Diana reports financial results for Q3 and nine months ended 30 Sept 2016…

Accountancy, News, Shipmanagement, Statistics, Stock Markets — By on November 17, 2016 at 1:55 PM

sideris GS FUNNELDIANA SHIPPING INC. REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2016

ANNOUNCES TERMINATION OF DISCUSSIONS WITH LENDERS 

ATHENS, GREECE, November 17, 2016 – 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 $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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Viewers can read herebelow the full report:DIANA SHIPPING INC 2016

 

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