6-K 1 d7956344_6-k.htm

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 2018
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 26, 2018 of Diana Shipping Inc. (the "Company") announcing the Company's financial results for the second quarter and six months ended June 30, 2018.


SIGNATURES

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 26, 2018
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, 2018
ATHENS, GREECE, July 26, 2018 – Diana Shipping Inc. (NYSE: DSX), (the "Company"), a global shipping company specializing in the ownership of dry bulk vessels, today reported net income of $2.0 million and net income attributed to common stockholders of $0.5 million for the second quarter of 2018, compared to a net loss of $23.8 million and a net loss attributed to common stockholders of $25.3 million reported in the second quarter of 2017.
Time charter revenues were $53.4 million for the second quarter of 2018, compared to $37.8 million for the same period of 2017. The increase in time charter revenues was due to increased average time charter rates that the Company achieved for its vessels during the quarter and increased ownership days resulting from the enlargement of the fleet.
Net loss and net loss attributed to common stockholders for the six months ended June 30, 2018 amounted to $1.1 million and $4.0 million, respectively. This compares to a net loss and net loss attributed to common stockholders of $50.3 million and $53.2 million, respectively, for the same period of 2017. Time charter revenues were $101.8 million for the six months ended June 30, 2018, compared to $69.0 million for the same period of 2017.
-1-


 
Fleet Employment Profile (As of July 25, 2018)
 
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
 
22 Panamax Bulk Carriers
DANAE
A
$10,000
5.00%
Phaethon International Company AG
22-Dec-17
22-Jan-19 - 7-May-19
 
 
2001    75,106
           
DIONE
A
$10,350
5.00%
Ausca Shipping Limited, Hong Kong
23-Jan-18
23-Mar-19 - 8-Jul-19
 
 
2001    75,172
             
NIREFS
A
$9,400
5.00%
Jaldhi Overseas Pte. Ltd., Singapore
5-May-17
27-Jul-18 - 30-Aug-18
1,2
 
2001    75,311
             
ALCYON
A
$8,800
5.00%
Hudson Shipping Lines Incorporated
20-Jul-17
7-Aug-18 - 18-Dec-18
2,3,4
 
2001    75,247
             
TRITON
A
$6,500
5.00%
Ausca Shipping Limited, Hong Kong
8-Jun-17
8-Aug-18 - 23-Oct-18
 
2001    75,336
             
OCEANIS
A
$7,000
5.00%
Ausca Shipping Limited, Hong Kong
30-May-17
6-Aug-18 - 14-Nov-18
 
2001    75,211
             
THETIS
B
$8,350
5.00%
Ausca Shipping Limited, Hong Kong
14-Jul-17
6-Aug-18 - 14-Oct-18
 
2004    73,583
             
PROTEFS
B
$7,900
5.00%
Hudson Shipping Lines Incorporated
24-Jun-17
4-Aug-18 - 13-Oct-18
 
2004    73,630
             
CALIPSO
B
$12,200
5.00%
Glencore Agriculture B.V., Rotterdam
12-Mar-18
28-May-19 - 12-Sep-19
 
 
2005    73,691
             
10 
CLIO
B
$8,550
5.00%
Phaethon International Company AG
9-Jul-17
9-Aug-18 - 9-Nov-18
 
 
2005    73,691
             
11 
NAIAS
B
$10,000
5.00%
Phaethon International Company AG
26-Nov-17
11-Feb-19 - 26-May-19
 
 
2006    73,546
             
12 
ARETHUSA
B
$7,200
5.00%
Noble Resources International Pte. Ltd., Singapore
23-Jan-17
27-Apr-18
 
     
$12,600
5.00%
Glencore Agriculture B.V., Rotterdam
27-Apr-18
27-Apr-19 - 27-Jul-19
 
