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Diana Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2017

ATHENS, Greece, Nov. 21, 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 $24.5 million and net loss attributed to common stockholders of $25.9 million for the third quarter of 2017, including an $8.4 million impairment loss on the m/v Melite which was sold for scrap in October 2017 after her grounding in July 2017 and the receipt from the insurers of the insured value. This compares to a net loss of $78.3 million and net loss attributed to common stockholders of $79.8 million for the third quarter of 2016.

Time charter revenues were $43.9 million for the third quarter of 2017, compared to $27.1 million for the same quarter of 2016. The increase in time charter revenues was due to increased average time charter rates achieved for the Company’s vessels during the quarter and increased revenues resulting from the enlargement of the fleet.

Net loss and net loss attributed to common stockholders for the nine months ended September 30, 2017 amounted to $74.8 million and $79.1 million, respectively. This compares to a net loss and net loss attributed to common stockholders of $141.0 million and $145.3 million, respectively, for the same period of 2016. Time charter revenues were $113.0 million for the nine months ended September 30, 2017, compared to $86.2 million for the same period of 2016.


  Fleet Employment Profile (As of November 17, 2017)
  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 $ 7,750     5.00 % Phaethon International Company AG 24-May-17 25-Nov-17 - 29-Dec-17
  2001  75,106              
DIONE A $ 7,050     5.00 % Caravel Shipping Limited, Hong Kong 4-May-17 27-Nov-17 - 18-Feb-18
  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   $ 5,000     5.00 % Dampskibsselskabet Norden A/S, Copenhagen 4-May-16 20-Jul-17  
     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 $ 5,150     5.00 % Transgrain Shipping B.V., Rotterdam 19-Jun-16 14-Jul-17  
      $ 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 30-Jan-18 - 14-May-18  
  2005  73,691              
10  CLIO   $ 5,350     5.00 % Transgrain Shipping B.V., Rotterdam 22-May-16 9-Jul-17  
    B $ 8,550     5.00 % Phaethon International Company AG 9-Jul-17 9-Aug-18 - 9-Nov-18  
  2005  73,691              
11  NAIAS   $ 7,500     5.00 % Glencore Agriculture B.V., Rotterdam 27-Dec-16 11-Nov-17
     B $ 10,000     5.00 % Phaethon International Company AG 24-Nov-17 9-Feb-19 - 24-May-19
  2006  73,546              
12  ARETHUSA B $ 7,200     5.00 % Noble Resources International Pte. Ltd., Singapore 23-Jan-17 27-Nov-17 - 23-Mar-18 1,4
  2007  73,593              
13  ERATO C $ 7,250     5.00 % Phaethon International Company AG 25-May-17 25-Nov-17 - 30-Dec-17
  2004  74,444              
14  CORONIS C $ 9,000     5.00 % Narina Maritime Ltd 16-May-17 16-Apr-18 - 16-Jul-18
  2006  74,381              
15  MELITE D $ 8,000     5.00 % Uniper Global Commodities SE, Düsseldorf 6-Dec-16 - - - 6,7,8
  2004  76,436              
16  MELIA D $ 9,500     5.00 % Nidera S.P.A., Roma 19-Mar-17 4-Feb-18 - 4-May-18
  2005  76,225              
17  ARTEMIS   $ 5,350     5.00 % Bunge S.A., Geneva 7-Jun-16 8-Jul-17  
      $ 9,000     5.00 % Ausca Shipping Limited, Hong Kong 8-Jul-17 8-Jul-18 - 8-Oct-18  
