Diana Shipping Inc. Reports Financial Results for the First Quarter Ended March 31, 2015


ATHENS, Greece, May 13, 2015 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE:DSX), (the "Company"), a global shipping company specializing in the ownership of dry bulk vessels, today reported a net loss of $10.8 million and net loss attributed to common stockholders of $12.2 million for the first quarter of 2015, compared to net loss of $6.0 million and net loss attributed to common stockholders of $6.8 million reported in the first quarter of 2014.

Time charter revenues were $42.0 million for the first quarter of 2015, compared to $41.1 million for the same period of 2014. The increase in time charter revenues was mainly due to the increase in ownership days resulting from the enlargement of our fleet and was partly offset by reduced time charter rates.

Share Repurchase Plan

As previously announced, on May 23, 2014, the Company's Board of Directors authorized a share repurchase plan, under which, during the first quarter of 2015, the Company repurchased and retired 413,804 shares for an aggregate cost of about $2.7 million.

  Fleet Employment Profile (As of May 12, 2015)
  Currently Diana Shipping Inc.'s fleet is employed as follows:
                 
  Vessel              
 
 



BUILT DWT


Sister
Ships*
Gross
Rate
(USD Per
Day)



Com**



Charterer

Delivery
Date to
Charterer



Redelivery Date to Owners***



Notes
                 
  Panamax Bulk Carriers
DANAE A $8,250 5.00% Intermare Transport GmbH, Hamburg 10-Mar-13 16-Jan-15  
      $7,650 3.75% Glencore Grain B.V., Rotterdam 16-Jan-15 16-Dec-15 - 16-Mar-16
  2001 75,106              
DIONE A $9,250 5.00% RWE Supply & Trading GmbH, Essen 12-Sep-14 12-Oct-15 - 27-Feb-16  
  2001 75,172              
NIREFS A $7,500 5.00% Glencore Grain B.V., Rotterdam 25-Dec-14 25-Nov-15 25-Feb-16  
  2001 75,311              
ALCYON A $7,750 5.00% EDF Trading Limited, UK 21-Dec-12 18-May-15
  2001 75,247              
TRITON A $9,250 5.00% Glencore Grain B.V., Rotterdam 24-Oct-14 24-Sep-15 - 24-Dec-15  
  2001 75,336              
OCEANIS A $9,000 5.00% Glencore Grain B.V., 19-Jun-14 22-Mar-15  
      $4,500 5.00% Rotterdam 22-Mar-15 11-May-15  
      $7,200 5.00%   11-May-15 22-Feb-16 - 22-May-16  
  2001 75,211              
THETIS B $8,300 5.00% EDF Trading Limited, UK 1-Sep-13 1-Jul-15 - 1-Dec-15  
  2004 73,583              
PROTEFS B $9,000 5.00% Cargill International S.A., Geneva 14-Sep-12 30-Mar-15
      $6,250 5.00% Glencore Grain B.V., Rotterdam 3-Apr-15 3-Mar-16 - 3-Jun-16  
  2004 73,630              
CALIPSO B $8,100 4.75% Cargill International S.A., Geneva 29-Jul-13 29-Apr-15
      $4,000 5.00% Centurion Bulk Pte. Ltd., Singapore 8-May-15 2-Jun-15 5,6
  2005 73,691              
10  CLIO B $8,600 4.75% Cargill International S.A., Geneva 22-Aug-13 22-May-15 - 27-May-15
  2005 73,691              
11  NAIAS B $8,500 5.00% Bunge S.A., Geneva 3-Sep-14 4-Jul-15 - 4-Oct-15  
  2006 73,546              
12  ARETHUSA B $8,250 5.00% Glencore Grain B.V., 20-Nov-14 5-Mar-15  
      $7,100 5.00% Rotterdam 5-Mar-15 5-Feb-16 - 5-May-16  
  2007 73,593              
13  ERATO C $8,500 5.00% RWE Supply & Trading GmbH, Essen 27-Nov-14 14-Jan-15  
      $8,000 5.00% Langlois Enterprises Ltd. 17-Jan-15 9-Mar-15  
      $7,100 5.00% Glencore Grain B.V., Rotterdam 9-Mar-15 9-Feb-16 - 9-May-16  
  2004 74,444              
14  CORONIS C $11,550 5.00% Oberon Holdings Limited 12-Jun-14 4-May-15 7,8
  2006 74,381              
15  MELITE D $7,250 5.00% Glencore Grain B.V., Rotterdam 29-Jan-15 29-Sep-15 - 29-Jan-16
  2004 76,436              
16  MELIA D $12,000 3.75% Rio Tinto Shipping Pty, Ltd., Melbourne 10-May-14 7-Apr-15 10,11
      $5,050 5.00% Bunge S.A., Geneva 9-Apr-15 19-May-15  
      $7,050 5.00%   19-May-15 9-Aug-15 - 9-Nov-15  
  2005 76,225              
17  ARTEMIS   $9,375 3.75% Rio Tinto Shipping Pty, Ltd., Melbourne 26-Aug-13 26-Jun-15 - 26-Oct-15  
  2006 76,942              
18  LETO   $11,350 4.75% Cargill International S.A., Geneva 19-Jul-14 19-Jun-15 - 19-Sep-15 12 
  2010 81,297              
19  CRYSTALIA E $15,800 5.00% Glencore Grain B.V., Rotterdam 21-Feb-14 21-Aug-15 - 21-Nov-15  
  2014 77,525              
20  ATALANDI E $13,500 5.00% Glencore Grain B.V., 13-May-14 21-Apr-15  
      $7,000 5.00% Rotterdam 21-Apr-15 21-May-15  
      $8,000 5.00%   21-May-15 21-Mar-16 - 21-Jun-16  
  2014 77,529              
   
