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Diana Shipping Inc. Reports Financial Results for the First Quarter Ended March 31, 2015

ATHENS, Greece, May 13, 2015 (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 $10.8 million and net loss attributed to common stockholders of $12.2 million for the first quarter of 2015, compared to net loss of $6.0 million and net loss attributed to common stockholders of $6.8 million reported in the first quarter of 2014.

Time charter revenues were $42.0 million for the first quarter of 2015, compared to $41.1 million for the same period of 2014. The increase in time charter revenues was mainly due to the increase in ownership days resulting from the enlargement of our fleet and was partly offset by reduced time charter rates.

Share Repurchase Plan

As previously announced, on May 23, 2014, the Company's Board of Directors authorized a share repurchase plan, under which, during the first quarter of 2015, the Company repurchased and retired 413,804 shares for an aggregate cost of about $2.7 million.

Fleet Employment Profile (As of May 12, 2015)
Currently Diana Shipping Inc.'s fleet is employed as follows:
Vessel




BUILT DWT


Sister
Ships*
Gross
Rate
(USD Per
Day)



Com**



Charterer

Delivery
Date to
Charterer



Redelivery Date to Owners***



Notes
Panamax Bulk Carriers
1 DANAE A $8,250 5.00% Intermare Transport GmbH, Hamburg 10-Mar-13 16-Jan-15
$7,650 3.75% Glencore Grain B.V., Rotterdam 16-Jan-15 16-Dec-15 - 16-Mar-16 1
2001 75,106
2 DIONE A $9,250 5.00% RWE Supply & Trading GmbH, Essen 12-Sep-14 12-Oct-15 - 27-Feb-16
2001 75,172
3 NIREFS A $7,500 5.00% Glencore Grain B.V., Rotterdam 25-Dec-14 25-Nov-15 25-Feb-16
2001 75,311
4 ALCYON A $7,750 5.00% EDF Trading Limited, UK 21-Dec-12 18-May-15 2
2001 75,247
5 TRITON A $9,250 5.00% Glencore Grain B.V., Rotterdam 24-Oct-14 24-Sep-15 - 24-Dec-15
2001 75,336
6 OCEANIS A $9,000 5.00% Glencore Grain B.V., 19-Jun-14 22-Mar-15
$4,500 5.00% Rotterdam 22-Mar-15 11-May-15
$7,200 5.00% 11-May-15 22-Feb-16 - 22-May-16
2001 75,211
7 THETIS B $8,300 5.00% EDF Trading Limited, UK 1-Sep-13 1-Jul-15 - 1-Dec-15
2004 73,583
8 PROTEFS B $9,000 5.00% Cargill International S.A., Geneva 14-Sep-12 30-Mar-15 3
$6,250 5.00% Glencore Grain B.V., Rotterdam 3-Apr-15 3-Mar-16 - 3-Jun-16
2004 73,630
9 CALIPSO B $8,100 4.75% Cargill International S.A., Geneva 29-Jul-13 29-Apr-15 4
$4,000 5.00% Centurion Bulk Pte. Ltd., Singapore 8-May-15 2-Jun-15 5,6
2005 73,691
10 CLIO B $8,600 4.75% Cargill International S.A., Geneva 22-Aug-13 22-May-15 - 27-May-15 2
2005 73,691
11 NAIAS B $8,500 5.00% Bunge S.A., Geneva 3-Sep-14 4-Jul-15 - 4-Oct-15
2006 73,546
12 ARETHUSA B $8,250 5.00% Glencore Grain B.V., 20-Nov-14 5-Mar-15
$7,100 5.00% Rotterdam 5-Mar-15 5-Feb-16 - 5-May-16
2007 73,593
13 ERATO C $8,500 5.00% RWE Supply & Trading GmbH, Essen 27-Nov-14 14-Jan-15
$8,000 5.00% Langlois Enterprises Ltd. 17-Jan-15 9-Mar-15
$7,100 5.00% Glencore Grain B.V., Rotterdam 9-Mar-15 9-Feb-16 - 9-May-16
2004 74,444
14 CORONIS C $11,550 5.00% Oberon Holdings Limited 12-Jun-14 4-May-15 7,8
2006 74,381
15 MELITE D $7,250 5.00% Glencore Grain B.V., Rotterdam 29-Jan-15 29-Sep-15 - 29-Jan-16 9
2004 76,436
16 MELIA D $12,000 3.75% Rio Tinto Shipping Pty, Ltd., Melbourne 10-May-14 7-Apr-15 10,11
$5,050 5.00% Bunge S.A., Geneva 9-Apr-15 19-May-15
$7,050 5.00% 19-May-15 9-Aug-15 - 9-Nov-15
2005 76,225
