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Diana Shipping Inc$3.02($.05)(1.63%)

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 Diana Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2018
   Monday, November 26, 2018 7:40:00 AM ET

ATHENS, Greece, Nov. 26, 2018 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today reported net income of $14.8 million and net income attributed to common stockholders of $13.3 million for the third quarter of 2018, compared to a net loss of $24.5 million and a net loss attributed to common stockholders of $25.9 million reported in the third quarter of 2017.

Time charter revenues were $61.5 million for the third quarter of 2018, compared to $43.9 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.

Net income and net income attributed to common stockholders for the nine months ended September 30, 2018 amounted to $13.7 million and $9.3 million, respectively. This compares to a net loss and net loss attributed to common stockholders of $74.8 million and $79.1 million, respectively, for the same period of 2017. Time charter revenues were $163.3 million for the nine months ended September 30, 2018, compared to $113.0 million for the same period of 2017.

  
 Fleet Employment Profile (As of November 23, 2018)
 Diana Shipping Inc.’s fleet is employed as follows:
         
 VesselSister
Ships*

Gross
Rate
(USD Per
Day)
Com**
Charterers

Delivery
Date to
Charterers**
*
Redelivery Date to Owners****Notes
 BUILT  DWT
 22 Panamax Bulk Carriers
1DANAEA$10,0005.00%Phaethon International
Company AG
22-Dec-1722-Jan-19 - 7-May-19 
 2001  75,106      
2DIONEA$10,3505.00%Ausca Shipping Limited, Hong
Kong
23-Jan-1823-Mar-19 - 8-Jul-19 
 2001  75,172       
3NIREFS

A$9,4005.00%Jaldhi Overseas Pte. Ltd.,
Singapore
5-May-1711-Aug-18 
   $10,7503.75%Hudson Shipping Lines
Incorporated
11-Aug-1811-Jul-19 - 11-Oct-19 
 2001  75,311       
4ALCYON

A$8,8005.00%Hudson Shipping Lines
Incorporated
20-Jul-1729-Nov-18 - 18-Dec-181,2,3
 2001  75,247       
5TRITONA$6,5005.00%Ausca Shipping Limited, Hong
Kong
8-Jun-1715-Oct-184
   $11,0005.00%Tongli Shipping Pte. Ltd.4-Nov-1826-Nov-181,3
 2001  75,336       
6OCEANISA$7,0005.00%Ausca Shipping Limited, Hong
Kong
30-May-1716-Nov-18 
   $10,3505.00%16-Nov-181-Jan-20 - 31-Mar-20 
 2001  75,211       
7THETISB$8,3505.00%Ausca Shipping Limited, Hong
Kong
14-Jul-1719-Oct-185,6
   $10,6503.75%Hudson Shipping Lines
Incorporated
16-Nov-1816-Jan-20 - 16-Apr-20 
 2004  73,583       
PROTEFSB$7,9005.00%Hudson Shipping Lines
Incorporated
24-Jun-1719-Sep-18 
   $11,0003.75%19-Sep-184-Sep-19 - 19-Dec-19 
 2004  73,630       
CALIPSO

B$12,2005.00%Glencore Agriculture B.V.,
Rotterdam
12-Mar-1828-May-19 - 12-Sep-19 
 2005  73,691       
10 CLIO

B$8,5505.00%Phaethon International
Company AG
9-Jul-1710-Nov-18 
   $10,6005.00%Ausca Shipping Limited, Hong
Kong
10-Nov-1810-Sep-19 - 10-Dec-19 
 2005  73,691       
11 NAIAS

B$10,0005.00%Phaethon International
Company AG
26-Nov-1711-Feb-19 - 26-May-19 
 2006  73,546       
12 ARETHUSAB$12,6005.00%Glencore Agriculture B.V.,
Rotterdam
27-Apr-1827-Apr-19 - 27-Jul-19 
 2007  73,593       
13 ERATO

C$10,5005.00%Phaethon International
Company AG
30-Dec-172-Mar-19 - 30-May-19 
 2004  74,444       
14 CORONISC$9,0005.00%Narina Maritime Ltd16-May-1711-Aug-18
   $8,3005.00%CJ International Italy Societa Per
Azioni
11-Aug-1810-Oct-18 
   $11,3005.00%10-Oct-1811-Aug-19 - 11-Nov-19 
 2006  74,381       

15 
MELIA

 $12,0005.00%United Bulk Carriers
International S.A., Luxemburg
28-Apr-1828-Sep-19 - 28-Dec-19
 2005  76,225       
16 ARTEMIS $9,0005.00%Ausca Shipping Limited, Hong
Kong

8-Jul-1717-Sep-18 
   $12,6005.00%17-Sep-1817-Sep-19 - 17-Dec-19 
 2006  76,942       
17 LETO

