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Diana Shipping Inc. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2016

ATHENS, Greece, July 28, 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 $31.3 million and net loss attributed to common stockholders of $32.7 million for the second quarter of 2016, compared to a net loss of $14.1 million and net loss attributed to common stockholders of $15.5 million for the second quarter of 2015.

Time charter revenues were $28.3 million for the second quarter of 2016, compared to $38.6 million for the same quarter of 2015. The decrease in time charter revenues was mainly due to decreased average time charter rates that we achieved for our vessels during 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 the six months ended June 30, 2016 amounted to $62.7 million and $65.6 million, respectively, compared to a net loss and net loss attributed to common stockholders of $24.8 million and $27.7 million, respectively, for the same period of 2015. Time charter revenues were $59.1 million for the six months ended June 30, 2016, compared to $80.6 million for the same period of 2015.


Fleet Employment Profile (As of July 27, 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$4,900 5.00%Dampskibsselskabet Norden A/S, Copenhagen9-Dec-159-Nov-16 - 9-Mar-17
2001 75,106
2 DIONEA$4,350 5.00%Nidera S.P.A., Roma4-Feb-1620-Jan-17 - 4-May-17
2001 75,172
3 NIREFSA$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-1528-Apr-16
$5,000 5.00%Dampskibsselskabet Norden A/S, Copenhagen4-May-164-May-17 - 4-Sep-17
2001 75,247
5 TRITONA$6,800 5.00%Glencore Grain B.V., Rotterdam28-Oct-1513-Sep-16 - 28-Dec-16
2001 75,336
6 OCEANISA$6,750 5.00%Bunge S.A., Geneva13-Apr-168-Jun-161,2
$5,200 5.00%Nidera S.P.A., Roma30-Jun-1630-Mar-17 - 30-May-17
2001 75,211
7 THETIS B$7,000 5.00%Dampskibsselskabet Norden A/S, Copenhagen14-Jul-1516-Jun-16
$5,150 5.00%Transgrain Shipping B.V., Rotterdam19-Jun-1619-Apr-17 - 3-Aug-17
2004 73,583
8 PROTEFSB$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 Kong 9-Jun-158-Apr-16
$6,300 5.00%Polaris Shipping Co., Ltd., Seoul8-Apr-1617-Aug-16 - 27-Aug-163
2005 73,691
10 CLIOB$6,500 5.00%Transgrain Shipping B.V., Rotterdam4-Aug-1522-May-16
$5,350 5.00% 22-May-1622-Apr-17 - 22-Jul-17
2005 73,691
11 NAIASB$6,800 4.75%Cargill International S.A., Geneva 12-Jul-1526-May-16
$5,000 5.00%Bunge S.A., Geneva26-May-1611-Oct-16 - 10-Jan-17
2006 73,546
12 ARETHUSAB$7,100 5.00%Glencore Grain B.V., Rotterdam5-Mar-1510-Jun-164
$5,000 5.00%United Bulk Carrier International S.A., Luxembourg10-Jun-1626-Oct-16 - 10-Jan-17
2007 73,593
13 ERATOC$4,650 5.00%Glencore Grain B.V., Rotterdam26-Mar-1611-Feb-17 - 26-May-17
2004 74,444
14 CORONISC$6,500 5.00%Sandgate Maritime Ltd3-Jul-1519-Mar-165
$4,750 5.00%Narina Maritime Ltd19-Mar-1619-Feb-17 - 19-May-17
2006 74,381
15 MELITED$7,250 4.75%Cargill International S.A., Geneva 13-Oct-1513-Sep-16 - 13-Dec-16
2004 76,436
16 MELIA D$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 Kong 16-Aug-157-Jun-16
$5,350 5.00%Bunge S.A., Geneva7-Jun-167-Apr-17 - 22-Jul-17
2006 76,942
18 LETO $7,100 4.75%Cargill International S.A., Geneva 19-Jun-154-Sep-16 - 3-Jan-17
2010 81,297
19 SELINAE$5,800 5.00%Dampskibsselskabet Norden A/S, Copenhagen24-Mar-1615-Oct-16 - 15-Feb-17