17 ARTEMIS $9,375 3.75% Rio Tinto Shipping Pty, Ltd., Melbourne 26-Aug-13 26-Jun-15 - 26-Oct-15
2006 76,942
18 LETO $11,350 4.75% Cargill International S.A., Geneva 19-Jul-14 19-Jun-15 - 19-Sep-15 12
2010 81,297
19 CRYSTALIA E $15,800 5.00% Glencore Grain B.V., Rotterdam 21-Feb-14 21-Aug-15 - 21-Nov-15
2014 77,525
20 ATALANDI E $13,500 5.00% Glencore Grain B.V., 13-May-14 21-Apr-15
$7,000 5.00% Rotterdam 21-Apr-15 21-May-15
$8,000 5.00% 21-May-15 21-Mar-16 - 21-Jun-16
2014 77,529
Kamsarmax Bulk Carriers
21 MAIA F $12,000 5.00% RWE Supply & Trading GmbH, Essen 29-Sep-14 29-Sep-15 - 29-Jan-16 13
2009 82,193
22 MYRSINI F $15,500 4.75% Clearlake Shipping 12-Feb-14 18-Feb-15 14,15
$8,250 4.75% Pte. Ltd., Singapore 18-Feb-15 18-Dec-15 - 18-Apr-16
2010 82,117
23 TORM ISLAND F -- -- -- -- -- -- -- 16
(tbr. MEDUSA)
2010 82,194
24 MYRTO F $9,000 5.00% Cargill International S.A., Geneva 25-Jan-13 5-Jan-15
$9,850 5.00% Glencore Grain B.V., Rotterdam 5-Jan-15 5-Dec-15 - 5-Mar-16
2013 82,131
Post-Panamax Bulk Carriers
25 ALCMENE $7,250 5.00% ADM International Sarl, Rolle, Switzerland 22-Feb-13 28-Feb-15 17,18
$6,000 5.00% Topsail Shipping Co., Limited Hong Kong 15-Mar-15 13-Apr-15
$6,750 5.00% ADM International Sarl, Rolle, Switzerland 13-May-15 13-Feb-17 - 2-Jun-17 19
2010 93,193
26 AMPHITRITE $11,300 5.00% Bunge S.A., Geneva 15-Aug-14 15-Jul-15 - 15-Oct-15
2012 98,697
27 POLYMNIA $7,600 5.00% Bunge S.A., Geneva 16-Jan-13 3-Jan-15 20
$7,500 5.00% Vroon Dry Cargo Chartering B.V., Breskens 17-Jan-15 17-Oct-15 - 17-Feb-16 21
2012 98,704
Capesize Bulk Carriers
28 NORFOLK $10,700 4.50% Clearlake Shipping 16-Jan-13 4-Mar-15 14,22
$10,250 4.75% Pte. Ltd., Singapore 4-Mar-15 4-Apr-16 - 4-Aug-16
2002 164,218
29 ALIKI $26,500 5.00% Minmetals Logistics Group Co. Ltd., Beijing 1-Mar-11 1-Feb-16 - 1-Apr-16
2005 180,235
30 BALTIMORE $15,000 5.00% RWE Supply & Trading GmbH, Essen 8-Jul-13 8-Jul-16 - 8-Jan-17
2005 177,243
31 SALT LAKE CITY $16,200 5.00% Kawasaki Kisen Kaisha, Ltd., Tokyo 23-Nov-14 7-Feb-15
BCI 4TCs AVG + 3.5% 5.00% K Noble Hong Kong Ltd., Hong Kong 7-Feb-15 7-Nov-16 - 7-Feb-17
2005 171,810
32 SIDERIS GS G $13,500 4.75% Cargill International S.A., Geneva 14-Mar-13 21-Feb-15
$10,000 5.00% Rio Tinto Shipping (Asia) Pte., Ltd., Singapore 22-Feb-15 22-Dec-15 - 22-Apr-16
2006 174,186
33 SEMIRIO G $14,000 4.75% Cargill International S.A., Geneva 19-Mar-13 20-Feb-15
$10,000 5.00% Rio Tinto Shipping (Asia) Pte., Ltd., Singapore 20-Feb-15 20-Feb-16 - 20-Jun-16
2007 174,261
34 BOSTON G $14,250 4.75% Clearlake Shipping Pte. Ltd., Singapore 24-Aug-13 9-Aug-15 - 8-Feb-16 14
2007 177,828
35 HOUSTON G $20,500 4.75% Clearlake Shipping Pte. Ltd., Singapore 3-Dec-13 4-Jan-15 14
$12,750 5.00% RWE Supply & Trading GmbH, Essen 4-Jan-15 4-Jan-16 - 4-Apr-16
2009 177,729
36 NEW YORK G $12,850 4.75% Clearlake Shipping Pte. Ltd., Singapore 17-Dec-14 17-Feb-16 - 17-Jun-16 14
2010 177,773
37 P. S. PALIOS $18,350 5.00% RWE Supply & Trading GmbH, Essen 3-Dec-13 18-Sep-15 - 31-Dec-15
2013 179,134
38 G. P. ZAFIRAKIS H $25,250 5.00% RWE Supply & Trading GmbH, Essen 23-Aug-14 14-Feb-16 - 23-Jun-16
2014 179,492
39 SANTA BARBARA H $12,000 5.00% RWE Supply & Trading GmbH, Essen 13-Jan-15 13-Dec-15 - 13-Mar-16
2015 179,426
40 HULL No. H1364 -- -- -- -- -- -- -- 23
(tbn. NEW ORLEANS)
2015 180,000
Newcastlemax Bulk Carriers
41 LOS ANGELES I $18,000 5.00% EDF Trading Limited, UK 9-Feb-12 9-Dec-15 - 9-Apr-16
2012 206,104
42 PHILADELPHIA I $18,000 5.00% EDF Trading Limited, UK 17-May-12 17-Jan-16 - 17-Jul-16
