Diana Shipping Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2016

ATHENS, Greece, Feb. 14, 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 $23.3 million and a net loss attributed to common stockholders of $24.7 million for the fourth quarter of 2016. This compares to a net loss of $22.5 million and a net loss attributed to common stockholders of $23.9 million for the fourth quarter of 2015.

Time charter revenues were $28.0 million for the fourth quarter of 2016, compared to $38.3 million for the same quarter 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 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 year ended December 31, 2016 amounted to $164.2 million and $170.0 million, respectively, of which $56.5 million relates to loss and impairment of our investment in Diana Containerships Inc. This compares to a net loss and a net loss attributed to common stockholders of $64.7 million and $70.5 million, respectively, for the year ended December 31, 2015. Time charter revenues were $114.3 million for the year ended December 31, 2016, compared to $157.7 million for the year ended December 31, 2015.

Fleet Employment Profile (As of February 13, 2017)
Diana Shipping Inc.’s fleet is employed as follows:
(USD Per
Date to
Redelivery Date to Owners****Notes
23 Panamax Bulk Carriers
1 DANAEA$4,9005.00%Dampskibsselskabet
Norden A/S,
2001 75,106
2 DIONEA$4,3505.00%Nidera S.P.A., Roma4-Feb-1628-Jan-17
$7,2005.00%Caravel Shipping
Limited, Hong Kong
$7,0505.00%4-May-173-Nov-17 - 18-Feb-18
2001 75,172
3 NIREFSA$4,6005.00%Transgrain Shipping
B.V., Rotterdam
2001 75,311
4 ALCYONA$5,0005.00%Dampskibsselskabet
Norden A/S,
4-May-164-May-17 - 4-Sep-17
2001 75,247
5 TRITONA$6,8005.00%Glencore Grain B.V., Rotterdam28-Oct-1525-Oct-16
$6,3005.00%Windrose SPS
Shipping and Trading
S.A., Geneva
25-Oct-1625-Mar-17 - 9-Jun-17
2001 75,336
6 OCEANISA$5,2005.00%Nidera S.P.A., Roma30-Jun-1630-Mar-17 - 30-May-17
2001 75,211
7 THETISB$5,1505.00%Transgrain Shipping
B.V., Rotterdam
19-Jun-1619-Apr-17 - 3-Aug-17
2004 73,583
8 PROTEFSB$4,5005.00%Transgrain Shipping
B.V., Rotterdam
23-Feb-1625-Feb-17 - 23-Jun-172
2004 73,630
9 CALIPSOB$6,0205.00%Windrose SPS
Shipping and Trading
S.A., Geneva
24-Aug-1624-Feb-17 - 8-Apr-172
2005 73,691
10 CLIOB$5,3505.00%Transgrain Shipping
B.V., Rotterdam
22-May-1622-Apr-17 - 22-Jul-17
2005 73,691
11 NAIASB$5,0005.00%Bunge S.A., Geneva26-May-1627-Dec-16
$7,5005.00%Glencore Agriculture
B.V., Rotterdam
27-Dec-1612-Jul-17 - 11-Nov-17
2006 73,546
12 ARETHUSAB$5,0005.00%United Bulk Carriers
International S.A.,
$7,2005.00%Noble Resources
International Pte.
Ltd., Singapore
23-Jan-1723-Nov-17 - 23-Mar-18
2007 73,593
13 ERATOC$4,6505.00%Glencore Grain B.V.,
26-Mar-1625-Feb-17 - 26-May-172
2004 74,444
14 CORONISC$4,7505.00%Narina Maritime Ltd19-Mar-1619-Feb-17 - 19-May-17
2006 74,381
15 MELITED$7,2504.75%Cargill International
S.A., Geneva
$8,0005.00%Uniper Global
Commodities SE,
6-Dec-166-Jul-17 - 6-Oct-17
2004 76,436
16 MELIAD$7,2005.00%Nidera S.P.A., Roma24-Oct-1517-Feb-17 - 24-Feb-172
2005 76,225
17 ARTEMIS $5,3505.00%Bunge S.A., Geneva7-Jun-167-Apr-17 22-Jul-17
2006 76,942
18 LETO $7,1004.75%Cargill International
S.A., Geneva
$7,7505.00%Glencore Agriculture
B.V., Rotterdam
29-Dec-1629-Sep-17 - 29-Jan-18
2010 81,297
19 SELINAE$5,8005.00%Dampskibsselskabet
Norden A/S,
$4,5005.00%BG Shipping Co.,
Limited, Hong Kong
$7,1005.00%23-Feb-1724-Oct-17 - 8-Feb-18
2010 75,700
20 MAERAE$4,5005.00%United Bulk Carriers
International S.A.,
10-May-1623-Feb-17 - 28-Apr-172
2013 75,403
21 ISMENE $5,8505.00%Glencore Grain B.V.,
7-Aug-1623-May-17 - 22-Sep-17
