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Diana Shipping Inc. Reports Financial Results for the First Quarter Ended March 31, 2016

ATHENS, Greece, May 18, 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 $31.4 million and net loss attributed to common stockholders of $32.8 million for the first quarter of 2016, compared to a net loss of $10.8 million and net loss attributed to common stockholders of $12.2 million reported in the first quarter of 2015.

Time charter revenues were $30.8 million for the first quarter of 2016, compared to $42.0 million for the same period of 2015. The decrease in time charter revenues was due to decreased average time charter rates that we achieved for our vessels during the quarter and was partly offset by revenues due to the increase in ownership days resulting from the enlargement of our fleet.


Fleet Employment Profile (As of May 18, 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
1DANAEA$4,900 5.00%Dampskibsselskabet
Norden A/S,
Copenhagen
9-Dec-159-Nov-16 - 9-Mar-17
2001 75,106
2DIONEA$9,250 5.00%RWE Supply &
Trading GmbH, Essen
12-Sep-148-Jan-161
$4,350 5.00%Nidera S.P.A., Roma4-Feb-1620-Jan-17 - 4-May-17
2001 75,172
3NIREFSA$7,500 5.00%Glencore Grain B.V.,
Rotterdam
25-Dec-1412-Jan-16
$4,600 5.00%Transgrain Shipping
B.V., Rotterdam
15-Jan-1615-Dec-16 - 30-Mar-17
2001 75,311
4ALCYONA$7,600 5.00%Transgrain Shipping
B.V., Rotterdam
22-Aug-1528-Apr-16
$5,000 5.00%Dampskibsselskabet
Norden A/S,
Copenhagen
4-May-164-May-17 - 4-Sep-17
2001 75,247
5TRITONA$6,800 5.00%Glencore Grain B.V.,
Rotterdam
28-Oct-1513-Sep-16 - 28-Dec-16
2001 75,336
6OCEANISA$7,200 5.00%Glencore Grain B.V.,
Rotterdam
11-May-1512-Mar-16
$6,750 5.00%Bunge S.A., Geneva13-Apr-165-Jun-162,3
2001 75,211
7THETISB$7,000 5.00%Dampskibsselskabet
Norden A/S,
Copenhagen
14-Jul-1514-Jun-16 - 14-Sep-16
2004 73,583
8PROTEFSB$6,250 5.00%Glencore Grain B.V.,
Rotterdam
3-Apr-1518-Feb-164
$4,500 5.00%Transgrain Shipping
B.V., Rotterdam
23-Feb-168-Feb-17 - 23-Jun-17
2004 73,630
9CALIPSOB$6,000 5.00%China Shipping Bulk
Carrier Co., Ltd., Hong
Kong
9-Jun-158-Apr-16
$6,300 5.00%Polaris Shipping Co.,
Ltd., Seoul
8-Apr-167-Jul-165
2005 73,691
10CLIOB$6,500 5.00%Transgrain Shipping
B.V., Rotterdam
4-Aug-1520-May-16

