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 February 2019
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 February 26, 2019 of Diana Shipping Inc. (the "Company") announcing the Company’s financial results for the fourth quarter and year ended December 31, 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: February 26, 2019
By:
/s/ Andreas Michalopoulos
   
Andreas Michalopoulos
   
Chief Financial Officer
     
     




Exhibit 99.1

 
Corporate Contact:
 
Ioannis Zafirakis
 
Director, Chief Strategy 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, 2018

ATHENS, GREECE, February 26, 2019 – Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today reported net income of $2.9 million and net income attributed to common stockholders of $1.5 million for the fourth quarter of 2018, compared to a net loss of $436.9 million and a net loss attributed to common stockholders of $438.4 million, including a $422.5 million impairment loss, reported in the fourth quarter of 2017.

Time charter revenues were $62.9 million for the fourth quarter of 2018, compared to $48.9 million for the same quarter 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 was partly offset by decreased ownership days resulting from the sale of two vessels in December 2018.

Net income and net income attributed to common stockholders for the year ended December 31, 2018 amounted to $16.6 million and $10.8 million, respectively. This compares to a net loss and net loss attributed to common stockholders of $511.7 million and $517.5 million, respectively, including a $422.5 million impairment loss, for the same period of 2017. Time charter revenues were $226.2 million for the year ended December 31, 2018, compared to $161.9 million for the same period of 2017.


 
Fleet Employment Profile (As of February 25, 2019)
 
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
 
20 Panamax Bulk Carriers
1
DANAE
A
$10,000
5.00%
Phaethon International Company AG
22-Dec-17
7-Feb-19
1
     
$8,100
5.00%
7-Feb-19
7-Jan-20 - 7-Apr-20
2
 
2001    75,106
              
2
DIONE
A
$10,350
5.00%
Ausca Shipping Limited, Hong Kong
23-Jan-18
23-Mar-19 - 8-Jul-19
3,4
 
2001    75,172
              
3
NIREFS
A
$10,750
3.75%
Hudson Shipping Lines Incorporated
11-Aug-18
11-Jul-19 - 11-Oct-19
  
 
2001    75,311
              
4
ALCYON
A
$8,800
5.00%
Hudson Shipping Lines Incorporated
20-Jul-17
5-Dec-18
5
 
2001    75,247
              
5
TRITON
A
$6,500
5.00%
Ausca Shipping Limited, Hong Kong
8-Jun-17
15-Oct-18
6
     
$11,000
5.00%
Tongli Shipping Pte. Ltd.
4-Nov-18
8-Dec-18
7
 
2001    75,336
              
6
OCEANIS
A
$7,000
5.00%
Ausca Shipping Limited, Hong Kong
30-May-17
16-Nov-18
  
     
$10,350
5.00%
16-Nov-18
1-Jan-20 - 31-Mar-20
  
 
2001    75,211
              
7
THETIS
B
$8,350
5.00%
Ausca Shipping Limited, Hong Kong
14-Jul-17
19-Oct-18
8,9
     
$10,650
3.75%
Hudson Shipping Lines Incorporated
16-Nov-18
16-Jan-20 - 16-Apr-20
  
 
2004    73,583
              
8
PROTEFS
B
$11,000
3.75%
Hudson Shipping Lines Incorporated
19-Sep-18
4-Sep-19 - 19-Dec-19
  
 
2004    73,630
              
9
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
10-Nov-18
  
     
$10,600
5.00%
Ausca Shipping Limited, Hong Kong
10-Nov-18
10-Sep-19 - 10-Dec-19
  
 
2005    73,691
              
11
NAIAS
B
$10,000
5.00%
Phaethon International Company AG
26-Nov-17
26-Jan-19
  
     
$10,000
5.00%
26-Jan-19
26-Dec-20 - 10-Apr-21
  
 
2006    73,546
              
12
ARETHUSA
B
$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
$8,300
5.00%
CJ International Italy Societa Per Azioni
11-Aug-18
10-Oct-18
  
     
$11,300
5.00%
10-Oct-18
11-Aug-19 - 11-Nov-19
  
 
2006    74,381
              
15
MELIA
  
$12,000
5.00%
United Bulk Carriers International S.A., Luxemburg
28-Apr-18
28-Sep-19 - 28-Dec-19
10
 
2005     76,225
              


16
ARTEMIS
  
$12,600
5.00%
Ausca Shipping Limited, Hong Kong
17-Sep-18
17-Sep-19  17-Dec-19
  
 
2006     76,942
              
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
$11,750
5.00%
ST Shipping and Transport Pte. Ltd., Singpore
4-Jul-18
10-Feb-19
  
