Diana Shipping Reports USD 436.9 Mn Loss in Q4, 2017

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(Image Courtesy: Glory Logistics)

Diana Shipping Inc on Thursday reported a net loss of USD 436.9 million and net loss attributed to common stockholders of USD 438.4 million for the fourth quarter of 2017, including a USD 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 USD 14.5 million and USD 15.9 million, respectively.

For the fourth quarter of 2016, net loss and net loss attributed to common stockholders amounted to USD 23.3 million and USD 24.7 million, respectively.

Time charter revenues were USD 48.9 million for the fourth quarter of 2017, compared to USD 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 USD 511.7 million and USD 517.5 million, respectively.

This compares to a net loss and net loss attributed to common stockholders of USD 164.2 million and USD 170.0 million, respectively, for the same period of 2016. Time charter revenues were USD 161.9 million for the year ended December 31, 2017, compared to USD 114.3 million for the same period of 2016.

Sea News, February 23