FORM 6-K

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2016
Commission File Number:  001-32458

DIANA SHIPPING INC.
(Translation of registrant's name into English)
Pendelis 16, 175 64 Palaio Faliro, Athens, Greece
(Address of principal executive office)

 
 
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [X]       Form 40-F [  ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [  ].

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [  ].

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.















INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached to this report on Form 6-K as Exhibit 99.1 is a press release dated March 2, 2016 of Diana Shipping Inc. (the "Company") announcing the Company's financial results for the fourth quarter and year ended December 31, 2015.






 



















Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


 
DIANA SHIPPING INC.
 
(registrant)
   
   
Dated: March 2, 2016
By:
/s/ Anastassis Margaronis
   
Anastassis Margaronis
   
President
     
     





Exhibit 99.1

 
 
 
Corporate Contact:
 
Ioannis Zafirakis
 
Director, Chief Operating Officer and Secretary
 
Telephone: + 30-210-9470100
 
Email: izafirakis@dianashippinginc.com
 
Website: www.dianashippinginc.com
For Immediate Release
 
 
Investor and Media Relations:
 
Edward Nebb
 
Comm-Counsellors, LLC
 
Telephone: + 1-203-972-8350
 
Email: enebb@optonline.net




DIANA SHIPPING INC. REPORTS FINANCIAL RESULTS
FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2015

ATHENS, GREECE, March 2, 2016 – 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 $22.5 million and net loss attributed to common stockholders of $23.9 million for the fourth quarter of 2015, compared to a net loss and net loss attributed to common stockholders of $6.2 million and $7.7 million, respectively reported in the fourth quarter of 2014.
Time charter revenues were $38.3 million for the fourth quarter of 2015, compared to $46.1 million for the same quarter of 2014. The decrease in time charter revenues was mainly due to decreased time charter rates in 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 2015 amounted to $64.7 million and $70.5 million, respectively, compared to net loss and net loss attributed to common stockholders of $10.3 million and $15.3 million, respectively, for 2014. Time charter revenues were $157.7 million for 2015, compared to $175.6 million for 2014.
 

1


 
Fleet Employment Profile (As of March 02, 2016)
 
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
 
 
23 Panamax Bulk Carriers
DANAE
A
$7,650
3.75%
Glencore Grain B.V., Rotterdam
16-Jan-15
2-Dec-15
1,2
     
$4,900
5.00%
Dampskibsselskabet Norden A/S, Copenhagen
9-Dec-15
9-Nov-16 - 9-Mar-17
 
 
2001    75,106
             
DIONE
A
$9,250
5.00%
RWE Supply & Trading GmbH, Essen
12-Sep-14
8-Jan-16
     
$4,350
5.00%
Nidera S.P.A., Roma
4-Feb-16
20-Jan-17 - 4-May-17
 
 
2001    75,172
             
NIREFS
A
$7,500
5.00%
Glencore Grain B.V., Rotterdam
25-Dec-14
12-Jan-16
 
     
$4,600
5.00%
Transgrain Shipping B.V., Rotterdam
15-Jan-16
15-Dec-16 - 30-Mar-17
 
 
2001    75,311
             
ALCYON
A
$7,600
5.00%
Transgrain Shipping B.V., Rotterdam
22-Aug-15
22-Apr-16 - 22-Jul-16
 
 
2001    75,247
             
TRITON
A
$9,250
5.00%
Glencore Grain B.V., Rotterdam
24-Oct-14
6-Oct-15
 
     
$6,800
5.00%
 
28-Oct-15
13-Sep-16 - 28-Dec-16
 
 
2001    75,336
             
OCEANIS
A
$7,200
5.00%
Glencore Grain B.V., Rotterdam
11-May-15
19-Mar-16 - 29-Mar-16
 
2001    75,211
             
THETIS
B
$7,000
5.00%
Dampskibsselskabet Norden A/S, Copenhagen
14-Jul-15
14-Jun-16 - 14-Sep-16
 
 
2004    73,583
             
PROTEFS
B
$6,250
5.00%
Glencore Grain B.V., Rotterdam
3-Apr-15
18-Feb-16
     
$4,500
5.00%
Transgrain Shipping B.V., Rotterdam
23-Feb-16
8-Feb-17 - 23-Jun-17
 
 
2004    73,630
             
CALIPSO
B
$6,000
5.00%
China Shipping Bulk Carrier Co., Ltd., Hong Kong
9-Jun-15
9-Apr-16 - 9-Aug-16
 