 
2007     73,593
             
13 
ERATO
C
$10,500
5.00%
Phaethon International Company AG
30-Dec-17
2-Mar-19 - 30-May-19
 
 
2004    74,444
             
14 
CORONIS
C
$9,000
5.00%
Narina Maritime Ltd
16-May-17
30-Jul-18 - 5-Aug-18
 
2006    74,381
             
15 
MELIA
 
$9,500
5.00%
Nidera S.P.A., Roma
19-Mar-17
28-Apr-18
     
$12,000
5.00%
United Bulk Carriers International S.A., Luxemburg
28-Apr-18
28-Sep-19 - 28-Dec-19
 
 
2005     76,225
             
16 
ARTEMIS
 
$9,000
5.00%
Ausca Shipping Limited, Hong Kong
8-Jul-17
5-Aug-18 - 8-Oct-18
 
2006     76,942
             
-2-


17 
LETO
 
$12,500
5.00%
Glencore Agriculture B.V., Rotterdam
10-Jan-18
10-May-19 - 25-Aug-19
 
 
2010     81,297
             
18 
SELINA
D
$12,250
5.00%
BG Shipping Co., Limited, Hong Kong
6-Feb-18
6-Jun-19 - 6-Sep-19
 
 
2010     75,700
             
19 
MAERA
D
$11,900
5.00%
Unico Logistics Co., Ltd., Seoul
19-Sep-17
4-Jul-18
 
     
$11,750
5.00%
ST Shipping and Transport Pte. Ltd., Singpore
4-Jul-18
20-Jan-19 - 4-Apr-19
 
 
2013     75,403
             
20 
ISMENE
 
$12,000
5.00%
DHL Project & Chartering Limited, Hong Kong
16-Sep-17
16-Sep-18 - 16-Dec-18
 
 
2013     77,901
             
21 
CRYSTALIA
E
$11,100
5.00%
Glencore Agriculture B.V., Rotterdam
3-Oct-17
3-Oct-18 - 18-Jan-19
 
 
2014    77,525
             
22 
ATALANDI
E
$5,300
5.00%
Glencore Grain B.V., Rotterdam
26-Mar-16
27-Apr-18
 
     
$13,500
5.00%
Uniper Global Commodities SE, Düsseldorf
27-Apr-18
27-Jun-19 - 27-Sep-19
 
 
2014    77,529
             
 
5 Kamsarmax Bulk Carriers
23 
MAIA
F
$10,125
5.00%
Glencore Agriculture B.V., Rotterdam
27-Jul-17
3-Aug-18 - 27-Oct-18
 
2009     82,193
             
24 
MYRSINI
F
$8,650
5.00%
RWE Supply & Trading GmbH, Essen
8-Jun-17
31-Aug-18 - 31-Dec-18
 
 
2010     82,117
             
25 
MEDUSA
F
$10,000
4.75%
Cargill International S.A., Geneva
6-Jul-17
4-Aug-18 - 6-Oct-18
 
2010     82,194
             
26 
MYRTO
F
$8,000
4.75%
Cargill International S.A., Geneva
17-Jan-17
25-Apr-18
     
$14,000
4.75%
25-Apr-18
25-May-19 - 25-Jul-19
 
 
2013     82,131
             
27 
ASTARTE
 
$9,000
5.00%
Glencore Agriculture B.V., Rotterdam
12-Jun-17
12-Aug-18 - 12-Nov-18
 
