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 $436.9 million and net loss attributed to common stockholders of $438.4 million for the fourth quarter of 2017, including a $422.5 million impairment loss. Accordingly, for the fourth quarter ended December 31, 2017, net loss and net loss attributed to common stockholders, adjusted for impairment, amounted to $14.5 million and $15.9 million, respectively1. For the fourth quarter of 2016, net loss and net loss attributed to common stockholders amounted to $23.3 million and $24.7 million, respectively.
Time charter revenues were $48.9 million for the fourth quarter of 2017, compared to $28.0 million for the same quarter of 2016. The increase in time charter revenues was due to increased average time charter rates achieved for the Company’s vessels during the quarter and increased revenues resulting from the enlargement of the fleet.
Net loss and net loss attributed to common stockholders for the year ended December 31, 2017 amounted to $511.7 million and $517.5 million, respectively. This compares to a net loss and net loss attributed to common stockholders of $164.2 million and $170.0 million, respectively, for the same period of 2016. Time charter revenues were $161.9 million for the year ended December 31, 2017, compared to $114.3 million for the same period of 2016.
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Fleet Employment Profile (As of February 22, 2018) |
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Diana Shipping Inc.’s fleet is employed as follows: |
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Vessel |
Sister Ships* |
Gross Rate (USD Per Day) |
Com** |
Charterers |
Delivery Date to Charterers*** |
Redelivery Date to Owners**** |
Notes |
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BUILT DWT |
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22 Panamax Bulk Carriers |
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1 |
DANAE |
A |
$7,750 |
5.00% |
Phaethon International Company AG |
24-May-17 |
22-Dec-17 |
|
|
$10,000 |
5.00% |
22-Dec-17 |
22-Jan-19 - 7-May-19 |
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2001 75,106 |
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2 |
DIONE |
A |
$7,050 |
5.00% |
Caravel Shipping Limited, Hong Kong |
3-Feb-17 |
23-Jan-18 |
1 |
|
$10,350 |
5.00% |
Ausca Shipping Limited, Hong Kong |
23-Jan-18 |
23-Mar-19 - 8-Jul-19 |
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2001 75,172 |
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3 |
NIREFS |
A |
$9,400 |
5.00% |
Jaldhi Overseas Pte. Ltd., Singapore |
5-May-17 |
5-Jun-18 - 5-Sep-18 |
|
|
2001 75,311 |
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4 |
ALCYON |
A |
$8,800 |
5.00% |
Hudson Shipping Lines Incorporated |
20-Jul-17 |
20-Jul-18 - 20-Oct-18 |
|
|
2001 75,247 |
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5 |
TRITON |
A |
$6,500 |
5.00% |
Ausca Shipping Limited, Hong Kong |
8-Jun-17 |
8-Jul-18 - 23-Oct-18 |
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|
2001 75,336 |
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6 |
OCEANIS |
A |
$7,000 |
5.00% |
Ausca Shipping Limited, Hong Kong |
30-May-17 |
30-Jul-18 - 14-Nov-18 |
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|
2001 75,211 |
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7 |
THETIS |
B |
$8,350 |
5.00% |
Ausca Shipping Limited, Hong Kong |
14-Jul-17 |
14-Jul-18 - 14-Oct-18 |
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|
2004 73,583 |
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8 |
PROTEFS |
B |
$7,900 |
5.00% |
Hudson Shipping Lines Incorporated |
24-Jun-17 |
24-Jun-18 - 9-Oct-18 |
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2004 73,630 |
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9 |
CALIPSO |
B |
$9,000 |
5.00% |
Transgrain Shipping B.V., Rotterdam |
14-Mar-17 |
23-Feb-18 - 30-Mar-18 |
2 |
|
2005 73,691 |
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10 |
CLIO |
B |
$8,550 |
5.00% |
Phaethon International Company AG |
9-Jul-17 |
9-Aug-18 - 9-Nov-18 |
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2005 73,691 |
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11 |
NAIAS |
B |
$7,500 |
5.00% |
Glencore Agriculture B.V., Rotterdam |
27-Dec-16 |
11-Nov-17 |
3 |
|
$10,000 |
5.00% |
Phaethon International Company AG |
26-Nov-17 |
11-Feb-19 - 26-May-19 |
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2006 73,546 |
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12 |
ARETHUSA |
B |
$7,200 |
5.00% |
Noble Resources International Pte. Ltd., Singapore |
23-Jan-17 |
1-Mar-18 - 23-Mar-18 |
2,4 |
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2007 73,593 |
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13 |
ERATO |
C |
$7,250 |
5.00% |
Phaethon International Company AG |
25-May-17 |
30-Dec-17 |
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$10,500 |
5.00% |
30-Dec-17 |
2-Mar-19 - 30-May-19 |
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2004 74,444 |
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14 |
CORONIS |
C |
$9,000 |
5.00% |
Narina Maritime Ltd |
16-May-17 |
16-Apr-18 - 16-Jul-18 |
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2006 74,381 |
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15 |
MELIA |
$9,500 |
5.00% |
Nidera S.P.A., Roma |
19-Mar-17 |
27-Feb-18 - 4-May-18 |
5 |
|
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2005 76,225 |
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16 |
ARTEMIS |
$9,000 |
5.00% |
Ausca Shipping Limited, Hong Kong |
8-Jul-17 |
8-Jul-18 - 8-Oct-18 |
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2006 76,942 |
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17 |
LETO |
$7,750 |
5.00% |
Glencore Agriculture B.V., Rotterdam |
29-Dec-16 |
10-Jan-18 |
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$12,500 |
5.00% |
10-Jan-18 |
10-May-19 - 25-Aug-19 |
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2010 81,297 |
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18 |
SELINA |
D |
$7,100 |
5.00% |
BG Shipping Co., Limited, Hong Kong |
24-Jan-17 |
6-Feb-18 |
6 |
|
$12,250 |
5.00% |
6-Feb-18 |
6-Jun-19 - 6-Sep-19 |
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2010 75,700 |
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19 |
MAERA |
D |
$11,900 |
5.00% |
Unico Logistics Co., Ltd., Seoul |
19-Sep-17 |
19-Jun-18 - 19-Aug-18 |
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2013 75,403 |
