Diana Shipping Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2015

ATHENS, Greece, March 02, 2016 (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 $22.5 million and net loss attributed to common stockholders of $23.9 million for the fourth quarter of 2015, compared to a net loss and net loss attributed to common stockholders of $6.2 million and $7.7 million, respectively, reported in the fourth quarter of 2014.

Time charter revenues were $38.3 million for the fourth quarter of 2015, compared to $46.1 million for the same quarter of 2014. The decrease in time charter revenues was mainly due to decreased time charter rates in the quarter and was partly offset by revenues derived from the increase in ownership days resulting from the enlargement of our fleet.

Net loss and net loss attributed to common stockholders for 2015 amounted to $64.7 million and $70.5 million, respectively, compared to net loss and net loss attributed to common stockholders of $10.3 million and $15.3 million, respectively, for 2014. Time charter revenues were $157.7 million for 2015, compared to $175.6 million for 2014.


Fleet Employment Profile (As of March 02, 2016)
Diana Shipping Inc.’s fleet is employed as follows:
VesselSister Ships*Gross Rate (USD Per Day)Com**CharterersDelivery Date to Charterers***Redelivery Date to Owners****Notes
BUILT DWT
23 Panamax Bulk Carriers
1 DANAEA$7,650 3.75%Glencore Grain B.V., Rotterdam16-Jan-152-Dec-151,2
$4,900 5.00%Dampskibsselskabet Norden A/S, Copenhagen9-Dec-159-Nov-16 - 9-Mar-17
2001 75,106
2 DIONEA$9,250 5.00%RWE Supply & Trading GmbH, Essen12-Sep-148-Jan-163
$4,350 5.00%Nidera S.P.A., Roma4-Feb-1620-Jan-17 - 4-May-17
2001 75,172
3 NIREFSA$7,500 5.00%Glencore Grain B.V., Rotterdam25-Dec-1412-Jan-16
$4,600 5.00%Transgrain Shipping B.V., Rotterdam15-Jan-1615-Dec-16 - 30-Mar-17
2001 75,311
4 ALCYONA$7,600 5.00%Transgrain Shipping B.V., Rotterdam22-Aug-1522-Apr-16 - 22-Jul-16
2001 75,247
5 TRITONA$9,250 5.00%Glencore Grain B.V., Rotterdam24-Oct-146-Oct-15

