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Diana Shipping Inc. Reports Fourth Quarter Loss of $23.3 million

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today reported a net loss of $23.3 million and a net loss attributed to common stockholders of $24.7 million for the fourth quarter of 2016. This compares to a net loss of $22.5 million and a net loss attributed to common stockholders of $23.9 million for the fourth quarter of 2015.

Time charter revenues were $28.0 million for the fourth quarter of 2016, compared to $38.3 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 year ended December 31, 2016 amounted to $164.2 million and $170.0 million, respectively, of which $56.5 million relates to loss and impairment of our investment in Diana Containerships Inc. This compares to a net loss and a net loss attributed to common stockholders of $64.7 million and $70.5 million, respectively, for the year ended December 31, 2015. Time charter revenues were $114.3 million for the year ended December 31, 2016, compared to $157.7 million for the year ended December 31, 2015.
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Source: Diana Shipping Inc.

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