Diana Shipping Inc. Reports Financial Results for the Quarter Ended March 31, 2014 ATHENS, Greece, May 14, 2014 (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 $6.0 million and net loss available to common stockholders of $6.8 million for the first quarter of 2014, compared to anet loss and net loss available to common stockholders of $3.2 million reported in the first quarter of 2013. Time charter revenues were $41.1 million for the first quarter of 2014, compared to $42.6 million for the same period of 2013, mainly due to reduced time charter rates. The decrease in time charter revenues was partly offset by revenues derived from the increase in ownership days resulting from the enlargement of our fleet. Fleet Employment Profile (As of May 13, 2014) Currently Diana Shipping Inc.'s fleet is employed as follows: Gross Vessel Sister Rate Delivery Redelivery BUILTDWT Ships* (USD Com** Charterer Date to Date to Notes Per Charterer Owners*** Day) Panamax Bulk Carriers Intermare 10-Sep-14 1 DANAE A $8,250 5.00% Transport 10-Mar-13 - GmbH, Hamburg 10-Jan-15 200175,106 EDF Trading 19-Jul-14 2 DIONE A $9,700 5.00% Limited, UK 19-Jul-12 - 19-Dec-14 200175,172 Intermare 29-Jul-14 3 NIREFS A $8,000 5.00% Transport 29-Jan-13 - GmbH, Hamburg 29-Jan-15 200175,311 EDF Trading 21-Nov-14 4 ALCYON A $7,750 5.00% Limited, UK 21-Dec-12 - 21-May-15 200175,247 5 TRITON A $11,000 5.00% Bunge S.A., 16-Dec-13 1-Sep-14- Geneva 31-Oct-14 200175,336 Ultrabulk 6 OCEANIS A $9,250 5.00% A/S, 14-Aug-12 4-Jun-14 - 1 Copenhagen, 14-Jul-14 Denmark 200175,211 7 THETIS B $8,300 5.00% EDF Trading 1-Sep-13 1-Jul-15 - 2,3,4 Limited, UK 1-Dec-15 200473,583 Cargill 14-Sep-14 8 PROTEFS B $9,000 5.00% International 14-Sep-12 - S.A., Geneva 14-Feb-15 200473,630 Cargill 29-Apr-15 9 CALIPSO B $8,100 4.75% International 29-Jul-13 - S.A., Geneva 29-Aug-15 200573,691 Cargill 22-May-15 10 CLIO B $8,600 4.75% International 22-Aug-13 - 5 S.A., Geneva 22-Aug-15 200573,691 Ultrabulk 11 NAIAS B $9,250 5.00% A/S, 2-Sep-12 12-Jun-14 1 Copenhagen, - 2-Aug-14 Denmark 200673,546 Cargill 16-Jun-14 12 ARETHUSA B $7,300 5.00% International 22-Nov-12 - S.A., Geneva 22-Nov-14 200773,593 Cargill 9-Jul-14 - 13 ERATO C $6,500 5.00% International 9-Jan-13 9-Jan-15 6 S.A., Geneva 200474,444 14 CORONIS C $10,600 5.00% EDF Trading 12-Mar-12 24-May-14 1 Limited, UK 200674,381 Cargill 1-Jul-14 - 15 MELITE D $7,750 5.00% International 28-Dec-12 1-Jan-15 S.A., Geneva 200476,436 Rio Tinto 16 MELIA D $9,700 3.75% Shipping Pty, 17-Apr-13 10-May-14 Ltd., Melbourne 10-Apr-15 $12,000 10-May-14 - 10-Jul-15 200576,225 Rio Tinto 26-Jun-15 17 ARTEMIS $9,375 3.75% Shipping Pty, 26-Aug-13 - Ltd., 26-Oct-15 Melbourne 200676,942 18 LETO $12,900 5.00% EDF Trading 17-Jan-12 4-Jun-14 - 1 Limited, UK 17-Nov-14 201081,297 Glencore 21-Aug-15 19 CRYSTALIA E $15,800 5.00% Grain B.V., 21-Feb-14 - Rotterdam 21-Nov-15 201477,525 Glencore 13-Apr-15 20 ATALANDI E $13,500 5.00% Grain B.V., 13-May-14 - Rotterdam 13-Jul-15 201477,529 Kamsarmax Bulk Carriers Glencore 12-Aug-14 21 MAIA F $10,900 5.00% Grain B.V., 27-Feb-13 - Rotterdam 27-Feb-15 200982,193 Clearlake 22 MYRSINI F $15,500 4.75% Shipping Pte. 12-Oct-13 12-Feb-14 7 Ltd., Singapore 15-Feb-15 12-Feb-14 - 10-May-15 201082,117 Cargill 25-Jul-14 23 MYRTO F $9,000 5.00% International 