 $12,5005.00%Glencore Agriculture B.V.,
Rotterdam
10-Jan-1810-May-19 - 25-Aug-19 
 2010  81,297       
18 SELINA

D$12,2505.00%BG Shipping Co., Limited, Hong
Kong
6-Feb-186-Jun-19 - 6-Sep-19 
 2010  75,700       
19 MAERAD$11,9005.00%Unico Logistics Co., Ltd., Seoul19-Sep-174-Jul-18 
   $11,7505.00%ST Shipping and Transport Pte.
Ltd., Singpore
4-Jul-1820-Jan-19 - 4-Apr-19
 2013  75,403       
20 ISMENE

 $12,0005.00%DHL Project & Chartering
Limited, Hong Kong
16-Sep-1729-Nov-18 - 16-Dec-18
 2013  77,901       
21 CRYSTALIA

E$11,1005.00%Glencore Agriculture B.V.,
Rotterdam
3-Oct-1730-Nov-18 - 18-Jan-19
 2014  77,525       
22 ATALANDI

E$13,5005.00%Uniper Global Commodities SE,
Düsseldorf
27-Apr-1827-Jun-19 - 27-Sep-19 
 2014  77,529       
 5 Kamsarmax Bulk Carriers
23 MAIAF$10,1255.00%Glencore Agriculture B.V.,
Rotterdam
27-Jul-175-Nov-1810 
   $13,3005.00%12-Nov-181-Jan-20 - 31-Mar-20 
 2009  82,193       
24 MYRSINI

F$8,6505.00%RWE Supply & Trading GmbH,
Essen
8-Jun-171-Dec-18 - 31-Dec-18
 2010  82,117       
25 MEDUSAF$10,0004.75%Cargill International S.A.,
Geneva
6-Jul-173-Sep-18 
   $14,0004.75%3-Sep-183-Oct-19 - 3-Dec-19 
 2010  82,194       
26 MYRTO

F$14,0004.75%Cargill International S.A.,
Geneva
25-Apr-1825-May-19 - 25-Jul-19 
 2013  82,131       
27 ASTARTE $9,0005.00%Glencore Agriculture B.V.,
Rotterdam
12-Jun-1716-Oct-18 
   $14,2505.00%16-Oct-1816-Dec-19 - 16-Mar-20 
 2013  81,513       
 5 Post-Panamax Bulk Carriers
28 ALCMENE
 $8,0004.75%Cargill International S.A.,
Geneva
8-Jun-176-Oct-18 
   $14,0005.00%Smart Gain Shipping Co.,
Limited, Hong Kong
6-Oct-189-Nov-18 
   $11,5005.00%BG Shipping Co., Limited, Hong
Kong
21-Nov-1821-Oct-19 - 21-Jan-20 
 2010  93,193       
29 AMPHITRITE

G$11,1504.75%Cargill International S.A.,
Geneva
28-Sep-171-Dec-18 - 28-Jan-19
 2012  98,697       
30 POLYMNIAG$10,1004.75%Cargill International S.A.,
Geneva
15-Mar-179-Jul-18 
   $16,0004.75%9-Jul-189-Sep-19 - 9-Dec-19 
 2012  98,704       
31 ELECTRAH$8,0005.00%Uniper Global Commodities SE,
Düsseldorf
11-Jun-1719-Oct-18 
   $13,5005.00%19-Oct-1815-Sep-19 - 15-Dec-19 
 2013  87,150       
32 PHAIDRA

H$12,7005.00%Uniper Global Commodities SE,
Düsseldorf
13-Jan-1813-Jan-19 - 13-Apr-19 
 2013  87,146       
 14 Capesize Bulk Carriers
33 NORFOLK

 $13,2505.00%SwissMarine Services S.A.,
Geneva
1-Dec-171-Sep-19 - 1-Dec-19 
 2002  164,218       
34 ALIKI

 $18,0005.00%SwissMarine Services S.A.,
Geneva
9-Apr-189-Dec-19 - 9-Feb-20 
 2005  180,235       
35 BALTIMORE

 $18,0505.00%Koch Shipping Pte.
Ltd., Singapore
6-Jun-1822-May-19 - 21-Aug-19 
 2005  177,243       
36 SALT LAKE CITY

 $16,2504.75%Cargill International S.A.,
Geneva
1-May-181-Jan-19 - 1-Mar-19 
 2005  171,810       
37 SIDERIS GS

I$13,0005.00%Rio Tinto Shipping (Asia) Pte.,
Ltd., Singapore
21-Jun-1715-Nov-18 
   $8,5005.00%Berge Bulk Shipping Pte. Ltd.,
Singapore
15-Nov-1815-Dec-18 
   $15,3505.00%15-Dec-1815-Dec-19 - 30-Mar-20 
 2006  174,186       
38 SEMIRIO

