Questions? +1 (202) 540-8337 Login
Trusted News Since 1995
A service for shipping & logistics professionals · Saturday, May 26, 2018 · 448,774,721 Articles · 3+ Million Readers

Diana Shipping Inc. Reports Financial Results for the First Quarter Ended March 31, 2018

ATHENS, Greece, May 10, 2018 (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 $3.1 million and net loss attributed to common stockholders of $4.5 million for the first quarter of 2018, compared to a net loss of $26.5 million and net loss attributed to common stockholders of $27.9 million reported in the first quarter of 2017.

Time charter revenues were $48.4 million for the first quarter of 2018, compared to $31.3 million for the same period of 2017. The increase in time charter revenues was due to increased average time charter rates that the Company achieved for its vessels during the quarter and increased ownership days resulting from the enlargement of the fleet.

Fleet Employment Profile (As of May 09, 2018)

/EIN News/ -- Diana Shipping Inc.’s fleet is employed as follows:

                 
  Vessel Sister Ships* Gross Rate (USD Per Day) Com** Charterers Delivery Date to Charterers*** Redelivery Date to Owners**** Notes
  BUILT  DWT
  22 Panamax Bulk Carriers
DANAE A $ 10,000 5.00 % Phaethon International Company AG 22-Dec-17 22-Jan-19 - 7-May-19  
  2001  75,106            
DIONE A $ 7,050 5.00 % Caravel Shipping Limited, Hong Kong 3-Feb-17 23-Jan-18
      $ 10,350 5.00 % Ausca Shipping Limited, Hong Kong 23-Jan-18 23-Mar-19 - 8-Jul-19  
  2001  75,172              
NIREFS A $ 9,400 5.00 % Jaldhi Overseas Pte. Ltd., Singapore 5-May-17 5-Jun-18 - 5-Sep-18
  2001  75,311              
ALCYON A $ 8,800 5.00 % Hudson Shipping Lines Incorporated 20-Jul-17 20-Jul-18 - 20-Oct-18  
  2001  75,247              
TRITON A $ 6,500 5.00 % Ausca Shipping Limited, Hong Kong 8-Jun-17 8-Jul-18 - 23-Oct-18  
  2001  75,336              
OCEANIS A $ 7,000 5.00 % Ausca Shipping Limited, Hong Kong 30-May-17 30-Jul-18 - 14-Nov-18  
  2001  75,211              
THETIS B $ 8,350 5.00 % Ausca Shipping Limited, Hong Kong 14-Jul-17 14-Jul-18 - 14-Oct-18  
  2004  73,583              
PROTEFS B $ 7,900 5.00 % Hudson Shipping Lines Incorporated 24-Jun-17 24-Jun-18 - 9-Oct-18  
  2004  73,630              
CALIPSO B $ 9,000 5.00 % Transgrain Shipping B.V., Rotterdam 14-Mar-17 2-Mar-18
      $ 12,200 5.00 % Glencore Agriculture B.V., Rotterdam 12-Mar-18 28-May-19 - 12-Sep-19  
  2005  73,691              
10  CLIO B $ 8,550 5.00 % Phaethon International Company AG 9-Jul-17 9-Aug-18 - 9-Nov-18  
  2005  73,691              
11  NAIAS B $ 10,000 5.00 % Phaethon International Company AG 26-Nov-17 11-Feb-19 - 26-May-19  
  2006  73,546              
12  ARETHUSA B $ 7,200 5.00 % Noble Resources International Pte. Ltd., Singapore 23-Jan-17 27-Apr-18
