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 July 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 July 28, 2016 of Diana Shipping Inc. (the "Company") announcing the Company's financial results for the second quarter and six months ended June 30, 2016.
 





























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: July 28, 2016
By:
/s/ Andreas Michalopoulos
   
Andreas Michalopoulos
   
Chief Financial Officer
     
     





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 SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2016

ATHENS, GREECE, July 28, 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 $31.3 million and net loss attributed to common stockholders of $32.7 million for the second quarter of 2016, compared to a net loss of $14.1 million and net loss attributed to common stockholders of $15.5 million for the second quarter of 2015.
Time charter revenues were $28.3 million for the second quarter of 2016, compared to $38.6 million for the same quarter of 2015. The decrease in time charter revenues was mainly 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 six months ended June 30, 2016 amounted to $62.7 million and $65.6 million, respectively, compared to a net loss and net loss attributed to common stockholders of $24.8 million and $27.7 million, respectively, for the same period of 2015. Time charter revenues were $59.1 million for the six months ended June 30, 2016, compared to $80.6 million for the same period of 2015.
1

 
 
Fleet Employment Profile (As of July 27, 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
$4,900
5.00%
Dampskibsselskabet Norden A/S, Copenhagen
9-Dec-15
9-Nov-16 - 9-Mar-17
 
 
2001    75,106
             
DIONE
A
$4,350
5.00%
Nidera S.P.A., Roma
4-Feb-16
20-Jan-17 - 4-May-17
 
 
2001    75,172
             
NIREFS
A
$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
28-Apr-16
 
     
$5,000
5.00%
Dampskibsselskabet Norden A/S, Copenhagen
4-May-16
4-May-17 - 4-Sep-17
 
 
2001    75,247
             
TRITON
A
$6,800
5.00%
Glencore Grain B.V., Rotterdam
28-Oct-15
13-Sep-16 - 28-Dec-16
 
 
2001    75,336
             
OCEANIS
A
$6,750
5.00%
Bunge S.A., Geneva
13-Apr-16
8-Jun-16
1,2
     
$5,200
5.00%
Nidera S.P.A., Roma
30-Jun-16
30-Mar-17 - 30-May-17
 
 
2001    75,211
             
THETIS
B
$7,000
5.00%
Dampskibsselskabet Norden A/S, Copenhagen
14-Jul-15
16-Jun-16
 
     
$5,150
5.00%
Transgrain Shipping B.V., Rotterdam
19-Jun-16
19-Apr-17 - 3-Aug-17
 
 
2004    73,583
             
PROTEFS
B
$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
8-Apr-16
 
     
$6,300
5.00%
Polaris Shipping Co., Ltd., Seoul
8-Apr-16
17-Aug-16 - 27-Aug-16
 
2005    73,691
             
10 
CLIO
B
$6,500
5.00%
Transgrain Shipping B.V., Rotterdam
4-Aug-15
22-May-16
 
     
$5,350
5.00%
 
22-May-16
22-Apr-17 - 22-Jul-17
 
 
2005    73,691
             
2


11 
NAIAS
B
$6,800
4.75%
Cargill International S.A., Geneva
12-Jul-15
26-May-16
 
     
$5,000
5.00%
Bunge S.A., Geneva
26-May-16
11-Oct-16 - 10-Jan-17
 
 
2006    73,546
             
12 
ARETHUSA
B
$7,100
5.00%
Glencore Grain B.V., Rotterdam
5-Mar-15
10-Jun-16
     
$5,000
5.00%
United Bulk Carrier International S.A., Luxembourg
10-Jun-16
26-Oct-16 - 10-Jan-17
 
