Diana Posts Third Quarter $17.4 mln Net Loss

Diana Shipping

Diana Shipping reported a net loss of $17.4 million and net loss attributed to common stockholders of $18.8 million for the third quarter of 2015, compared to net income of $7.7 million and net income attributed to common stockholders of $6.3 million reported in the third quarter of 2014.

Time charter revenues were $38.9 million for the third quarter of 2015, compared to $45.1 million for the same quarter of 2014. The decrease in time charter revenues was mainly due to decreased time charter rates in the quarter and was partly offset by revenues derived from the increase in ownership days resulting from the enlargement of our fleet.

Net loss and net loss attributed to common stockholders for the nine months ended September 30, 2015 amounted to $42.2 million and $46.5 million, respectively, compared to net loss and net loss attributed to common stockholders of $4.0 million and $7.7 million, respectively, for the same period of 2014. Time charter revenues were $119.4 million for the nine months ended September 30, 2015, compared to $129.4 million for the same period of 2014.

Delivery of the Newly Built m/v New Orleans and Commencement of Time Charter Contract with SwissMarine

The Company also announced that, on November 10, 2015, through a separate wholly-owned subsidiary, it took delivery of the m/v New Orleans (formerly Hull No. H1364), a 180,960 dwt newly built Capesize dry bulk vessel that the Company entered into an agreement to purchase in April 2015. As previously announced, the m/v New Orleans is time chartered to SwissMarine Services S.A., Geneva, at a gross charter rate of US$11,650 per day minus a 5% commission paid to third parties, for a period of minimum eleven (11) months to about fifteen (15) months. The charter commenced yesterday.

This employment is anticipated to generate approximately US$3.84 million of gross revenue for the minimum scheduled period of the time charter.

Including the newly delivered m/v New Orleans, Diana Shipping Inc.’s fleet currently consists of 42 dry bulk vessels (2 Newcastlemax, 13 Capesize, 3 Post-Panamax, 4 Kamsarmax and 20 Panamax). The Company also expects to take delivery of one Capesize dry bulk vessel by mid-November 2015, one new-building Newcastlemax dry bulk vessel during the second quarter of 2016, as well as one new-building Kamsarmax dry bulk vessel and one new-building Newcastlemax dry bulk vessel during the third quarter of 2016. As of today, the combined carrying capacity of the Company’s fleet, excluding the four vessels not yet delivered, is approximately 4.8 million dwt with a weighted average age of 7.3 years.

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