The Greek dry bulk carrier exits the first half of the year with a net loss of USD 50.3 million, following a new deficit for the second quarter. Despite a low risk profile, JP Morgan voices concerns about growing credits to sister company.
Diana Shipping saw its losses grow in 2016 as the carrier ventured an investment in a sister company in the container segment. The carrier's need to raise fresh equity is less acute than previously, notes JP Morgan.
Greek-based Diana Shipping has called off negotiations with a series of lenders and has no plans to resume the talks, informs the carrier in relation to its third quarter interim report, which shows a deficit of USD 79.8 million.
Greek-based Diana Shipping is now barred from purchasing new vessels or pay shareholders dividends in its container business Diana Containerships for the next two years. These conditions are part of an amended loan agreement with Royal Bank of Scotland.
Diana Shipping må hverken købe nye skibe eller give sine aktionærer udbytte i containerforretningen Diana Containerships de næste to år. Betingelserne er en del af opdateret låneaftale med banken Royal Bank of Scotland.
The major bulk carriers listed in the US had a miserable first half of the year with a massive aggregate deficit, according to review by Alphabulk. The companies look set to lose over one billion US dollars in 2016.
More than 10 carriers, including the heavy weights of the tanker industry, will present second quarter interim reports this week. According to Deutsche Bank's shipping analyst, this will be one the most interesting financial periods to date.
Listed Greek carrier Diana Shipping, commonly viewed as one of the dry bulk industry's most sturdy companies, will burn through much more cash this year and in 2017 than previously expected, according to Deutsche Bank.
Stock-listed carriers take a beating across the board in the nervous global capital markets. Growing fear of insolvencies in Japan while the New York Stock Exchange sends the major dry bulk players tumbling.
The complete collapse in the global dry bulk industry will likely force some of the biggest companies, such as John Fredriksen's Golden Ocean, into the capital markets, says Norway's Pareto Securities in a new analysis that points to Denmark's D/S Norden as the strongest kid in class.
The Greek company Diana Shipping has been aggressively purchasing vessels for historically low prices since 2010, and shipping analysts point to Diana Shipping as the most robust company in the weak dry bulk sector.