 
2007     73,593
             
13 
ERATO
C
$4,650
5.00%
Glencore Grain B.V., Rotterdam
26-Mar-16
11-Feb-17 - 26-May-17
 
 
2004    74,444
             
14 
CORONIS
C
$6,500
5.00%
Sandgate Maritime Ltd
3-Jul-15
19-Mar-16
     
$4,750
5.00%
Narina Maritime Ltd
19-Mar-16
19-Feb-17 - 19-May-17
 
 
2006    74,381
             
15 
MELITE
D
$7,250
4.75%
Cargill International S.A., Geneva
13-Oct-15
13-Sep-16 - 13-Dec-16
 
 
2004     76,436
             
16 
MELIA
D
$7,200
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
7-Jun-16
 
     
$5,350
5.00%
Bunge S.A., Geneva
7-Jun-16
7-Apr-17 - 22-Jul-17
 
 
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 
SELINA
E
$5,800
5.00%
Dampskibsselskabet Norden A/S, Copenhagen
24-Mar-16
15-Oct-16 - 15-Feb-17
 
 
2010     75,700
             
20 
MAERA
E
$4,500
5.00%
United Bulk Carrier International S.A., Luxembourg
10-May-16
28-Dec-16 - 28-Apr-17
 
 
2013     75,403
             
21 
ISMENE
 
$7,825
5.00%
Glencore Grain B.V., Rotterdam
21-Mar-16
19-Jul-16
6,7
 
2013     77,901
             
22 
CRYSTALIA
F
$9,000
5.00%
Glencore Grain B.V., Rotterdam
29-Aug-15
28-Jun-16
     
$6,250
5.00%
SwissMarine Services S.A., Geneva
28-Jun-16
28-May-17 - 28-Aug-17
 
 
2014    77,525
             
23 
ATALANDI
F
$5,300
5.00%
Glencore Grain B.V., Rotterdam
26-Mar-16
26-Nov-17 - 26-Apr-18
 
 
2014    77,529
             
 
4 Kamsarmax Bulk Carriers
24 
MAIA
G
$7,500
5.00%
RWE Supply & Trading GmbH, Essen
13-Nov-15
13-Apr-17 - 13-Jul-17
 
 
2009     82,193
             
25 
MYRSINI
G
$5,550
5.00%
RWE Supply & Trading GmbH, Essen
9-Mar-16
9-Mar-17 - 24-Jun-17
 
 
2010     82,117
             
3


26 
MEDUSA
G
$7,450
4.75%
Clearlake Shipping Pte. Ltd., Singapore
2-Jun-15
7-Apr-16
     
$6,300
5.00%
Quadra Commodities S.A., Geneva
7-Apr-16
15-Mar-17 - 30-Jul-17
 
 
2010     82,194
             
27 
MYRTO
G
$6,000
4.75%
Cargill International S.A., Geneva
24-Dec-15
24-Oct-16 - 8-Feb-17
 
 
2013     82,131
             
 
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
$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
28-Mar-16
9,10
     
$4,350
5.00%
SwissMarine Services S.A., Geneva
28-Mar-16
28-Dec-16 - 28-Mar-17
 
 
2002    164,218
             
32 
ALIKI
 
$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
29-Jul-16
11 
 
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
$6,500
5.00%
Rio Tinto Shipping (Asia) Pte., Ltd., Singapore
22-Dec-15
22-Jan-17 - 7-Jul-17
 
 
2006    174,186
             
36 
SEMIRIO
I
$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
 
2007    177,828
             
38 
HOUSTON
I
$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
$5,200
5.00%
Rio Tinto Shipping (Asia) Pte., Ltd., Singapore
3-Feb-16
3-Jan-17 - 18-May-17
 
 
2010    177,773
             
4


40 
SEATTLE
J
$7,300
4.75%
SwissMarine Services S.A., Geneva
9-Dec-15
25-Oct-16 - 9-Feb-17
 
 
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
$6,500
5.00%
RWE Supply & Trading GmbH, Essen
14-Feb-16
14-May-17 - 14-Aug-17
 
 
2014    179,492
             
43 
SANTA BARBARA
K
$7,500
5.00%
RWE Supply & Trading GmbH, Essen
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
             
 
2 Newcastlemax Bulk Carriers
45 
LOS ANGELES
L
$7,750
5.00%
SwissMarine Services S.A., Geneva
9-Dec-15
24-Nov-16 - 24-Mar-17
 
