Questions? +1 (202) 335-3939 Login
Trusted News Since 1995
A service for auto industry professionals · Thursday, March 28, 2024 · 699,589,973 Articles · 3+ Million Readers

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:
                 
  Vessel Sister
Ships*
Gross
Rate
(USD Per
Day)
Com** Charterers Delivery
Date to
Charterers***
Redelivery Date to Owners**** Notes
  BUILT  DWT
                 
                  23 Panamax Bulk Carriers      
1 DANAE A $ 4,900     5.00 % Dampskibsselskabet
Norden A/S,
Copenhagen
9-Dec-15 9-Nov-16 - 9-Mar-17  
  2001  75,106              
2 DIONE A $ 9,250     5.00 % RWE Supply &
Trading GmbH, Essen
12-Sep-14 8-Jan-16 1
      $ 4,350     5.00 % Nidera S.P.A., Roma 4-Feb-16 20-Jan-17 - 4-May-17  
  2001  75,172              
3 NIREFS A $ 7,500     5.00 % Glencore Grain B.V.,
Rotterdam
25-Dec-14 12-Jan-16  
      $ 4,600     5.00 % Transgrain Shipping
B.V., Rotterdam
15-Jan-16 15-Dec-16 - 30-Mar-17  
  2001  75,311              
4 ALCYON A $ 7,600     5.00 % Transgrain Shipping
B.V., Rotterdam
22-Aug-15 28-Apr-16  
      $ 5,000     5.00 % Dampskibsselskabet
Norden A/S,
Copenhagen
4-May-16 4-May-17 - 4-Sep-17  
  2001  75,247              
5 TRITON A $ 6,800     5.00 % Glencore Grain B.V.,
Rotterdam
28-Oct-15 13-Sep-16 - 28-Dec-16  
  2001  75,336              
6 OCEANIS A $ 7,200     5.00 % Glencore Grain B.V.,
Rotterdam
11-May-15 12-Mar-16  
      $ 6,750     5.00 % Bunge S.A., Geneva 13-Apr-16 5-Jun-16 2,3
  2001  75,211              
7 THETIS B $ 7,000     5.00 % Dampskibsselskabet
Norden A/S,
Copenhagen
14-Jul-15 14-Jun-16 - 14-Sep-16  
  2004  73,583              
8 PROTEFS B $ 6,250     5.00 % Glencore Grain B.V.,
Rotterdam
3-Apr-15 18-Feb-16 4
      $ 4,500     5.00 % Transgrain Shipping
B.V., Rotterdam
23-Feb-16 8-Feb-17 - 23-Jun-17  
  2004  73,630              
9 CALIPSO B $ 6,000     5.00 % China Shipping Bulk
Carrier Co., Ltd., Hong
Kong
9-Jun-15 8-Apr-16  
      $ 6,300     5.00 % Polaris Shipping Co.,
Ltd., Seoul
8-Apr-16 7-Jul-16 5
  2005  73,691              
10 CLIO B $ 6,500     5.00 % Transgrain Shipping
B.V., Rotterdam
4-Aug-15 20-May-16

