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Diana Shipping Inc. Reports Financial Results for the First Quarter Ended March 31, 2017

ATHENS, Greece, May 23, 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 $26.5 million and net loss attributed to common stockholders of $27.9 million for the first quarter of 2017, compared to a net loss of $31.4 million and net loss attributed to common stockholders of $32.8 million reported in the first quarter of 2016.

Time charter revenues were $31.3 million for the first quarter of 2017, compared to $30.8 million for the same period of 2016. The increase in time charter revenues was due to increased average time charter rates that we achieved for our vessels during the quarter and increased ownership days resulting from the enlargement of our fleet.


Fleet Employment Profile (As of May 22, 2017)
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-1511-Feb-17
$9,000 4.75%Cargill International S.A., Geneva8-Mar-1724-May-171,2
$7,750 5.00%Phaethon International Company AG24-May-179-Oct-17 - 29-Dec-173
2001 75,106
2 DIONEA$4,350 5.00%Nidera S.P.A., Roma4-Feb-1628-Jan-17
$7,200 5.00%Caravel Shipping
Limited, Hong Kong
3-Feb-174-May-17
$7,050 5.00%4-May-173-Nov-17 - 18-Feb-18
2001 75,172
3 NIREFSA$4,600 5.00%Transgrain Shipping B.V., Rotterdam15-Jan-1614-Feb-17
$6,500 5.00%Raffles Shipping International Pte. Ltd., Singapore14-Feb-175-May-17
$9,400 5.00%Jaldhi Overseas Pte. Ltd., Singapore5-May-175-Jun-18 - 5-Sep-18
2001 75,311
4 ALCYONA$5,000 5.00%Dampskibsselskabet Norden A/S, Copenhagen4-May-1628-May-17 - 4-Sep-174,5
2001 75,247
5 TRITONA$6,300 5.00%Windrose SPS Shipping and Trading S.A., Geneva25-Oct-1630-May-17 - 9-Jun-175
2001 75,336
6 OCEANISA$5,200 5.00%Nidera S.P.A., Roma30-Jun-1628-May-175
2001 75,211
7 THETISB$5,150 5.00%Transgrain Shipping B.V., Rotterdam19-Jun-1629-May-17 - 3-Aug-175
2004 73,583
8 PROTEFSB$4,500 5.00%Transgrain Shipping B.V., Rotterdam23-Feb-1625-May-17 - 31-May-175
2004 73,630
9 CALIPSOB$6,020 5.00%Windrose SPS Shipping and Trading S.A., Geneva24-Aug-1614-Mar-17
$9,000 5.00%Transgrain Shipping B.V., Rotterdam14-Mar-1730-Jan-18 - 14-May-18
2005 73,691
10 CLIOB$5,350 5.00%Transgrain Shipping B.V., Rotterdam22-May-1629-May-17 - 22-Jul-175
2005 73,691
11 NAIASB$7,500 5.00%Glencore Agriculture B.V., Rotterdam27-Dec-1612-Jul-17 - 11-Nov-17
2006 73,546
12 ARETHUSAB$5,000 5.00%United Bulk Carriers International S.A., Luxembourg10-Jun-1623-Jan-176
$7,200 5.00%Noble Resources International Pte. Ltd., Singapore23-Jan-1723-Nov-17 - 23-Mar-18
2007 73,593
13 ERATOC$4,650 5.00%Glencore Grain B.V., Rotterdam26-Mar-1624-May-175
2004 74,444
14 CORONISC$4,750 5.00%Narina
Maritime Ltd
19-Mar-1616-May-17
$9,000 5.00%16-May-1716-Apr-18 - 16-Jul-18
2006 74,381
15 MELITED$8,000 5.00%Uniper Global Commodities SE, Düsseldorf6-Dec-166-Jul-17 - 6-Oct-17
2004 76,436
16 MELIAD$7,200 5.00%Nidera S.P.A., Roma24-Oct-1519-Mar-177
$9,500 5.00%19-Mar-174-Feb-18 - 4-May-18
2005 76,225
17 ARTEMIS $5,350 5.00%Bunge S.A., Geneva7-Jun-161-Jun-17 22-Jul-175
2006 76,942
18 LETO $7,750 5.00%Glencore Agriculture B.V., Rotterdam29-Dec-1629-Sep-17 - 29-Jan-18
2010 81,297
19 SELINAE$5,800 5.00%Dampskibsselskabet Norden A/S, Copenhagen24-Mar-1624-Jan-17
$4,500 5.00%BG Shipping Co.,
Limited, Hong Kong
24-Jan-1723-Feb-17
$7,100 5.00%23-Feb-1724-Oct-17 - 8-Feb-18
2010 75,700
20 MAERAE$4,500 5.00%United Bulk Carriers International S.A., Luxembourg10-May-1630-Apr-178,9
2013 75,403
21 ISMENE $5,850 5.00%Glencore Grain B.V., Rotterdam7-Aug-1629-May-17 - 22-Sep-175
2013 77,901
22 CRYSTALIAF$6,250 5.00%SwissMarine Services S.A., Geneva28-Jun-1628-May-17 21-Oct-1710