2010 75,700
20 MAERAE$4,500 5.00%United Bulk Carrier International S.A., Luxembourg10-May-1628-Dec-16 - 28-Apr-17
2013 75,403
21 ISMENE $7,825 5.00%Glencore Grain B.V., Rotterdam21-Mar-1619-Jul-166,7
2013 77,901
22 CRYSTALIAF$9,000 5.00%Glencore Grain B.V., Rotterdam29-Aug-1528-Jun-168
$6,250 5.00%SwissMarine Services S.A., Geneva28-Jun-1628-May-17 - 28-Aug-17
2014 77,525
23 ATALANDIF$5,300 5.00%Glencore Grain B.V., Rotterdam26-Mar-1626-Nov-17 - 26-Apr-18
2014 77,529
4 Kamsarmax Bulk Carriers
24 MAIAG$7,500 5.00%RWE Supply & Trading GmbH, Essen13-Nov-1513-Apr-17 - 13-Jul-17
2009 82,193
25 MYRSINIG$5,550 5.00%RWE Supply & Trading GmbH, Essen9-Mar-169-Mar-17 - 24-Jun-17
2010 82,117
26 MEDUSAG$7,450 4.75%Clearlake Shipping Pte. Ltd., Singapore2-Jun-157-Apr-169
$6,300 5.00%Quadra Commodities S.A., Geneva7-Apr-1615-Mar-17 - 30-Jul-17
2010 82,194
27 MYRTOG$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
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$5,650 4.75%Cargill International S.A., Geneva 15-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-1528-Mar-169,10
$4,350 5.00%SwissMarine Services S.A., Geneva28-Mar-1628-Dec-16 - 28-Mar-17
2002 164,218
32 ALIKI $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-1329-Jul-1611
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$6,500 5.00%Rio Tinto Shipping (Asia) Pte., Ltd., Singapore 22-Dec-1522-Jan-17 - 7-Jul-17
2006 174,186
36 SEMIRIOI$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-179
2007 177,828
38 HOUSTON I$5,150 5.00%SwissMarine Services S.A., Geneva29-Jan-1629-Dec-16 - 29-Mar-17
2009 177,729
39 NEW YORKI$5,200 5.00%Rio Tinto Shipping (Asia) Pte., Ltd., Singapore 3-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-17
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$6,500 5.00%RWE Supply & Trading GmbH, Essen14-Feb-1614-May-17 - 14-Aug-17
2014 179,492
43 SANTA BARBARAK$7,500 5.00%RWE Supply & Trading GmbH, Essen18-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$7,750 5.00%SwissMarine Services S.A., Geneva9-Dec-1524-Nov-16 - 24-Mar-17
2012 206,104
46 PHILADELPHIAL$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 - - --- - -12
(tbn. PHAIDRA)
2016 82,000
48 HULL No. H2548M - - --- - -12
(tbn. SAN FRANCISCO)
2016 208,500
49 HULL No. H2549M - - --- - -12
(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 Charter included a one time gross ballast bonus payment of US$175,000.
2 Vessel on scheduled drydocking from June 8, 2016 to June 30, 2016.
3 Redelivery dates based on an estimated time charter trip duration of about 131-141 days.
4 It was agreed the charterparty to be extended from May 5, 2016 until June 10, 2016.
5 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.
6 Currently without an active charterparty.
7 Vessel on scheduled drydocking from July 19, 2016 to July 23, 2016.
8 Glencore Grain B.V., Rotterdam has agreed to compensate the owners for the early redelivery of the vessel until the minimum agreed redelivery date, June 29, 2016.
9 Clearlake Shipping Pte. Ltd., Singapore is a member of the Gunvor Group.
10 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.
11 Based on latest information.
12 Year of delivery and dwt are based on shipbuilding contract.