I$14,1505.00%Koch Shipping Pte. Ltd.,
Singapore
21-May-171-Sep-18 
   $20,0505.00%Pacific Bulk Cape Company
Limited, Hong Kong
1-Sep-181-Jul-19 - 16-Sep-19 
 2007  174,261       
39 BOSTON

I$17,0005.00%EGPN Bulk Carrier Co., Limited,
Hong Kong
6-Dec-176-Apr-19 - 6-Jul-19 
 2007  177,828       
40 HOUSTON

I$19,0005.00%SwissMarine Services S.A.,
Geneva
9-May-1825-Jan-19 - 24-Apr-19 
 2009  177,729       
41 NEW YORK

I$16,0005.00%DHL Project & Chartering
Limited, Hong Kong
2-Feb-182-Jun-19 - 2-Sep-19 
 2010  177,773       
42 SEATTLEJ$11,7005.00%Koch Shipping Pte. Ltd.,
Singapore
8-Feb-1730-Jul-1811 
   $24,0005.00%30-Jul-1830-Nov-18 - 30-Jan-19 
 2011  179,362       
43 P. S. PALIOS

J$17,3505.00%Koch Shipping Pte. Ltd.,
Singapore
24-May-189-Jun-19 - 24-Aug-19 
 2013  179,134       
44 G. P. ZAFIRAKIS

K$15,0005.00%RWE Supply & Trading GmbH,
Essen
14-Aug-1730-Nov-18 - 14-Jan-19
 2014  179,492       
45 SANTA BARBARA

K$20,2504.75%Cargill International S.A.,
Geneva
24-Apr-189-Oct-19 - 9-Dec-19 
 2015  179,426       
46 NEW ORLEANS

 $21,0005.00%SwissMarine Services S.A.,
Geneva
24-Mar-1824-Feb-19 - 24-Apr-19 
 2015  180,960       
 4 Newcastlemax Bulk Carriers
47 LOS ANGELES

L$19,1505.00%SwissMarine Services S.A.,
Geneva
16-Apr-181-Jan-19 - 16-Apr-19 
 2012  206,104       
48 PHILADELPHIA

L$20,0005.00%Koch Shipping Pte. Ltd.,
Singapore
18-Jun-183-Feb-20 - 18-May-20 
 2012  206,040       
49 SAN FRANCISCO

M$24,0005.00%Koch Shipping Pte. Ltd.,
Singapore
14-May-184-Mar-19 - 24-May-19 
 2017  208,006       
50 NEWPORT NEWS


M

BCI_2014
5TCs AVG
+ 24%
5.00%

SwissMarine Services S.A.,
Geneva
10-Jan-17

1-Dec-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 Vessel off hire for unscheduled maintenance from May 30, 2018 to July 10, 2018.
3 Vessel sold and expected to be delivered to her new Owners at the latest by January 7, 2019.
4 Vessel on scheduled drydocking from October 17, 2018 to November 1, 2018.
5 Charterers have agreed to pay the weighted average of the Baltic Panamax 4 T/C routes, as published by the Baltic Exchange on October 15, 2018, for the excess period commencing from October 14, 2018.
6 Vessel on scheduled drydocking from October 22, 2018 to November 16, 2018.
7 Charterers have agreed to pay the weighted average of the Baltic Panamax 4 T/C routes, as published by the Baltic Exchange on August 6, 2018, for the excess period commencing from August 5, 2018, in case it is higher than the current rate of US$ 9,000.
8 Vessel off hire from October 22, 2018 to October 25, 2018.
9 Vessel off hire from August 9, 2018 to August 12, 2018.
10 Charterers have agreed to pay the weighted average of the Baltic Panamax 4 T/C routes, as published by the Baltic Exchange on October 26, 2018 plus 18%, only in case it is higher than the existing rate of US$10,125 which otherwise will continue to apply, for the excess period commencing from October 27, 2018.
11 Charterers have agreed to pay the weighted average of the Baltic Capesize 5 T/C routes, as published by the Baltic Exchange on July 23, 2018 plus 5%, for the excess period commencing from July 23, 2018.
 




