weighted average of the 4
T/C routes on 14th July 2017 plus 20% for the excess period
commencing July 13, 2017. |
13 Charterers have agreed to pay the P2A_03 route plus 10%, as
published by The Baltic Exchange on August 30, 2017, for the excess
period commencing August 30, 2017. |
14 Vessel on scheduled drydocking from September 8, 2017 to
September 28, 2017. |
15 Clearlake Shipping Pte. Ltd., Singapore is a member of the
Gunvor Group. |
16 Charterers will pay US$5,150 per day for the first 15 days
of the charter period. |
17 Vessel off-hire for drydocking from July 9, 2017 to July
20, 2017. |
Summary of Selected Financial & Other Data
(unaudited) |
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF OPERATIONS DATA (in thousands of US
Dollars) |
|
Time
charter revenues |
$ |
43,920 |
|
$ |
27,122 |
|
$ |
112,960 |
|
$ |
86,240 |
|
|
Voyage
expenses |
|
2,478 |
|
|
2,122 |
|
|
5,597 |
|
|
12,439 |
|
|
Vessel
operating expenses |
|
22,697 |
|
|
21,218 |
|
|
66,337 |
|
|
65,093 |
|
|
Net
loss |
|
(24,493) |
|
|
(78,312) |
|
|
(74,782) |
|
|
(140,981) |
|
|
Net loss
attributed to common stockholders |
|
(25,936) |
|
|
(79,754) |
|
|
(79,109) |
|
|
(145,308) |
|
FLEET DATA |
|
Average
number of vessels |
|
51.0 |
|
|
46.0 |
|
|
49.4 |
|
|
44.9 |
|
|
Number of
vessels |
|
51.0 |
|
|
46.0 |
|
|
51.0 |
|
|
46.0 |
|
|
Weighted
average age of vessels |
|
8.2 |
|
|
7.9 |
|
|
8.2 |
|
|
7.9 |
|
|
Ownership
days |
|
4,692 |
|
|
4,232 |
|
|
13,495 |
|
|
12,310 |
|
|
Available
days |
|
4,632 |
|
|
4,227 |
|
|
13,275 |
|
|
12,232 |
|
|
Operating
days |
|
4,533 |
|
|
4,201 |
|
|
13,005 |
|
|
12,144 |
|
|
Fleet
utilization |
|
97.9% |
|
|
99.4% |
|
|
98.0% |
|
|
99.3% |
|
AVERAGE DAILY RESULTS |
|
Time
charter equivalent (TCE) rate (1) |
$ |
8,947 |
|
$ |
5,914 |
|
$ |
8,088 |
|
$ |
6,033 |
|
|
Daily
vessel operating expenses (2) |
$ |
4,837 |
|
$ |
5,014 |
|
$ |
4,916 |
|
$ |
5,288 |
|
_____________________
(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 21,
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 13672574.
