Diana Shipping Inc. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2017
ATHENS, Greece, July 26, 2017 (GLOBE NEWSWIRE) -- 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 $23.8 million and net loss attributed to common stockholders of $25.3 million for the second quarter of 2017. This compares to a net loss of $31.3 million and net loss attributed to common stockholders of $32.7 million for the second quarter of 2016.
Time charter revenues were $37.8 million for the second quarter of 2017, compared to $28.3 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 six months ended June 30, 2017 amounted to $50.3 million and $53.2 million, respectively. This compares to a net loss and net loss attributed to common stockholders of $62.7 million and $65.6 million, respectively, for the same period of 2016. Time charter revenues were $69.0 million for the six months ended June 30, 2017, compared to $59.1 million for the same period of 2016.
| Fleet Employment Profile (As of July 24, 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 | $ | 9,000 | 4.75 | % | Cargill International S.A., Geneva | 8-Mar-17 | 24-May-17 | 1 |
| $ | 7,750 | 5.00 | % | Phaethon International Company AG | 24-May-17 | 9-Oct-17 - 29-Dec-17 | ||||
| 2001 75,106 | ||||||||||
| 2 | DIONE | A | $ | 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 | $ | 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 | 20-Jul-17 | |
| $ | 8,800 | 5.00 | % | Hudson Shipping Lines Incorporated | 20-Jul-17 | 20-Jul-18 - 20-Oct-18 | ||||
| 2001 75,247 | ||||||||||
| 5 | TRITON | A | $ | 6,300 | 5.00 | % | Windrose SPS Shipping and Trading S.A., Geneva | 25-Oct-16 | 4-Jun-17 | |
| $ | 6,500 | 5.00 | % | Ausca Shipping Limited, Hong Kong | 8-Jun-17 | 8-Jul-18 - 23-Oct-18 | ||||
| 2001 75,336 | ||||||||||
| 6 | OCEANIS | A | $ | 5,200 | 5.00 | % | Nidera S.P.A., Roma | 30-Jun-16 | 30-May-17 | |
| $ | 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 | $ | 4,500 | 5.00 | % | Transgrain Shipping B.V., Rotterdam | 23-Feb-16 | 2-Jun-17 | 2 |
| $ | 7,900 | 5.00 | % | Hudson Shipping Lines Incorporated | 24-Jun-17 | 24-Jun-18 - 9-Oct-18 | ||||
| 2004 73,630 | ||||||||||
| 9 | CALIPSO | $ | 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 | 9-Jul-17 | |
| $ | 8,550 | 5.00 | % | Phaethon International Company 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 | 1-Aug-17 - 11-Nov-17 | 3 |
| 2006 73,546 | ||||||||||
| 12 | ARETHUSA | B | $ | 7,200 | 5.00 | % | Noble Resources International Pte. Ltd., Singapore | 23-Jan-17 | 23-Nov-17 - 23-Mar-18 | 4 |
| 2007 73,593 | ||||||||||
| 13 | ERATO | C | $ | 4,650 | 5.00 | % | Glencore Grain B.V., Rotterdam | 26-Mar-16 | 25-May-17 | |
| $ | 7,250 | 5.00 | % | Phaethon International Company AG | 25-May-17 | 10-Oct-17 - 30-Dec-17 | ||||
| 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 | 2-Aug-17 - 6-Oct-17 | 3 |
| 2004 76,436 | ||||||||||