4
$6,800 5.00% 28-Oct-1513-Sep-16 - 28-Dec-16
2001 75,336
6 OCEANISA$7,200 5.00%Glencore Grain B.V., Rotterdam11-May-1519-Mar-16 - 29-Mar-165
2001 75,211
7 THETISB$7,000 5.00%Dampskibsselskabet Norden A/S, Copenhagen14-Jul-1514-Jun-16 - 14-Sep-16
2004 73,583
8 PROTEFSB$6,250 5.00%Glencore Grain B.V., Rotterdam3-Apr-1518-Feb-166
$4,500 5.00%Transgrain Shipping B.V., Rotterdam23-Feb-168-Feb-17 - 23-Jun-17
2004 73,630
9 CALIPSOB$6,000 5.00%China Shipping Bulk Carrier Co., Ltd., Hong Kong9-Jun-159-Apr-16 - 9-Aug-16
2005 73,691
10 CLIOB$6,500 5.00%Transgrain Shipping B.V., Rotterdam4-Aug-154-May-16 - 4-Aug-16
2005 73,691
11 NAIASB$6,800 4.75%Cargill International S.A., Geneva12-Jul-1512-May-16 - 12-Aug-167
2006 73,546
12 ARETHUSAB$7,100 5.00%Glencore Grain B.V., Rotterdam5-Mar-1511-Mar-16 - 5-May-165,8
2007 73,593
13 ERATOC$7,100 5.00%Glencore Grain B.V., Rotterdam9-Mar-1512-Mar-16 - 9-May-165
2004 74,444
14 CORONISC$6,500 5.00%Sandgate Maritime Ltd3-Jul-153-Apr-16 - 3-Jul-16
2006 74,381
15 MELITED$7,250 5.00%Glencore Grain B.V., Rotterdam29-Jan-1513-Oct-15
$7,250 4.75%Cargill International S.A., Geneva13-Oct-1513-Sep-16 - 13-Dec-16
2004 76,436
16 MELIAD$7,050 5.00%Bunge S.A., Geneva19-May-1524-Oct-15
$7,200 5.00%Nidera S.P.A., Roma24-Oct-1524-Nov-16 - 24-Feb-17
2005 76,225
17 ARTEMIS $7,500 5.00%China Shipping Bulk Carrier Co., Ltd., Hong Kong16-Aug-1516-May-16 - 16-Aug-16
2006 76,942
18 LETO $7,100 4.75%Cargill International S.A., Geneva19-Jun-154-Sep-16 - 3-Jan-17
2010 81,297
19 SUNSHINEE - - --- - -9,10
(tbr. SELINA)
2010 75,700
20 MANZONIE - - --- - -9,10
(tbr. MAERA)
2013 75,403
21 INFINITY 9 - - --- - -9,10
(tbr. ISMENE)
2013 77,901
22 CRYSTALIAF$9,000 5.00%Glencore Grain B.V., Rotterdam29-Aug-1529-Jun-16 - 29-Sep-16
2014 77,525
23 ATALANDIF$8,000 5.00%Glencore Grain B.V., Rotterdam21-May-1521-Mar-16 - 21-Apr-165
2014 77,529
4 Kamsarmax Bulk Carriers
24 MAIAG$12,000 5.00%RWE Supply & Trading GmbH, Essen29-Sep-1413-Nov-15
$7,500 5.00% 13-Nov-1513-Apr-17 - 13-Jul-17
2009 82,193
25 MYRSINIG$8,250 4.75%Clearlake Shipping Pte. Ltd., Singapore18-Feb-157-Mar-165,11
2010 82,117
26 MEDUSAG$7,450 4.75%Clearlake Shipping Pte. Ltd., Singapore2-Jun-152-Apr-16 - 2-Aug-1611
2010 82,194
27 MYRTOG$9,850 5.00%Glencore Grain B.V., Rotterdam5-Jan-1524-Dec-15
$6,000 4.75%Cargill International S.A., Geneva24-Dec-1524-Oct-16 - 8-Feb-17
2013 82,131
3 Post-Panamax Bulk Carriers
28 ALCMENE $6,750 5.00%ADM International Sarl, Rolle, Switzerland13-May-1513-Feb-17 - 2-Jun-17
2010 93,193
29 AMPHITRITEH$7,700 5.00%Bunge S.A., Geneva15-Jul-1530-Apr-17 - 30-Aug-17
2012 98,697
30 POLYMNIAH$7,500 5.00%Vroon Dry Cargo Chartering B.V., Breskens17-Jan-1515-Dec-1512
$5,650 4.75%Cargill International S.A., Geneva15-Dec-1530-Nov-16 - 15-Mar-17
2012 98,704
14 Capesize Bulk Carriers
31 NORFOLK $10,250 4.75%Clearlake Shipping Pte. Ltd., Singapore4-Mar-154-Apr-16 - 4-Aug-1611
2002 164,218
32 ALIKI $26,500 5.00%Minmetals Logistics Group Co. Ltd., Beijing1-Mar-1116-Jan-1613
$5,300 5.00%SwissMarine Services S.A., Geneva16-Jan-1616-Dec-16 - 16-Mar-17
2005 180,235
33 BALTIMORE $15,000 5.00%RWE Supply & Trading GmbH, Essen8-Jul-138-Jul-16 - 8-Jan-17
2005 177,243
34 SALT LAKE CITY BCI 4TCs AVG + 3.5% 5.00%K Noble Hong Kong Ltd., Hong Kong7-Feb-157-Nov-16 - 7-Feb-17
2005 171,810
35 SIDERIS GSI$10,000 5.00%Rio Tinto Shipping (Asia) Pte., Ltd., Singapore22-Feb-1522-Dec-15
$6,500 5.00% 22-Dec-1522-Jan-17 - 7-Jul-17
2006 174,186
36 SEMIRIOI$10,000 5.00%Rio Tinto Shipping (Asia) Pte., Ltd., Singapore20-Feb-156-Feb-1614
$4,800 5.00%SwissMarine Services S.A., Geneva6-Feb-166-Jan-17 - 6-May-17
2007 174,261
37 BOSTONI$13,000 4.75%Clearlake Shipping Pte. Ltd., Singapore9-Aug-1525-May-17 - 24-Oct-1711