 
2013     81,513
             
 
5 Post-Panamax Bulk Carriers
28 
ALCMENE
 
$8,000
4.75%
Cargill International S.A., Geneva
8-Jun-17
7-Aug-18 - 23-Oct-18
 
2010     93,193
             
29 
AMPHITRITE
G
$11,150
4.75%
Cargill International S.A., Geneva
28-Sep-17
28-Oct-18 - 28-Jan-19
 
 
2012     98,697
             
30 
POLYMNIA
G
$10,100
4.75%
Cargill International S.A., Geneva
15-Mar-17
9-Jul-18
 
     
$16,000
4.75%
9-Jul-18
9-Sep-19 - 9-Dec-19
 
 
2012    98,704
             
31 
ELECTRA
H
$8,000
5.00%
Uniper Global Commodities SE, Düsseldorf
11-Jun-17
3-Aug-18 - 11-Nov-18
 
2013    87,150
             
32 
PHAIDRA
H
$12,700
5.00%
Uniper Global Commodities SE, Düsseldorf
13-Jan-18
13-Jan-19 - 13-Apr-19
 
2013    87,146
             
-3-


 
14 Capesize Bulk Carriers
33 
NORFOLK
 
$13,250
5.00%
SwissMarine Services S.A., Geneva
1-Dec-17
1-Sep-19 - 1-Dec-19
 
 
2002    164,218
             
34 
ALIKI
 
$10,300
5.00%
SwissMarine Services S.A., Geneva
14-Feb-17
9-Apr-18
 
     
$18,000
5.00%
9-Apr-18
9-Dec-19 - 9-Feb-20
 
 
2005    180,235
             
35 
BALTIMORE
 
$11,300
4.75%
Cargill International S.A., Geneva
16-Feb-17
28-May-18
 
     
$18,050
5.00%
Koch Shipping Pte. Ltd., Singapore
6-Jun-18
22-May-19 - 21-Aug-19
 
 
2005    177,243
             
36 
SALT LAKE CITY
 
$9,000
5.00%
Uniper Global Commodities SE, Düsseldorf
20-Jan-17
1-May-18
 
     
$16,250
4.75%
Cargill International S.A., Geneva
1-May-18
1-Jan-19 - 1-Mar-19
 
 
2005    171,810
             
37 
SIDERIS GS
I
$13,000
5.00%
Rio Tinto Shipping (Asia) Pte., Ltd., Singapore
21-Jun-17
8-Aug-18 - 21-Nov-18
 
2006    174,186
             
38 
SEMIRIO
I
$14,150
5.00%
Koch Shipping Pte. Ltd., Singapore
21-May-17
5-Aug-18 - 21-Sep-18
 
2007    174,261
             
39 
BOSTON
I
$17,000
5.00%
EGPN Bulk Carrier Co., Limited, Hong Kong
6-Dec-17
6-Apr-19 - 6-Jul-19
 
 
2007    177,828
             
40 
HOUSTON
I
$10,000
5.00%
SwissMarine Services S.A., Geneva
17-Feb-17
9-May-18
     
$19,000
5.00%
9-May-18
25-Jan-19 - 24-Apr-19
 
 
2009    177,729
             
41 
NEW YORK
I
$16,000
5.00%
DHL Project & Chartering Limited, Hong Kong
2-Feb-18
2-Jun-19 - 2-Sep-19
 
 
2010    177,773
             
42 
SEATTLE
J
$11,700
5.00%
Koch Shipping Pte. Ltd., Singapore
8-Feb-17
30-Jul-18
2,9
 
2011     179,362
             
43 
P. S. PALIOS
J
$10,550
5.00%
Koch Shipping Pte. Ltd., Singapore
27-Jan-17
24-May-18
 
     
$17,350
5.00%
24-May-18
9-Jun-19 - 24-Aug-19
 
 
2013    179,134
             
44 
G. P. ZAFIRAKIS
K
$15,000
5.00%
RWE Supply & Trading GmbH, Essen
14-Aug-17
29-Sep-18 - 14-Jan-19
 
 
2014    179,492
             
45 
SANTA BARBARA
K
$12,000
4.75%
Cargill International S.A., Geneva
24-Jan-17
24-Apr-18
 
     
$20,250
4.75%
24-Apr-18
9-Oct-19 - 9-Dec-19
 
 
2015     179,426
             
46 
NEW ORLEANS
 
$21,000
5.00%
SwissMarine Services S.A., Geneva
24-Mar-18
24-Feb-19 - 24-Apr-19
 
 
2015    180,960
             
-4-


 
4 Newcastlemax Bulk Carriers
47 
LOS ANGELES
L
BCI_2014 5TCs AVG + 14%
5.00%
SwissMarine Services S.A., Geneva
22-Jan-17
16-Apr-18
 