25-Jan-13 - S.A., Geneva 25-Jan-15 201382,131 Post-Panamax Bulk Carriers ADM 24 ALCMENE $7,250 5.00% International 22-Feb-13 7-Aug-14 - Sarl, Rolle, 22-Feb-15 Switzerland 201093,193 Bunge S.A., 31-May-14 25 AMPHITRITE $10,000 5.00% Geneva 15-Aug-12 - 8 30-Oct-14 201298,697 Bunge S.A., 16-Jul-14 26 POLYMNIA $7,600 5.00% Geneva 16-Jan-13 - 9,10 16-Jan-15 201298,704 Capesize Bulk Carriers Clearlake 16-Jul-14 27 NORFOLK $10,700 4.50% Shipping Pte. 16-Jan-13 - 7 Ltd., 16-Jan-15 Singapore 2002164,218 Minmetals 28 ALIKI $26,500 5.00% Logistics 1-Mar-11 1-Feb-16 - Group Co. 1-Apr-16 Ltd., Beijing 2005180,235 RWE Supply & 8-Jul-16 - 29 BALTIMORE $15,000 5.00% Trading GmbH, 8-Jul-13 8-Jan-17 4 Essen 2005177,243 Morgan 11-Jun-14 30 SALT LAKE $13,000 5.00% Stanley 11-Aug-12 - CITY Capital Group 11-Dec-14 Inc. 2005171,810 Cargill 14-Dec-14 31 SIDERIS GS G $13,500 4.75% International 14-Mar-13 - S.A., Geneva 14-Jun-15 2006174,186 Cargill 19-Jan-15 32 SEMIRIO G $14,000 4.75% International 19-Mar-13 - S.A., Geneva 19-Jun-15 2007174,261 Clearlake 33 BOSTON G $14,250 4.75% Shipping Pte. 24-Aug-13 9-Aug-15 - 7 Ltd., 8-Feb-16 Singapore 2007177,828 Clearlake 19-Oct-14 34 HOUSTON G $20,500 4.75% Shipping Pte. 3-Dec-13 - 7 Ltd., 18-Feb-15 Singapore 2009177,729 Nippon Yusen 3-Jan-15 - 35 NEW YORK G $48,000 3.75% Kaisha, Tokyo 3-Mar-10 3-May-15 (NYK) 2010177,773 RWE Supply & 18-Sep-15 36 P. S. PALIOS $18,350 5.00% Trading GmbH, 3-Dec-13 - Essen 31-Dec-15 2013179,134 Newcastlemax Bulk Carriers 37 LOS ANGELES H $18,000 5.00% EDF Trading 9-Feb-12 9-Dec-15 - Limited, UK 9-Apr-16 2012206,104 EDF Trading 17-Jan-16 38 PHILADELPHIA H $18,000 5.00% Limited, UK 17-May-12 - 17-Jul-16 2012206,040 Vessels Under Construction 39 HULL DY6006 -- -- -- -- -- -- -- 11 201682,000 40 HULL H2548 I -- -- -- -- -- -- -- 11 2016208,500 41 HULL H2549 I -- -- -- -- -- -- -- 11 2016208,500 * 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 Based on latest information. 2 Vessel off-hire for unscheduled maintenance from February 12, 2014 to March 7, 2014. 3 Vessel off-hire from April 21, 2014 to April 23, 2014. 4 Vessel currently off-hire for drydocking. 5 Vessel off-hire for drydocking from December 12, 2013 to January 2, 2014. 6 Vessel off-hire for unscheduled maintenance from February 14, 2014 to February 23, 2014. 7 Clearlake Shipping Pte. Ltd., Singapore is a member of the Gunvor Group. 8 The charterer has the option to employ the vessel for a further 11 to 14 month period at a gross charter rate of US$11,300 per day. The optional period, if exercised, must be declared on or before the end of the 21st month of employment and will only commence at the end of the 24th month. 9 The charterer has the option to further employ the vessel for about 11 to a maximum 13 months at a gross charter rate of US$11,000 per day. The optional period, if exercised, must be declared on or before the 22nd month of employment and will only commence at the end of the 24th month. 10 Prior to October 12, 2013, chartered to Augustea Bunge Maritime Limited, Malta. 