Diana Shipping Reports Net Loss in 1st Quarter 2018, Announces Time Charter for m/v San Francisco

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(Image Courtesy: Diana Shipping Inc)

Diana Shipping Inc. on Thursday reported a net loss of USD 3.1 million and net loss attributed to common stockholders of USD 4.5 million for the first quarter of 2018, compared to a net loss of USD 26.5 million and net loss attributed to common stockholders of USD 27.9 million reported in the first quarter of 2017.

Time charter revenues were USD 48.4 million for the first quarter of 2018, compared to USD 31.3 million for the same period of 2017. The increase in time charter revenues was due to increased average time charter rates that the Company achieved for its vessels during the quarter and increased ownership days resulting from the enlargement of the fleet.

Diana Shipping AGM

The Company’s Annual Meeting of Shareholders was duly held on May 7, 2018, in Limassol, Cyprus. At the Meeting, each of the following proposals, which are set forth in more detail in the Notice of Annual Meeting of Shareholders and the Company’s Proxy Statement sent to shareholders on or around March 27, 2018, was approved and adopted:

The election of Simeon Palios, Anastasios Margaronis and Ioannis Zafirakis as Class I Directors of the Company, to serve until the Company’s 2021 Annual Meeting of Shareholders; and

The appointment of Ernst & Young (Hellas) Certified Auditors Accountants S.A. as the Company’s independent auditors for the fiscal year ending December 31, 2018.

Time Charter for m/v San Francisco

Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Koch Shipping Pte. Ltd., Singapore, for one of its Newcastlemax dry bulk vessels, the m/v San Francisco.

The gross charter rate is US$24,000 per day, minus a 5% commission paid to third parties, for a period of approximately ten (10) months to approximately twelve (12) months (approximately means +/-10 days).

The charter is expected to commence on May 13, 2018. The m/v San Francisco is currently chartered, as previously announced, at a gross charter rate of USD 11,750 per day, minus a 5% commission paid to third parties.

The “San Francisco” is a 208,006 dwt Newcastlemax dry bulk vessel built in 2017. This employment is anticipated to generate approximately USD 6.96 million of gross revenue for the minimum scheduled period of the time charter.

Sea News, May 11