  2006  76,942              
18  LETO   $ 7,750     5.00 % Glencore Agriculture B.V., Rotterdam 29-Dec-16 27-Nov-17 - 29-Jan-18
  2010  81,297              
19  SELINA E $ 7,100     5.00 % BG Shipping Co., Limited, Hong Kong 23-Feb-17 26-Nov-17 - 8-Feb-18
  2010  75,700              
20  MAERA   $ 8,500     5.00 % Transgrain Shipping B.V., Rotterdam 15-Jun-17 22-Aug-17 10,11
    E $ 11,900     5.00 % Unico Logistics Co., Ltd., Seoul 19-Sep-17 19-Jun-18 - 19-Aug-18  
  2013  75,403              
21  ISMENE   $ 5,850     5.00 % Glencore Grain B.V., Rotterdam 7-Aug-16 16-Sep-17  
      $ 12,000     5.00 % DHL Project & Chartering Limited, Hong Kong 16-Sep-17 16-Sep-18 - 16-Dec-18  
  2013  77,901              
22  CRYSTALIA   $ 6,250     5.00 % SwissMarine Services S.A., Geneva 28-Jun-16 3-Oct-17  
    F $ 11,100     5.00 % Glencore Agriculture B.V., Rotterdam 3-Oct-17 3-Oct-18 - 18-Jan-19  
  2014  77,525              
23  ATALANDI F $ 5,300     5.00 % Glencore Grain B.V., Rotterdam 26-Mar-16 26-Nov-17 - 26-Apr-18  
  2014  77,529              
  5 Kamsarmax Bulk Carriers
24  MAIA   $ 7,500     5.00 % RWE Supply & Trading GmbH, Essen 13-Nov-15 27-Jul-17 12 
    G $ 10,125     5.00 % Glencore Agriculture B.V., Rotterdam 27-Jul-17 27-Jul-18 - 27-Oct-18  
  2009  82,193              
25  MYRSINI G $ 8,650     5.00 % RWE Supply & Trading GmbH, Essen 8-Jun-17 31-Aug-18 - 31-Dec-18  
  2010  82,117              
26  MEDUSA   $ 6,300     5.00 % Quadra Commodities S.A., Geneva 7-Apr-16 6-Jul-17  
    G $ 10,000     4.75 % Cargill International S.A., Geneva 6-Jul-17 6-Jul-18 - 6-Oct-18  
  2010  82,194              
27  MYRTO G $ 8,000     4.75 % Cargill International S.A., Geneva 17-Jan-17 17-Jan-18 - 17-Apr-18  
  2013  82,131              
28  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
29  ALCMENE   $ 8,000     4.75 % Cargill International S.A., Geneva 8-Jun-17 8-Jul-18 - 23-Oct-18  
  2010  93,193              
30  AMPHITRITE   $ 7,700     5.00 % Bunge S.A., Geneva 15-Jul-15 8-Sep-17 13,14
    H $ 11,150     4.75 % Cargill International S.A., Geneva 28-Sep-17 28-Oct-18  28-Jan-19  
  2012  98,697              
31  POLYMNIA H $ 10,100     4.75 % Cargill International S.A., Geneva 15-Mar-17 31-Mar-18 - 15-Jul-18  
  2012  98,704              
32  ELECTRA I $ 8,000     5.00 % Uniper Global Commodities SE, Düsseldorf 11-Jun-17 11-Jul-18 - 11-Nov-18  
  2013  87,150              
33  PHAIDRA I $ 7,750     5.00 % Jera Trading Singapore Pte. Ltd. 19-May-17 26-Nov-17 - 3-Jan-18
  2013  87,146              
  14 Capesize Bulk Carriers
34  NORFOLK   $ 12,000     5.00 % Trafigura Maritime Logistics Pte. Ltd., Singapore 26-Apr-17 24-Nov-17
  2002  164,218              
35  ALIKI   $ 10,300     5.00 % SwissMarine Services S.A., Geneva 14-Feb-17 30-Dec-17 - 14-Apr-18  
  2005  180,235              
36  BALTIMORE   $ 11,300     4.75 % Cargill International S.A., Geneva 16-Feb-17 16-Mar-18 - 1-Jul-18  
  2005  177,243              
37  SALT LAKE CITY   $ 9,000     5.00 % Uniper Global Commodities SE, Düsseldorf 20-Jan-17 20-Jan-18 - 20-May-18  
  2005  171,810              
38  SIDERIS GS J $ 13,000     5.00 % Rio Tinto Shipping (Asia) Pte., Ltd., Singapore 21-Jun-17 21-Jul-18 - 21-Nov-18  
  2006  174,186              
39  SEMIRIO J $ 14,150     5.00 % Koch Shipping Pte. Ltd., Singapore 21-May-17 21-May-18 - 21-Sep-18  