      $ 12,600 5.00 % Glencore Agriculture B.V., Rotterdam 27-Apr-18 27-Apr-19 - 27-Jul-19  
  2007  73,593              
13  ERATO C $ 10,500 5.00 % Phaethon International Company AG 30-Dec-17 2-Mar-19 - 30-May-19  
  2004  74,444              
14  CORONIS C $ 9,000 5.00 % Narina Maritime Ltd 16-May-17 17-May-18 - 16-Jul-18
  2006  74,381              
15  MELIA   $ 9,500 5.00 % Nidera S.P.A., Roma 19-Mar-17 28-Apr-18
      $ 12,000 5.00 % United Bulk Carriers International S.A., Luxemburg 28-Apr-18 28-Sep-19 - 28-Dec-19  
  2005  76,225              
16  ARTEMIS   $ 9,000 5.00 % Ausca Shipping Limited, Hong Kong 8-Jul-17 8-Jul-18 - 8-Oct-18  
  2006  76,942              
17  LETO   $ 7,750 5.00 % Glencore Agriculture B.V., Rotterdam 29-Dec-16 10-Jan-18  
      $ 12,500 5.00 % 10-Jan-18 10-May-19 - 25-Aug-19  
  2010  81,297              
18  SELINA D $ 7,100 5.00 % BG Shipping Co., Limited, Hong Kong 24-Jan-17 6-Feb-18
      $ 12,250 5.00 % 6-Feb-18 6-Jun-19 - 6-Sep-19  
  2010  75,700              
19  MAERA D $ 11,900 5.00 % Unico Logistics Co., Ltd., Seoul 19-Sep-17 19-Jun-18 - 19-Aug-18  
  2013  75,403              
20  ISMENE   $ 12,000 5.00 % DHL Project & Chartering Limited, Hong Kong 16-Sep-17 16-Sep-18 - 16-Dec-18  
  2013  77,901              
21  CRYSTALIA E $ 11,100 5.00 % Glencore Agriculture B.V., Rotterdam 3-Oct-17 3-Oct-18 - 18-Jan-19  
  2014  77,525              
22  ATALANDI E $ 5,300 5.00 % Glencore Grain B.V., Rotterdam 26-Mar-16 27-Apr-18  
      $ 13,500 5.00 % Uniper Global Commodities SE, Düsseldorf 27-Apr-18 27-Jun-19 - 27-Sep-19  
  2014  77,529              
  5 Kamsarmax Bulk Carriers
23  MAIA F $ 10,125 5.00 % Glencore Agriculture B.V., Rotterdam 27-Jul-17 27-Jul-18 - 27-Oct-18  
  2009  82,193              
24  MYRSINI F $ 8,650 5.00 % RWE Supply & Trading GmbH, Essen 8-Jun-17 31-Aug-18 - 31-Dec-18  
  2010  82,117              
25  MEDUSA F $ 10,000 4.75 % Cargill International S.A., Geneva 6-Jul-17 6-Jul-18 - 6-Oct-18  
  2010  82,194              
26  MYRTO F $ 8,000 4.75 % Cargill International S.A., Geneva 17-Jan-17 25-Apr-18 8,9
      $ 14,000 4.75 % 25-Apr-18 25-May-19 - 25-Jul-19  
  2013  82,131              
27  ASTARTE   $ 9,000 5.00 % Glencore Agriculture B.V., Rotterdam 12-Jun-17 12-Aug-18 - 12-Nov-18  
  2013  81,513              
  5 Post-Panamax Bulk Carriers
28  ALCMENE   $ 8,000 4.75 % Cargill International S.A., Geneva 8-Jun-17 8-Jul-18 - 23-Oct-18  
  2010  93,193              
29  AMPHITRITE G $ 11,150 4.75 % Cargill International S.A., Geneva 28-Sep-17 28-Oct-18 - 28-Jan-19  
  2012  98,697              
30  POLYMNIA G $ 10,100 4.75 % Cargill International S.A., Geneva 15-Mar-17 18-May-18 - 15-Jul-18
  2012  98,704              
31  ELECTRA H $ 8,000 5.00 % Uniper Global Commodities SE, Düsseldorf 11-Jun-17 11-Jul-18 - 11-Nov-18  
  2013  87,150              


