Diana Shipping beats quarterly forecasts

Palios

Diana Shipping reported a net loss of $23.3 million and a net loss attributed to common stockholders of $24.7 million for the fourth quarter of 2016. This compares to a net loss of $22.5 million and a net loss attributed to common stockholders of $23.9 million for the fourth quarter of 2015.

Time charter revenues were $28.0 million for the fourth quarter of 2016, compared to $38.3 million for the same quarter 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 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 year ended December 31, 2016 amounted to $164.2 million and $170.0 million, respectively, of which $56.5 million relates to loss and impairment of our investment in Diana Containerships Inc. This compares to a net loss and a net loss attributed to common stockholders of $64.7 million and $70.5 million, respectively, for the year ended December 31, 2015. Time charter revenues were $114.3 million for the year ended December 31, 2016, compared to $157.7 million for the year ended December 31, 2015.

Fleet Employment Profile (As of February 13, 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
23 Panamax Bulk Carriers
1 DANAE A $ 4,900 5.00 % Dampskibsselskabet
Norden A/S,
Copenhagen
9-Dec-15 11-Feb-17 1
2001  75,106
2 DIONE A $ 4,350 5.00 % Nidera S.P.A., Roma 4-Feb-16 28-Jan-17
$ 7,200 5.00 % Caravel Shipping
Limited, Hong Kong
3-Feb-17 4-May-17
$ 7,050 5.00 % 4-May-17 3-Nov-17 – 18-Feb-18
2001  75,172
3 NIREFS A $ 4,600 5.00 % Transgrain Shipping
B.V., Rotterdam
15-Jan-16 14-Feb-17 2
2001  75,311
4 ALCYON A $ 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 25-Oct-16
$ 6,300 5.00 % Windrose SPS
Shipping and Trading
S.A., Geneva
25-Oct-16 25-Mar-17 – 9-Jun-17
2001  75,336
6 OCEANIS A $ 5,200 5.00 % Nidera S.P.A., Roma 30-Jun-16 30-Mar-17 – 30-May-17
2001  75,211
7 THETIS B $ 5,150 5.00 % Transgrain Shipping
B.V., Rotterdam
19-Jun-16 19-Apr-17 – 3-Aug-17
2004  73,583
8 PROTEFS B $ 4,500 5.00 % Transgrain Shipping
B.V., Rotterdam
23-Feb-16 25-Feb-17 – 23-Jun-17 2
2004  73,630
9 CALIPSO B $ 6,020 5.00 % Windrose SPS
Shipping and Trading
S.A., Geneva
24-Aug-16 24-Feb-17 – 8-Apr-17 2
2005  73,691
10 CLIO B $ 5,350 5.00 % Transgrain Shipping
B.V., Rotterdam
22-May-16 22-Apr-17 – 22-Jul-17
2005  73,691
11 NAIAS B $ 5,000 5.00 % Bunge S.A., Geneva 26-May-16 27-Dec-16
$ 7,500 5.00 % Glencore Agriculture
B.V., Rotterdam
27-Dec-16 12-Jul-17 – 11-Nov-17
2006  73,546
12 ARETHUSA B $ 5,000 5.00 % United Bulk Carriers
International S.A.,
Luxembourg
10-Jun-16 23-Jan-17 3
$ 7,200 5.00 % Noble Resources
International Pte.
Ltd., Singapore
23-Jan-17 23-Nov-17 – 23-Mar-18
2007  73,593
13 ERATO C $ 4,650 5.00 % Glencore Grain B.V.,
Rotterdam
26-Mar-16 25-Feb-17 – 26-May-17 2
2004  74,444