11 Year of delivery and dwt are based on shipbuilding contract. Summary of Selected Financial & Other Data (unaudited) Three months ended March 31, 2014 2013 STATEMENT OF OPERATIONS DATA (in thousands of US Dollars): Time charter revenues $ 41,145 $ 42,601 Voyage expenses 2,398 2,199 Vessel operating expenses 20,656 17,957 Net loss (6,027) (3,183) Net loss available to common stockholders (6,780) (3,183) FLEET DATA Average number of vessels 36.4 31.2 Number of vessels 37 32 Weighted average age of vessels 6.7 6.1 Ownership days 3,280 2,806 Available days 3,278 2,806 Operating days 3,238 2,772 Fleet utilization 98.8% 98.8% AVERAGE DAILY RESULTS Time charter equivalent (TCE) rate (1) $11,820 $14,398 Daily vessel operating expenses (2) $6,298 $6,400 ________ (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 Diana Shipping Inc. will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Time) on Wednesday, May 14, 2014. 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 13579143. 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, 2014 2013 REVENUES: Time charter revenues $41,145 $42,601 Other revenues -- 447 EXPENSES: Voyage expenses 2,398 2,199 Vessel operating expenses 20,656 17,957 Depreciation and amortization of deferred charges 16,874 15,549 General and administrative expenses 6,248 5,464 Foreign currency gain (65) (74) Operating income / (loss) (4,966) 1,953 OTHER INCOME / (EXPENSES): Interest and finance costs (1,960) (2,064) Interest and other income 904 200 Loss from derivative instruments (4) (4) Loss from investment in Diana Containerships Inc. (1) (3,268) Total other expenses, net (1,061) (5,136) Net loss (6,027) (3,183) Earnings allocated to preferred stock (753) -- Net loss attributed to common stockholders (6,780) (3,183) Loss per common share, basic and diluted $(0.08) $(0.04) Weighted average number of common shares, basic 81,733,673 81,059,313 and diluted Three months ended March 31, 2014 2013 Net loss $(6,027) $(3,183) Other comprehensive loss (Actuarial loss) -- (98) Comprehensive loss $(6,027) $(3,281) CONDENSED CONSOLIDATED BALANCE SHEET DATA (unaudited) (in thousands of U.S. Dollars) March 31, 2014 December 31, 2013 ASSETS Cash and cash equivalents $307,406 $240,633 Other current assets 12,928 11,235 Advances for vessels under construction and 27,034 38,862 acquisitions and other vessel costs Vessels' net book value 1,335,348 1,320,375 Other fixed assets, net 22,726 22,826 Other non-current assets 66,791 68,050 Total assets $1,772,233 $1,701,981 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities, including current $90,978 $62,752 portion of long-term debt Long-term debt, net of current portion and 369,198 385,025 deferred financing costs Other non-current liabilities 749 812 Total stockholders' equity 1,311,308 1,253,392 Total liabilities and stockholders' equity $1,772,233 $1,701,981 OTHER FINANCIAL DATA (unaudited) Three months ended March 31, 2014 2013 Net Cash provided by operating activities $9,637 $17,394 Net Cash used in investing activities (19,038) (47,680) Net Cash provided by / (used in) financing $76,174 $(4,008) activities CONTACT: Corporate Contact: Ioannis Zafirakis Director, Chief Operating Officer and Secretary Telephone: + 30-210-9470100 Email: firstname.lastname@example.org Website: www.dianashippinginc.com Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: email@example.com
Diana Shipping Inc. Reports Financial Results for the Quarter Ended March 31, 2014
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