  2007  174,261              
40  BOSTON J $ 13,000     4.75 % Clearlake Shipping Pte. Ltd., Singapore 9-Aug-15 20-Nov-17 1,15
  2007  177,828              
41  HOUSTON J $ 10,000     5.00 % SwissMarine Services S.A., Geneva 17-Feb-17 2-Mar-18 - 17-May-18 16 
  2009  177,729              
42  NEW YORK J $ 14,450     5.00 % Koch Shipping Pte. Ltd., Singapore 23-Apr-17 25-Nov-17 - 29-Dec-17
  2010  177,773              
43  SEATTLE K $ 11,700     5.00 % Koch Shipping Pte. Ltd., Singapore 8-Feb-17 8-Apr-18 - 23-Jul-18  
  2011  179,362              
44  P. S. PALIOS K $ 10,550     5.00 % Koch Shipping Pte. Ltd., Singapore 27-Jan-17 27-Jan-18 - 11-Jun-18 17 
  2013  179,134              
45  G. P. ZAFIRAKIS L $ 6,500     5.00 % RWE Supply & Trading GmbH, Essen 14-Feb-16 14-Aug-17  
      $ 15,000     5.00 % 14-Aug-17 29-Sep-18 - 14-Jan-19  
  2014  179,492              
46  SANTA BARBARA L $ 12,000     4.75 % Cargill International S.A., Geneva 24-Jan-17 9-Jan-18 - 24-Apr-18  
  2015  179,426              
47  NEW ORLEANS   $ 11,250     5.00 % Koch Shipping Pte. Ltd., Singapore 10-Dec-16 10-Dec-17 - 10-Apr-18  
  2015  180,960              
  4 Newcastlemax Bulk Carriers
48  LOS ANGELES M BCI_2014
5TCs AVG
+ 14% 
    5.00 % SwissMarine Services S.A., Geneva 22-Jan-17 7-Feb-18 - 22-Apr-18  
  2012  206,104            
49  PHILADELPHIA M $ 15,500     5.00 % Koch Shipping Pte. Ltd., Singapore 14-Mar-17 14-Jan-18 - 29-Apr-18  
  2012  206,040              
50  SAN FRANCISCO N $ 11,750     5.00 % Koch Shipping Pte. Ltd., Singapore 5-Jan-17 5-Jan-18 - 20-May-18  
  2017  208,006              
51  NEWPORT NEWS N 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 Based on latest information.
2 Currently without an active charterparty. Vessel on scheduled drydocking.
3 Estimated delivery date to the charterers.
4 Vessel off-hire from June 27, 2017 to July 1, 2017.
5 Vessel off-hire for drydocking from August 11, 2017 to August 30, 2017.
6 As of July 25, 2017, vessel is off-hire due to a grounding incident.
7 On September 21, 2017, the Owners of the m/v Melite advised Charterers and cargo receivers that due to the impossibility of performance of the voyage under the relevant Bills of Lading, the Time Charterparty contract had been rendered frustrated and cargo owners were asked to make arrangements for the on carriage of their cargo or other disposal thereof.
8 ''Melite'' sold and delivered to her new Owners on October 24, 2017.
9 Since September 17, 2017, Charterers have changed to COFCO Agri Freight SA.
10 Charter included a one time gross ballast bonus payment of US$350,000.
11 Vessel on scheduled drydocking from August 24, 2017 to September 19, 2017.
12 Charterers have agreed to pay the weighted average of the 4 T/C routes on 14th July 2017 plus 20% for the excess period commencing July 13, 2017.
13 Charterers have agreed to pay the P2A_03 route plus 10%, as published by The Baltic Exchange on August 30, 2017, for the excess period commencing August 30, 2017.
14 Vessel on scheduled drydocking from September 8, 2017 to September 28, 2017.
15 Clearlake Shipping Pte. Ltd., Singapore is a member of the Gunvor Group.
16 Charterers will pay US$5,150 per day for the first 15 days of the charter period.
17 Vessel off-hire for drydocking from July 9, 2017 to July 20, 2017.



