Diana Shipping Ends Talks with Lenders, Sees Loss

Image Courtesy: Diana Shipping

Greek dry bulk shipping company Diana Shipping said that it has concluded, without agreement, discussions with its lenders with respect to certain proposed amendments of its outstanding loan facilities which were subject to the agreement of all of the company’s lenders on similar terms.

The company has also terminated its engagement of a financial advisor in connection with such discussions.

Diana Shipping, which is current in all payments of principal and interest under each of its existing loan facilities, added that it “does not currently anticipate resuming such discussions with its lenders.”

The shipping firm has reported a widened net loss of USD 78.3 million for the third quarter of 2016, compared to a net loss of USD 17.4 million seen a year earlier, mainly attributed to loss and impairment of the company’s investment in Diana Containerships Inc.

Namely, the company said that the net loss attributed to common stockholders was at USD 79.8 million for the third quarter of 2016, of which USD 50 million relates Diana Shipping’s investment in its compatriot container shipping firm.

Time charter revenues were USD 27.1 million for the third quarter of 2016, down from USD 38.9 million reported in the same quarter of 2015.

The drop in time charter revenues was due to lower average time charter rates achieved during the quarter and was partly offset by revenues derived from the increase in ownership days resulting from the expansion of Diana Shipping’s fleet.

Net loss for the nine months ended September 30, 2016 amounted to USD 141 million, of which USD 54.4 million relates to the investment in Diana Containerships Inc., compared to a net loss of USD 42.2 million reported in the nine-month period of 2015.

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