| 16 | MELIA | D | $ | 9,500 | 5.00 | % | Nidera S.P.A., Roma | 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 | 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 | 29-Sep-17 - 29-Jan-18 | ||
| 2010 81,297 | ||||||||||
| E | $ | 4,500 | 5.00 | % | BG Shipping Co., Limited, Hong Kong | 24-Jan-17 | 23-Feb-17 | |||
| 19 | SELINA | $ | 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 | 5 |
| $ | 8,500 | 5.00 | % | Transgrain Shipping B.V., Rotterdam | 15-Jun-17 | 14-Aug-17 | 6,7 | |||
| 2013 75,403 | ||||||||||
| 21 | ISMENE | $ | 5,850 | 5.00 | % | Glencore Grain B.V., Rotterdam | 7-Aug-16 | 29-Jul-17 - 22-Sep-17 | 3 | |
| 2013 77,901 | ||||||||||
| 22 | CRYSTALIA | F | $ | 6,250 | 5.00 | % | SwissMarine Services S.A., Geneva | 28-Jun-16 | 2-Aug-17 21-Oct-17 | 3,8 |
| 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 | 29-Jul-17 | 3,9 |
| 2009 82,193 | ||||||||||
| 25 | MYRSINI | G | $ | 5,550 | 5.00 | % | RWE Supply & Trading GmbH, Essen | 9-Mar-16 | 8-Jun-17 | |
| $ | 8,650 | 5.00 | % | 8-Jun-17 | 31-Aug-18 31-Dec-18 | |||||
| 2010 82,117 | ||||||||||
| 26 | MEDUSA | G | $ | 6,300 | 5.00 | % | Quadra Commodities S.A., Geneva | 7-Apr-16 | 6-Jul-17 | |
| $ | 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 | 10 | |
| 2013 81,513 | ||||||||||
| 5 Post-Panamax Bulk Carriers | ||||||||||
| 29 | ALCMENE | $ | 6,750 | 5.00 | % | ADM International Sarl, Rolle, Switzerland | 13-May-15 | 1-Jun-17 | ||
| $ | 8,000 | 4.75 | % | Cargill International S.A., Geneva | 8-Jun-17 | 8-Jul-18 - 23-Oct-18 | ||||
| 2010 93,193 | ||||||||||
| 30 | AMPHITRITE | H | $ | 7,700 | 5.00 | % | Bunge S.A., Geneva | 15-Jul-15 | 31-Jul-17 - 30-Aug-17 | 3 |
| 2012 98,697 | ||||||||||
| 31 | POLYMNIA | H | $ | 10,100 | 4.75 | % | Cargill International S.A., Geneva | 15-Mar-17 | 31-Mar-18 - 15-Jul-18 | 11 |
| 2012 98,704 | ||||||||||
| 32 | ELECTRA | I | $ | 8,000 | 5.00 | % | Uniper Global Commodities SE, Düsseldorf | 11-Jun-17 | 11-Jul-18 - 11-Nov-18 | 12 |
| 2013 87,150 | ||||||||||
| 33 | PHAIDRA | I | $ | 7,750 | 5.00 | % | Jera Trading Singapore Pte. Ltd. | 19-May-17 | 19-Sep-17 - 3-Jan-18 | |
| 2013 87,146 | ||||||||||
| 14 Capesize Bulk Carriers | ||||||||||
| 34 | NORFOLK | $ | 12,000 | 5.00 | % | Trafigura Maritime Logistics Pte. Ltd., Singapore | 26-Apr-17 | 11-Oct-17 - 26-Dec-17 | ||
| 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 | $ | 6,500 | 5.00 | % | Rio Tinto Shipping (Asia) Pte., Ltd., Singapore | 22-Dec-15 | 21-Jun-17 | |
| $ | 13,000 | 5.00 | % | 21-Jun-17 | 21-Jul-18 - 21-Nov-18 | |||||
| 2006 174,186 | ||||||||||
| 39 | SEMIRIO | J | $ | 4,800 | 5.00 | % | SwissMarine Services S.A., Geneva | 6-Feb-16 | 21-May-17 | 13 |
| $ | 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 | 1-Aug-17 - 24-Oct-17 | 3,14,15 |
| 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 | $ | 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 | $ | 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 | 31-Jul-17 - 14-Aug-17 | 3 |
