Paris, France
Paris, France

BNP Paribas is a French bank and financial services company with headquarters in Paris and global headquarters in London. It was formed through the merger of Banque Nationale de Paris and Paribas in 2000 and is one of the largest banks in the world. Based on 2012 information BNP Paribas was ranked as the third-largest bank in the world, as measured by total assets, by Bloomberg and Forbes.The firm is a universal bank split into three strategic business units: Retail Banking, Corporate and Investment Banking and Investment Solutions . BNP Paribas's four domestic markets are France, Italy, Belgium, and Luxembourg. It also has significant retail operations in the United States, Poland, Turkey, Ukraine, and North Africa, as well as large-scale investment banking operations in New York, London, Hong Kong, and Singapore.BNP Paribas escaped the 2007–09 credit crisis relatively unscathed reporting a €3 billion net profit for the year of 2008, and €5.8 billion for 2009, both years boosted by profits from trading in its Corporate and Investment Banking division.In June 2014, BNP Paribas was fined $8.9 billion by US government for violating US sanctions, which was a record amount at that time. Wikipedia.


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News Article | April 20, 2017
Site: marketersmedia.com

— GlobalData’s "The Cards and Payments Industry in France: Emerging Trends and Opportunities to 2020", report provides detailed analysis of market trends in the French cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including credit transfers, direct debits, check payments, payment cards and cash transactions during the review period (2012-2016). The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, and transaction values and volumes during the review period and over the forecast period (2016-2020). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes. The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure. Banks and payment solution providers are launching new solutions to benefit from a growing preference for alternative payments. In March 2015 Sweden-based mobile payment (m-payment) solution provider Seamless launched its mobile app, Seqr. Following which, the functionality of Paylib was expanded in May 2016, allowing users with compatible Android mobile phones to make contactless m-payments of up to US$19.0 (EUR20) at 470,000 merchants. Apple launched Apple Pay in July 2016 in partnership with some of the country’s largest financial institutions. Request a sample of the report @ http://www.orbisresearch.com/contacts/request-sample/267068 . The emergence of digital only banks is likely to accelerate a shift towards electronic payments in France. In January 2016, telecom operator Orange France acquired Groupama Banque to create Orange Bank. Orange mobile phone customers can directly subscribe to banking services through the network’s mobile app, via the website, or at 140 accredited stores. In December 2015, German-based financial service provider Number 26 launched its mobile-only bank in France. The introduction of maintenance fee on saving and current accounts by major banks is anticipated to bring more competition in the French debit cards market. With profit margins shrinking and interest rates low, banks are introducing account fees. BNP Paribas introduced a US$2.4 (EUR2.5) basic account fee in November 2015. Similarly, BNP Paribas, Société Générale and Caisse d’Epargne Île-de-France introduced current account fees in the range of US$14.3-28.5 (EUR15-30) in February 2016. Banque Postale raised account fees from US$4 (EUR4.2) to US$5.9 (EUR6.2). This report also provides top-level market analysis, information and insights into the French cards and payments industry, including - - Current and forecast values for each market in the French cards and payments industry, including debit, credit and charge cards. - Detailed insights into payment instruments including credit transfers, direct debits, cash transactions, checks and payment cards. It also, includes an overview of the country's key alternative payment instruments. - E-commerce market analysis and payment methods. - Analysis of various market drivers and regulations governing the French cards and payments industry. - Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards. - Comprehensive analysis of consumer attitudes and buying preferences for cards. - The competitive landscape in the French cards and payments industry. Scope - This report provides a comprehensive analysis of the French cards and payments industry. - It provides current values for the French cards and payments industry for 2016, and forecast figures to 2020. - It details the different demographic, economic, infrastructural and business drivers affecting the French cards and payments industry. - It outlines the current regulatory framework in the industry. - It details marketing strategies used by various banks and other institutions. Reasons to buy - Make strategic business decisions, using top-level historic and forecast market data, related to the French cards and payments industry and each market within it. - Understand the key market trends and growth opportunities in the French cards and payments industry. - Assess the competitive dynamics in the French cards and payments industry. - Gain insights into marketing strategies used for various card types in France. - Gain insights into key regulations governing the French cards and payments industry. Table