6
      $ 5,350     5.00 %   20-May-16 20-Apr-17 - 20-Jul-17  
  2005  73,691              
11 NAIAS B $ 6,800     4.75 % Cargill International
S.A., Geneva
12-Jul-15 23-May-16 7,8
  2006  73,546              
12 ARETHUSA B $ 7,100     5.00 % Glencore Grain B.V.,
Rotterdam
5-Mar-15 21-May-16 9
  2007  73,593              
13 ERATO C $ 7,100     5.00 % Glencore Grain B.V.,
Rotterdam
9-Mar-15 26-Mar-16  
      $ 4,650     5.00 %   26-Mar-16 11-Feb-17 - 26-May-17  
  2004  74,444              
14 CORONIS C $ 6,500     5.00 % Sandgate Maritime
Ltd
3-Jul-15 19-Mar-16 10
      $ 4,750     5.00 % Narina Maritime Ltd 19-Mar-16 19-Feb-17 - 19-May-17  
  2006  74,381              
15 MELITE D $ 7,250     4.75 % Cargill International
S.A., Geneva
13-Oct-15 13-Sep-16 - 13-Dec-16  
  2004  76,436              
16 MELIA D $ 7,200     5.00 % Nidera S.P.A., Roma 24-Oct-15 24-Nov-16 - 24-Feb-17  
  2005  76,225              
17 ARTEMIS   $ 7,500     5.00 % China Shipping Bulk
Carrier Co., Ltd., Hong
Kong
16-Aug-15 23-May-16 - 2-Jun-16 8
  2006  76,942              
18 LETO   $ 7,100     4.75 % Cargill International
S.A., Geneva
19-Jun-15 4-Sep-16 - 3-Jan-17  
  2010  81,297              
19 SELINA E $ 5,800     5.00 % Dampskibsselskabet
Norden A/S,
Copenhagen
24-Mar-16 15-Oct-16 - 15-Feb-17  
  2010  75,700              
20 MAERA E $ 4,500     5.00 % United Bulk Carriers
International S.A.,
Luxembourg
10-May-16 28-Dec-16 - 28-Apr-17  
  2013  75,403              
21 INFINITY 9   $ 7,825     5.00 % Glencore Grain B.V.,
Rotterdam
21-Mar-16 24-Jun-16 - 24-Oct-16  
  (tbr. ISMENE)              
  2013  77,901              
22 CRYSTALIA F $ 9,000     5.00 % Glencore Grain B.V.,
Rotterdam
29-Aug-15 29-Jun-16 - 29-Sep-16  
                 