2014 77,525
23 ATALANDIF$5,300 5.00%Glencore Grain B.V., Rotterdam26-Mar-1626-Nov-17 - 26-Apr-18
2014 77,529
5 Kamsarmax Bulk Carriers
24 MAIAG$7,500 5.00%RWE Supply & Trading GmbH, Essen13-Nov-152-Jun-17 - 13-Jul-175
2009 82,193
25 MYRSINIG$5,550 5.00%RWE Supply & Trading GmbH, Essen9-Mar-1629-May-17 - 10-Jun-175
2010 82,117
26 MEDUSAG$6,300 5.00%Quadra Commodities S.A., Geneva7-Apr-161-Jun-17 - 30-Jul-175
2010 82,194
27 MYRTOG$6,000 4.75%Cargill International
S.A., Geneva
24-Dec-1517-Jan-17
$8,000 4.75%17-Jan-1717-Jan-18 - 17-Apr-18
2013 82,131
28 ASTARTE - - --- - -9
2013 81,513
5 Post-Panamax Bulk Carriers
29 ALCMENE $6,750 5.00%ADM International Sarl, Rolle, Switzerland13-May-1528-May-17 - 2-Jun-175
2010 93,193
30 AMPHITRITEH$7,700 5.00%Bunge S.A., Geneva15-Jul-151-Jun-17 - 30-Aug-175
2012 98,697
31 POLYMNIAH$5,650 4.75%Cargill International
S.A., Geneva
15-Dec-1515-Mar-17
$10,100 4.75%15-Mar-1731-Mar-18 - 15-Jul-1811
2012 98,704
32 GRAIN MAYI - - --- - -12
(tbr. ELECTRA)
2013 87,150
33 PHAIDRAI - - --- - -9
2013 87,146
14 Capesize Bulk Carriers
34 NORFOLK $4,350 5.00%SwissMarine Services S.A., Geneva28-Mar-1630-Mar-1713,14
Trafigura Maritime
Logistics Pte. Ltd.,
Singapore
26-Apr-1711-Oct-17 - 26-Dec-17
$12,000 5.00%
2002 164,218
35 ALIKI $5,300 5.00%SwissMarine Services
S.A., Geneva
16-Jan-1614-Feb-17
$10,300 5.00%14-Feb-1730-Dec-17 - 14-Apr-18
2005 180,235
36 BALTIMORE $7,750 4.75%Cargill International
S.A., Geneva
29-Jul-1616-Feb-17
$11,300 4.75%16-Feb-1716-Mar-18 - 1-Jul-18
2005 177,243
37 SALT LAKE CITY BCI 4TCs
AVG +
3.5%
5.00%K Noble Hong Kong Ltd., Hong Kong7-Feb-1520-Jan-17
$9,000 5.00%Uniper Global Commodities SE, Düsseldorf20-Jan-1720-Jan-18 - 20-May-18
2005 171,810
38 SIDERIS GSJ$6,500 5.00%Rio Tinto Shipping (Asia) Pte., Ltd., Singapore22-Dec-151-Jun-17 - 7-Jul-175,15
2006 174,186
39 SEMIRIOJ$4,800 5.00%SwissMarine Services S.A., Geneva6-Feb-1621-May-1716
$14,150 5.00%Koch Shipping Pte. Ltd., Singapore21-May-1721-May-18 - 21-Sep-18
2007 174,261
40 BOSTONJ$13,000 4.75%Clearlake Shipping Pte. Ltd., Singapore9-Aug-1529-May-17 - 24-Oct-175,17
2007 177,828
41 HOUSTONJ$5,150 5.00%SwissMarine Services
S.A., Geneva
29-Jan-1617-Feb-17
$10,000 5.00%17-Feb-172-Mar-18 - 17-May-1818
2009 177,729
42 NEW YORKJ$5,200 5.00%Rio Tinto Shipping (Asia) Pte., Ltd., Singapore3-Feb-1623-Apr-17
$14,450 5.00%Koch Shipping Pte. Ltd., Singapore23-Apr-178-Oct-17 - 29-Dec-17
2010 177,773
43 SEATTLEK$7,300 4.75%SwissMarine Services S.A., Geneva9-Dec-158-Feb-17
$11,700 5.00%Koch Shipping Pte. Ltd., Singapore8-Feb-178-Apr-18 - 23-Jul-18
2011 179,362
44 P. S. PALIOSK$13,000 5.00%RWE Supply & Trading GmbH, Essen18-Sep-1527-Jan-17
$10,550 5.00%Koch Shipping Pte. Ltd., Singapore27-Jan-1727-Jan-18 - 11-Jun-18
2013 179,134
45 G. P. ZAFIRAKISL$6,500 5.00%RWE Supply & Trading GmbH, Essen14-Feb-162-Jun-17 - 14-Aug-175
2014 179,492
46 SANTA BARBARAL$7,500 5.00%RWE Supply & Trading GmbH, Essen18-Dec-1524-Jan-17
$12,000 4.75%Cargill International S.A., Geneva24-Jan-179-Jan-18 - 24-Apr-18
2015 179,426
47 NEW ORLEANS $11,250 5.00%Koch Shipping Pte. Ltd., Singapore10-Dec-1610-Dec-17 - 10-Apr-18
2015 180,960
4 Newcastlemax Bulk Carriers
48 LOS ANGELESM$7,750 5.00%SwissMarine Services
S.A., Geneva
9-Dec-1514-Jan-1719
BCI_2014
5TCs AVG
+ 14%
5.00%22-Jan-177-Feb-18 - 22-Apr-18
2012 206,104
49 PHILADELPHIAM$6,450 5.00%RWE Supply & Trading GmbH, Essen20-Jan-162-Mar-1720
$15,500 5.00%Koch Shipping Pte. Ltd., Singapore14-Mar-1714-Jan-18 - 29-Apr-18
2012 206,040
50 SAN FRANCISCON$11,750 5.00%Koch Shipping Pte. Ltd., Singapore5-Jan-175-Jan-18 - 20-May-18
2017 208,006