     
$19,150
5.00%
16-Apr-18
1-Jan-19 - 16-Apr-19
 
 
2012    206,104
             
48 
PHILADELPHIA
L
$15,500
5.00%
Koch Shipping Pte. Ltd., Singapore
14-Mar-17
13-May-18
10,11
     
$20,000
5.00%
18-Jun-18
3-Feb-20 - 18-May-20
 
 
2012    206,040
             
49 
SAN FRANCISCO
M
$11,750
5.00%
Koch Shipping Pte. Ltd., Singapore
5-Jan-17
14-May-18
 
     
$24,000
5.00%
14-May-18
4-Mar-19 - 24-May-19
 
 
2017   208,006
             
50 
NEWPORT NEWS
M
BCI_2014 5TCs AVG + 24%
5.00%
SwissMarine Services S.A., Geneva
10-Jan-17
10-Nov-18 - 10-Mar-19
 
 
2017   208,021
             
 
* 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 Vessel off-hire for drydocking from April 24, 2018 to May 13, 2018.
2 Based on latest information.
3 Vessel off-hire for drydocking from May 11, 2018 to May 30, 2018.
4 Vessel off hire for unscheduled maintenance from May 30, 2018 to July 10, 2018.
5 Since September 17, 2017, Charterers have changed to COFCO Agri Freight SA.
6 Charterers have agreed to pay the weighted average of the Baltic Panamax 4 T/C routes, as published by the Baltic Exchange on April 17, 2018 plus 15%, for the excess period commencing from April 17, 2018. If such a hire is less than the current rate, then the current rate of US$8,000 to apply.
7 Vessel off-hire for drydocking from April 22, 2018 to May 30, 2018.
8 The charter rate was US$5,150 for the first fifteen (15) days of the charter period.
9 The compensation for the overlapping period from July 23, 2018 till the actual redelivery date, which is beyond the maximum contractual period, is still pending to be agreed between Owners and Koch Shipping Pte. Ltd., Singapore.
10 Charterers have agreed to pay the weighted average of the Baltic Capesize 5 T/C routes, as published by the Baltic Exchange on May 2, 2018 plus 15%, for the excess period commencing from May 2, 2018.
11 Vessel on unscheduled maintenance from May 13, 2018 to June 18, 2018.
-5-




Summary of Selected Financial & Other Data (unaudited)
 
   
Three months ended June 30,
   
Six months ended June 30,
 
   
2018
   
2017
   
2018
   
2017
 
                         
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
 
Time charter revenues
 
$
53,445
   
$
37,752
   
$
101,810
   
$
69,040
 
Voyage expenses
   
763
     
2,059
     
2,840
     
3,119
 
Vessel operating expenses
   
24,561
     
22,324
     
47,491
     
43,640
 
Net income/(loss)
   
1,956
     
(23,819
)
   
(1,096
)
   
(50,290
)
Net income/(loss) attributed to common stockholders
   
514
     
(25,261
)
   
(3,980
)
   
(53,174
)
FLEET DATA
 
Average number of vessels
   
50.0
     
49.4
     
50.0
     
48.6
 
Number of vessels
   
50.0
     
51.0
     
50.0
     
51.0
 
Weighted average age of vessels
   
8.9
     
7.9
     
8.9
     
7.9
 
Ownership days
   
4,550
     
4,491
     
9,050
     
8,804
 
Available days
   
4,475
     
4,367
     
8,919
     
8,643
 
Operating days
   
4,383
     
4,271
     
8,818
     
8,472
 
Fleet utilization
   
97.9
%
   
97.8
%
   
98.9
%
   
98.0
%
AVERAGE DAILY RESULTS
 
Time charter equivalent (TCE) rate (1)
 
$
11,773
   
$
8,173
   
$
11,097
   
$
7,627
 
Daily vessel operating expenses (2)
 
$
5,398
   
$
4,971
   
$
5,248
   
$
4,957
 

________________________
(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 26, 2018.
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 13681280.
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.
-6-



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 INCOME/(LOSS)
 
                     
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2018
   
2017
 
2018
   
2017
 
                     
REVENUES:
                   
Time charter revenues
 
$
53,445
   
$
37,752
   
$
101,810
   
$
69,040
 
                                 
EXPENSES:
                               