Summary of Selected Financial & Other Data (unaudited)
Three months ended June 30, Six months ended June 30,
2016 2015 2016 2015
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
Time charter revenues$ 28,326 $ 38,569 $ 59,118 $ 80,575
Voyage expenses 3,562 4,127 10,318 9,052
Vessel operating expenses 21,933 21,333 43,874 43,122
Net loss (31,285) (14,058) (62,670) (24,820)
Net loss attributed to common stockholders (32,727) (15,500) (65,554) (27,705)
FLEET DATA
Average number of vessels 45.6 40.3 44.4 40.1
Number of vessels 46.0 41.0 46.0 41.0
Weighted average age of vessels 7.7 7.2 7.7 7.2
Ownership days 4,147 3,670 8,078 7,258
Available days 4,125 3,583 8,005 7,103
Operating days 4,099 3,519 7,943 7,006
Fleet utilization 99.4% 98.2% 99.2% 98.6%
AVERAGE DAILY RESULTS
Time charter equivalent (TCE) rate (1)$ 6,003 $ 9,613 $ 6,096 $ 10,069
Daily vessel operating expenses (2)$ 5,289 $ 5,813 $ 5,431 $ 5,941

_____________________

(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 Thursday, July 28, 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 13639636.

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,
2016 2015 2016 2015
REVENUES:
Time charter revenues$ 28,326 $ 38,569 $ 59,118 $ 80,575
EXPENSES:
Voyage expenses 3,562 4,127 10,318 9,052
Vessel operating expenses 21,933 21,333 43,874 43,122
Depreciation and amortization of deferred charges 20,309 18,818 40,314 37,264
General and administrative expenses 6,465 6,185 12,743 11,897
Management fees to related party 360 - 720 -
Foreign currency loss / (gain) (86) 44 75 (481)
Operating loss (24,217) (11,938) (48,926) (20,279)
OTHER INCOME / (EXPENSES):
Interest and finance costs (5,586) (3,351) (10,611) (5,893)
Interest and other income 541 928 1,097 1,801
Gain / (loss) from equity method investments (2,022) 303 (4,230) (449)
Total other expenses, net (7,067) (2,120) (13,744) (4,541)
Net loss$ (31,284)$ (14,058)$ (62,670)$ (24,820)
Dividends on series B preferred shares (1,442) (1,442) (2,884) (2,885)
Net loss attributed to common stockholders (32,726) (15,500) (65,554) (27,705)
Loss per common share, basic and diluted$ (0.41)$ (0.19)$ (0.82)$ (0.35)
Weighted average number of common shares, basic and diluted 80,534,351 79,562,705 80,287,498 79,412,074
Three months ended June 30, Six months ended June 30,
2016 2015 2016 2015
Net loss$ (31,284)$ (14,058)$ (62,670)$ (24,820)
Other comprehensive loss (Actuarial loss) (8) - (15) -
Comprehensive loss$ (31,292)$ (14,058)$ (62,685)$ (24,820)


CONDENSED CONSOLIDATED BALANCE SHEET DATA
(in thousands of U.S. Dollars)
June 30, 2016 December 31, 2015*
ASSETS (unaudited)
Cash and cash equivalents$125,638 $171,718
Other current assets 19,586 21,795
Advances for vessels under construction and acquisitions and other vessel costs 50,631 44,514
Vessels' net book value 1,442,470 1,440,803
Other fixed assets, net 23,303 23,489
Compensating cash balance 23,000 21,500
Due from related parties, non-current 41,250 43,750
Equity method investments 58,161 62,487
Other non-current assets 6,662 6,909
Total assets $1,790,701 $1,836,965
LIABILITIES AND STOCKHOLDERS' EQUITY
Long-term debt, net of deferred financing costs$618,689 $600,071
Other liabilities 15,032 18,528
Total stockholders' equity 1,156,980 1,218,366
Total liabilities and stockholders' equity $1,790,701 $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 June 30, Six months ended June 30,
2016 2015 2016 2015
Net Cash provided by/(used in) operating activities$ (4,192)$ 5,833 $ (13,625)$ 14,266
Net Cash used in investing activities (19,010) (29,262) (45,558) (76,867)
Net Cash provided by financing activities$ 309 $ 66,656 $ 13,103 $ 117,451


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.