     
$7,000
5.00%
Glencore Agriculture B.V., Rotterdam
10-Feb-19
27-Mar-19
  
     
$9,450
5.00%
27-Mar-19
10-Apr-20 - 10-Jul-20
  
 
2013     75,403
              
20
ISMENE
  
$12,000
5.00%
DHL Project & Chartering Limited, Hong Kong
16-Sep-17
24-Nov-18
11
     
$12,125
5.00%
Koch Shipping Pte. Ltd., Singapore
12-Dec-18
1-Jan-20 - 31-Mar-20
  
 
2013     77,901
              
21
CRYSTALIA
E
$11,100
5.00%
Glencore Agriculture B.V., Rotterdam
3-Oct-17
28-Jan-19
12,13
     
$10,500
5.00%
27-Feb-19
27-Apr-20 - 27-Jul-20
14
 
2014    77,525
              
22
ATALANDI
E
$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
5-Nov-18
15
     
$13,300
5.00%
12-Nov-18
1-Jan-20 - 31-Mar-20
  
 
2009     82,193
              
24
MYRSINI
F
$8,650
5.00%
RWE Supply & Trading GmbH, Essen
8-Jun-17
22-Dec-18
  
     
$12,750
5.00%
Glencore Agriculture B.V., Rotterdam
22-Dec-18
22-Oct-19 - 22-Dec-19
  
 
2010     82,117
              
25
MEDUSA
F
$14,000
4.75%
Cargill International S.A., Geneva
3-Sep-18
3-Oct-19 - 3-Dec-19
  
 
2010     82,194
              
26
MYRTO
F
$14,000
4.75%
Cargill International S.A., Geneva
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
16-Oct-18
  
     
$14,250
5.00%
16-Oct-18
16-Dec-19 - 16-Mar-20
  
 
2013     81,513
              
 
5 Post-Panamax Bulk Carriers
28
ALCMENE
  
$8,000
4.75%
Cargill International S.A., Geneva
8-Jun-17
6-Oct-18
  
     
$14,000
5.00%
Smart Gain Shipping Co., Limited, Hong Kong
6-Oct-18
9-Nov-18
  
     
$11,500
5.00%
BG Shipping Co., Limited, Hong Kong
21-Nov-18
21-Oct-19 - 21-Jan-20
  
 
2010     93,193
              

29
AMPHITRITE
G
$11,150
4.75%
Cargill International S.A., Geneva
28-Sep-17
27-Jan-19
  
     
$12,750
5.00%
Uniper Global Commodities SE, Düsseldorf
27-Jan-19
27-Mar-20 - 27-Jun-20
16
 
2012     98,697
              
30
POLYMNIA
G
$16,000
4.75%
Cargill International S.A., Geneva
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
19-Oct-18
  
     
$13,500
5.00%
19-Oct-18
15-Sep-19 - 15-Dec-19
  
 
2013    87,150
              
32
PHAIDRA
H
$12,700
5.00%
Uniper Global Commodities SE, Düsseldorf
13-Jan-18
28-Feb-19 - 13-Apr-19
17
 
2013    87,146
              
 
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
  
$18,000
5.00%
SwissMarine Services S.A., Geneva
9-Apr-18
9-Dec-19 - 9-Feb-20
  
 
2005    180,235
              
35
BALTIMORE
  
$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
  
$16,250
4.75%
Cargill International S.A., Geneva
1-May-18
1-Mar-19
17
 
2005    171,810
              
37
SIDERIS GS
I
$13,000
5.00%
Rio Tinto Shipping (Asia) Pte., Ltd., Singapore
21-Jun-17
15-Nov-18
  
     
$8,500
5.00%
Berge Bulk Shipping Pte. Ltd., Singapore
15-Nov-18
15-Dec-18
  
     
$15,350
5.00%
15-Dec-18
15-Dec-19 - 30-Mar-20
  
 
2006    174,186
              
38
SEMIRIO
I
$20,050
5.00%
Pacific Bulk Cape Company Limited, Hong Kong
1-Sep-18
1-Jul-19 - 16-Sep-19
  
 
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
$19,000
5.00%
SwissMarine Services S.A., Geneva
9-May-18
17-Feb-19
  
     
$10,125
5.00%
Koch Shipping Pte. Ltd., Singapore
17-Feb-19
17-Apr-20 - 1-Aug-20
  
 
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
$24,000
5.00%
Koch Shipping Pte. Ltd., Singapore
30-Jul-18
24-Dec-18
  
     
$16,000
5.00%
SwissMarine Services S.A., Geneva
24-Dec-18
24-Apr-20 - 24-Jul-20
  
 
2011     179,362
              

43
P. S. PALIOS
J
$17,350
5.00%
Koch Shipping Pte. Ltd., Singapore
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
31-Dec-18
  
