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 $42.0 million for the same period of 2015. The decrease in time charter revenues was due to decreased average time charter rates that we achieved for our vessels during the quarter and was partly offset by revenues due to the increase in ownership days resulting from the enlargement of our fleet.
|Summary of Selected Financial & Other Data (unaudited)|
|Three months ended March 31,|
|STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)|
|Time charter revenues||$||30,792||$||42,006|
|Vessel operating expenses||21,942||21,789|
|Net loss attributed to common stockholders||(32,828)||(12,205)|
|Average number of vessels||43.2||39.9|
|Number of vessels||45.0||40.0|
|Weighted average age of vessels||7.5||7.0|
|AVERAGE DAILY RESULTS|
|Time charter equivalent (TCE) rate (1)||$||6,195||$||10,535|
|Daily vessel operating expenses (2)||$||5,582||$||6,073|