51
NEWPORT NEWSNBCI_2014
5TCs AVG
+ 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 Redelivery date based on an estimated time charter trip duration of about 75 days.
2 Charter includes a one time gross ballast bonus payment of US$400,000.
3 Estimated delivery date to the charterers.
4 Vessel off-hire from February 15, 2017 to February 18, 2017.
5 Based on latest information.
6 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.
7 As per addendum dated December 15, 2016, charterers have agreed to pay a gross rate of US$11,500 per day for the excess period commencing February 24, 2017 till March 19, 2017.
8 Charterers have agreed to pay the BPI 4 T/C Average as published by The Baltic Exchange on 28th April 2017 and in any case not below the current rate of USD 4,500 for the excess period commencing April 28, 2017.
9 Currently without an active charterparty.
10 Vessel off-hire for drydocking from March 2, 2017 to April 26, 2017.
11 Vessel off-hire for drydocking from April 30, 2017 to May 14, 2017.
12 Expected date of delivery to the Company by the end of May 2017.
13 As per addendum dated March 23, 2017, charterers exercised their option to extend the initially agreed maximum redelivery date, i.e. March 28, 2017 and pay a daily hire applicable for overrun days as per BCI 4TC Average.
14 Vessel on scheduled drydocking from March 31, 2017 to April 26, 2017.
15 Vessel off-hire for drydocking from October 24, 2016 to November 11, 2016.
16 Vessel on scheduled drydocking from March 16, 2017 to April 2, 2017.
17 Clearlake Shipping Pte. Ltd., Singapore is a member of the Gunvor Group.
18 Charterers will pay US$5,150 per day for the first 15 days of the charter period.
19 Vessel on scheduled drydocking from January 14, 2017 to January 22, 2017.
20 Vessel on scheduled drydocking from March 5, 2017 to March 14, 2017.