2012 206,040
Vessels Under Construction
43 HULL DY6006 -- -- -- -- -- -- -- 24
2016 82,000
44 HULL H2548 J -- -- -- -- -- -- -- 24
(tbn. SAN FRANCISCO)
2016 208,500
45 HULL H2549 J -- -- -- -- -- -- -- 24
(tbn. NEWPORT NEWS)
2016 208,500
* 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.
*** Charterers' optional period to redeliver the vessel to owners. Charterers have the right to add the off hire days, if any, and therefore the optional period may be extended.
1 Vessel off hire for unscheduled maintenance from April 1, 2015 to April 6, 2015.
2 Based on latest information.
3 On October 14, 2014, the Company signed an addendum, extending the initially agreed maximum redelivery date by a month. On December 15, 2014, the Company agreed to further extend the maximum redelivery date till April 14, 2015.
4 During April 2015, the vessel was off hire for drydocking for approximately 21 days.
5 Redelivery date based on an estimated time charter trip duration of about 25 days.
6 Charter includes a one time gross ballast bonus payment of US$50,000.
7 Charterers have agreed to compensate the owners for the early redelivery of the vessel on around May 4, 2015 till the minimum agreed redelivery date May 12, 2015.
8 Vessel currently on scheduled drydocking.
9 Vessel on scheduled drydocking from December 30, 2014 to January 22, 2015.
10 Vessel off hire for drydocking from January 15, 2015 to February 5, 2015.
11 Rio Tinto Shipping Pty, Ltd., Melbourne has agreed to compensate the owners for the early redelivery of the vessel on April 7, 2015 till the minimum agreed redelivery date April 10, 2015.
12 Vessel off hire for drydocking from February 7, 2015 to February 18, 2015.
13 During April 2015, the vessel was off hire for approximately 6 days.
14 Clearlake Shipping Pte. Ltd., Singapore is a member of the Gunvor Group.
15 Vessel currently off hire for drydocking.
16 Expected date of delivery to the Company during the second quarter of 2015.
17 In February 2015, owners and charterers mutually agreed to extend the optional period.
18 Vessel on scheduled drydocking from February 28, 2015 to March 15, 2015.
19 Estimated date of delivery to the charterers.
20 Prior to October 12, 2013, chartered to Augustea Bunge Maritime Limited, Malta.
21 Charter includes a one time gross ballast bonus payment of US$237,500.
22 Charterers have exercised their right to add the off hire days and therefore the optional period has been extended up to February 18, 2015. From then onwards, owners and charterers mutually agreed to further extend the optional period.
23 Expected date of delivery to the Company during August 2015.
24 Year of delivery and dwt are based on shipbuilding contract.
Summary of Selected Financial & Other Data (unaudited)
Three months ended March 31,
2015 2014
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars):
Time charter revenues $ 42,006 $ 41,145
Voyage expenses 4,924 2,398
Vessel operating expenses 21,789 20,656
Net loss (10,763) (6,027)
Net loss attributed to common stockholders (12,205) (6,780)
FLEET DATA
Average number of vessels 39.9 36.4
Number of vessels 40.0 37.0
Weighted average age of vessels 7.0 6.7
Ownership days 3,588 3,280
Available days 3,520 3,278
Operating days 3,487 3,238
Fleet utilization 99.1% 98.8%
AVERAGE DAILY RESULTS
Time charter equivalent (TCE) rate (1) $ 10,535 $ 11,820
Daily vessel operating expenses (2) $ 6,073 $ 6,298

