Diana Shipping posts USD 32.2 million deficit in first quarter

Diana-Shipping

Diana Shipping, 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.

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

 

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