Summary of Selected Financial & Other Data (unaudited)
Three months ended March 31,
2017 2016
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
Time charter revenues$ 31,288 $ 30,792
Voyage expenses 1,061 6,755
Vessel operating expenses 21,316 21,942
Net loss (26,470) (31,386)
Net loss attributed to common stockholders (27,912) (32,828)
FLEET DATA
Average number of vessels 47.9 43.2
Number of vessels 48.0 45.0
Weighted average age of vessels 7.8 7.5
Ownership days 4,313 3,931
Available days 4,276 3,880
Operating days 4,201 3,844
Fleet utilization 98.2% 99.1%
AVERAGE DAILY RESULTS
Time charter equivalent (TCE) rate (1)$ 7,069 $ 6,195
Daily vessel operating expenses (2)$ 4,942 $ 5,582

_____________________

(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 Tuesday, May 23, 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 13661289.

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,
2017 2016
REVENUES:
Time charter revenues$ 31,288 $ 30,792
EXPENSES:
Voyage expenses 1,061 6,755
Vessel operating expenses 21,316 21,942
Depreciation and amortization of deferred charges 21,073 20,005
General and administrative expenses 5,786 6,278
Management fees to related party 420 360
Other expenses 69 161
Operating loss (18,437) (24,709)
OTHER INCOME / (EXPENSES):
Interest and finance costs (6,388) (5,025)
Interest and other income 640 556
Loss from equity method investments (2,285) (2,208)
Total other expenses, net (8,033) (6,677)
Net loss$ (26,470)$ (31,386)
Dividends on series B preferred shares (1,442) (1,442)
Net loss attributed to common stockholders (27,912) (32,828)
Loss per common share, basic and diluted$ (0.34)$ (0.41)
Weighted average number of common shares, basic and diluted 81,253,721 80,040,645
Three months ended March 31,
2017 2016
Net loss$ (26,470)$ (31,386)
Other comprehensive loss (Actuarial loss) (7) (7)
Comprehensive loss$ (26,477)$ (31,393)



CONDENSED CONSOLIDATED BALANCE SHEET DATA
(in thousands of U.S. Dollars)
March 31, 2017 December 31, 2016*
ASSETS (unaudited)
Cash and cash equivalents$84,202 $98,142
Other current assets 16,875 17,174
Advances for vessels under construction and acquisitions and other vessel costs - 46,863
Vessels' net book value 1,489,006 1,403,912
Other fixed assets, net 22,977 23,114
Compensating cash balance 24,000 23,000
Due from related parties, non-current 45,417 45,417
Equity method investments 3,729 6,014
Other non-current assets 5,102 5,027
Total assets $1,691,308 $1,668,663
LIABILITIES AND STOCKHOLDERS' EQUITY
Long-term debt, net of deferred financing costs$645,364 $598,181
Other liabilities 15,268 13,893
Total stockholders' equity 1,030,676 1,056,589
Total liabilities and stockholders' equity $1,691,308 $1,668,663
*The balance sheet data have been derived from the audited consolidated financial statements at that date.


OTHER FINANCIAL DATA (unaudited)
Three months ended March 31,
2017 2016
Net Cash used in operating activities$ (592)$ (9,433)
Net Cash used in investing activities (58,021) (26,548)
Net Cash provided by financing activities $ 45,673 $ 13,794

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.