Earnings Highlights and Review: Diana Shipping Top-line Grew Beating Market Estimates

Research Desk Line-up: Hoegh LNG Partners Post Earnings Coverage

LONDON, UK / ACCESSWIRE / June 13, 2017 / Pro-Trader Daily publishes post-earnings coverage on Diana Shipping Inc. (NYSE: DSX) following the Company’s announcement of its financial results for the first quarter fiscal 2017 (Q1 FY17) on May 23, 2017. The Athens, Greece-based Company’s time charter revenues grew on a year-over-year basis, outperforming market estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member’s account at:

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Get more of our free earnings reports coverage from other constituents of the Shipping industry. Pro-TD has currently selected Hoegh LNG Partners LP (NYSE: HMLP) for due-diligence and potential coverage as the Company reported on May 24, 2017, its financial results for Q1 which ended on March 31, 2017. Register for a free membership today, and be among the early birds that get access to our report on Hoegh LNG Partners when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on DSX; also brushing on HMLP. With the links below you can directly download the report of your stock of interest free of charge at:

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Earnings Reviewed

For the three months ended on March 31, 2017, Diana Shipping’s time charter revenues grew to $31.29 million from $30.79 million in Q1 FY16. The Company’s time charter revenues topped analysts’ forecasts, who were expecting revenues of $27.6 million. The Company attributed the growth in quarterly revenues to increased average time charter rates and increased ownership days resulting from the enlargement of fleet.

The shipping Company’s net loss narrowed to $26.47 million, or $0.34 loss per diluted share, in Q1 FY17 from net loss of $31.39 million, or $0.41 loss per diluted share, in Q1 FY16. Moreover, Wall Street had expected the Company to report net loss of $0.37 per diluted share.

Operational Metrics

In Q1 FY17, voyage expenses fell to $1.06 million from $6.76 million in Q1 FY16. The Company’s vessel operating expenses were also down to $21.32 million in Q1 FY17 from $21.94 million in Q1 FY16. The Company saw operating loss for the reported quarter of $18.44 million versus operating loss of $24.71 million in Q1 FY16.

During the reported quarter, the average daily time charter equivalent rate was $7,069, up from $6,195 in the prior year’s comparable quarter. Moreover, the Company’ daily vessel operating expenses were down to $4,942 in Q1 FY17 from $5,582 in Q1 FY16.

The Company’s fleet size in Q1 FY17 was 48.0, up from 45.0 in last year’s same quarter. Meanwhile, the Company’s average number of vessels was 47.9 in Q1 FY17 versus 43.2 in Q1 FY16. The number of fleet availability days during Q1 FY17 was 4,276 compared to 3,880 in Q1 FY16. The Company operating days during Q1 FY17 was 4,201 versus 3,844 in the previous year’s last quarter. Furthermore, the Company’s fleet utilization declined during Q1 FY17 to 98.2% from 99.1% in the last year’s comparable quarter.

Financial Stability

Diana Shipping utilized $0.59 million of net cash in its operating activities during Q1 FY17 compared to cash used in operating activities of $9.43 million in Q1 FY16. Diana Shipping reported a cash balance of $84.20 million as on March 31, 2017, compared to $98.14 million as on December 31, 2016. The Company had long-term debt amounting to $645.36 billion in its books of accounts as on March 31, 2017, up from $598.18 billion as on December 31, 2016.

Stock Performance

On Monday, June 12, 2017, the stock closed the trading session at $3.94, declining 1.25% from its previous closing price of $3.99. A total volume of 503.30 thousand shares have exchanged hands. Diana Shipping’s stock price skyrocketed 7.07% in the last one month, 39.22% in the past six months, and 66.24% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have soared 30.46%. At Monday’s closing price, the stock’s net capitalization stands at $390.93 million.

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