2013 77,901
22 CRYSTALIAF$6,2505.00%SwissMarine Services
S.A., Geneva
28-Jun-1628-May-17 28-Aug-17
2014 77,525
23 ATALANDIF$5,3005.00%Glencore Grain B.V.,
26-Mar-1626-Nov-17 - 26-Apr-18
2014 77,529
4 Kamsarmax Bulk Carriers
24 MAIAG$7,5005.00%RWE Supply &
Trading GmbH, Essen
13-Nov-1513-Apr-17 - 13-Jul-17
2009 82,193
25 MYRSINIG$5,5505.00%RWE Supply &
Trading GmbH, Essen
9-Mar-169-Mar-17 - 24-Jun-17
2010 82,117
26 MEDUSAG$6,3005.00%Quadra Commodities
S.A., Geneva
7-Apr-1615-Mar-17 - 30-Jul-17
2010 82,194
27 MYRTOG$6,0004.75%Cargill International
S.A., Geneva
$8,0004.75%17-Jan-1717-Jan-18 - 17-Apr-18
2013 82,131
3 Post-Panamax Bulk Carriers
28 ALCMENE $6,7505.00%ADM International
Sarl, Rolle,
13-May-1525-Feb-17 - 2-Jun-172
2010 93,193
29 AMPHITRITEH$7,7005.00%Bunge S.A., Geneva15-Jul-1530-Apr-17 - 30-Aug-17
2012 98,697
30 POLYMNIAH$5,6504.75%Cargill International
S.A., Geneva
15-Dec-1525-Feb-17 - 15-Mar-172
2012 98,704
14 Capesize Bulk Carriers
31 NORFOLK $4,3505.00%SwissMarine Services
S.A., Geneva
28-Mar-1623-Feb-17 - 28-Mar-172
2002 164,218
32 ALIKI $5,3005.00%SwissMarine Services
S.A., Geneva
$10,3005.00%15-Feb-1731-Dec-17 - 15-Apr-18
2005 180,235
33 BALTIMORE $7,7504.75%Cargill International
S.A., Geneva
$11,3004.75%15-Feb-1715-Mar-18 - 30-Jun-18
2005 177,243
5.00%K Noble Hong Kong
Ltd., Hong Kong
$9,0005.00%Uniper Global
Commodities SE,
20-Jan-1720-Jan-18 - 20-May-18
2005 171,810
35 SIDERIS GSI$6,5005.00%Rio Tinto Shipping
(Asia) Pte., Ltd.,
22-Dec-1523-Feb-17 - 7-Jul-172,5
2006 174,186
36 SEMIRIOI$4,8005.00%SwissMarine Services
S.A., Geneva
6-Feb-1625-Feb-17 - 6-May-172
2007 174,261
37 BOSTONI$13,0004.75%Clearlake Shipping
Pte. Ltd., Singapore
9-Aug-1525-May-17 - 24-Oct-176
2007 177,828
38 HOUSTONI$5,1505.00%SwissMarine Services
S.A., Geneva
29-Jan-1624-Feb-17 - 29-Mar-172
2009 177,729
39 NEW YORKI$5,2005.00%Rio Tinto Shipping
(Asia) Pte., Ltd.,
3-Feb-1624-Feb-17 - 18-May-172
2010 177,773
40 SEATTLEJ$7,3004.75%SwissMarine Services
S.A., Geneva
$11,7005.00%Koch Shipping Pte.
Ltd., Singapore
8-Feb-178-Apr-18 - 23-Jul-18
2011 179,362
41 P. S. PALIOSJ$13,0005.00%RWE Supply &
Trading GmbH, Essen
$10,5505.00%Koch Shipping Pte.
Ltd., Singapore
27-Jan-1727-Jan-18 - 11-Jun-18
2013 179,134
42 G. P. ZAFIRAKISK$6,5005.00%RWE Supply &
Trading GmbH, Essen
14-Feb-1614-May-17 - 14-Aug-17
2014 179,492
43 SANTA BARBARAK$7,5005.00%RWE Supply &
Trading GmbH, Essen
$12,0004.75%Cargill International
S.A., Geneva
24-Jan-179-Jan-18 - 24-Apr-18
2015 179,426
44 NEW ORLEANS $11,6505.00%SwissMarine Services
S.A., Geneva
$11,2505.00%Koch Shipping Pte.
Ltd., Singapore
10-Dec-1610-Dec-17 - 10-Apr-18
2015 180,960
4 Newcastlemax Bulk Carriers
45 LOS ANGELESL$7,7505.00%SwissMarine Services
S.A., Geneva
+ 14%
5.00%22-Jan-177-Feb-18 - 22-Apr-18
2012 206,104
46 PHILADELPHIAL$6,4505.00%RWE Supply &
Trading GmbH, Essen
20-Jan-1622-Feb-17 - 1-Mar-172
2012 206,040
47 SAN FRANCISCOM$11,7505.00%Koch Shipping Pte.
Ltd., Singapore
5-Jan-175-Jan-18 - 20-May-18
2017 208,006
+ 24%
5.00%SwissMarine Services
S.A., Geneva
10-Jan-1710-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 Currently without an active charterparty.
2 Based on latest information.
3 As per addendum dated January 2, 2017, charterers exercised their option to extend the initially agreed maximum redelivery date, i.e. January 10, 2017 and pay US$7,000 per day.
4 Estimated date.
5 Vessel off-hire for drydocking from October 24, 2016 to November 11, 2016.
6 Clearlake Shipping Pte. Ltd., Singapore is a member of the Gunvor Group.
7 Vessel on scheduled drydocking from January 14, 2017 to January 22, 2017.