of Contents: Table of Contents 1. EXECUTIVE SUMMARY 2 1.1. Market overview 2 1.2. Key facts 4 1.3. Top five industry events 5 2. PAYMENT INSTRUMENTS 12 2.1. Current payment environment 12 3. E-COMMERCE AND ALTERNATIVE PAYMENTS 14 3.1. E-Commerce market analysis 14 3.2. Alternative payment solutions 16 3.2.1. Paylib 16 3.2.2. SlimPay 16 3.2.3. PayPal 16 3.2.4. Apple Pay 16 3.2.5. Visa Checkout 17 3.2.6. MasterPass 17 3.2.7. Seqr 17 3.2.8. paysafecard 17 3.2.9. Boku 18 4. REGULATIONS IN THE CARDS AND PAYMENTS INDUSTRY 19 4.1. Regulatory framework 19 4.1.1. SEPA cards framework 19 4.1.2. Implementation of the payment services directive (PSD) 20 4.1.3. Payment Services Directive 2 (PSD2) 21 4.1.4. Interchange fee regulation 22 4.2. Anti-money laundering 23 4.3. Foreign direct investment (FDI) regulations 23 5. ANALYSIS OF CARDS AND PAYMENTS INDUSTRY DRIVERS 24 6. PAYMENT CARDS 27 7. DEBIT CARDS 29 7.1. Debit cards market analysis 29 7.2. Competition in the debit cards market 31 7.3. Debit cards comparison 32 8. PAY LATER CARDS 33 8.1. Pay later cards market analysis 33 8.2. Competition in the pay later cards market 35 8.3. Pay later cards comparison 37 9. PREPAID CARDS 39 10. MERCHANT ACQUIRING 40 11. APPENDIX 43 11.1. Abbreviations and acronyms 43 11.2. Supplementary data 44 11.3. Definitions 59 11.4. Common payment card features 60 11.5. Methodology 61 11.6. Bibliography 63 11.7. Further reading 63 About Us: Orbis Research (orbisresearch.com) is a single point aid for all your market research requirements. We have vast database of reports from the leading publishers and authors across the globe. We specialize in delivering customised reports as per the requirements of our clients. We have complete information about our publishers and hence are sure about the accuracy of the industries and verticals of their specialisation. This helps our clients to map their needs and we produce the perfect required market research study for our clients. For more information, please visit http://www.orbisresearch.com/reports/index/the-cards-and-payments-industry-in-france-emerging-trends-and-opportunities-to-2020


News Article | April 11, 2017
Site: globenewswire.com

Stockholm, 2017-04-11 08:08 CEST (GLOBE NEWSWIRE) -- Lundin Petroleum AB ("Lundin Petroleum") previously announced its intention to spin-off its non-Norwegian producing assets into a newly formed company called International Petroleum Corporation ("IPC"). Lundin Petroleum would then distribute all of the shares of IPC, on a pro-rata basis, to Lundin Petroleum shareholders. The distribution of IPC shares was conditionally approved by the shareholders of Lundin Petroleum on 22 March 2017. In addition to Lundin Petroleum shareholder approval, Lundin Petroleum received the regulatory consents and approvals to complete the internal reorganisation of the Lundin Petroleum Group to spin-off its assets in Malaysia, France and the Netherlands into IPC. The reorganisation was completed on 7 April 2017. Lundin Petroleum confirms that IPC has now received conditional approval for the listing of its shares on the Toronto Stock Exchange (the "TSX") and is intending to list on the Nasdaq First North stock exchange. The distribution and first day of trading of IPC's shares on the TSX and Nasdaq First North is expected to occur on 24 April 2017. The Board of Directors of Lundin Petroleum has determined that the conditions for shareholder approval have been satisfied and that the record date for the distribution of the IPC shares will be 20 April 2017. Based on that record date, the shares of Lundin Petroleum will commence trading without the right to the distribution of the IPC shares on 19 April 2017. Each three shares in Lundin Petroleum shall entitle the holder to one common share in IPC. If the shareholding in Lundin Petroleum is not evenly divisible by three, the holder will receive an entitlement to a fraction of a share. Such fractions will be added together with the fractions held by other shareholders into whole shares in IPC, which will be sold on the market by Pareto Securities. The proceeds, without deduction of any commissions, will then be paid to the relevant IPC shareholders via Euroclear Sweden. As previously announced, IPC's Board of Directors has resolved to cause a subsidiary of IPC, immediately following the listing and subject to establishment of the credit facility described below, to make an offer to all holders of IPC shares to purchase up to USD 100 million of IPC shares for consideration of CAD 4.77 per IPC share. If made, the offer is expected to be open for acceptance for approximately three weeks, and any shares acquired under the offer are expected to be subsequently cancelled. The Company and IPC have been advised by Statoil ASA ("Statoil") that it intends to tender its IPC shares to the offer if the offer is made. The Company has also been advised that Nemesia Sàrl, an investment company related to the Lundin family ("Nemesia"), along with Landor Participations Inc., another investment company related to a member of the Lundin family, and members of IPC's Board and management, do not intend to tender to the offer. In addition, the Company understands that Statoil and Nemesia have entered into an agreement pursuant to which, following the expiry of the offer, Nemesia will acquire any IPC shares held by Statoil that have not been acquired by IPC's subsidiary in the offer. In order to finance the offer, certain IPC subsidiaries and IPC, in the capacity of guarantor, have