 
2005    73,691
             
10 
CLIO
B
$6,500
5.00%
Transgrain Shipping B.V., Rotterdam
4-Aug-15
4-May-16 - 4-Aug-16
 
 
2005    73,691
             
11 
NAIAS
B
$6,800
4.75%
Cargill International S.A., Geneva
12-Jul-15
12-May-16 - 12-Aug-16
 
2006    73,546
             
12 
ARETHUSA
B
$7,100
5.00%
Glencore Grain B.V., Rotterdam
5-Mar-15
11-Mar-16 - 5-May-16
5,8
 
2007     73,593
             
13 
ERATO
C
$7,100
5.00%
Glencore Grain B.V., Rotterdam
9-Mar-15
12-Mar-16 - 9-May-16
 
2004    74,444
             
14 
CORONIS
C
$6,500
5.00%
Sandgate Maritime Ltd
3-Jul-15
3-Apr-16 - 3-Jul-16
 
 
2006    74,381
             
15 
MELITE
D
$7,250
5.00%
Glencore Grain B.V., Rotterdam
29-Jan-15
13-Oct-15
 
     
$7,250
4.75%
Cargill International S.A., Geneva
13-Oct-15
13-Sep-16 - 13-Dec-16
 
 
2004     76,436
             
16 
MELIA
D
$7,050
5.00%
Bunge S.A., Geneva
19-May-15
24-Oct-15
 
     
$7,200
5.00%
Nidera S.P.A., Roma
24-Oct-15
24-Nov-16 - 24-Feb-17
 
 
2005     76,225
             
17 
ARTEMIS
 
$7,500
5.00%
China Shipping Bulk Carrier Co., Ltd., Hong Kong
16-Aug-15
16-May-16 - 16-Aug-16
 
 
2006     76,942
             
18 
LETO
 
$7,100
4.75%
Cargill International S.A., Geneva
19-Jun-15
4-Sep-16 - 3-Jan-17
 
 
2010     81,297
             
19 
SUNSHINE
E
-
-
-
-
- - -
9,10
 
(tbr. SELINA)
             
 
2010     75,700
             
20 
MANZONI
E
-
-
-
-
- - -
9,10
 
(tbr. MAERA)
             
 
2013     75,403
             
21 
INFINITY 9
 
-
-
-
-
- - -
9,10
 
(tbr. ISMENE)
             
 
2013     77,901
             
22 
CRYSTALIA
F
$9,000
5.00%
Glencore Grain B.V., Rotterdam
29-Aug-15
29-Jun-16 - 29-Sep-16
 
 
2014    77,525
             
23 
ATALANDI
F
$8,000
5.00%
Glencore Grain B.V., Rotterdam
21-May-15
21-Mar-16 - 21-Apr-16
 
2014    77,529
             
 
4 Kamsarmax Bulk Carriers
24 
MAIA
G
$12,000
5.00%
RWE Supply & Trading GmbH, Essen
29-Sep-14
13-Nov-15
 
     
$7,500
5.00%
 
13-Nov-15
13-Apr-17 - 13-Jul-17
 
 
2009     82,193
             
25 
MYRSINI
G
$8,250
4.75%
Clearlake Shipping Pte. Ltd., Singapore
18-Feb-15
7-Mar-16
5,11
 
2010     82,117
             
26 
MEDUSA
G
$7,450
4.75%
Clearlake Shipping Pte. Ltd., Singapore
2-Jun-15
2-Apr-16 - 2-Aug-16
11 
 
2010     82,194
             
27 
MYRTO
G
$9,850
5.00%
Glencore Grain B.V., Rotterdam
5-Jan-15
24-Dec-15
 
     
$6,000
4.75%
Cargill International S.A., Geneva
24-Dec-15
24-Oct-16 - 8-Feb-17
 
 
2013     82,131
             
 
 
2

 
 
 
 
                 
 
Vessel
Sister Ships*
Gross Rate (USD Per Day)
Com**
Charterers
Delivery Date to Charterers***
Redelivery Date to Owners****
Notes
 
BUILT    DWT
 
 
3 Post-Panamax Bulk Carriers
28 
ALCMENE
 
$6,750
5.00%
ADM International Sarl, Rolle, Switzerland
13-May-15
13-Feb-17 - 2-Jun-17
 
 
2010     93,193
             
29 
AMPHITRITE
H
$7,700
5.00%
Bunge S.A., Geneva
15-Jul-15
30-Apr-17 - 30-Aug-17
 
 
2012     98,697
             
30 
POLYMNIA
H
$7,500
5.00%
Vroon Dry Cargo Chartering B.V., Breskens
17-Jan-15
15-Dec-15
12 
     
$5,650
4.75%
Cargill International S.A., Geneva
15-Dec-15
30-Nov-16 - 15-Mar-17
 
 
2012    98,704
             
 
14 Capesize Bulk Carriers
31 
NORFOLK
 
$10,250
4.75%
Clearlake Shipping Pte. Ltd., Singapore
4-Mar-15
4-Apr-16 - 4-Aug-16
11 
 