  2014  77,525              
23 ATALANDI F $ 8,000     5.00 % Glencore Grain B.V.,
Rotterdam
21-May-15 21-Mar-16  
      $ 5,300     5.00 %   26-Mar-16 26-Nov-17 - 26-Apr-18  
  2014  77,529              
                  4 Kamsarmax Bulk Carriers      
24 MAIA G $ 7,500     5.00 % RWE Supply &
Trading GmbH, Essen
13-Nov-15 13-Apr-17 - 13-Jul-17  
  2009  82,193              
25 MYRSINI G $ 8,250     4.75 % Clearlake Shipping
Pte. Ltd., Singapore
18-Feb-15 9-Mar-16 11
      $ 5,550     5.00 % RWE Supply &
Trading GmbH, Essen
9-Mar-16 9-Mar-17 - 24-Jun-17  
  2010  82,117              
26 MEDUSA G $ 7,450     4.75 % Clearlake Shipping
Pte. Ltd., Singapore
2-Jun-15 7-Apr-16 11
      $ 6,300     5.00 % Quadra Commodities
S.A., Geneva
7-Apr-16 15-Mar-17 - 30-Jul-17  
  2010  82,194              
27 MYRTO G $ 6,000     4.75 % Cargill International
S.A., Geneva
24-Dec-15 24-Oct-16 - 8-Feb-17  
  2013  82,131              
                  3 Post-Panamax Bulk Carriers      
28 ALCMENE   $ 6,750     5.00 % ADM International
Sarl, Rolle,
Switzerland
13-May-15 13-Feb-17 - 2-Jun-17  
  2010  93,193              
29 AMPHITRITE H $ 7,700     5.00 % Bunge S.A., Geneva 15-Jul-15 30-Apr-17 - 30-Aug-17  
  2012  98,697              
30 POLYMNIA H $ 5,650     4.75 % Cargill International
S.A., Geneva
15-Dec-15 30-Nov-16 - 15-Mar-17  
  2012  98,704              
                  14 Capesize Bulk Carriers      
31 NORFOLK   $ 10,250     4.75 % Clearlake Shipping
Pte. Ltd., Singapore
4-Mar-15 28-Mar-16 11,12
      $ 4,350     5.00 % SwissMarine Services
S.A., Geneva
28-Mar-16 28-Dec-16 - 28-Mar-17  
  2002  164,218              
32 ALIKI   $ 26,500     5.00 % Minmetals Logistics
Group Co. Ltd.,
Beijing
1-Mar-11 16-Jan-16 13
      $ 5,300     5.00 % SwissMarine Services
S.A., Geneva
16-Jan-16 16-Dec-16 - 16-Mar-17  
  2005  180,235              
33 BALTIMORE   $ 15,000     5.00 % RWE Supply &
Trading GmbH, Essen
8-Jul-13 8-Jul-16 - 8-Jan-17  
  2005  177,243              
34 SALT LAKE CITY     BCI 4TCs
AVG +
3.5%
    5.00 % K Noble Hong Kong
Ltd., Hong Kong
7-Feb-15 7-Nov-16 - 7-Feb-17  
  2005  171,810              
35 SIDERIS GS I $ 6,500     5.00 % Rio Tinto Shipping
(Asia) Pte., Ltd.,
Singapore
22-Dec-15 22-Jan-17 - 7-Jul-17  
  2006  174,186              
36 SEMIRIO I $ 10,000     5.00 % Rio Tinto Shipping
(Asia) Pte., Ltd.,
Singapore
20-Feb-15 6-Feb-16 14
      $ 4,800     5.00 % SwissMarine Services
S.A., Geneva
6-Feb-16 6-Jan-17 - 6-May-17  
  2007  174,261              
37 BOSTON I $ 13,000     4.75 % Clearlake Shipping
Pte. Ltd., Singapore
9-Aug-15 25-May-17 - 24-Oct-17 11
  2007  177,828              
38 HOUSTON I $ 12,750     5.00 % RWE Supply &
Trading GmbH, Essen
4-Jan-15 29-Jan-16  
      $ 5,150     5.00 % SwissMarine Services
S.A., Geneva
29-Jan-16 29-Dec-16 - 29-Mar-17  
  2009  177,729              
39 NEW YORK I $ 12,850     4.75 % Clearlake Shipping
Pte. Ltd., Singapore
17-Dec-14 3-Feb-16 11,15
      $ 5,200     5.00 % Rio Tinto Shipping
(Asia) Pte., Ltd.,
Singapore
3-Feb-16 3-Jan-17 - 18-May-17  
  2010  177,773              
40 SEATTLE J $ 7,300     4.75 % SwissMarine Services
S.A., Geneva
9-Dec-15 25-Oct-16 - 9-Feb-17  
  2011  179,362              
41 P. S. PALIOS J $ 13,000     5.00 % RWE Supply &
Trading GmbH, Essen
18-Sep-15 31-Dec-16 - 31-Mar-17  
  2013  179,134              
42 G. P. ZAFIRAKIS K $ 25,250     5.00 % RWE Supply &
Trading GmbH, Essen
23-Aug-14 14-Feb-16  
      $ 6,500     5.00 %   14-Feb-16 14-May-17 - 14-Aug-17  
  2014  179,492              
43 SANTA BARBARA K $ 7,500     5.00 % RWE Supply &
Trading GmbH, Essen
18-Dec-15 18-Dec-16 - 18-Mar-17  
  2015  179,426              
44 NEW ORLEANS   $ 11,650     5.00 % SwissMarine Services
S.A., Geneva
11-Nov-15 11-Oct-16 - 26-Feb-17  
  2015  180,960              
                  2 Newcastlemax Bulk Carriers      
45 LOS ANGELES L $ 7,750     5.00 % SwissMarine Services
S.A., Geneva
9-Dec-15 24-Nov-16 - 24-Mar-17  
  2012  206,104              
46 PHILADELPHIA L $ 18,000     5.00 % EDF Trading Limited,
UK
17-May-12 20-Jan-16 16
      $ 6,450     5.00 % RWE Supply &
Trading GmbH, Essen
20-Jan-16 20-Dec-16 - 20-Mar-17  
  2012  206,040              
                  3 Vessels Under Construction      
47 HULL No. DY6006     -     -   - - - - - 17
  (tbn. PHAIDRA)              
  2016  82,000              
48 HULL No. H2548 M   -     -   - - - - - 17
  (tbn. SAN FRANCISCO)              
  2016  208,500              
49 HULL No. H2549 M   -     -   - - - - - 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

Powered by EIN News


EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.

Submit your press release