6
$5,350 5.00% 20-May-1620-Apr-17 - 20-Jul-17
2005 73,691
11NAIASB$6,800 4.75%Cargill International
S.A., Geneva
12-Jul-1523-May-167,8
2006 73,546
12ARETHUSAB$7,100 5.00%Glencore Grain B.V.,
Rotterdam
5-Mar-1521-May-169
2007 73,593
13ERATOC$7,100 5.00%Glencore Grain B.V.,
Rotterdam
9-Mar-1526-Mar-16
$4,650 5.00% 26-Mar-1611-Feb-17 - 26-May-17
2004 74,444
14CORONISC$6,500 5.00%Sandgate Maritime
Ltd
3-Jul-1519-Mar-1610
$4,750 5.00%Narina Maritime Ltd19-Mar-1619-Feb-17 - 19-May-17
2006 74,381
15MELITED$7,250 4.75%Cargill International
S.A., Geneva
13-Oct-1513-Sep-16 - 13-Dec-16
2004 76,436
16MELIAD$7,200 5.00%Nidera S.P.A., Roma24-Oct-1524-Nov-16 - 24-Feb-17
2005 76,225
17ARTEMIS $7,500 5.00%China Shipping Bulk
Carrier Co., Ltd., Hong
Kong
16-Aug-1523-May-16 - 2-Jun-168
2006 76,942
18LETO $7,100 4.75%Cargill International
S.A., Geneva
19-Jun-154-Sep-16 - 3-Jan-17
2010 81,297
19SELINAE$5,800 5.00%Dampskibsselskabet
Norden A/S,
Copenhagen
24-Mar-1615-Oct-16 - 15-Feb-17
2010 75,700
20MAERAE$4,500 5.00%United Bulk Carriers
International S.A.,
Luxembourg
10-May-1628-Dec-16 - 28-Apr-17
2013 75,403
21INFINITY 9 $7,825 5.00%Glencore Grain B.V.,
Rotterdam
21-Mar-1624-Jun-16 - 24-Oct-16
(tbr. ISMENE)
2013 77,901
22CRYSTALIAF$9,000 5.00%Glencore Grain B.V.,
Rotterdam
29-Aug-1529-Jun-16 - 29-Sep-16
2014 77,525
23ATALANDIF$8,000 5.00%Glencore Grain B.V.,
Rotterdam
21-May-1521-Mar-16
$5,300 5.00% 26-Mar-1626-Nov-17 - 26-Apr-18
2014 77,529
4 Kamsarmax Bulk Carriers
24MAIAG$7,500 5.00%RWE Supply &
Trading GmbH, Essen
13-Nov-1513-Apr-17 - 13-Jul-17
2009 82,193
25MYRSINIG$8,250 4.75%Clearlake Shipping
Pte. Ltd., Singapore
18-Feb-159-Mar-1611
$5,550 5.00%RWE Supply &
Trading GmbH, Essen
9-Mar-169-Mar-17 - 24-Jun-17
2010 82,117
26MEDUSAG$7,450 4.75%Clearlake Shipping
Pte. Ltd., Singapore
2-Jun-157-Apr-1611
$6,300 5.00%Quadra Commodities
S.A., Geneva
7-Apr-1615-Mar-17 - 30-Jul-17
2010 82,194
27MYRTOG$6,000 4.75%Cargill International
S.A., Geneva
24-Dec-1524-Oct-16 - 8-Feb-17
2013 82,131
3 Post-Panamax Bulk Carriers
28ALCMENE $6,750 5.00%ADM International
Sarl, Rolle,
Switzerland
13-May-1513-Feb-17 - 2-Jun-17
2010 93,193
29AMPHITRITEH$7,700 5.00%Bunge S.A., Geneva15-Jul-1530-Apr-17 - 30-Aug-17
2012 98,697
30POLYMNIAH$5,650 4.75%Cargill International
S.A., Geneva
15-Dec-1530-Nov-16 - 15-Mar-17
2012 98,704
14 Capesize Bulk Carriers
31NORFOLK $10,250 4.75%Clearlake Shipping
Pte. Ltd., Singapore
4-Mar-1528-Mar-1611,12
$4,350 5.00%SwissMarine Services
S.A., Geneva
28-Mar-1628-Dec-16 - 28-Mar-17
2002 164,218
32ALIKI $26,500 5.00%Minmetals Logistics
Group Co. Ltd.,
Beijing
1-Mar-1116-Jan-1613
$5,300 5.00%SwissMarine Services
S.A., Geneva
16-Jan-1616-Dec-16 - 16-Mar-17
2005 180,235
33BALTIMORE $15,000 5.00%RWE Supply &
Trading GmbH, Essen
8-Jul-138-Jul-16 - 8-Jan-17
2005 177,243
34SALT LAKE CITY BCI 4TCs
AVG +
3.5%
5.00%K Noble Hong Kong
Ltd., Hong Kong
7-Feb-157-Nov-16 - 7-Feb-17
2005 171,810
35SIDERIS GSI$6,500 5.00%Rio Tinto Shipping
(Asia) Pte., Ltd.,
Singapore
22-Dec-1522-Jan-17 - 7-Jul-17
2006 174,186
36SEMIRIOI$10,000 5.00%Rio Tinto Shipping
(Asia) Pte., Ltd.,
Singapore
20-Feb-156-Feb-1614
$4,800 5.00%SwissMarine Services
S.A., Geneva
6-Feb-166-Jan-17 - 6-May-17
2007 174,261
37BOSTONI$13,000 4.75%Clearlake Shipping