2002    164,218
             
32 
ALIKI
 
$26,500
5.00%
Minmetals Logistics Group Co. Ltd., Beijing
1-Mar-11
16-Jan-16
13 
     
$5,300
5.00%
SwissMarine Services S.A., Geneva
16-Jan-16
16-Dec-16 - 16-Mar-17
 
 
2005    180,235
             
33 
BALTIMORE
 
$15,000
5.00%
RWE Supply & Trading GmbH, Essen
8-Jul-13
8-Jul-16 - 8-Jan-17
 
 
2005    177,243
             
34 
SALT LAKE CITY
 
BCI 4TCs AVG + 3.5%
5.00%
K Noble Hong Kong Ltd., Hong Kong
7-Feb-15
7-Nov-16 - 7-Feb-17
 
 
2005    171,810
             
35 
SIDERIS GS
I
$10,000
5.00%
Rio Tinto Shipping (Asia) Pte., Ltd., Singapore
22-Feb-15
22-Dec-15
 
     
$6,500
5.00%
 
22-Dec-15
22-Jan-17 - 7-Jul-17
 
 
2006    174,186
             
36 
SEMIRIO
I
$10,000
5.00%
Rio Tinto Shipping (Asia) Pte., Ltd., Singapore
20-Feb-15
6-Feb-16
14 
     
$4,800
5.00%
SwissMarine Services S.A., Geneva
6-Feb-16
6-Jan-17 - 6-May-17
 
 
2007    174,261
             
37 
BOSTON
I
$13,000
4.75%
Clearlake Shipping Pte. Ltd., Singapore
9-Aug-15
25-May-17 - 24-Oct-17
11 
 
2007    177,828
             
38 
HOUSTON
I
$12,750
5.00%
RWE Supply & Trading GmbH, Essen
4-Jan-15
29-Jan-16
 
     
$5,150
5.00%
SwissMarine Services S.A., Geneva
29-Jan-16
29-Dec-16 - 29-Mar-17
 
 
2009    177,729
             
39 
NEW YORK
I
$12,850
4.75%
Clearlake Shipping Pte. Ltd., Singapore
17-Dec-14
3-Feb-16
11,15
     
$5,200
5.00%
Rio Tinto Shipping (Asia) Pte., Ltd., Singapore
3-Feb-16
3-Jan-17 - 18-May-17
 
 
2010    177,773
             
40 
SEATTLE
J
$7,300
4.75%
SwissMarine Services S.A., Geneva
9-Dec-15
25-Oct-16 - 9-Feb-17
16 
 
2011     179,362
             
41 
P. S. PALIOS
J
$13,000
5.00%
RWE Supply & Trading GmbH, Essen
18-Sep-15
31-Dec-16 - 31-Mar-17
 
 
2013    179,134
             
42 
G. P. ZAFIRAKIS
K
$25,250
5.00%
RWE Supply & Trading GmbH, Essen
23-Aug-14
14-Feb-16
 
     
$6,500
5.00%
 
14-Feb-16
14-May-17 - 14-Aug-17
 
 
2014    179,492
             
43 
SANTA BARBARA
K
$12,000
5.00%
RWE Supply & Trading GmbH, Essen
13-Jan-15
18-Dec-15
 
     
$7,500
5.00%
 
18-Dec-15
18-Dec-16 - 18-Mar-17
 
 
2015     179,426
             
44 
NEW ORLEANS
 
$11,650
5.00%
SwissMarine Services S.A., Geneva
11-Nov-15
11-Oct-16 - 26-Feb-17
 
 
2015    180,960
             
 
 
3

 
 
                 
 
Vessel
Sister Ships*
Gross Rate (USD Per Day)
Com**
Charterers
Delivery Date to Charterers***
Redelivery Date to Owners****
Notes
 
BUILT    DWT
 
 
2 Newcastlemax Bulk Carriers
45 
LOS ANGELES
L
$18,000
5.00%
EDF Trading Limited, UK
9-Feb-12
9-Dec-15
 
     
$7,750
5.00%
SwissMarine Services S.A., Geneva
9-Dec-15
24-Nov-16 - 24-Mar-17
 
 
2012    206,104
             
46 
PHILADELPHIA
L
$18,000
5.00%
EDF Trading Limited, UK
17-May-12
20-Jan-16
17 
     
$6,450
5.00%
RWE Supply & Trading GmbH, Essen
20-Jan-16
20-Dec-16 - 20-Mar-17
 
 
2012    206,040
             
 
3 Vessels Under Construction
47 
HULL No. DY6006
 
-
-
-
-
- - -
18 
 
(tbn. PHAIDRA)
             
