Diana Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2018

Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today reported net income of $14.8 million and net income attributed to common stockholders of $13.3 million for the third quarter of 2018, compared to a net loss of $24.5 million and a net loss attributed to common stockholders of $25.9 million reported in the third quarter of 2017.

Time charter revenues were $61.5 million for the third quarter of 2018, compared to $43.9 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.

Net income and net income attributed to common stockholders for the nine months ended September 30, 2018 amounted to $13.7 million and $9.3 million, respectively. This compares to a net loss and net loss attributed to common stockholders of $74.8 million and $79.1 million, respectively, for the same period of 2017. Time charter revenues were $163.3 million for the nine months ended September 30, 2018, compared to $113.0 million for the same period of 2017.

	Fleet Employment Profile (As of November 23, 2018)
	Diana Shipping Inc.’s fleet is employed as follows:
	Vessel	Sister Ships*	Gross Rate (USD Per Day)		Com**	Charterers	Delivery Date to Charterers***	Redelivery Date to Owners****	Notes
	BUILT  DWT
	22 Panamax Bulk Carriers
1	DANAE	A	$10,000		5.00%	Phaethon International Company AG	22-Dec-17	22-Jan-19 - 7-May-19
	2001  75,106
2	DIONE	A	$10,350		5.00%	Ausca Shipping Limited, Hong Kong	23-Jan-18	23-Mar-19 - 8-Jul-19
	2001  75,172
3	NIREFS	A	$9,400		5.00%	Jaldhi Overseas Pte. Ltd., Singapore	5-May-17	11-Aug-18
			$10,750		3.75%	Hudson Shipping Lines Incorporated	11-Aug-18	11-Jul-19 - 11-Oct-19
	2001  75,311
4	ALCYON	A	$8,800		5.00%	Hudson Shipping Lines Incorporated	20-Jul-17	29-Nov-18 - 18-Dec-18	1,2,3
	2001  75,247
5	TRITON	A	$6,500		5.00%	Ausca Shipping Limited, Hong Kong	8-Jun-17	15-Oct-18	4
			$11,000		5.00%	Tongli Shipping Pte. Ltd.	4-Nov-18	26-Nov-18	1,3
	2001  75,336
6	OCEANIS	A	$7,000		5.00%	Ausca Shipping Limited, Hong Kong	30-May-17	16-Nov-18
			$10,350		5.00%		16-Nov-18	1-Jan-20 - 31-Mar-20
	2001  75,211
7	THETIS	B	$8,350		5.00%	Ausca Shipping Limited, Hong Kong	14-Jul-17	19-Oct-18	5,6
			$10,650		3.75%	Hudson Shipping Lines Incorporated	16-Nov-18	16-Jan-20 - 16-Apr-20
	2004  73,583
8	PROTEFS	B	$7,900		5.00%	Hudson Shipping Lines Incorporated	24-Jun-17	19-Sep-18
			$11,000		3.75%		19-Sep-18	4-Sep-19 - 19-Dec-19
	2004  73,630
9	CALIPSO	B	$12,200		5.00%	Glencore Agriculture B.V., Rotterdam	12-Mar-18	28-May-19 - 12-Sep-19
	2005  73,691
10	CLIO	B	$8,550		5.00%	Phaethon International Company AG	9-Jul-17	10-Nov-18
			$10,600		5.00%	Ausca Shipping Limited, Hong Kong	10-Nov-18	10-Sep-19 - 10-Dec-19
	2005  73,691
11	NAIAS	B	$10,000		5.00%	Phaethon International Company AG	26-Nov-17	11-Feb-19 - 26-May-19
	2006  73,546
12	ARETHUSA	B	$12,600		5.00%	Glencore Agriculture B.V., Rotterdam	27-Apr-18	27-Apr-19 - 27-Jul-19
	2007  73,593
13	ERATO	C	$10,500		5.00%	Phaethon International Company AG	30-Dec-17	2-Mar-19 - 30-May-19
	2004  74,444
14	CORONIS	C	$9,000		5.00%	Narina Maritime Ltd	16-May-17	11-Aug-18	7
			$8,300		5.00%	CJ International Italy Societa Per Azioni	11-Aug-18	10-Oct-18
			$11,300		5.00%		10-Oct-18	11-Aug-19 - 11-Nov-19
	2006  74,381
15	MELIA		$12,000		5.00%	United Bulk Carriers International S.A., Luxemburg	28-Apr-18	28-Sep-19 - 28-Dec-19	8