Pte. Ltd., Singapore
9-Aug-1525-May-17 - 24-Oct-1711
2007 177,828
38HOUSTONI$12,750 5.00%RWE Supply &
Trading GmbH, Essen
4-Jan-1529-Jan-16
$5,150 5.00%SwissMarine Services
S.A., Geneva
29-Jan-1629-Dec-16 - 29-Mar-17
2009 177,729
39NEW YORKI$12,850 4.75%Clearlake Shipping
Pte. Ltd., Singapore
17-Dec-143-Feb-1611,15
$5,200 5.00%Rio Tinto Shipping
(Asia) Pte., Ltd.,
Singapore
3-Feb-163-Jan-17 - 18-May-17
2010 177,773
40SEATTLEJ$7,300 4.75%SwissMarine Services
S.A., Geneva
9-Dec-1525-Oct-16 - 9-Feb-17
2011 179,362
41P. S. PALIOSJ$13,000 5.00%RWE Supply &
Trading GmbH, Essen
18-Sep-1531-Dec-16 - 31-Mar-17
2013 179,134
42G. P. ZAFIRAKISK$25,250 5.00%RWE Supply &
Trading GmbH, Essen
23-Aug-1414-Feb-16
$6,500 5.00% 14-Feb-1614-May-17 - 14-Aug-17
2014 179,492
43SANTA BARBARAK$7,500 5.00%RWE Supply &
Trading GmbH, Essen
18-Dec-1518-Dec-16 - 18-Mar-17
2015 179,426
44NEW ORLEANS $11,650 5.00%SwissMarine Services
S.A., Geneva
11-Nov-1511-Oct-16 - 26-Feb-17
2015 180,960
2 Newcastlemax Bulk Carriers
45LOS ANGELESL$7,750 5.00%SwissMarine Services
S.A., Geneva
9-Dec-1524-Nov-16 - 24-Mar-17
2012 206,104
46PHILADELPHIAL$18,000 5.00%EDF Trading Limited,
UK
17-May-1220-Jan-1616
$6,450 5.00%RWE Supply &
Trading GmbH, Essen
20-Jan-1620-Dec-16 - 20-Mar-17
2012 206,040
3 Vessels Under Construction
47HULL No. DY6006 - - --- - -17
(tbn. PHAIDRA)
2016 82,000
48HULL No. H2548M - - --- - -17
(tbn. SAN FRANCISCO)
2016 208,500
49HULL No. H2549M - - --- - -17
(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 was on scheduled drydocking from January 8, 2016 to February 4, 2016.
2 Redelivery date based on an estimated time charter trip duration of about 52 days.
3 Charter includes a one time gross ballast bonus payment of US$175,000.
4 Glencore Grain B.V., Rotterdam has agreed to compensate the owners for the early redelivery of the vessel until the minimum agreed redelivery date, March 3, 2016.
5 Redelivery date based on an estimated time charter trip duration of about 90 days.
6 Estimated date.
7 During the first quarter of 2016, the vessel was off-hire for drydocking for approximately 24 days.
8 Based on latest information.
9 It was agreed the current charterparty to be extended from May 5, 2016 until May 21, 2016.
10 Sandgate Maritime Ltd has agreed to compensate the owners for the early redelivery of the vessel until the minimum agreed redelivery date, April 3, 2016.
11 Clearlake Shipping Pte. Ltd., Singapore is a member of the Gunvor Group.
12 Clearlake Shipping Pte. Ltd., Singapore has agreed to compensate the owners for the early redelivery of the vessel until the minimum agreed redelivery date, April 4, 2016.
13 Minmetals Logistics Group Co. Ltd., Beijing has agreed to compensate the owners for the early redelivery of the vessel until 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 until 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 until the minimum agreed redelivery date, February 17, 2016.
16 As per relevant charterparty, EDF Trading Limited, UK has agreed to pay US$18,000 per day until the minimum agreed redelivery date, January 17, 2016. The gross charter rate was amended to US$8,500 per day until January 20, 2016 (approximately three days).
17 Year of delivery and dwt are based on shipbuilding contract.