 
2016   82,000
             
48 
HULL No. H2548
M
-
-
-
-
- - -
18 
 
(tbn. SAN FRANCISCO)
             
 
2016   208,500
             
49 
HULL No. H2549
M
-
-
-
-
- - -
18 
 
(tbn. NEWPORT NEWS)
             
 
2016   208,500
             
________________________
 
* Each dry bulk carrier is a "sister ship", or closely similar, to other dry bulk carriers that have the same le tter.
** 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 Vessel off-hire for drydocking from September 13, 2015 to October 6, 2015.
2 Glencore Grain B.V., Rotterdam has agreed to compensate the owners for the early redelivery of the vessel till the minimum agreed redelivery date, December 16, 2015.
3 Vessel on scheduled drydocking from January 8, 2016 to February 4, 2016.
4 Vessel on scheduled drydocking from October 6, 2015 to October 28, 2015.
5 Based on latest information.
6 Glencore Grain B.V., Rotterdam has agreed to compensate the owners for the early redelivery of the vessel till the minimum agreed redelivery date, March 3, 2016.
7 Vessel off-hire for drydocking for approximately 24 days.
8 During December 2015, the vessel was off-hire for drydocking for approximately 17 days.
9 Expected date of delivery to the Company by the end of March 2016.
10 Consummation of the purchase is subject to the Company obtaining satisfactory bank financing from the sellers' existing lenders.
11 Clearlake Shipping Pte. Ltd., Singapore is a member of the Gunvor Group.
12 Charter included a one time gross ballast bonus payment of US$237,500.
13 Minmetals Logistics Group Co. Ltd., Beijing has agreed to compensate the owners for the early redelivery of the vessel till the minimum agreed redelivery date, February 1, 2016.
14 Rio Tinto Shipping (Asia) Pte., Ltd., Singapore has agreed to compensate the owners for the early redelivery of the vessel till the minimum agreed redelivery date, February 20, 2016.
15 Clearlake Shipping Pte. Ltd., Singapore has agreed to compensate the owners for the early redelivery of the vessel till the minimum agreed redelivery date, February 17, 2016.
16 Vessel for scheduled drydocking from November 16, 2015 to December 9, 2015.
17 As per relevant charterparty, EDF Trading Limited, UK has agreed to pay US$18,000 per day till the minimum agreed redelivery date, i.e. January 17, 2016. The gross charter rate was amended to US$8,500 per day till January 20, 2016 (approximately 3 days).
18 Year of delivery and dwt are based on shipbuilding contract.
 

4


Summary of Selected Financial & Other Data (unaudited)
 
   
Three months ended December 31,
   
Year ended December 31,
 
   
2015
   
2014
   
2015
   
2014
 
                 
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
 
Time charter revenues
 
$
38,285
   
$
46,134
   
$
157,712
   
$
175,576
 
Voyage expenses
   
3,424
     
3,457
     
15,528
     
10,665
 
Vessel operating expenses
   
23,578
     
22,336
     
88,272
     
86,923
 
Net loss
   
(22,497
)
   
(6,235
)
   
(64,713
)
   
(10,268
)
Net loss attributed to common stockholders
   
(23,939
)
   
(7,677
)
   
(70,482
)
   
(15,348
)
FLEET DATA
 
Average number of vessels
   
42.1
     
39.0
     
40.8
     
37.9
 
Number of vessels
   
43.0
     
39.0
     
43.0
     
39.0
 
Weighted average age of vessels
   
7.4
     
7.1
     
7.4
     
7.1
 
Ownership days
   
3,870
     
3,588
     
14,900
     
13,822
 
Available days
   
3,802
     
3,530
     
14,600
     
13,650
 
Operating days
   
3,795
     
3,501
     
14,492
     
13,564
 
Fleet utilization
   
99.8
%
   
99.2
%
   
99.3
%
   
99.4
%
AVERAGE DAILY RESULTS
 
Time charter equivalent (TCE) rate (1)
 
$
9,169
   
$
12,090
   
$
9,739
   
$
12,081
 
Daily vessel operating expenses (2)
 
$
6,093
   
$
6,225
   
$
5,924
   
$
6,289
 
______________________________
                                        
(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 Wednesday, March 2, 2016.

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 13630282.