| 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_2014 5TCs 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_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 Charter included a one time gross ballast bonus payment of US$400,000. | ||||||||||
| 2 Vessel on scheduled drydocking from June 2, 2017 to June 24, 2017. | ||||||||||
| 3 Based on latest information. | ||||||||||
| 4 Vessel off-hire from June 27, 2017 to July 1, 2017. | ||||||||||
| 5 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. | ||||||||||
| 6 Charter includes a one time gross ballast bonus payment of US$350,000. | ||||||||||
| 7 Redelivery date based on an estimated time charter trip duration of about 60 days. | ||||||||||
| 8 Vessel off-hire for drydocking from March 2, 2017 to April 26, 2017. | ||||||||||
| 9 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. | ||||||||||
| 10 Vessel on scheduled drydocking from May 26, 2017 to June 12, 2017. | ||||||||||
| 11 Vessel off-hire for drydocking from April 30, 2017 to May 14, 2017. | ||||||||||
| 12 Vessel on scheduled drydocking from May 29, 2017 to June 11, 2017. | ||||||||||
| 13 Vessel on scheduled drydocking from March 16, 2017 to April 2, 2017. | ||||||||||
| 14 Clearlake Shipping Pte. Ltd., Singapore is a member of the Gunvor Group. | ||||||||||
| 15 Vessel off-hire for drydocking from June 1, 2017 to June 23, 2017. | ||||||||||
| 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 June 30, | Six months ended June 30, | ||||||||||||
|
2017 |
2016 |
2017 |
2016 |
||||||||||
| STATEMENT OF OPERATIONS DATA (in thousands of US Dollars) | |||||||||||||
| Time charter revenues | $ | 37,752 | $ | 28,326 | $ | 69,040 | $ | 59,118 | |||||
| Voyage expenses | 2,059 | 3,562 | 3,119 | 10,318 | |||||||||
| Vessel operating expenses | 22,324 | 21,933 | 43,640 | 43,874 | |||||||||
| Net loss | (23,819 | ) | (31,284 | ) | (50,290 | ) | (62,670 | ) | |||||
| Net loss attributed to common stockholders | (25,261 | ) | (32,726 | ) | (53,174 | ) | (65,554 | ) | |||||
| FLEET DATA | |||||||||||||
| Average number of vessels | 49.4 | 45.6 | 48.6 | 44.4 | |||||||||
| Number of vessels | 51.0 | 46.0 | 51.0 | 46.0 | |||||||||
| Weighted average age of vessels | 7.9 | 7.7 | 7.9 | 7.7 | |||||||||
| Ownership days | 4,491 | 4,147 | 8,804 | 8,078 | |||||||||
| Available days | 4,367 | 4,125 | 8,643 | 8,005 | |||||||||
| Operating days | 4,271 | 4,099 | 8,472 | 7,943 | |||||||||
| Fleet utilization | 97.8 | % | 99.4 | % | 98.0 | % | 99.2 | % | |||||
| AVERAGE DAILY RESULTS | |||||||||||||
| Time charter equivalent (TCE) rate (1) | $ | 8,173 | $ | 6,003 | $ | 7,627 | $ | 6,096 | |||||
| Daily vessel operating expenses (2) | $ | 4,971 | $ | 5,289 | $ | 4,957 | $ | 5,431 | |||||
_____________________
(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 Wednesday, July 26, 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 13665613.