     
$17,000
5.00%
SwissMarine Services S.A., Geneva
31-Dec-18
31-May-20 - 31-Aug-20
  
 
2014    179,492
              
45
SANTA BARBARA
K
$20,250
4.75%
Cargill International S.A., Geneva
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
26-Feb-19 - 24-Apr-19
17
 
2015    180,960
              
 
4 Newcastlemax Bulk Carriers
47
LOS ANGELES
L
$19,150
5.00%
SwissMarine Services S.A., Geneva
16-Apr-18
3-Mar-19
18
     
$13,250
5.00%
3-Mar-19
3-Jun-20 - 3-Sep-20
14
 
2012    206,104
              
48
PHILADELPHIA
L
$20,000
5.00%
Koch Shipping Pte. Ltd., Singapore
18-Jun-18
3-Feb-20 - 18-May-20
  
 
2012    206,040
              
49
SAN FRANCISCO
M
$24,000
5.00%
Koch Shipping Pte. Ltd., Singapore
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
25-Feb-19
18
     
$16,500
5.00%
25-Feb-19
25-Jun-20 - 25-Sep-20
14
 
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 November 26, 2018 to December 22, 2018.
2 Vessel sold and expected to be delivered to her new Owners at the latest by June 28, 2019.
3 Vessel off hire for drydocking from December 17, 2018 to January 12, 2019.
4 Vessel sold and expected to be delivered to her new Owners at the latest by April 15, 2019.
5 ''Alcyon'' sold and delivered to her new Owners on December 7, 2018.
6 Vessel on scheduled drydocking from October 17, 2018 to November 1, 2018.
7 ''Triton'' sold and delivered to her new Owners on December 10, 2018.
8 Charterers have agreed to pay the weighted average of the Baltic Panamax 4 T/C routes, as published by the Baltic Exchange on October 15, 2018, for the excess period commencing from October 14, 2018.
9 Vessel on scheduled drydocking from October 22, 2018 to November 16, 2018.
10 Vessel off hire from October 22, 2018 to October 25, 2018.
11 Vessel on scheduled drydocking from November 26, 2018 to December 12, 2018.
12 Charterers have agreed to pay the average value between ''P2A_03 Skaw - Gibraltar trip to Taiwan - Japan'' and ''P3A_03 Japan - South Korea transpacific round voyage'', as published by the Baltic Exchange on January 18, 2019, for the excess period commencing from January 18, 2019.
13 Vessel on scheduled drydocking.
14 Estimated delivery date to the charterers.
15 Charterers have agreed to pay the weighted average of the Baltic Panamax 4 T/C routes, as published by the Baltic Exchange on October 26, 2018 plus 18%, only in case it is higher than the exsisting rate of US$10,125 which otherwise will continue to apply, for the excess period commencing from October 27, 2018.
16 The charter rate was US$5,000 per day for the first 5 days of the charter period.
17 Based on latest information.
18 Estimated redelivery date from the charterers.




Summary of Selected Financial & Other Data (unaudited)
  
   
Three months ended December 31,
    
Year ended December 31,
  
   
2018
    
2017
    
2018
    
2017
  
                         
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
  
Time charter revenues
  
$
62,874
    
$
48,936
    
$
226,189
    
$
161,897
  
Voyage expenses
    
2,747
      
3,020
      
7,405
      
8,617
  
Vessel operating expenses
    
25,210
      
24,021
      
95,510
      
90,358
  
Net income/(loss)
    
2,908
      
(436,932
)
    
16,580
      
(511,714
)
Net income/(loss) attributed to common stockholders
    
1,466
      
(438,374
)
    
10,811
      
(517,483
)
FLEET DATA
  
Average number of vessels
    
49.5
      
50.3
      
49.9
      
49.6
  
Number of vessels
    
48.0
      
50.0
      
48.0
      
50.0
  
Weighted average age of vessels
    
9.1
      
8.4
      
9.1
      
8.4
  
Ownership days
    
4,554
      
4,624
      
18,204
      
18,119
  
Available days
    
4,445
      
4,615
      
17,964
      
17,890
  
Operating days
    
4,405
      
4,562
      
17,799
      
17,566
  
Fleet utilization
    
99.1
%
    
98.9
%
    
99.1
%
    
98.2
%
AVERAGE DAILY RESULTS
  
Time charter equivalent (TCE) rate (1)
  
$
13,527
    
$
9,949
    
$
12,179
    
$
8,568
  
Daily vessel operating expenses (2)
  
$
5,536
    
$
5,195
    
$
5,247
    
$
4,987
  

(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 Tuesday, February 26, 2019.