Summary of Selected Financial & Other Data (unaudited)
Three months ended December 31, Year ended December 31,
2016 2015 2016 2015
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
Time charter revenues$28,020 $38,285 $114,259 $157,712
Voyage expenses 1,387 3,424 13,826 15,528
Vessel operating expenses 20,863 23,578 85,955 88,272
Net loss (23,256) (22,497) (164,237) (64,713)
Net loss attributed to common stockholders (24,698) (23,939) (170,006) (70,482)
Average number of vessels 46.0 42.1 45.2 40.8
Number of vessels 46.0 43.0 46.0 43.0
Weighted average age of vessels 8.2 7.4 8.2 7.4
Ownership days 4,232 3,870 16,542 14,900
Available days 4,215 3,802 16,447 14,600
Operating days 4,210 3,795 16,354 14,492
Fleet utilization 99.9% 99.8% 99.4% 99.3%
Time charter equivalent (TCE) rate (1)$6,319 $9,169 $6,106 $9,739
Daily vessel operating expenses (2)$4,930 $6,093 $5,196 $5,924


(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 8:00 A.M. (Eastern Time) on Tuesday, February 14, 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 13653023.

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)

Expressed in thousands of U.S. Dollars, except share and per share data
Three months ended December 31, Year ended December 31,
2016 2015 2016 2015
REVENUES: (audited)
Time charter revenues$28,020 $38,285 $114,259 $157,712
Voyage expenses 1,387 3,424 13,826 15,528
Vessel operating expenses 20,863 23,578 85,955 88,272
Depreciation and amortization of deferred charges 20,638 19,794 81,578 76,333
General and administrative expenses 6,792 7,461 25,510 25,335
Management fees to related party 384 320 1,464 405
Gain on contract termination (5,500) - (5,500) -
Foreign currency gain (275) (427) (253) (984)
Operating loss (16,269) (15,865) (88,321) (47,177)
Interest and finance costs (5,640) (4,871) (21,949) (15,555)
Interest and other income 773 517 2,410 3,152
Loss from equity method investments (2,120) (2,278) (56,377) (5,133)
Total other income/(expenses), net (6,987) (6,632) (75,916) (17,536)
Net loss$(23,256)$(22,497)$(164,237)$(64,713)
Dividends on series B preferred shares (1,442) (1,442) (5,769) (5,769)
Net loss attributed to common stockholders (24,698) (23,939) (170,006) (70,482)
Loss per common share, basic and diluted$(0.31)$(0.30)$(2.11)$(0.89)
Weighted average number of common shares, basic and diluted 80,653,373 79,681,727 80,441,517 79,518,009
Three months ended December 31, Year ended December 31,
2016 2015 2016 2015
Net loss$(23,256)$(22,497)$(164,237)$(64,713)
Other comprehensive income/(loss) (Actuarial gain/(loss)) (61) 1,016 (84) 1,016
Comprehensive loss$(23,317)$(21,481)$(164,321)$(63,697)

(in thousands of U.S. Dollars)
2016 2015*
ASSETS (unaudited)
Cash and cash equivalents$98,142$171,718
Other current assets 17,174 21,795
Advances for vessels under construction and acquisitions and other vessel costs 46,863 44,514
Vessels' net book value 1,403,912 1,440,803
Other fixed assets, net 23,114 23,489
Compensating cash balance 23,000 21,500
Due from related parties, non-current 45,417 43,750
Equity method investments 6,014 62,487
Other non-current assets 5,027 6,909
Total assets $1,668,663$1,836,965
Long-term debt, net of deferred financing costs$598,181$600,071
Other liabilities 13,893 18,528
Total stockholders' equity 1,056,589 1,218,366
Total liabilities and stockholders' equity $1,668,663$1,836,965
*The balance sheet data as of December 31, 2015 have been derived from the audited consolidated financial statements at that date.

Three months ended December 31, Year ended December 31,
2016 2015 2016 2015
Net Cash provided by/(used in) operating activities $(2,392)$1,493 $(20,998)$23,945
Net Cash provided by/(used in) investing activities 4,676 (78,219) (41,619) (155,637)
Net Cash provided by/(used in) financing activities $(12,524)$26,424 $(10,959)$104,009

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.c/oDiana Shipping Services S.A.