	2005  76,225
16	ARTEMIS		$9,000		5.00%	Ausca Shipping Limited, Hong Kong	8-Jul-17	17-Sep-18
			$12,600		5.00%		17-Sep-18	17-Sep-19 - 17-Dec-19
	2006  76,942
17	LETO		$12,500		5.00%	Glencore Agriculture B.V., Rotterdam	10-Jan-18	10-May-19 - 25-Aug-19
	2010  81,297
18	SELINA	D	$12,250		5.00%	BG Shipping Co., Limited, Hong Kong	6-Feb-18	6-Jun-19 - 6-Sep-19
	2010  75,700
19	MAERA	D	$11,900		5.00%	Unico Logistics Co., Ltd., Seoul	19-Sep-17	4-Jul-18
			$11,750		5.00%	ST Shipping and Transport Pte. Ltd., Singpore	4-Jul-18	20-Jan-19 - 4-Apr-19	9
	2013  75,403
20	ISMENE		$12,000		5.00%	DHL Project & Chartering Limited, Hong Kong	16-Sep-17	29-Nov-18 - 16-Dec-18	1
	2013  77,901
21	CRYSTALIA	E	$11,100		5.00%	Glencore Agriculture B.V., Rotterdam	3-Oct-17	30-Nov-18 - 18-Jan-19	1
	2014  77,525
22	ATALANDI	E	$13,500		5.00%	Uniper Global Commodities SE, Düsseldorf	27-Apr-18	27-Jun-19 - 27-Sep-19
	2014  77,529
	5 Kamsarmax Bulk Carriers
23	MAIA	F	$10,125		5.00%	Glencore Agriculture B.V., Rotterdam	27-Jul-17	5-Nov-18	10
			$13,300		5.00%		12-Nov-18	1-Jan-20 - 31-Mar-20
	2009  82,193
24	MYRSINI	F	$8,650		5.00%	RWE Supply & Trading GmbH, Essen	8-Jun-17	1-Dec-18 - 31-Dec-18	1
	2010  82,117
25	MEDUSA	F	$10,000		4.75%	Cargill International S.A., Geneva	6-Jul-17	3-Sep-18
			$14,000		4.75%		3-Sep-18	3-Oct-19 - 3-Dec-19
	2010  82,194
26	MYRTO	F	$14,000		4.75%	Cargill International S.A., Geneva	25-Apr-18	25-May-19 - 25-Jul-19
	2013  82,131
27	ASTARTE		$9,000		5.00%	Glencore Agriculture B.V., Rotterdam	12-Jun-17	16-Oct-18
			$14,250		5.00%		16-Oct-18	16-Dec-19 - 16-Mar-20
	2013  81,513
	5 Post-Panamax Bulk Carriers
28	ALCMENE		$8,000		4.75%	Cargill International S.A., Geneva	8-Jun-17	6-Oct-18
			$14,000		5.00%	Smart Gain Shipping Co., Limited, Hong Kong	6-Oct-18	9-Nov-18
			$11,500		5.00%	BG Shipping Co., Limited, Hong Kong	21-Nov-18	21-Oct-19 - 21-Jan-20
	2010  93,193
29	AMPHITRITE	G	$11,150		4.75%	Cargill International S.A., Geneva	28-Sep-17	1-Dec-18 - 28-Jan-19	1
	2012  98,697
30	POLYMNIA	G	$10,100		4.75%	Cargill International S.A., Geneva	15-Mar-17	9-Jul-18
			$16,000		4.75%		9-Jul-18	9-Sep-19 - 9-Dec-19
	2012  98,704
31	ELECTRA	H	$8,000		5.00%	Uniper Global Commodities SE, Düsseldorf	11-Jun-17	19-Oct-18
			$13,500		5.00%		19-Oct-18	15-Sep-19 - 15-Dec-19
	2013  87,150
32	PHAIDRA	H	$12,700		5.00%	Uniper Global Commodities SE, Düsseldorf	13-Jan-18	13-Jan-19 - 13-Apr-19
	2013  87,146
	14 Capesize Bulk Carriers
33	NORFOLK		$13,250		5.00%	SwissMarine Services S.A., Geneva	1-Dec-17	1-Sep-19 - 1-Dec-19
	2002  164,218
34	ALIKI		$18,000		5.00%	SwissMarine Services S.A., Geneva	9-Apr-18	9-Dec-19 - 9-Feb-20
	2005  180,235
35	BALTIMORE		$18,050		5.00%	Koch Shipping Pte. Ltd., Singapore	6-Jun-18	22-May-19 - 21-Aug-19
	2005  177,243
36	SALT LAKE CITY		$16,250		4.75%	Cargill International S.A., Geneva	1-May-18	1-Jan-19 - 1-Mar-19
	2005  171,810
37	SIDERIS GS	I	$13,000		5.00%	Rio Tinto Shipping (Asia) Pte., Ltd., Singapore	21-Jun-17	15-Nov-18
			$8,500		5.00%	Berge Bulk Shipping Pte. Ltd., Singapore	15-Nov-18	15-Dec-18
			$15,350		5.00%		15-Dec-18	15-Dec-19 - 30-Mar-20
	2006  174,186
38	SEMIRIO	I	$14,150		5.00%	Koch Shipping Pte. Ltd., Singapore	21-May-17	1-Sep-18
			$20,050		5.00%	Pacific Bulk Cape Company Limited, Hong Kong	1-Sep-18	1-Jul-19 - 16-Sep-19
	2007  174,261
39	BOSTON	I	$17,000		5.00%	EGPN Bulk Carrier Co., Limited, Hong Kong	6-Dec-17	6-Apr-19 - 6-Jul-19