 
2012    206,104
             
46 
PHILADELPHIA
L
$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
 
-
-
-
-
- - -
12 
 
(tbn. PHAIDRA)
             
 
2016   82,000
             
48 
HULL No. H2548
M
-
-
-
-
- - -
12 
 
(tbn. SAN FRANCISCO)
             
 
2016   208,500
             
49 
HULL No. H2549
M
-
-
-
-
- - -
12 
 
(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 letter.
** 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 Charter included a one time gross ballast bonus payment of US$175,000.
2 Vessel on scheduled drydocking from June 8, 2016 to June 30, 2016.
3 Redelivery dates based on an estimated time charter trip duration of about 131-141 days.
4 It was agreed the charterparty to be extended from May 5, 2016 until June 10, 2016.
5 Sandgate Maritime Ltd has agreed to compensate the owners for the early redelivery of the vessel until the minimum agreed redelivery date, April 3, 2016.
6 Currently without an active charterparty.
7 Vessel on scheduled drydocking from July 19, 2016 to July 23, 2016.
8 Glencore Grain B.V., Rotterdam has agreed to compensate the owners for the early redelivery of the vessel until the minimum agreed redelivery date, June 29, 2016.
9 Clearlake Shipping Pte. Ltd., Singapore is a member of the Gunvor Group.
10 Clearlake Shipping Pte. Ltd., Singapore has agreed to compensate the owners for the early redelivery of the vessel until the minimum agreed redelivery date, April 4, 2016.
11 Based on latest information.
12 Year of delivery and dwt are based on shipbuilding contract.
5


Summary of Selected Financial & Other Data (unaudited)
 
   
Three months ended June 30,
   
Six months ended June 30,
 
   
2016
   
2015
   
2016
   
2015
 
                 
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
 
Time charter revenues
 
$
28,326
   
$
38,569
   
$
59,118
   
$
80,575
 
Voyage expenses
   
3,562
     
4,127
     
10,318
     
9,052
 
Vessel operating expenses
   
21,933
     
21,333
     
43,874
     
43,122
 
Net loss
   
(31,285
)
   
(14,058
)
   
(62,670
)
   
(24,820
)
Net loss attributed to common stockholders
   
(32,727
)
   
(15,500
)
   
(65,554
)
   
(27,705
)
FLEET DATA
 
Average number of vessels
   
45.6
     
40.3
     
44.4
     
40.1
 
Number of vessels
   
46.0
     
41.0
     
46.0
     
41.0
 
Weighted average age of vessels
   
7.7
     
7.2
     
7.7
     
7.2
 
Ownership days
   
4,147
     
3,670
     
8,078
     
7,258
 
Available days
   
4,125
     
3,583
     
8,005
     
7,103
 
Operating days
   
4,099
     
3,519
     
7,943
     
7,006
 
Fleet utilization
   
99.4
%
   
98.2
%
   
99.2
%
   
98.6
%
AVERAGE DAILY RESULTS
 
Time charter equivalent (TCE) rate (1)
 
$
6,003
   
$
9,613
   
$
6,096
   
$
10,069
 
Daily vessel operating expenses (2)
 
$
5,289
   
$
5,813
   
$
5,431
   
$
5,941
 

                                        
(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 Thursday, July 28, 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 13639636.
6



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)
7


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 June 30,
   
Six months ended June 30,
 
   
2016
   
2015
   
2016
   
2015
 
                 
REVENUES:
               
Time charter revenues
 
$
28,326
   
$
38,569
   
$
59,118
   
$
80,575
 
                                 
EXPENSES:
                               
Voyage expenses
   
3,562
     
4,127
     
10,318
     
9,052
 
Vessel operating expenses
   
21,933
     
21,333
     
43,874
     
43,122
 
Depreciation and amortization of deferred charges
   
20,309
     
18,818
     
40,314
     
37,264
 
General and administrative expenses
   
6,465
     
6,185
     
12,743
     
11,897
 
Management fees to related party
   
360
     
-
     
720
     
-
 
Foreign currency loss / (gain)
   