Voyage expenses
   
763
     
2,059
     
2,840
     
3,119
 
Vessel operating expenses
   
24,561
     
22,324
     
47,491
     
43,640
 
Depreciation and amortization of deferred charges
   
13,050
     
21,646
     
26,027
     
42,719
 
General and administrative expenses
   
6,728
     
6,651
     
13,718
     
12,438
 
Management fees to related party
   
600
     
440
     
1,200
     
861
 
Other loss/(gain)
   
(502
)
   
176
     
(178
)
   
245
 
Operating income/(loss)
   
8,245
     
(15,544
)
   
10,712
     
(33,982
)
                                 
OTHER INCOME / (EXPENSES):
                               
Interest and finance costs
   
(7,346
)
   
(6,687
)
   
(14,293
)
   
(13,076
)
Interest and other income
   
1,062
     
928
     
2,475
     
1,568
 
Gain/(loss) from equity method investments
   
(5
)
   
(2,516
)
   
10
     
(4,800
)
Total other expenses, net
   
(6,289
)
   
(8,275
)
   
(11,808
)
   
(16,308
)
Net income / (loss)
 
$
1,956
   
$
(23,819
)
 
$
(1,096
)
 
$
(50,290
)
                                 
Dividends on series B preferred shares
   
(1,442
)
   
(1,442
)
   
(2,884
)
   
(2,884
)
Net income / (loss) attributed to common stockholders
   
514
     
(25,261
)
   
(3,980
)
   
(53,174
)
                                 
Earnings / (loss) per common share, basic and diluted
 
$
-
   
$
(0.26
)
 
$
(0.04
)
 
$
(0.60
)
Weighted average number of common shares, basic and diluted
   
103,959,717
     
96,691,952
     
103,544,233
     
89,015,484
 
                                 
 
Three months ended June 30,
 
Six months ended June 30,
 
     
2018
     
2017
     
2018
     
2017
 
                           
(audited)
 
Net income/(loss)
 
$
1,956
   
$
(23,819
)
 
$
(1,096
)
 
$
(50,290
)
Other comprehensive loss (Actuarial loss)
   
(8
)
   
(7
)
   
(16
)
   
(14
)
Comprehensive income/(loss)
 
$
1,948
   
$
(23,826
)
 
$
(1,112
)
 
$
(50,304
)
-8-




CONDENSED CONSOLIDATED BALANCE SHEET DATA
       
(in thousands of U.S. Dollars)
       
             
   
June 30, 2018
   
December 31, 2017*
 
ASSETS
 
(unaudited)
       
             
Cash and cash equivalents
 
$
82,345
   
$
40,227
 
Due from related parties
   
33,953
     
82,660
 
Other current assets
   
17,106
     
15,874
 
Vessels, net of depreciation
   
1,030,371
     
1,053,578
 
Other fixed assets, net
   
22,499
     
22,650
 
Restricted cash
   
25,582
     
25,582
 
Investments in related parties
   
3,259
     
3,249
 
Other non-current assets
   
3,878
     
2,902
 
Total assets
 
$
1,218,993
   
$
1,246,722
 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
                 
Long-term debt, net of deferred financing costs
 
$
571,916
   
$
601,384
 
Other liabilities
   
22,654
     
20,580
 
Total stockholders' equity
   
624,423
     
624,758
 
Total liabilities and stockholders' equity
 
$
1,218,993
   
$
1,246,722
 

*
The balance sheet data have been derived from the audited consolidated financial statements at that date.

OTHER FINANCIAL DATA (unaudited)
 
 
Three months ended June 30,
 
Year ended June 30,
 
 
2018
 
2017
 
2018
 
2017
 
                 
Net Cash provided by operating activities
 
$
17,986
   
$
3,513
   
$
27,791
   
$
2,921
 
Net Cash provided by / (used in) investing activities
   
17,135
     
(107,691
)
   
47,325
     
(165,712
)
Net Cash provided by / (used in) financing activities
 
$
(17,059
)
 
$
63,749
   
$
(32,998
)
 
$
109,422
 

 
 

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