Diana Shipping reports 3Q loss; terminates discussions with lenders

Palios

Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels, reported a net loss of $78.3 million and net loss attributed to common stockholders of $79.8 million for the third quarter of 2016, of which $50.0 million relates to loss and impairment of our investment in Diana Containerships Inc. This compares to a net loss of $17.4 million and a net loss attributed to common stockholders of $18.8 million for the third quarter of 2015.

Time charter revenues were $27.1 million for the third quarter of 2016, compared to $38.9 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 nine months ended September 30, 2016 amounted to $141.0 million and $145.3 million, respectively of which $54.4 million relates to loss and impairment of our investment in Diana Containerships Inc. This compares to a net loss and net loss attributed to common stockholders of $42.2 million and $46.5 million, respectively, for the same period of 2015. Time charter revenues were $86.2 million for the nine months ended September 30, 2016, compared to $119.4 million for the same period of 2015.

Termination of Discussions with Lenders

The Company has concluded, without agreement, its previously-announced discussions with its lenders with respect to certain proposed amendments of its outstanding loan facilities which were subject to the agreement of all of the Company’s lenders on similar terms. The Company has also terminated its engagement of a financial advisor in connection with such discussions. The Company is current in all payments of principal and interest under each of its existing loan facilities. The Company does not currently anticipate resuming such discussions with its lenders.

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