	2007  177,828
40	HOUSTON	I	$19,000		5.00%	SwissMarine Services S.A., Geneva	9-May-18	25-Jan-19 - 24-Apr-19
	2009  177,729
41	NEW YORK	I	$16,000		5.00%	DHL Project & Chartering Limited, Hong Kong	2-Feb-18	2-Jun-19 - 2-Sep-19
	2010  177,773
42	SEATTLE	J	$11,700		5.00%	Koch Shipping Pte. Ltd., Singapore	8-Feb-17	30-Jul-18	11
			$24,000		5.00%		30-Jul-18	30-Nov-18 - 30-Jan-19
	2011  179,362
43	P. S. PALIOS	J	$17,350		5.00%	Koch Shipping Pte. Ltd., Singapore	24-May-18	9-Jun-19 - 24-Aug-19
	2013  179,134
44	G. P. ZAFIRAKIS	K	$15,000		5.00%	RWE Supply & Trading GmbH, Essen	14-Aug-17	30-Nov-18 - 14-Jan-19	1
	2014  179,492
45	SANTA BARBARA	K	$20,250		4.75%	Cargill International S.A., Geneva	24-Apr-18	9-Oct-19 - 9-Dec-19
	2015  179,426
46	NEW ORLEANS		$21,000		5.00%	SwissMarine Services S.A., Geneva	24-Mar-18	24-Feb-19 - 24-Apr-19
	2015  180,960
	4 Newcastlemax Bulk Carriers
47	LOS ANGELES	L	$19,150		5.00%	SwissMarine Services S.A., Geneva	16-Apr-18	1-Jan-19 - 16-Apr-19
	2012  206,104
48	PHILADELPHIA	L	$20,000		5.00%	Koch Shipping Pte. Ltd., Singapore	18-Jun-18	3-Feb-20 - 18-May-20
	2012  206,040
49	SAN FRANCISCO	M	$24,000		5.00%	Koch Shipping Pte. Ltd., Singapore	14-May-18	4-Mar-19 - 24-May-19
	2017  208,006
50	NEWPORT NEWS	M	BCI_2014 5TCs AVG + 24%		5.00%	SwissMarine Services S.A., Geneva	10-Jan-17	1-Dec-18 - 10-Mar-19	1
	2017  208,021
* Each dry bulk carrier is a "sister ship", or closely similar, to other dry bulk carriers that have the same letter.
** Total commission percentage paid to third parties.
*** In case of newly acquired vessel with time charter attached, this date refers to the expected/actual date of delivery of the vessel to the Company.
**** Range of redelivery dates, with the actual date of redelivery being at the Charterers’ option, but subject to the terms, conditions, and exceptions of the particular charterparty.
1 Based on latest information.
2 Vessel off hire for unscheduled maintenance from May 30, 2018 to July 10, 2018.
3 Vessel sold and expected to be delivered to her new Owners at the latest by January 7, 2019.
4 Vessel on scheduled drydocking from October 17, 2018 to November 1, 2018.
5 Charterers have agreed to pay the weighted average of the Baltic Panamax 4 T/C routes, as published by the Baltic Exchange on October 15, 2018, for the excess period commencing from October 14, 2018.
6 Vessel on scheduled drydocking from October 22, 2018 to November 16, 2018.
7 Charterers have agreed to pay the weighted average of the Baltic Panamax 4 T/C routes, as published by the Baltic Exchange on August 6, 2018, for the excess period commencing from August 5, 2018, in case it is higher than the current rate of US$ 9,000.
8 Vessel off hire from October 22, 2018 to October 25, 2018.
9 Vessel off hire from August 9, 2018 to August 12, 2018.
10 Charterers have agreed to pay the weighted average of the Baltic Panamax 4 T/C routes, as published by the Baltic Exchange on October 26, 2018 plus 18%, only in case it is higher than the existing rate of US$10,125 which otherwise will continue to apply, for the excess period commencing from October 27, 2018.
11 Charterers have agreed to pay the weighted average of the Baltic Capesize 5 T/C routes, as published by the Baltic Exchange on July 23, 2018 plus 5%, for the excess period commencing from July 23, 2018.