14 CORONIS C $ 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 6-Dec-16
$ 8,000 5.00 % Uniper Global
Commodities SE,
Düsseldorf
6-Dec-16 6-Jul-17 – 6-Oct-17
2004  76,436
16 MELIA D $ 7,200 5.00 % Nidera S.P.A., Roma 24-Oct-15 17-Feb-17 – 24-Feb-17 2
2005  76,225
17 ARTEMIS $ 5,350 5.00 % Bunge S.A., Geneva 7-Jun-16 7-Apr-17  22-Jul-17
2006  76,942
18 LETO $ 7,100 4.75 % Cargill International
S.A., Geneva
19-Jun-15 29-Dec-16
$ 7,750 5.00 % Glencore Agriculture
B.V., Rotterdam
29-Dec-16 29-Sep-17 – 29-Jan-18
2010  81,297
19 SELINA E $ 5,800 5.00 % Dampskibsselskabet
Norden A/S,
Copenhagen
24-Mar-16 24-Jan-17
$ 4,500 5.00 % BG Shipping Co.,
Limited, Hong Kong
24-Jan-17 23-Feb-17
$ 7,100 5.00 % 23-Feb-17 24-Oct-17 – 8-Feb-18
2010  75,700
20 MAERA E $ 4,500 5.00 % United Bulk Carriers
International S.A.,
Luxembourg
10-May-16 23-Feb-17 – 28-Apr-17 2
2013  75,403
21 ISMENE $ 5,850 5.00 % Glencore Grain B.V.,
Rotterdam
7-Aug-16 23-May-17 – 22-Sep-17
2013  77,901
22 CRYSTALIA F $ 6,250 5.00 % SwissMarine Services
S.A., Geneva
28-Jun-16 28-May-17  28-Aug-17
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
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 $ 5,550 5.00 % RWE Supply &
Trading GmbH, Essen
9-Mar-16 9-Mar-17 – 24-Jun-17
2010  82,117
26 MEDUSA G $ 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 17-Jan-17
$ 8,000 4.75 % 17-Jan-17 17-Jan-18 – 17-Apr-18
2013  82,131
3 Post-Panamax Bulk Carriers
28 ALCMENE $ 6,750 5.00 % ADM International
Sarl, Rolle,
Switzerland
13-May-15 25-Feb-17 – 2-Jun-17 2
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 25-Feb-17 – 15-Mar-17 2
2012  98,704
14 Capesize Bulk Carriers
31 NORFOLK $ 4,350 5.00 % SwissMarine Services
S.A., Geneva
28-Mar-16 23-Feb-17 – 28-Mar-17 2
2002  164,218
32 ALIKI $ 5,300 5.00 % SwissMarine Services
S.A., Geneva
16-Jan-16 15-Feb-17 4
$ 10,300 5.00 % 15-Feb-17 31-Dec-17 – 15-Apr-18
2005  180,235
33 BALTIMORE $ 7,750 4.75 % Cargill International
S.A., Geneva
29-Jul-16 15-Feb-17 4
$ 11,300 4.75 % 15-Feb-17 15-Mar-18 – 30-Jun-18
2005  177,243
34 SALT LAKE CITY BCI 4TCs
AVG +
3.5%
5.00 % K Noble Hong Kong
Ltd., Hong Kong
7-Feb-15 20-Jan-17
$ 9,000 5.00 % Uniper Global
Commodities SE,
Düsseldorf
20-Jan-17 20-Jan-18 – 20-May-18
2005  171,810
35 SIDERIS GS I $ 6,500 5.00 % Rio Tinto Shipping
(Asia) Pte., Ltd.,
Singapore
22-Dec-15 23-Feb-17 – 7-Jul-17 2,5
2006  174,186
36 SEMIRIO I $ 4,800 5.00 % SwissMarine Services
S.A., Geneva
6-Feb-16 25-Feb-17 – 6-May-17 2
2007  174,261
37 BOSTON I $ 13,000 4.75 % Clearlake Shipping
Pte. Ltd., Singapore
9-Aug-15 25-May-17 – 24-Oct-17 6
2007  177,828
38 HOUSTON I $ 5,150 5.00 % SwissMarine Services
S.A., Geneva
29-Jan-16 24-Feb-17 – 29-Mar-17 2
2009  177,729
39 NEW YORK I $ 5,200 5.00 % Rio Tinto Shipping
(Asia) Pte., Ltd.,
Singapore
3-Feb-16 24-Feb-17 – 18-May-17 2
