Diana Shipping Inc. posts net loss of $164.2M in 2016
A net loss of Diana Shipping Inc. (NYSE: DSX), (the “Company”) for the fourth quarter of 2016 rose to $23.3 million and a net loss attributed to common stockholders - to $24.7 million. This compares to a net loss of $22.5 million and a net loss attributed to common stockholders of $23.9 million for the fourth quarter of 2015, the shipping company said in a media release.
Time charter revenues were $28.0 million for the fourth quarter of 2016, compared to $38.3 million for the same quarter 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.
Net loss and net loss attributed to common stockholders for the year ended December 31, 2016 amounted to $164.2 million and $170.0 million, respectively, of which $56.5 million relates to loss and impairment of our investment in Diana Containerships Inc. This compares to a net loss and a net loss attributed to common stockholders of $64.7 million and $70.5 million, respectively, for the year ended December 31, 2015. Time charter revenues were $114.3 million for the year ended December 31, 2016, compared to $157.7 million for the year ended December 31, 2015.
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.