Diana Shipping’s Losses Widen in 2016

Image Courtesy: Diana Shipping

Greek dry bulk shipowner Diana Shipping has closed the year with a much wider year-on-year net loss amounting to USD 164.2 million, compared to a net loss of USD 64.7 million seen in 2015. 

Diana Shipping ascribed part of the loss to loss and impairment of the company’s investment in Diana Containerships.

In 2016, time charter revenues amounted to USD 114.3 million and were lower than time charter revenues in 2015, which totaled USD 157.7 million. Time charter equivalent (TCE) rate stood at USD 6,106 last year, compared to a significantly higher TCE rate of USD 9,739 in 2015.

The fourth quarter earnings were almost in line with the corresponding period in 2015, resulting in USD 800,000 bigger loss.

Time charter revenues were USD 28 million for the fourth quarter of 2016, compared to USD 38.3 million for the same quarter of 2015. During the fourth quarter of 2016, TCE rate was USD 6,319, against USD 9,169 in the same period 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,” Diana said.

As of February 14, 2017, Diana has a fleet of 48 dry bulk vessels comprising four Newcastlemaxes, fourteen Capesize vessels, three Post-Panamaxes, four Kamsarmaxes and 23 Panamaxes, with a combined carrying capacity of around 5.7 million dwt and a weighted average age of 7.71 years.

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