(86
)
   
44
     
75
     
(481
)
Operating loss
   
(24,217
)
   
(11,938
)
   
(48,926
)
   
(20,279
)
                                 
OTHER INCOME / (EXPENSES):
                               
Interest and finance costs
   
(5,586
)
   
(3,351
)
   
(10,611
)
   
(5,893
)
Interest and other income
   
541
     
928
     
1,097
     
1,801
 
Gain / (loss) from equity method investments
   
(2,022
)
   
303
     
(4,230
)
   
(449
)
Total other expenses, net
   
(7,067
)
   
(2,120
)
   
(13,744
)
   
(4,541
)
                                 
Net loss
 
$
(31,284
)
 
$
(14,058
)
 
$
(62,670
)
 
$
(24,820
)
                                 
Dividends on series B preferred shares
   
(1,442
)
   
(1,442
)
   
(2,884
)
   
(2,885
)
                                 
Net loss attributed to common stockholders
   
(32,726
)
   
(15,500
)
   
(65,554
)
   
(27,705
)
                                 
Loss per common share, basic and diluted
 
$
(0.41
)
 
$
(0.19
)
 
$
(0.82
)
 
$
(0.35
)
                                 
Weighted average number of common shares, basic and diluted
   
80,534,351
     
79,562,705
     
80,287,498
     
79,412,074
 
                                 
   
Three months ended June 30,
   
Six months ended June 30,
 
     
2016
     
2015
     
2016
     
2015
 
                                 
Net loss
 
$
(31,284
)
 
$
(14,058
)
 
$
(62,670
)
 
$
(24,820
)
Other comprehensive loss (Actuarial loss)
   
(8
)
   
-
     
(15
)
   
-
 
Comprehensive loss
 
$
(31,292
)
 
$
(14,058
)
 
$
(62,685
)
 
$
(24,820
)
8


CONDENSED CONSOLIDATED BALANCE SHEET DATA
     
(in thousands of U.S. Dollars)
     
         
   
June 30, 2016
   
December 31, 2015*
 
ASSETS
 
(unaudited)
     
         
Cash and cash equivalents
 
$
125,638
   
$
171,718
 
Other current assets
   
19,586
     
21,795
 
Advances for vessels under construction and acquisitions and other vessel costs
   
50,631
     
44,514
 
Vessels' net book value
   
1,442,470
     
1,440,803
 
Other fixed assets, net
   
23,303
     
23,489
 
Compensating cash balance
   
23,000
     
21,500
 
Due from related parties, non-current
   
41,250
     
43,750
 
Equity method investments
   
58,161
     
62,487
 
Other non-current assets
   
6,662
     
6,909
 
Total assets
 
$
1,790,701
   
$
1,836,965
 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
                 
Long-term debt, net of deferred financing costs
 
$
618,689
   
$
600,071
 
Other liabilities
   
15,032
     
18,528
 
Total stockholders' equity
   
1,156,980
     
1,218,366
 
Total liabilities and stockholders' equity
 
$
1,790,701
   
$
1,836,965
 
                 
 
*
The balance sheet data as of December 31, 2015 has been derived from the audited consolidated financial statements at that date.

OTHER FINANCIAL DATA (unaudited)
 
   
Three months ended June 30,
   
Six months ended June 30,
 
   
2016
   
2015
   
2016
   
2015
 
                 
Net Cash provided by/(used in) operating activities
 
$
(4,192
)
 
$
5,833
   
$
(13,625
)
 
$
14,266
 
Net Cash used in investing activities
   
(19,010
)
   
(29,262
)
   
(45,558
)
   
(76,867
)
Net Cash provided by financing activities
 
$
309
   
$
66,656
   
$
13,103
   
$
117,451
 

 
9