  Kamsarmax Bulk Carriers
21  MAIA F $12,000 5.00% RWE Supply & Trading GmbH, Essen 29-Sep-14 29-Sep-15 - 29-Jan-16 13 
  2009 82,193              
22  MYRSINI F $15,500 4.75% Clearlake Shipping 12-Feb-14 18-Feb-15 14,15
      $8,250 4.75% Pte. Ltd., Singapore 18-Feb-15 18-Dec-15 - 18-Apr-16
  2010 82,117              
23  TORM ISLAND F -- -- -- -- -- -- -- 16 
  (tbr. MEDUSA)              
  2010 82,194              
24  MYRTO F $9,000 5.00% Cargill International S.A., Geneva 25-Jan-13 5-Jan-15  
      $9,850 5.00% Glencore Grain B.V., Rotterdam 5-Jan-15 5-Dec-15 - 5-Mar-16  
  2013 82,131              
   
  Post-Panamax Bulk Carriers
25  ALCMENE   $7,250 5.00% ADM International Sarl, Rolle, Switzerland 22-Feb-13 28-Feb-15 17,18
      $6,000 5.00% Topsail Shipping Co., Limited Hong Kong 15-Mar-15 13-Apr-15  
      $6,750 5.00% ADM International Sarl, Rolle, Switzerland 13-May-15 13-Feb-17 - 2-Jun-17 19 
  2010 93,193              
26  AMPHITRITE   $11,300 5.00% Bunge S.A., Geneva 15-Aug-14 15-Jul-15 - 15-Oct-15  
  2012 98,697              
27  POLYMNIA   $7,600 5.00% Bunge S.A., Geneva 16-Jan-13 3-Jan-15 20 
      $7,500 5.00% Vroon Dry Cargo Chartering B.V., Breskens 17-Jan-15 17-Oct-15 - 17-Feb-16 21 
  2012 98,704              
   