Summary of Selected Financial & Other Data (unaudited)
			Three months endedSeptember 30,					Nine months ended September 30,
			2018			2017			2018			2017
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
	Time charter revenues	$	61,505		$	43,920		$	163,315		$	112,960
	Voyage expenses		1,818			2,478			4,658			5,597
	Vessel operating expenses		22,809			22,697			70,300			66,337
	Net income/(loss)		14,767			(24,493)			13,672			(74,782)
	Net income/(loss) attributed to common stockholders		13,325			(25,936)			9,345			(79,109)
FLEET DATA
	Average number of vessels		50.0			51.0			50.0			49.4
	Number of vessels		50.0			51.0			50.0			51.0
	Weighted average age of vessels		9.1			8.2			9.1			8.2
	Ownership days		4,600			4,692			13,650			13,495
	Available days		4,600			4,632			13,519			13,275
	Operating days		4,576			4,533			13,394			13,005
	Fleet utilization		99.5%			97.9%			99.1%			98.0%
AVERAGE DAILY RESULTS
	Time charter equivalent (TCE) rate (1)	$	12,975		$	8,947		$	11,736		$	8,088
	Daily vessel operating expenses (2)	$	4,958		$	4,837		$	5,150		$	4,916

_____________________

(1)  Time charter equivalent rates, or TCE rates, are defined as our time charter revenues less voyage expenses during a period divided by the number of our available days during the period, which is consistent with industry standards.  Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions.  TCE is a non-GAAP measure.  TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts.

(2)  Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period.

Conference Call and Webcast Information

The Company’s management will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Time) on Monday, November 26, 2018.

Investors may access the webcast by visiting the Company’s website at www.dianashippinginc.com, and clicking on the webcast link. The conference call also may be accessed by telephone by dialing 1-877-407-8291 (for U.S.-based callers) or 1-201-689-8345 (for international callers), and asking the operator for the Diana Shipping Inc. conference call.

A replay of the webcast will be available soon after the completion of the call and will be accessible for 30 days on www.dianashippinginc.com. A telephone replay also will be available for 30 days by dialing 1-877-660-6853 (for U.S.-based callers) or 1-201-612-7415 (for international callers), and providing the Replay ID number 13685004.