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, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
REVENUES: |
|
|
|
|
|
|
|
|
|
Time
charter revenues |
$ |
43,920 |
|
$ |
27,122 |
|
$ |
112,960 |
|
$ |
86,240 |
|
|
|
|
|
|
|
|
|
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
Voyage
expenses |
|
2,478 |
|
|
2,122 |
|
|
5,597 |
|
|
12,439 |
|
|
Vessel
operating expenses |
|
22,697 |
|
|
21,218 |
|
|
66,337 |
|
|
65,093 |
|
|
Depreciation and amortization of deferred charges |
|
22,363 |
|
|
20,626 |
|
|
65,083 |
|
|
60,940 |
|
|
General
and administrative expenses |
|
5,737 |
|
|
5,975 |
|
|
18,175 |
|
|
18,718 |
|
|
Management fees to related party |
|
480 |
|
|
360 |
|
|
1,341 |
|
|
1,080 |
|
|
Impairment loss |
|
8,446 |
|
|
- |
|
|
8,446 |
|
|
- |
|
|
Other
loss/(income) |
|
43 |
|
|
(53) |
|
|
287 |
|
|
22 |
|
|
Operating loss |
|
(18,324) |
|
|
(23,126) |
|
|
(52,306) |
|
|
(72,052) |
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME / (EXPENSES): |
|
|
|
|
|
|
|
|
|
Interest
and finance costs |
|
(6,799) |
|
|
(5,698) |
|
|
(19,874) |
|
|
(16,309) |
|
|
Interest
and other income |
|
1,460 |
|
|
540 |
|
|
3,028 |
|
|
1,637 |
|
|
Loss from
equity method investments |
|
(830) |
|
|
(50,028) |
|
|
(5,630) |
|
|
(54,257) |
|
|
Total other expenses, net |
|
(6,169) |
|
|
(55,186) |
|
|
(22,476) |
|
|
(68,929) |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(24,493) |
|
$ |
(78,312) |
|
$ |
(74,782) |
|
$ |
(140,981) |
|
|
|
|
|
|
|
|
|
|
|
Dividends on series B preferred shares |
|
(1,443) |
|
|
(1,442) |
|
|
(4,327) |
|
|
(4,327) |
|
|
|
|
|
|
|
|
|
|
|
Net loss attributed to common
stockholders |
|
(25,936) |
|
|
(79,754) |
|
|
(79,109) |
|
|
(145,308) |
|
|
|
|
|
|
|
|
|
|
|
Loss per common share, basic and diluted |
$ |
(0.25) |
|
$ |
(0.99) |
|
$ |
(0.85) |
|
$ |
(1.81) |
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares, basic and
diluted |
|
102,280,234 |
|
|
80,534,351 |
|
|
93,485,656 |
|
|
80,370,383 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(24,493) |
|
$ |
(78,312) |
|
$ |
(74,782) |
|
$ |
(140,981) |
|
Other comprehensive loss (Actuarial loss) |
|
(7) |
|
|
(8) |
|
|
(21) |
|
|
(23) |
|
Comprehensive loss |
$ |
(24,500) |
|
$ |
(78,320) |
|
$ |
(74,803) |
|
$ |
(141,004) |
|
CONDENSED CONSOLIDATED BALANCE SHEET
DATA |
|
|
(in thousands of U.S. Dollars) |
|
|
|
|
|
|
|
|
|
|
|
September 30, 2017 |
|
December 31, 2016* |
ASSETS |
|
(unaudited) |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
37,201 |
$ |
98,142 |
Other current assets |
|
27,932 |
|
17,174 |
Advances for vessels under construction and
acquisitions and other vessel costs |
|
- |
|
46,863 |
Vessels' net book value |
|
1,495,711 |
|
1,403,912 |
Other fixed assets, net |
|
22,733 |
|
23,114 |
Restricted cash |
|
25,500 |
|
23,000 |
Due from related parties, non-current |
|
82,617 |
|
45,417 |
Equity method investments |
|
3,226 |
|
6,014 |
Other non-current assets |
|
7,338 |
|
5,027 |
|
Total assets |
$ |
1,702,258 |
$ |
1,668,663 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
Long-term debt, net of deferred financing costs |
$ |
622,056 |
$ |
598,181 |
Other liabilities |
|
19,031 |
|
13,893 |
Total stockholders' equity |
|
1,061,171 |
|
1,056,589 |
|
Total liabilities and stockholders' equity |
$ |
1,702,258 |
$ |
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 September 30, |
|
Nine months ended September 30, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
Net Cash provided by / (used in) operating
activities |
$ |
8,251 |
|
$ |
(4,981) |
|
$ |
11,172 |
|
$ |
(18,606) |
|
Net Cash provided by / (used in) investing
activities |
|
28 |
|
|
(737) |
|
|
(165,684) |
|
|
(46,295) |
|
Net Cash provided by / (used in) financing
activities |
$ |
(13,351) |
|
$ |
(11,538) |
|
$ |
96,071 |
|
$ |
3,065 |
|
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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