  
Summary of Selected Financial & Other Data (unaudited) 
   Three months ended
September 30,
Nine months ended
September 30,
 
   2018  2017  2018  2017  
             
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars) 
 Time charter revenues$61,505 $43,920 $163,315 $112,960  
 Voyage expenses 1,818  2,478  4,658  5,597  
 Vessel operating expenses 22,809  22,697  70,300  66,337  
 Net income/(loss) 14,767  (24,493)  13,672  (74,782)  
 Net income/(loss) attributed to common stockholders 13,325  (25,936)  9,345  (79,109)  
FLEET DATA  
 Average number of vessels 50.0  51.0  50.0  49.4  
 Number of vessels 50.0  51.0  50.0  51.0  
 Weighted average age of vessels 9.1  8.2  9.1  8.2  
 Ownership days 4,600  4,692  13,650  13,495  
 Available days 4,600  4,632  13,519  13,275  
 Operating days 4,576  4,533  13,394  13,005  
 Fleet utilization 99.5%  97.9%  99.1%  98.0%  
AVERAGE DAILY RESULTS  
 Time charter equivalent (TCE) rate (1)$12,975 $8,947 $11,736 $8,088  
 Daily vessel operating expenses (2)$4,958 $4,837 $5,150 $4,916  

_____________________

(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 Monday, November 26, 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 13685004.

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, Company management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in the Company’s 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 the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s 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 the Company’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

(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 INCOME/(LOSS)
          
   Three months ended September 30, Nine months ended September 30,
   2018  2017  2018  2017 
          
REVENUES:        
 Time charter revenues$61,505 $43,920 $163,315 $112,960 
          
EXPENSES:        
 Voyage expenses 1,818  2,478  4,658  5,597 
 Vessel operating expenses 22,809  22,697  70,300  66,337 
 Depreciation and amortization of deferred charges 13,177  22,363  39,204  65,083 
 General and administrative expenses  6,805  5,737  20,522  18,175 
 Management fees to related party 600  480  1,800  1,341 
 Impairment loss -  8,446  -  8,446 
 Other loss/(gain) (118) 43  (296) 287 
 Operating income/(loss)16,414  (18,324) 27,127  (52,306)
          
OTHER INCOME / (EXPENSES):        
 Interest and finance costs (7,175) (6,799) (21,468) (19,874)
 Interest and other income 5,508  1,460  7,982  3,028 
 Gain/(loss) from equity method investments 20  (830) 31  (5,630)
 Total other expenses, net (1,647) (6,169) (13,455) (22,476)
          
Net income / (loss)$14,767 $(24,493)$13,672 $(74,782)
          
Dividends on series B preferred shares (1,442) (1,443) (4,327) (4,327)
          
Net income / (loss) attributed to common stockholders 13,325  (25,936) 9,345  (79,109)
          
Earnings / (loss) per common share, basic and diluted$0.13 $(0.25)$0.09 $(0.85)
          
Weighted average number of common shares, basic and diluted 103,959,717  102,280,234  103,684,250  93,485,656 
          
Weighted average number of common shares, diluted 105,234,812  102,280,234  104,567,959  93,485,656 
          
   Three months ended September 30, Nine months ended September 30,
   2018  2017  2018  2017 
          
Net income/(loss)$14,767 $(24,493)$13,672 $(74,782)
Other comprehensive loss (Actuarial loss) (8) (7) (24) (21)
Comprehensive income/(loss)$14,759 $(24,500)$13,648 $(74,803)
             



   
CONDENSED CONSOLIDATED BALANCE SHEET DATA   
(in thousands of U.S. Dollars)   
        
   September 30, 2018  December 31, 2017*
ASSETS  (unaudited)  
       
Cash and cash equivalents$176,524$40,227
Due from related parties 19 82,660
Other current assets 17,393 15,874
Vessels, net of depreciation 1,018,266 1,053,578
Other fixed assets, net 22,418 22,650
Restricted cash 25,582 25,582
Investments in related parties 3,279 3,249
Other non-current assets 3,379 2,902
 Total assets $1,266,860$1,246,722
      
LIABILITIES AND STOCKHOLDERS' EQUITY    
      
Long-term debt, net of deferred financing costs$605,106$601,384
Other liabilities 22,205 20,580
Total stockholders' equity 639,549 624,758
 Total liabilities and stockholders' equity $1,266,860$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 September 30,  Nine months ended September 30,
   2018 2017   2018  2017  
          
Net Cash provided by operating activities$24,180$8,251 $51,971 $11,172 
Net Cash provided by / (used in) investing activities 38,563 28  85,888  (165,684)
Net Cash provided by / (used in) financing activities$31,436$(13,351)$(1,562)$96,071 
            

 

Corporate Contact:Ioannis ZafirakisDirector, Chief Strategy Officer and SecretaryTelephone: + 30-210-9470100Email: izafirakis@dianashippinginc.com Website: www.dianashippinginc.com                                                   Investor and Media Relations:Edward NebbComm-Counsellors, LLCTelephone: + 1-203-972-8350Email: enebb@optonline.net 

Source: Diana Shipping Inc. c/o Diana Shipping Services S.A.


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