  Capesize Bulk Carriers
28  NORFOLK   $10,700 4.50% Clearlake Shipping 16-Jan-13 4-Mar-15 14,22
      $10,250 4.75% Pte. Ltd., Singapore 4-Mar-15 4-Apr-16 - 4-Aug-16  
  2002 164,218              
29  ALIKI   $26,500 5.00% Minmetals Logistics Group Co. Ltd., Beijing 1-Mar-11 1-Feb-16 - 1-Apr-16  
  2005 180,235              
30  BALTIMORE   $15,000 5.00% RWE Supply & Trading GmbH, Essen 8-Jul-13 8-Jul-16 - 8-Jan-17  
  2005 177,243              
31  SALT LAKE CITY   $16,200 5.00% Kawasaki Kisen Kaisha, Ltd., Tokyo 23-Nov-14 7-Feb-15  
      BCI 4TCs AVG + 3.5% 5.00% K Noble Hong Kong Ltd., Hong Kong 7-Feb-15 7-Nov-16 - 7-Feb-17  
  2005 171,810              
32  SIDERIS GS G $13,500 4.75% Cargill International S.A., Geneva 14-Mar-13 21-Feb-15  
      $10,000 5.00% Rio Tinto Shipping (Asia) Pte., Ltd., Singapore 22-Feb-15 22-Dec-15 - 22-Apr-16  
  2006 174,186              
33  SEMIRIO G $14,000 4.75% Cargill International S.A., Geneva 19-Mar-13 20-Feb-15  
      $10,000 5.00% Rio Tinto Shipping (Asia) Pte., Ltd., Singapore 20-Feb-15 20-Feb-16 - 20-Jun-16  
  2007 174,261              
34  BOSTON G $14,250 4.75% Clearlake Shipping Pte. Ltd., Singapore 24-Aug-13 9-Aug-15 - 8-Feb-16 14 
  2007 177,828              
35  HOUSTON G $20,500 4.75% Clearlake Shipping Pte. Ltd., Singapore 3-Dec-13 4-Jan-15 14 
      $12,750 5.00% RWE Supply & Trading GmbH, Essen 4-Jan-15 4-Jan-16 - 4-Apr-16  
  2009 177,729              
36  NEW YORK G $12,850 4.75% Clearlake Shipping Pte. Ltd., Singapore 17-Dec-14 17-Feb-16 - 17-Jun-16 14 
  2010 177,773              
37  P. S. PALIOS   $18,350 5.00% RWE Supply & Trading GmbH, Essen 3-Dec-13 18-Sep-15 - 31-Dec-15  
  2013 179,134              
38  G. P. ZAFIRAKIS H $25,250 5.00% RWE Supply & Trading GmbH, Essen 23-Aug-14 14-Feb-16 - 23-Jun-16  
  2014 179,492              
39  SANTA BARBARA H $12,000 5.00% RWE Supply & Trading GmbH, Essen 13-Jan-15 13-Dec-15 - 13-Mar-16  
  2015 179,426              
40  HULL No. H1364   -- -- -- -- -- -- -- 23 
(tbn. NEW ORLEANS)            
  2015 180,000              
  Newcastlemax Bulk Carriers
41  LOS ANGELES I $18,000 5.00% EDF Trading Limited, UK 9-Feb-12 9-Dec-15 - 9-Apr-16  
  2012 206,104              
42  PHILADELPHIA I $18,000 5.00% EDF Trading Limited, UK 17-May-12 17-Jan-16 - 17-Jul-16  
  2012 206,040              
   
  Vessels Under Construction
43  HULL DY6006   -- -- -- -- -- -- -- 24 
  2016 82,000              
44  HULL H2548 J -- -- -- -- -- -- -- 24 
(tbn. SAN FRANCISCO)            
  2016 208,500              
45  HULL H2549 J -- -- -- -- -- -- -- 24 
(tbn. NEWPORT NEWS)            
  2016 208,500              
* 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.
*** Charterers' optional period to redeliver the vessel to owners. Charterers have the right to add the off hire days, if any, and therefore the optional period may be extended.
1 Vessel off hire for unscheduled maintenance from April 1, 2015 to April 6, 2015.
2 Based on latest information.
3 On October 14, 2014, the Company signed an addendum, extending the initially agreed maximum redelivery date by a month. On December 15, 2014, the Company agreed to further extend the maximum redelivery date till April 14, 2015.
4 During April 2015, the vessel was off hire for drydocking for approximately 21 days.
5 Redelivery date based on an estimated time charter trip duration of about 25 days.
6 Charter includes a one time gross ballast bonus payment of US$50,000.
7 Charterers have agreed to compensate the owners for the early redelivery of the vessel on around May 4, 2015 till the minimum agreed redelivery date May 12, 2015.
8 Vessel currently on scheduled drydocking.
9 Vessel on scheduled drydocking from December 30, 2014 to January 22, 2015.
10 Vessel off hire for drydocking from January 15, 2015 to February 5, 2015.
11 Rio Tinto Shipping Pty, Ltd., Melbourne has agreed to compensate the owners for the early redelivery of the vessel on April 7, 2015 till the minimum agreed redelivery date April 10, 2015.
12 Vessel off hire for drydocking from February 7, 2015 to February 18, 2015.
13 During April 2015, the vessel was off hire for approximately 6 days.
14 Clearlake Shipping Pte. Ltd., Singapore is a member of the Gunvor Group.
15 Vessel currently off hire for drydocking.
16 Expected date of delivery to the Company during the second quarter of 2015.
17 In February 2015, owners and charterers mutually agreed to extend the optional period.
18 Vessel on scheduled drydocking from February 28, 2015 to March 15, 2015.
19 Estimated date of delivery to the charterers.
20 Prior to October 12, 2013, chartered to Augustea Bunge Maritime Limited, Malta.
21 Charter includes a one time gross ballast bonus payment of US$237,500.
22 Charterers have exercised their right to add the off hire days and therefore the optional period has been extended up to February 18, 2015. From then onwards, owners and charterers mutually agreed to further extend the optional period.
23 Expected date of delivery to the Company during August 2015.
24 Year of delivery and dwt are based on shipbuilding contract.
Summary of Selected Financial & Other Data (unaudited)    
  Three months ended March 31,
  2015 2014
     