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 13687408.

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

In addition to these important factors, other important factors that, in the Company’s 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 the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s 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 the Company’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

(See financial tables attached)



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 December 31,
    
Year ended December 31,
  
   
2018
    
2017
    
2018
    
2017
  
                     
(audited)
  
REVENUES:
                        
Time charter revenues
  
$
62,874
    
$
48,936
    
$
226,189
    
$
161,897
  
Voyage expenses
    
2,747
      
3,020
      
7,405
      
8,617
  
Vessel operating expenses
    
25,210
      
24,021
      
95,510
      
90,358
  
Depreciation and amortization of deferred charges
    
13,001
      
21,920
      
52,206
      
87,003
  
General and administrative expenses
    
8,995
      
8,157
      
29,518
      
26,332
  
Management fees to related party
    
594
      
542
      
2,394
      
1,883
  
Impairment loss
    
-
      
422,466
      
-
      
442,274
  
Loss from sale of vessels
    
1,448
      
482
      
1,448
      
-
  
Insurance recoveries, net of other loss
    
-
      
-
      
-
      
(10,879
)
Other loss/(gain)
    
(245
)
    
9
      
(542
)
    
296
  
Operating income/(loss)
    
11,124
      
(431,681
)
    
38,250
      
(483,987
)
                                 
OTHER INCOME / (EXPENSES):
                                
Interest and finance costs
    
(9,039
)
    
(6,754
)
    
(30,506
)
    
(26,628
)
Interest and other income
    
839
      
1,480
      
8,822
      
4,508
  
Gain/(loss) from equity method investments
    
(16
)
    
23
      
14
      
(5,607
)
Total other expenses, net
    
(8,216
)
    
(5,251
)
    
(21,670
)
    
(27,727
)
                                 
Net income / (loss)
  
$
2,908
    
$
(436,932
)
  
$
16,580
    
$
(511,714
)
Dividends on series B preferred shares
    
(1,442
)
    
(1,442
)
    
(5,769
)
    
(5,769
)
Net income / (loss) attributed to common stockholders
    
1,466
      
(438,374
)
    
10,811
      
(517,483
)
                                 
Earnings / (loss) per common share, basic and diluted
  
$
0.01
    
$
(4.28
)
  
$
0.10
    
$
(5.41
)
                                 
Weighted average number of common shares, basic
    
103,892,507
      
102,394,183
      
103,736,742
      
95,731,093
  
                                 
Weighted average number of common shares, diluted
    
105,150,906
      
102,394,183
      
104,715,883
      
95,731,093
  
                                 

   
Three months ended December 31,
    
Year ended December 31,
  
   
2018
    
2017
    
2018
    
2017
  
                     
(audited)
  
Net income/(loss)
  
$
2,908
    
$
(436,932
)
  
$
16,580
    
$
(511,714
)
Other comprehensive income/(loss) (Actuarial gain/(loss))
    
17
      
130
      
(7
)
    
109
  
Comprehensive income/(loss)
  
$
2,925
    
$
(436,802
)
  
$
16,573
    
$
(511,605
)

CONDENSED CONSOLIDATED BALANCE SHEET DATA
        
(in thousands of U.S. Dollars)
        
             
   
2018
      
2017*
ASSETS
  
(unaudited)
          
               
Cash and cash equivalents
  
$
126,825
    
$
40,227
  
Due from related parties
    
-
      
82,660
  
Other current assets
    
15,147
      
15,874
  
Vessels, net of depreciation
    
991,403
      
1,053,578
  
Other fixed assets, net
    
22,425
      
22,650
  
Restricted cash
    
24,582
      
25,582
  
Investments in related parties
    
3,263
      
3,249
  
Other non-current assets
    
4,151
      
2,902
  
Total assets
  
$
1,187,796
    
$
1,246,722
  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                
                 
Long-term debt, net of deferred financing costs
  
$
530,547
    
$
601,384
  
Other liabilities
    
29,565
      
20,580
  
Total stockholders' equity
    
627,684
      
624,758
  
Total liabilities and stockholders' equity
  
$
1,187,796
    
$
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 December 31,
    
Year ended December 31,
  
   
2018
    
2017
    
2018
    
2017
  
                     
(audited)
  
Net Cash provided by / (used in) operating activities
  
$
27,959
    
$
12,241
    
$
79,930
    
$
23,413
  
Net Cash provided by / (used in) investing activities
    
13,482
      
13,351
      
99,370
      
(152,333
)
Net Cash provided by / (used in) financing activities
  
$
(92,140
)
  
$
(22,484
)
  
$
(93,702
)
  
$
73,587