32  PHAIDRA H $ 7,750 5.00 % Jera Trading Singapore Pte. Ltd. 19-May-17 13-Jan-18 10 
      $ 12,700 5.00 % Uniper Global Commodities SE, Düsseldorf 13-Jan-18 13-Jan-19 - 13-Apr-19
  2013  87,146              
  14 Capesize Bulk Carriers
33  NORFOLK   $ 13,250 5.00 % SwissMarine Services S.A., Geneva 1-Dec-17 1-Sep-19 - 1-Dec-19  
  2002  164,218              
34  ALIKI   $ 10,300 5.00 % SwissMarine Services S.A., Geneva 14-Feb-17 9-Apr-18  
      $ 18,000 5.00 % 9-Apr-18 9-Dec-19 - 9-Feb-20  
  2005  180,235              
35  BALTIMORE   $ 11,300 4.75 % Cargill International S.A., Geneva 16-Feb-17 18-May-18 - 1-Jul-18
  2005  177,243              
36  SALT LAKE CITY   $ 9,000 5.00 % Uniper Global Commodities SE, Düsseldorf 20-Jan-17 1-May-18  
      $ 16,250 4.75 % Cargill International S.A., Geneva 1-May-18 1-Jan-19 - 1-Mar-19  
  2005  171,810              
37  SIDERIS GS I $ 13,000 5.00 % Rio Tinto Shipping (Asia) Pte., Ltd., Singapore 21-Jun-17 21-Jul-18 - 21-Nov-18  
  2006  174,186              
38  SEMIRIO I $ 14,150 5.00 % Koch Shipping Pte. Ltd., Singapore 21-May-17 21-May-18 - 21-Sep-18  
  2007  174,261              
39  BOSTON I $ 17,000 5.00 % EGPN Bulk Carrier Co., Limited, Hong Kong 6-Dec-17 6-Apr-19 - 6-Jul-19  
  2007  177,828              
40  HOUSTON I $ 10,000 5.00 % SwissMarine Services S.A., Geneva 17-Feb-17 9-May-18 11,12
      $ 19,000 5.00 % 9-May-18 25-Jan-19 - 24-Apr-19 13 
  2009  177,729              
41  NEW YORK I $ 14,450 5.00 % Koch Shipping Pte. Ltd., Singapore 23-Apr-17 2-Feb-18 14 
      $ 16,000 5.00 % DHL Project & Chartering Limited, Hong Kong 2-Feb-18 2-Jun-19 - 2-Sep-19  
  2010  177,773              
42  SEATTLE J $ 11,700 5.00 % Koch Shipping Pte. Ltd., Singapore 8-Feb-17 19-May-18 - 23-Jul-18
  2011  179,362              
43  P. S. PALIOS J $ 10,550 5.00 % Koch Shipping Pte. Ltd., Singapore 27-Jan-17 17-May-18 - 11-Jun-18
  2013  179,134              
44  G. P. ZAFIRAKIS K $ 15,000 5.00 % RWE Supply & Trading GmbH, Essen 14-Aug-17 29-Sep-18 - 14-Jan-19  
  2014  179,492              
45  SANTA BARBARA K $ 12,000 4.75 % Cargill International S.A., Geneva 24-Jan-17 24-Apr-18  
      $ 20,250 4.75 % 24-Apr-18 9-Oct-19 - 9-Dec-19  
  2015  179,426              


46  NEW ORLEANS   $ 11,250 5.00 % Koch Shipping Pte. Ltd., Singapore 10-Dec-16 24-Mar-18  
      $ 21,000 5.00 % SwissMarine Services S.A., Geneva 24-Mar-18 24-Feb-19 - 24-Apr-19  
  2015  180,960              
  4 Newcastlemax Bulk Carriers
47  LOS ANGELES L BCI_2014 5TCs AVG + 14% 5.00 % SwissMarine Services S.A., Geneva 22-Jan-17 16-Apr-18  
      $ 19,150 5.00 % 16-Apr-18 1-Jan-19 - 16-Apr-19  
  2012  206,104              
48  PHILADELPHIA L $ 15,500 5.00 % Koch Shipping Pte. Ltd., Singapore 14-Mar-17 11-May-18 5,15
  2012  206,040              
49  SAN FRANCISCO M $ 11,750 5.00 % Koch Shipping Pte. Ltd., Singapore 5-Jan-17 13-May-18
  2017  208,006              
50  NEWPORT NEWS M BCI_2014 5TCs AVG + 24% 5.00 % SwissMarine Services S.A., Geneva 10-Jan-17 10-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 The charter rate was US$7,200 for the first ninety (90) days of the charter period.
2 Vessel currently off-hire for drydocking.
3 Vessel on scheduled drydocking from March 4, 2018 to March 12, 2018.
4 Vessel off-hire for drydocking from January 23, 2018 to February 27, 2018.
5 Based on latest information.
6 Since September 17, 2017, Charterers have changed to COFCO Agri Freight SA.
7 The charter rate was US$4,500 for the first thirty (30) days of the charter period.
8 Vessel off-hire for drydocking from December 24, 2017 to January 12, 2018.
9 Charterers have agreed to pay the weighted average of the Baltic Panamax 4 T/C routes, as published by the Baltic Exchange on April 17, 2018 plus 15%, for the excess period commencing from April 17, 2018. If such a hire is less than the current rate, then the current rate of US$8,000 to apply.
10 Charterers have agreed to pay the weighted average of the Baltic Panamax 4 T/C routes, as published by the Baltic Exchange on January 3, 2018 plus 12%, for the excess period commencing from January 3, 2018.
11 The charter rate was US$5,150 for the first fifteen (15) days of the charter period.
12 Estimated redelivery date from the charterers.
13 Estimated delivery date to the charterers.
14 Charterers have agreed to pay the weighted average of the Baltic Capesize 5 T/C routes, as published by the Baltic Exchange on January 2, 2018 plus 10%, for the excess period commencing from December 29, 2017.
15 The compensation for the overlapping period from April 29, 2018 to May 11, 2018, which is beyond the maximum contractual period, is still pending to be agreed between Owners and Koch Shipping Pte. Ltd., Singapore.
 