2007 177,828
38 HOUSTONI$12,750 5.00%RWE Supply & Trading GmbH, Essen4-Jan-1529-Jan-16
$5,150 5.00%SwissMarine Services S.A., Geneva29-Jan-1629-Dec-16 - 29-Mar-17
2009 177,729
39 NEW YORKI$12,850 4.75%Clearlake Shipping Pte. Ltd., Singapore17-Dec-143-Feb-1611,15
$5,200 5.00%Rio Tinto Shipping (Asia) Pte., Ltd., Singapore3-Feb-163-Jan-17 - 18-May-17
2010 177,773
40 SEATTLEJ$7,300 4.75%SwissMarine Services S.A., Geneva9-Dec-1525-Oct-16 - 9-Feb-1716
2011 179,362
41 P. S. PALIOSJ$13,000 5.00%RWE Supply & Trading GmbH, Essen18-Sep-1531-Dec-16 - 31-Mar-17
2013 179,134
42 G. P. ZAFIRAKISK$25,250 5.00%RWE Supply & Trading GmbH, Essen23-Aug-1414-Feb-16
$6,500 5.00% 14-Feb-1614-May-17 - 14-Aug-17
2014 179,492
43 SANTA BARBARAK$12,000 5.00%RWE Supply & Trading GmbH, Essen13-Jan-1518-Dec-15
$7,500 5.00% 18-Dec-1518-Dec-16 - 18-Mar-17
2015 179,426
44 NEW ORLEANS $11,650 5.00%SwissMarine Services S.A., Geneva11-Nov-1511-Oct-16 - 26-Feb-17
2015 180,960
2 Newcastlemax Bulk Carriers
45 LOS ANGELESL$18,000 5.00%EDF Trading Limited, UK9-Feb-129-Dec-15
$7,750 5.00%SwissMarine Services S.A., Geneva9-Dec-1524-Nov-16 - 24-Mar-17
2012 206,104
46 PHILADELPHIAL$18,000 5.00%EDF Trading Limited, UK17-May-1220-Jan-1617
$6,450 5.00%RWE Supply & Trading GmbH, Essen20-Jan-1620-Dec-16 - 20-Mar-17
2012 206,040
3 Vessels Under Construction
47 HULL No. DY6006 - - --- - -18
(tbn. PHAIDRA)
2016 82,000
48 HULL No. H2548M - - --- - -18
(tbn. SAN FRANCISCO)
2016 208,500
49 HULL No. H2549M - - --- - -18
(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.
*** 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 Vessel off-hire for drydocking from September 13, 2015 to October 6, 2015.
2 Glencore Grain B.V., Rotterdam has agreed to compensate the owners for the early redelivery of the vessel till the minimum agreed redelivery date, December 16, 2015.
3 Vessel on scheduled drydocking from January 8, 2016 to February 4, 2016.
4 Vessel on scheduled drydocking from October 6, 2015 to October 28, 2015.
5 Based on latest information.
6 Glencore Grain B.V., Rotterdam has agreed to compensate the owners for the early redelivery of the vessel till the minimum agreed redelivery date, March 3, 2016.
7 Vessel off-hire for drydocking for approximately 24 days.
8 During December 2015, the vessel was off-hire for drydocking for approximately 17 days.
9 Expected date of delivery to the Company by the end of March 2016.
10 Consummation of the purchase is subject to the Company obtaining satisfactory bank financing from the sellers' existing lenders.
11 Clearlake Shipping Pte. Ltd., Singapore is a member of the Gunvor Group.
12 Charter included a one time gross ballast bonus payment of US$237,500.
13 Minmetals Logistics Group Co. Ltd., Beijing has agreed to compensate the owners for the early redelivery of the vessel till the minimum agreed redelivery date, February 1, 2016.
14 Rio Tinto Shipping (Asia) Pte., Ltd., Singapore has agreed to compensate the owners for the early redelivery of the vessel till the minimum agreed redelivery date, February 20, 2016.
15 Clearlake Shipping Pte. Ltd., Singapore has agreed to compensate the owners for the early redelivery of the vessel till the minimum agreed redelivery date, February 17, 2016.
16 Vessel for scheduled drydocking from November 16, 2015 to December 9, 2015.
17 As per relevant charterparty, EDF Trading Limited, UK has agreed to pay US$18,000 per day till the minimum agreed redelivery date, i.e. January 17, 2016. The gross charter rate was amended to US$8,500 per day till January 20, 2016 (approximately 3 days).
18 Year of delivery and dwt are based on shipbuilding contract.