(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, May 13, 2015.

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 13607636.

About the Company

Diana Shipping Inc. is a leading 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,
2015 2014

REVENUES:
Time charter revenues 42,006 41,145
EXPENSES:
Voyage expenses 4,924 2,398
Vessel operating expenses 21,789 20,656
Depreciation and amortization of deferred charges 18,447 16,874
General and administrative expenses 5,712 6,248
Foreign currency gain (525) (65)
Operating loss (8,341) (4,966)
OTHER INCOME / (EXPENSES):
Interest and finance costs (2,542) (1,960)
Interest and other income 872 904
Loss from derivative instruments -- (4)
Loss from investment in Diana Containerships Inc. (752) (1)
Total other expenses, net (2,422) (1,061)
Net loss (10,763) (6,027)
Dividends on series B preferred shares (1,442) (753)
Net loss attributed to common stockholders (12,205) (6,780)
Loss per common share, basic and diluted (0.15) (0.08)
Weighted average number of common shares, basic and diluted 79,259,770 81,733,673
Three months ended March 31,
2015 2014
Net loss (10,763) (6,027)
Comprehensive loss (10,763) (6,027)
CONDENSED CONSOLIDATED BALANCE SHEET DATA (unaudited)
(in thousands of U.S. Dollars)
March, 31, 2015 December 31, 2014
ASSETS
Cash and cash equivalents $ 231,024 $ 218,901
Other current assets 17,565 19,333
Advances for vessels under construction and acquisitions and other vessel costs 26,966 29,500
Vessels' net book value 1,405,573 1,373,133
Other fixed assets, net 23,802 23,887
Due from related parties, non-current 51,023 50,866
Investment in Diana Containerships Inc. 66,746 67,546
Other non-current assets 4,797 3,956
Total assets $ 1,827,496 $ 1,787,122
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities, including current portion of long-term debt $ 73,741 $ 98,092
Long-term debt, net of current portion and deferred financing costs 483,273 405,522
Other non-current liabilities 1,193 1,282
Total stockholders' equity 1,269,289 1,282,226
Total liabilities and stockholders' equity $ 1,827,496 $ 1,787,122
OTHER FINANCIAL DATA (unaudited)
Three months ended March 31,
2015 2014
Net Cash provided by operating activities $ 8,433 $ 9,637
Net Cash used in investing activities (47,605) (19,038)
Net Cash provided by / (used in) financing activities $ 51,295 $ 76,174

CONTACT: 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.netSource:Diana Shipping Inc.