Summary of Selected Financial & Other Data (unaudited)

    Three months ended March 31,
    2018   2017
         
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
Time charter revenues $ 48,365   $ 31,288  
Voyage expenses   2,077     1,061  
Vessel operating expenses   22,930     21,316  
Net loss   (3,052 )   (26,470 )
Net loss attributed to common stockholders   (4,494 )   (27,912 )
FLEET DATA
Average number of vessels   50.0     47.9  
Number of vessels   50.0     48.0  
Weighted average age of vessels   8.6     7.8  
Ownership days   4,500     4,313  
Available days   4,444     4,276  
Operating days   4,435     4,201  
Fleet utilization   99.8 %   98.2 %
AVERAGE DAILY RESULTS
Time charter equivalent (TCE) rate (1) $ 10,416   $ 7,069  
Daily vessel operating expenses (2) $ 5,096   $ 4,942  
             


(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, May 10, 2018.

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 13679523.

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,
    2018     2017
           
REVENUES:          
Time charter revenues $ 48,365     $ 31,288  
           
EXPENSES:          
Voyage expenses   2,077       1,061  
Vessel operating expenses   22,930       21,316  
Depreciation and amortization of deferred charges   12,977       21,073  
General and administrative expenses    6,989       5,786  
Management fees to related party   600       420  
Other loss   324       69  
Operating gain/(loss) 2,468       (18,437 )
           
OTHER INCOME / (EXPENSES):          
Interest and finance costs   (6,947 )     (6,388 )
Interest and other income   1,412       640  
Gain/(loss) from equity method investments   15       (2,285 )
Total other expenses, net   (5,520 )     (8,033 )
           
Net loss $ (3,052 )   $ (26,470 )
           
Dividends on series B preferred shares   (1,442 )     (1,442 )
           
Net loss attributed to common stockholders   (4,494 )     (27,912 )
           
Loss per common share, basic and diluted $ (0.04 )   $ (0.34 )
           
Weighted average number of common shares, basic and diluted   103,124,133       81,253,721  
           
    Three months ended March 31,
    2018     2017
           
Net loss $ (3,052 )   $ (26,470 )
Other comprehensive loss (Actuarial loss)   (7 )     (7 )
Comprehensive loss $ (3,059 )   $ (26,477 )
               


CONDENSED CONSOLIDATED BALANCE SHEET DATA      
(in thousands of U.S. Dollars)      
           
    March 31, 2018     December 31, 2017*
ASSETS   (unaudited)      
           
Cash and cash equivalents $ 64,283   $ 40,227
Other current assets   67,826     98,534
Vessels, net of depreciation   1,042,018     1,053,578
Other fixed assets, net   22,581     22,650
Restricted cash   25,582     25,582
Investments in related parties   3,264     3,249
Other non-current assets   3,387     2,902
Total assets $ 1,228,941   $ 1,246,722
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
           
Long-term debt, net of deferred financing costs $ 587,209   $ 601,384
Other liabilities   19,604     20,580
Total stockholders' equity   622,128     624,758
Total liabilities and stockholders' equity $ 1,228,941   $ 1,246,722
           
* 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,
    2018     2017
           
Net Cash provided by / (used in) operating activities $ 9,805     $ (592 )
Net Cash provided by / (used in) investing activities   30,190       (58,021 )
Net Cash provided by / (used in) financing activities $ (15,939 )   $ 45,673  
               
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

Powered by EIN News