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 June 30, | Six months ended June 30, | ||||||||||||
|
2017 |
2016 |
2017 |
2016 |
||||||||||
| REVENUES: | |||||||||||||
| Time charter revenues | $ | 37,752 | $ | 28,326 | $ | 69,040 | $ | 59,118 | |||||
| EXPENSES: | |||||||||||||
| Voyage expenses | 2,059 | 3,562 | 3,119 | 10,318 | |||||||||
| Vessel operating expenses | 22,324 | 21,933 | 43,640 | 43,874 | |||||||||
| Depreciation and amortization of deferred charges |
21,646 | 20,309 | 42,719 | 40,314 | |||||||||
| General and administrative expenses | 6,651 | 6,465 | 12,438 | 12,743 | |||||||||
| Management fees to related party | 440 | 360 | 861 | 720 | |||||||||
| Other income/(expenses) | 176 | (86 | ) | 245 | 75 | ||||||||
| Operating loss | (15,544 | ) | (24,217 | ) | (33,982 | ) | (48,926 | ) | |||||
| OTHER INCOME / (EXPENSES): | |||||||||||||
| Interest and finance costs | (6,687 | ) | (5,586 | ) | (13,076 | ) | (10,611 | ) | |||||
| Interest and other income | 928 | 541 | 1,568 | 1,097 | |||||||||
| Loss from equity method investments | (2,516 | ) | (2,022 | ) | (4,800 | ) | (4,230 | ) | |||||
| Total other expenses, net | (8,275 | ) | (7,067 | ) | (16,308 | ) | (13,744 | ) | |||||
| Net loss | $ | (23,819 | ) | $ | (31,284 | ) | $ | (50,290 | ) | $ | (62,670 | ) | |
| Dividends on series B preferred shares | (1,442 | ) | (1,442 | ) | (2,884 | ) | (2,884 | ) | |||||
| Net loss attributed to common stockholders | (25,261 | ) | (32,726 | ) | (53,174 | ) | (65,554 | ) | |||||
| Loss per common share, basic and diluted | $ | (0.26 | ) | $ | (0.41 | ) | $ | (0.60 | ) | $ | (0.82 | ) | |
| Weighted average number of common shares, basic and diluted |
96,691,952 | 80,534,351 | 89,015,484 | 80,287,498 | |||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||
|
2017 |
2016 |
2017 |
2016 |
||||||||||
| Net loss | $ | (23,819 | ) | $ | (31,284 | ) | $ | (50,290 | ) | $ | (62,670 | ) | |
| Other comprehensive loss (Actuarial loss) | (7 | ) | (8 | ) | (14 | ) | (15 | ) | |||||
| Comprehensive loss | $ | (23,826 | ) | $ | (31,292 | ) | $ | (50,304 | ) | $ | (62,685 | ) | |
| CONDENSED CONSOLIDATED BALANCE SHEET DATA | |||||
| (in thousands of U.S. Dollars) | |||||
| June 30, 2017 | December 31, 2016* | ||||
| ASSETS | (unaudited) | ||||
| Cash and cash equivalents | $ | 42,273 | $ | 98,142 | |
| Other current assets | 18,295 | 17,174 | |||
| Advances for vessels under construction and acquisitions and other vessel costs | - | 46,863 | |||
| Vessels' net book value | 1,536,345 | 1,403,912 | |||
| Other fixed assets, net | 22,849 | 23,114 | |||
| Restricted cash | 25,500 | 23,000 | |||
| Due from related parties, non-current | 82,617 | 45,417 | |||
| Equity method investments | 4,214 | 6,014 | |||
| Other non-current assets | 7,116 | 5,027 | |||
| Total assets | $ | 1,739,209 | $ | 1,668,663 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
| Long-term debt, net of deferred financing costs | $ | 633,602 | $ | 598,181 | |
| Other liabilities | 20,321 | 13,893 | |||
| Total stockholders' equity | 1,085,286 | 1,056,589 | |||
| Total liabilities and stockholders' equity | $ | 1,739,209 | $ | 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 June 30, | Six months ended June 30, | ||||||||||||
|
2017 |
2016 |
2017 |
2016 |
||||||||||
| Net Cash provided by / (used in) operating activities | $ | 3,513 | $ | (4,192 | ) | $ | 2,921 | $ | (13,625 | ) | |||
| Net Cash used in investing activities | (107,691 | ) | (19,010 | ) | (165,712 | ) | (45,558 | ) | |||||
| Net Cash provided by financing activities | $ | 63,749 | $ | 809 | $ | 109,422 | $ | 14,603 | |||||
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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