Summary of Selected Financial & Other Data (unaudited)
Three months ended March 31,
2016 2015
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
Time charter revenues$ 30,792 $ 42,006
Voyage expenses 6,755 4,924
Vessel operating expenses 21,942 21,789
Net loss (31,386) (10,763)
Net loss attributed to common stockholders (32,828) (12,205)
FLEET DATA
Average number of vessels 43.2 39.9
Number of vessels 45.0 40.0
Weighted average age of vessels 7.5 7.0
Ownership days 3,931 3,588
Available days 3,880 3,520
Operating days 3,844 3,487
Fleet utilization 99.1% 99.1%
AVERAGE DAILY RESULTS
Time charter equivalent (TCE) rate (1)$ 6,195 $ 10,535
Daily vessel operating expenses (2)$ 5,582 $ 6,073

_____________________

(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 18, 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 13635633.

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 March 31,
2016 2015
REVENUES:
Time charter revenues$ 30,792 $ 42,006
EXPENSES:
Voyage expenses 6,755 4,924
Vessel operating expenses 21,942 21,789
Depreciation and amortization of deferred charges 20,005 18,447
General and administrative expenses 6,278 5,712
Management fees to related party 360 -
Foreign currency loss / (gain) 161 (525)
Operating loss (24,709) (8,341)
OTHER INCOME / (EXPENSES):
Interest and finance costs (5,025) (2,542)
Interest and other income 556 872
Loss from equity method investments (2,208) (752)
Total other expenses, net (6,677) (2,422)
Net loss$ (31,386)$ (10,763)
Dividends on series B preferred shares (1,442) (1,442)
Net loss attributed to common stockholders (32,828) (12,205)
Loss per common share, basic and diluted$ (0.41)$ (0.15)
Weighted average number of common shares, basic and diluted 80,040,645 79,259,770
Three months ended March 31,
2016 2015
Net loss$ (31,386)$ (10,763)
Other comprehensive loss (Actuarial loss) (7) -
Comprehensive loss$ (31,393)$ (10,763)



CONDENSED CONSOLIDATED BALANCE SHEET DATA
(in thousands of U.S. Dollars)
March 31, 2016 December 31, 2015*
ASSETS (unaudited)
Cash and cash equivalents$148,531 $171,718
Other current assets 22,249 21,795
Advances for vessels under construction and acquisitions and other vessel costs 45,139 44,514
Vessels' net book value 1,447,949 1,440,803
Other fixed assets, net 23,423 23,489
Compensating cash balance 22,500 21,500
Due from related parties, non-current 42,500 43,750
Equity method investments 60,232 62,487
Other non-current assets 7,215 6,909
Total assets $1,819,738 $1,836,965
LIABILITIES AND STOCKHOLDERS' EQUITY
Long-term debt, net of deferred financing costs$616,056 $600,071
Other liabilities 16,011 18,528
Total stockholders' equity 1,187,671 1,218,366
Total liabilities and stockholders' equity $1,819,738 $1,836,965
*The balance sheet data as of December 31, 2015 has been derived from the audited consolidated financial statements at that date


OTHER FINANCIAL DATA (unaudited)
Three months ended March 31,
2016 2015
Net Cash provided by/(used in) operating activities $ (9,433)$ 8,433
Net Cash used in investing activities (26,548) (47,605)
Net Cash provided by financing activities $ 12,794 $ 50,795


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.