Summary of Selected Financial & Other Data (unaudited)
Three months ended December 31, Year ended December 31,
2015 2014 2015 2014
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
Time charter revenues$ 38,285 $ 46,134 $ 157,712 $ 175,576
Voyage expenses 3,424 3,457 15,528 10,665
Vessel operating expenses 23,578 22,336 88,272 86,923
Net loss (22,497) (6,235) (64,713) (10,268)
Net loss attributed to common stockholders (23,939) (7,677) (70,482) (15,348)
FLEET DATA
Average number of vessels 42.1 39.0 40.8 37.9
Number of vessels 43.0 39.0 43.0 39.0
Weighted average age of vessels 7.4 7.1 7.4 7.1
Ownership days 3,870 3,588 14,900 13,822
Available days 3,802 3,530 14,600 13,650
Operating days 3,795 3,501 14,492 13,564
Fleet utilization 99.8% 99.2% 99.3% 99.4%
AVERAGE DAILY RESULTS
Time charter equivalent (TCE) rate (1)$ 9,169 $ 12,090 $ 9,739 $ 12,081
Daily vessel operating expenses (2)$ 6,093 $ 6,225 $ 5,924 $ 6,289

_____________________

(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, March 2, 2016.

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 13630282.

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, Years ended December 31,
2015 2014 2015 2014
REVENUES: (audited)
Time charter revenues$ 38,285 $ 46,134 $ 157,712 $ 175,576
EXPENSES:
Voyage expenses 3,424 3,457 15,528 10,665
Vessel operating expenses 23,578 22,336 88,272 86,923
Depreciation and amortization of deferred charges 19,794 18,291 76,333 70,503
General and administrative expenses 7,461 7,481 25,335 26,217
Management fees to related party 320 - 405 -
Foreign currency gain (427) (248) (984) (528)
Operating loss (15,865) (5,183) (47,177) (18,204)
OTHER INCOME / (EXPENSES):
Interest and finance costs (4,871) (2,166) (15,555) (8,427)
Interest and other income 517 884 3,152 3,627
Income from derivative instruments - - - 68
Income/(loss) from equity method investments (2,278) 230 (5,133) 12,668
Total other income / (expenses), net (6,632) (1,052) (17,536) 7,936
Net loss (22,497)$ (6,235)$ (64,713)$ (10,268)
Dividends on series B preferred shares (1,442) (1,442) (5,769) (5,080)
Net loss attributed to common stockholders (23,939) (7,677) (70,482) (15,348)
Loss per common share, basic and diluted$ (0.30)$ (0.10)$ (0.89)$ (0.19)
Weighted average number of common shares, basic and diluted 79,681,727 79,595,251 79,518,009 81,292,290
Three months ended December 31, Years ended December 31,
2015 2014 2015 2014
(audited)
Net loss$ (22,497)$ (6,235)$ (64,713)$ (10,268)
Other comprehensive income / (loss) (Actuarial gain/(loss)) 1,016 (911) 1,016 (911)
Comprehensive loss$ (21,481)$ (7,146)$ (63,697)$ (11,179)



CONDENSED CONSOLIDATED BALANCE SHEET DATA
(in thousands of U.S. Dollars)
2015 2014
ASSETS (unaudited) (audited)
Cash and cash equivalents$193,218 $218,901
Other current assets 21,795 19,333
Advances for vessels under construction and acquisitions and other vessel costs 44,514 29,500
Vessels' net book value 1,440,803 1,373,133
Other fixed assets, net 23,489 23,887
Due from related parties, non-current 43,750 50,866
Equity method investments 62,487 67,546
Other non-current assets 6,909 3,956
Total assets $1,836,965 $1,787,122
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities, including current portion of long-term debt, net of deferred financing costs, current$58,889 $98,092
Long-term debt, net of current portion and deferred financing costs, non-current 559,087 405,522
Other non-current liabilities 623 1,282
Total stockholders' equity 1,218,366 1,282,226
Total liabilities and stockholders' equity $1,836,965 $1,787,122


OTHER FINANCIAL DATA (unaudited)
Three months ended December 31, Years ended December 31,
2015 2014 2015 2014
(audited)
Net Cash provided by operating activities$ 1,493 $ 12,500 $ 23,945 $ 44,910
Net Cash used in investing activities (78,219) (11,411) (155,637) (152,513)
Net Cash provided by financing activities$ 27,424 $ 16,636 $ 106,009 $ 85,871


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

Source:Diana Shipping Inc.