Summary of Selected Financial & Other Data (unaudited)
      Three months ended September 30,   Nine months ended September 30,
      2017     2016     2017     2016  
                   
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
  Time charter revenues $  43,920    $  27,122    $  112,960    $  86,240   
  Voyage expenses    2,478       2,122       5,597       12,439   
  Vessel operating expenses    22,697       21,218       66,337       65,093   
  Net loss    (24,493)      (78,312)      (74,782)      (140,981)  
  Net loss attributed to common stockholders    (25,936)      (79,754)      (79,109)      (145,308)  
FLEET DATA
  Average number of vessels   51.0      46.0      49.4       44.9   
  Number of vessels   51.0      46.0      51.0       46.0   
  Weighted average age of vessels   8.2      7.9      8.2       7.9   
  Ownership days    4,692       4,232       13,495       12,310   
  Available days    4,632       4,227       13,275       12,232   
  Operating days    4,533       4,201       13,005       12,144   
  Fleet utilization   97.9%     99.4%     98.0%     99.3%  
AVERAGE DAILY RESULTS
  Time charter equivalent (TCE) rate (1) $  8,947    $  5,914    $  8,088    $  6,033   
  Daily vessel operating expenses (2) $  4,837    $  5,014    $  4,916    $  5,288   

_____________________

(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, November 21, 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 13672574.

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 September 30,   Nine months ended September 30,
      2017     2016     2017     2016  
                   
REVENUES:                
  Time charter revenues $  43,920    $  27,122    $  112,960    $  86,240   
                   
EXPENSES:                
  Voyage expenses    2,478       2,122       5,597       12,439   
  Vessel operating expenses    22,697       21,218       66,337       65,093   
  Depreciation and amortization of deferred charges    22,363       20,626       65,083       60,940   
  General and administrative expenses     5,737       5,975       18,175       18,718   
  Management fees to related party    480       360       1,341       1,080   
  Impairment loss    8,446       -       8,446       -   
  Other loss/(income)    43       (53)      287       22   
  Operating loss    (18,324)      (23,126)      (52,306)      (72,052)  
                   
OTHER INCOME / (EXPENSES):                
  Interest and finance costs    (6,799)      (5,698)      (19,874)      (16,309)  
  Interest and other income    1,460       540       3,028       1,637   
  Loss from equity method investments    (830)      (50,028)      (5,630)      (54,257)  
  Total other expenses, net    (6,169)      (55,186)      (22,476)      (68,929)  
                   
Net loss $  (24,493)   $  (78,312)   $  (74,782)   $  (140,981)  
                   
Dividends on series B preferred shares    (1,443)      (1,442)      (4,327)      (4,327)  
                   
Net loss attributed to common stockholders    (25,936)      (79,754)      (79,109)      (145,308)  
                   
Loss per common share, basic and diluted $  (0.25)   $  (0.99)   $  (0.85)   $  (1.81)  
                   
Weighted average number of common shares, basic and diluted   102,280,234      80,534,351      93,485,656      80,370,383   
                   
      Three months ended September 30,   Nine months ended September 30,
      2017     2016     2017     2016  
                   
Net loss $  (24,493)   $  (78,312)   $  (74,782)   $  (140,981)  
Other comprehensive loss (Actuarial loss)    (7)      (8)      (21)      (23)  
Comprehensive loss $  (24,500)   $  (78,320)   $  (74,803)   $  (141,004)  



CONDENSED CONSOLIDATED BALANCE SHEET DATA    
(in thousands of U.S. Dollars)     
            
      September 30, 2017   December 31, 2016*
ASSETS    (unaudited)    
            
Cash and cash equivalents $ 37,201  $ 98,142 
Other current assets   27,932    17,174 
Advances for vessels under construction and acquisitions and other vessel costs     46,863 
Vessels' net book value   1,495,711    1,403,912 
Other fixed assets, net   22,733    23,114 
Restricted cash   25,500    23,000 
Due from related parties, non-current   82,617    45,417 
Equity method investments   3,226    6,014 
Other non-current assets   7,338    5,027 
  Total assets $ 1,702,258  $ 1,668,663 
           
LIABILITIES AND STOCKHOLDERS' EQUITY        
           
Long-term debt, net of deferred financing costs $ 622,056  $ 598,181 
Other liabilities   19,031    13,893 
Total stockholders' equity   1,061,171    1,056,589 
  Total liabilities and stockholders' equity $ 1,702,258  $ 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 September 30,   Nine months ended September 30,
      2017     2016      2017     2016   
                   
Net Cash provided by / (used in) operating activities $  8,251    $  (4,981)   $  11,172    $  (18,606)  
Net Cash provided by / (used in) investing activities    28       (737)      (165,684)      (46,295)  
Net Cash provided by / (used in) financing activities $  (13,351)   $  (11,538)   $  96,071    $  3,065   
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

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