received credit approved terms for a new reserve-based lending facility with a syndicate of banks led by BNP Paribas, Australia and New Zealand Banking Group (ANZ), BMO Capital Markets and ScotiaBank Europe. USD 100 million will be available under the reserve-based lending facility to finance the offer to purchase shares of IPC. BMO Capital Markets is acting as exclusive financial advisor to the Company for the listing of IPC. Pareto Securities in Sweden is acting as issuing agent and Certified Advisor for IPC on the Nasdaq First North. Blake, Cassels & Graydon LLP and Gernandt & Danielsson Advokatbyrå KB are acting as legal advisors to the Company and IPC. Questions regarding the distribution of IPC shares will be answered by Pareto Securities at the following telephone number +46 8 402 51 40 during normal office hours in Sweden, or at the following email address issueservice.se@paretosec.com, until the distribution has been completed. Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world class assets primarily located in Europe and South East Asia. The Company is listed on NASDAQ Stockholm (ticker "LUPE"). Lundin Petroleum has proved and probable reserves of 743.5 million barrels of oil equivalents (MMboe) as at 31 December 2016. For further information, please contact: Forward-Looking Statements Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable securities legislation). Such statements and information (together, "forward-looking statements") relate to future events, including the Company's future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements.  No assurance can be given that these expectations and assumptions will prove to be correct and such forward-looking statements should not be relied upon. These statements speak only as on the date of the information and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, operational risks (including exploration and development risks), productions costs, availability of drilling equipment, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, and financial risks. These risks and uncertainties are described in more detail under the heading "Risks and Risk Management" and elsewhere in the Company's annual report. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. Actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are expressly qualified by this cautionary statement.


HONOLULU, April 27, 2017 (GLOBE NEWSWIRE) -- First Hawaiian, Inc. (NASDAQ:FHB), (the “Company”) today reported financial results for the quarter ended March 31, 2017. “We are pleased to start 2017 with a solid first quarter.  Loans and leases grew to a record $11.8 billion, we maintained our expense discipline and our credit quality remained excellent,” said Bob Harrison, Chairman and Chief Executive Officer.  “BNP Paribas also continued to reduce their ownership interest in First Hawaiian with a successful follow-on stock offering of 28.75 million shares.  This reduced BNP Paribas’ ownership in First Hawaiian, Inc. to 62%.” On April 26, 2017, the Company’s Board of Directors declared a quarterly cash dividend of $0.22 per share.  The dividend will be payable on June 9, 2017 to stockholders of record at the close of business on May 30, 2017. Net income for the quarter ended March 31, 2017 was $56.7 million, or $0.41 per diluted share, compared to $56.6 million, or $0.41 per diluted share, for the quarter ended December 31, 2016, and $65.5 million, or $0.47 per diluted share, for the quarter ended March 31, 2016.  Results from the quarter ended March 31, 2016 included $25.7 million ($16.0 million net of tax) gains from securities sales.  Core net income for the quarter ended March 31, 2017 was $57.0 million, or $0.41 per diluted share, compared to $56.0 million, or $0.40 per diluted share, for the quarter ended December 31, 2016, and $51.1 million, or $0.37 per diluted share, for the quarter ended March 31, 2016. Net interest income for the quarter ended March 31, 2017 was $129.3 million, a decrease of $2.0 million compared to $131.3 million for the quarter ended December 31, 2016, and an increase of $12.0 million compared to $117.3 million for the quarter ended March 31, 2016.  The decrease in net interest income compared to the fourth quarter of 2016 was primarily due to lower yields on loans and higher average deposit balances and rates, partially offset by higher yields on investment securities and interest bearing deposits.  Loan yields in the fourth quarter of 2016 were favorably impacted by $2.1 million of loan prepayment fees.  The increase compared to the first quarter of 2016 was due to higher average balances of loans and investments and higher yields on investment securities and interest bearing deposits, partially offset by lower yields on loans and higher average deposit balances and rates. Net interest margin was 3.00%, 2.99% and 2.77% for the quarters ended March 31, 2017, December 31, 2016, and March 31, 2016, respectively.  Excluding the $2.1 million in loan prepayment fees in the quarter ended December 31, 2016, net interest margin increased during the first quarter of 2017 by six basis points, primarily due to higher earning asset yields, partially offset by higher costs related to time deposits.  The 23 basis point increase compared to the first quarter of 2016 was due to higher yields on investments and interest bearing deposits, partially offset by lower loan yields and higher deposit costs. Results for the quarter ended March 31, 2017 included a provision for credit losses of $4.5 million compared to $3.9 million in the quarter ended December 31, 2016 and $0.7 million in the quarter ended March 31, 2016.  