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars):    
Time charter revenues $ 42,006 $ 41,145
Voyage expenses  4,924  2,398
Vessel operating expenses  21,789  20,656
Net loss  (10,763)  (6,027)
Net loss attributed to common stockholders  (12,205)  (6,780)
FLEET DATA    
Average number of vessels 39.9 36.4
Number of vessels 40.0 37.0
Weighted average age of vessels 7.0 6.7
Ownership days  3,588  3,280
Available days  3,520  3,278
Operating days  3,487  3,238
Fleet utilization 99.1% 98.8%
AVERAGE DAILY RESULTS    
Time charter equivalent (TCE) rate (1) $ 10,535 $ 11,820
Daily vessel operating expenses (2) $ 6,073 $ 6,298

(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.

Conference Call and Webcast Information

The Company's management will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Time) on Wednesday, May 13, 2015.

Investors may access the webcast by visiting the Company's website at www.dianashippinginc.com, and clicking on the webcast link. The conference call also may be accessed by telephone by dialing 1-877-407-8291 (for U.S.-based callers) or 1-201-689-8345 (for international callers), and asking the operator for the Diana Shipping Inc. conference call.

A replay of the webcast will be available soon after the completion of the call and will be accessible for 30 days on www.dianashippinginc.com. A telephone replay also will be available for 30 days by dialing 1-877-660-6853 (for U.S.-based callers) or 1-201-612-7415 (for international callers), and providing the Replay ID number 13607636.

About the Company

Diana Shipping Inc. is a leading global provider of shipping transportation services through its ownership of dry bulk vessels. The Company's vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.

Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

(See financial tables attached)

DIANA SHIPPING INC.
FINANCIAL TABLES
Expressed in thousands of U.S. Dollars, except share and per share data
     
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
     
  Three months ended March 31,
  2015 2014
 
 
   
REVENUES:    
Time charter revenues  42,006  41,145
      
EXPENSES:    
Voyage expenses  4,924  2,398
Vessel operating expenses  21,789  20,656
Depreciation and amortization of deferred charges  18,447  16,874
General and administrative expenses   5,712  6,248
Foreign currency gain  (525)  (65)
Operating loss  (8,341)  (4,966)
     
OTHER INCOME / (EXPENSES):    
Interest and finance costs  (2,542)  (1,960)
Interest and other income  872  904
Loss from derivative instruments  --  (4)
Loss from investment in Diana Containerships Inc.  (752)  (1)
Total other expenses, net  (2,422)  (1,061)
     
Net loss  (10,763)  (6,027)
     
Dividends on series B preferred shares  (1,442)  (753)
     
Net loss attributed to common stockholders  (12,205)  (6,780)
     
Loss per common share, basic and diluted  (0.15)  (0.08)
     
Weighted average number of common shares, basic and diluted 79,259,770 81,733,673
      
  Three months ended March 31,
  2015 2014
Net loss  (10,763)  (6,027)
Comprehensive loss  (10,763)  (6,027)
 
CONDENSED CONSOLIDATED BALANCE SHEET DATA (unaudited)
(in thousands of U.S. Dollars)
     
  March, 31, 2015 December 31, 2014
ASSETS    
     
Cash and cash equivalents $ 231,024  $ 218,901 
Other current assets 17,565  19,333 
Advances for vessels under construction and acquisitions and other vessel costs 26,966  29,500 
Vessels' net book value 1,405,573  1,373,133 
Other fixed assets, net 23,802  23,887 
Due from related parties, non-current 51,023  50,866 
Investment in Diana Containerships Inc. 66,746  67,546 
Other non-current assets 4,797  3,956 
Total assets $ 1,827,496  $ 1,787,122 
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
     
Current liabilities, including current portion of long-term debt $ 73,741  $ 98,092 
Long-term debt, net of current portion and deferred financing costs 483,273  405,522 
Other non-current liabilities 1,193  1,282 
Total stockholders' equity 1,269,289  1,282,226 
Total liabilities and stockholders' equity $ 1,827,496  $ 1,787,122 
 
OTHER FINANCIAL DATA (unaudited)
  Three months ended March 31,
  2015 2014 
     
 Net Cash provided by operating activities $ 8,433  $ 9,637 
 Net Cash used in investing activities  (47,605)  (19,038)
 Net Cash provided by / (used in) financing activities $ 51,295  $ 76,174 


            

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