Diana Shipping Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2017

Athens, Greece - February 22, 2018

Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today reported a net loss of $436.9 million and net loss attributed to common stockholders of $438.4 million for the fourth quarter of 2017, including a $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 $14.5 million and $15.9 million, respectively 1 . For the fourth quarter of 2016, net loss and net loss attributed to common stockholders amounted to $23.3 million and $24.7 million, respectively.

Time charter revenues were $48.9 million for the fourth quarter of 2017, compared to $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 $511.7 million and $517.5 million, respectively. This compares to a net loss and net loss attributed to common stockholders of $164.2 million and $170.0 million, respectively, for the same period of 2016. Time charter revenues were $161.9 million for the year ended December 31, 2017, compared to $114.3 million for the same period of 2016.

Full report

(1) See the reconciliation of adjusted net loss and net loss attributed to common stockholders to net loss and net loss attributed to common stockholders and adjusted loss per share to loss per share included in this release.

Diana Shipping Inc. press release