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, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our 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 our operating expenses, including bunker prices, drydocking and insurance costs, the market for our 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 our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

(See financial tables attached)
 

5


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 LOSS
 
                 
   
Three months ended December 31,
   
Years ended December 31,
 
   
2015
   
2014
   
2015
   
2014
 
                 
REVENUES:
             
(audited)
 
Time charter revenues
 
$
38,285
   
$
46,134
   
$
157,712
   
$
175,576
 
                                 
EXPENSES:
                               
Voyage expenses
   
3,424
     
3,457
     
15,528
     
10,665
 
Vessel operating expenses
   
23,578
     
22,336
     
88,272
     
86,923
 
Depreciation and amortization of deferred charges
   
19,794
     
18,291
     
76,333
     
70,503
 
General and administrative expenses
   
7,461
     
7,481
     
25,335
     
26,217
 
Management fees to related party
   
320
     
-
     
405
     
-
 
Foreign currency gain
   
(427
)
   
(248
)
   
(984
)
   
(528
)
Operating loss
   
(15,865
)
   
(5,183
)
   
(47,177
)
   
(18,204
)
                                 
OTHER INCOME / (EXPENSES):
                               
Interest and finance costs
   
(4,871
)
   
(2,166
)
   
(15,555
)
   
(8,427
)
Interest and other income
   
517
     
884
     
3,152
     
3,627
 
Income from derivative instruments
   
-
     
-
     
-
     
68
 
Income/(loss) from equity method investments
   
(2,278
)
   
230
     
(5,133
)
   
12,668
 
Total other income / (expenses), net
   
(6,632
)
   
(1,052
)
   
(17,536
)
   
7,936
 
                                 
Net loss
   
(22,497
)
 
$
(6,235
)
 
$
(64,713
)
 
$
(10,268
)
                                 
Dividends on series B preferred shares
   
(1,442
)
   
(1,442
)
   
(5,769
)
   
(5,080
)
                                 
Net loss attributed to common stockholders
   
(23,939
)
   
(7,677
)
   
(70,482
)
   
(15,348
)
                                 
Loss per common share, basic and diluted
 
$
(0.30
)
 
$
(0.10
)
 
$
(0.89
)
 
$
(0.19
)
                                 
Weighted average number of common shares, basic and diluted
   
79,681,727
     
79,595,251
     
79,518,009
     
81,292,290
 
                                 
   
Three months ended December 31,
   
Years ended December 31,
 
     
2015
     
2014
     
2015
     
2014
 
                           
(audited)
 
Net loss
 
$
(22,497
)
 
$
(6,235
)
 
$
(64,713
)
 
$
(10,268
)
Other comprehensive income / (loss) (Actuarial gain/(loss))
   
1,016
     
(911
)
   
1,016
     
(911
)
Comprehensive loss
 
$
(21,481
)
 
$
(7,146
)
 
$
(63,697
)
 
$
(11,179
)
 

6


CONDENSED CONSOLIDATED BALANCE SHEET DATA
     
(in thousands of U.S. Dollars)
     
         
   
2015
   
2014
 
ASSETS
 
(unaudited)
   
(audited)
 
         
Cash and cash equivalents
 
$
193,218
   
$
218,901
 
Other current assets
   
21,795
     
19,333
 
Advances for vessels under construction and acquisitions and other vessel costs
   
44,514
     
29,500
 
Vessels' net book value
   
1,440,803
     
1,373,133
 
Other fixed assets, net
   
23,489
     
23,887
 
Due from related parties, non-current
   
43,750
     
50,866
 
Equity method investments
   
62,487
     
67,546
 
Other non-current assets
   
6,909
     
3,956
 
Total assets
 
$
1,836,965
   
$
1,787,122
 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
                 
Current liabilities, including current portion of long-term debt, net of deferred financing costs, current
 
$
58,889
   
$
98,092
 
Long-term debt, net of current portion and deferred financing costs, non-current
   
559,087
     
405,522
 
Other non-current liabilities
   
623
     
1,282
 
Total stockholders' equity
   
1,218,366
     
1,282,226
 
Total liabilities and stockholders' equity
 
$
1,836,965
   
$
1,787,122
 

OTHER FINANCIAL DATA (unaudited)
 
   
Three months ended December 31,
   
Years ended December 31,
 
   
2015
   
2014
   
2015
   
2014
 
               
(audited)
 
 Net Cash provided by operating activities
 
$
1,493
   
$
12,500
   
$
23,945
   
$
44,910
 
 Net Cash used in investing activities
   
(78,219
)
   
(11,411
)
   
(155,637
)
   
(152,513
)
 Net Cash provided by financing activities
 
$
27,424
   
$
16,636
   
$
106,009
   
$
85,871
 

 


7