2010  177,773
40 SEATTLE J $ 7,300 4.75 % SwissMarine Services
S.A., Geneva
9-Dec-15 8-Feb-17
$ 11,700 5.00 % Koch Shipping Pte.
Ltd., Singapore
8-Feb-17 8-Apr-18 – 23-Jul-18
2011  179,362
41 P. S. PALIOS J $ 13,000 5.00 % RWE Supply &
Trading GmbH, Essen
18-Sep-15 27-Jan-17
$ 10,550 5.00 % Koch Shipping Pte.
Ltd., Singapore
27-Jan-17 27-Jan-18 – 11-Jun-18
2013  179,134
42 G. P. ZAFIRAKIS K $ 6,500 5.00 % RWE Supply &
Trading GmbH, Essen
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 24-Jan-17
$ 12,000 4.75 % Cargill International
S.A., Geneva
24-Jan-17 9-Jan-18 – 24-Apr-18
2015  179,426
44 NEW ORLEANS $ 11,650 5.00 % SwissMarine Services
S.A., Geneva
11-Nov-15 10-Dec-16
$ 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
45 LOS ANGELES L $ 7,750 5.00 % SwissMarine Services
S.A., Geneva
9-Dec-15 14-Jan-17 7
BCI_2014
5TCs AVG
+ 14%
5.00 % 22-Jan-17 7-Feb-18 – 22-Apr-18
2012  206,104
46 PHILADELPHIA L $ 6,450 5.00 % RWE Supply &
Trading GmbH, Essen
20-Jan-16 22-Feb-17 – 1-Mar-17 2
2012  206,040
47 SAN FRANCISCO M $ 11,750 5.00 % Koch Shipping Pte.
Ltd., Singapore
5-Jan-17 5-Jan-18 – 20-May-18
2017  208,006
48 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 Currently without an active charterparty.
2 Based on latest information.
3 As per addendum dated January 2, 2017, charterers exercised their option to extend the initially agreed maximum redelivery date, i.e. January 10, 2017 and pay US$7,000 per day.
4 Estimated date.
5 Vessel off-hire for drydocking from October 24, 2016 to November 11, 2016.
6 Clearlake Shipping Pte. Ltd., Singapore is a member of the Gunvor Group.
7 Vessel on scheduled drydocking from January 14, 2017 to January 22, 2017.
Summary of Selected Financial & Other Data (unaudited)
    Three months ended December 31,   Year ended December 31,
    2016   2015   2016   2015
 
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
  Time charter revenues $ 28,020 $ 38,285 $ 114,259 $ 157,712
  Voyage expenses 1,387 3,424 13,826 15,528
  Vessel operating expenses 20,863 23,578 85,955 88,272
  Net loss (23,256 ) (22,497 ) (164,237 ) (64,713 )
  Net loss attributed to common stockholders (24,698 ) (23,939 ) (170,006 ) (70,482 )
FLEET DATA
Average number of vessels 46.0 42.1 45.2 40.8
Number of vessels 46.0 43.0 46.0 43.0
Weighted average age of vessels 8.2 7.4 8.2 7.4
Ownership days 4,232 3,870 16,542 14,900
Available days 4,215 3,802 16,447 14,600
Operating days 4,210 3,795 16,354 14,492
Fleet utilization 99.9 % 99.8 % 99.4 % 99.3 %
AVERAGE DAILY RESULTS
Time charter equivalent (TCE) rate (1) $ 6,319 $ 9,169 $ 6,106 $ 9,739
Daily vessel operating expenses (2) $ 4,930 $ 6,093 $ 5,196 $ 5,924

_____________________

(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.

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