The results were also negatively affected by the early redelivery of M/V Houston. The company had to write-off the entire $3.05 million prepaid charter revenue associated with M/V Houston during the quarter, instead of the scheduled $0.75 million amortization.
As of year-end, Diana Shipping had total debt outstanding of $433 million, and cash on hand of approximately $240 million. Last August, the company had extended a four-year $50 million loan to Diana Containerships. This month Diana Shipping returned to the capital markets, raising $60 million in gross proceeds through the sale of 2.4 million preferred shares. The preferred shares pay an annual dividend of 8.875%.
As of year-end, the company operated a fleet of 36 owned vessels with a total DWT capacity of 4.1 million MT and an average age of 7.22 years. Diana Shipping currently has five new-building vessels under construction, two of which are scheduled for delivery in the first half of this year, and the remaining in 2016.
The shares of Diana Shipping are traded on the New York Stock Exchange and closed on Friday at $12.69 per share. Its current market capitalization is approximately $1.05 billion.