About the Company

Diana Shipping Inc. is a global provider of shipping transportation services through its ownership of dry bulk vessels. The Company’s vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.

Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see the Company’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

(See financial tables attached)

DIANA SHIPPING INC.
FINANCIAL TABLES
Expressed in thousands of U.S. Dollars, except share and per share data
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)
			Three months ended September 30,						Nine months ended September 30,
			2018			2017			2018			2017
REVENUES:
	Time charter revenues	$	61,505		$	43,920		$	163,315		$	112,960
EXPENSES:
	Voyage expenses		1,818			2,478			4,658			5,597
	Vessel operating expenses		22,809			22,697			70,300			66,337
	Depreciation and amortization of deferred charges		13,177			22,363			39,204			65,083
	General and administrative expenses		6,805			5,737			20,522			18,175
	Management fees to related party		600			480			1,800			1,341
	Impairment loss		-			8,446			-			8,446
	Other loss/(gain)		(118	)		43			(296	)		287
	Operating income/(loss)		16,414			(18,324	)		27,127			(52,306	)
OTHER INCOME / (EXPENSES):
	Interest and finance costs		(7,175	)		(6,799	)		(21,468	)		(19,874	)
	Interest and other income		5,508			1,460			7,982			3,028
	Gain/(loss) from equity method investments		20			(830	)		31			(5,630	)
	Total other expenses, net		(1,647	)		(6,169	)		(13,455	)		(22,476	)
Net income / (loss)		$	14,767		$	(24,493	)	$	13,672		$	(74,782	)
Dividends on series B preferred shares			(1,442	)		(1,443	)		(4,327	)		(4,327	)
Net income / (loss) attributed to common stockholders			13,325			(25,936	)		9,345			(79,109	)
Earnings / (loss) per common share, basic and diluted		$	0.13		$	(0.25	)	$	0.09		$	(0.85	)
Weighted average number of common shares, basic and diluted			103,959,717			102,280,234			103,684,250			93,485,656
Weighted average number of common shares, diluted			105,234,812			102,280,234			104,567,959			93,485,656
			Three months ended September 30,						Nine months ended September 30,
			2018			2017			2018			2017
Net income/(loss)		$	14,767		$	(24,493	)	$	13,672		$	(74,782	)
Other comprehensive loss (Actuarial loss)			(8	)		(7	)		(24	)		(21	)
Comprehensive income/(loss)		$	14,759		$	(24,500	)	$	13,648		$	(74,803	)

CONDENSED CONSOLIDATED BALANCE SHEET DATA
(in thousands of U.S. Dollars)
			September 30, 2018		December 31, 2017*
ASSETS			(unaudited)
Cash and cash equivalents		$	176,524	$	40,227
Due from related parties			19		82,660
Other current assets			17,393		15,874
Vessels, net of depreciation			1,018,266		1,053,578
Other fixed assets, net			22,418		22,650
Restricted cash			25,582		25,582
Investments in related parties			3,279		3,249
Other non-current assets			3,379		2,902
	Total assets	$	1,266,860	$	1,246,722
LIABILITIES AND STOCKHOLDERS' EQUITY
Long-term debt, net of deferred financing costs		$	605,106	$	601,384
Other liabilities			22,205		20,580
Total stockholders' equity			639,549		624,758
	Total liabilities and stockholders' equity	$	1,266,860	$	1,246,722
*	The balance sheet data have been derived from the audited consolidated financial statements at that date.

OTHER FINANCIAL DATA (unaudited)
			Three months ended September 30,					Nine months ended September 30,
			2018		2017			2018			2017
Net Cash provided by operating activities		$	24,180	$	8,251		$	51,971		$	11,172
Net Cash provided by / (used in) investing activities			38,563		28			85,888			(165,684	)
Net Cash provided by / (used in) financing activities		$	31,436	$	(13,351	)	$	(1,562	)	$	96,071

 

Corporate Contact:
Ioannis Zafirakis
Director, Chief Strategy Officer and Secretary
Telephone: + 30-210-9470100
Email: [e-mail]
Website: www.dianashippinginc.com
                                                  
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: [e-mail]