The first quarter of 2016 included a recovery of $3.1 million on a previously charged-off commercial real estate loan. Noninterest income was $49.4 million in the quarter ended March 31, 2017, an increase of $0.4 million compared to noninterest income of $49.0 million in the quarter ended December 31, 2016 and a decrease of $24.1 million compared to noninterest income of $73.5 million in the quarter ended March 31, 2016.  The first quarter of 2017 included gains of $1.3 million from death benefits from bank-owned life insurance (BOLI).  The fourth quarter of 2016 included $1.5 million of net gains from the sale of securities.  The first quarter of 2016 included a $22.7 million net gain on the sale of Visa Class B restricted shares, and $3.1 million of net gains on the sales of securities. Noninterest expense was $84.3 million for the quarter ended March 31, 2017, an increase of $1.8 million from $82.5 million in the quarter ended December 31, 2016, and a decrease of $0.7 million from $85.1 million in the quarter ended March 31, 2016.  The increase in noninterest expense compared to the fourth quarter of 2016 was primarily due to $2.8 million higher salaries and employee benefits expense and $1.2 million higher other expense, partially offset by $1.9 million lower contracted services and professional fees and $0.6 million lower equipment expense.  The increase in salaries and employee benefits expense was largely due to annual merit increases, increased overtime expenses and higher payroll taxes.  Contracted services and professional fees in the fourth quarter of 2016 were elevated as a result expenses related to system upgrades and product enhancements.  The decrease in noninterest expense compared to the first quarter of 2016 was primarily due to a $2.4 million decrease in contracted services and professional fees, and a $1.4 million decrease in salaries and employee benefits, partially offset by $1.3 million higher regulatory assessment and fees, and $1.0 million higher cards reward expenses.  Contracted services and professional fees in the first quarter of 2016 included $2.5 million of fees related to the initial public offering.  The decrease in salaries and employee benefits compared to the first quarter of 2016 was primarily due to an increase in deferred loan origination costs in the first quarter of 2017.  The increase in regulatory assessments was largely due to the increase in the regulatory assessment rate that became effective July 1, 2016. The efficiency ratio was 47.2%, 45.8% and 44.6% for the quarters ended March 31, 2017, December 31, 2016 and March 31, 2016, respectively. The effective tax rate for the first quarter of 2017 was 36.9% compared with 39.8% in the previous quarter and 37.6% percent in the same quarter last year.  The decrease in the effective tax rate in the first quarter of 2017 compared to the prior quarters was primarily due to the higher level of BOLI income received in the first quarter of 2017. Total assets were $19.8 billion at March 31, 2017, compared to $19.7 billion at December 31, 2016 and $19.1 billion at March 31, 2016. The investment securities portfolio was $5.3 billion at March 31, 2017, compared to $5.1 billion at December 31, 2016 and $3.9 billion at March 31, 2016.  The portfolio remains largely comprised of securities issued by  U.S. government agencies. Total loans and leases were $11.8 billion at March 31, 2017, an increase of $261.1 million, or 2.3%, from $11.5 billion at December 31, 2016 and up $818.9 million, or 7.5%, from $11.0 billion at March 31, 2016.  The growth in loans and leases compared to December 31, 2016 was largely due to strong growth in the commercial real estate and residential loan segments of the portfolio.  Compared to March 31, 2016, the growth in loans and leases was due to increases across all loan categories. Total deposits were $16.9 billion at March 31, 2017, an increase of $143.6 million, or 0.9%, compared with $16.8 billion at December 31, 2016, and an increase of $883.7 million, or 5.5%, compared to $16.1 billion at March 31, 2016. The Company's asset quality remained solid during the first quarter of 2017. Total non-performing assets declined to $7.7 million, or 0.07% of total loans and leases, at March 31, 2017, down $2.1 million from non-performing assets of $9.8 million, or 0.08% of total loans and leases, at December 31, 2016 and down $6.9 million from non­performing assets of $14.6 million, or 0.13% of total loans and leases, at March 31, 2016. Net charge offs for the quarter ended March 31, 2017 were $4.1 million, or 0.15% of average loans and leases on an annualized basis, compared to $3.4 million, or 0.12% of average loans and leases on an annualized basis for the quarter ended December 31, 2016 and a net recovery of $1.0 million, or (0.04)% of average loans and leases on an annualized basis for the quarter ended March 31, 2016. The ratio of allowance for loan and lease losses to total loans and leases was 1.15% at March 31, 2017 compared to 1.18% at December 31, 2016 and 1.25% at March 31, 2016. Total stockholders' equity was $2.5 billion at March 31, 2017, December 31, 2016 and March 31, 2016. The tier 1 leverage, common equity tier 1, and total capital ratios were 8.52%, 12.78% and 13.87%, respectively, at March 31, 2017, compared with 8.36%, 12.75% and 13.85% at December 31, 2016 and 8.18%, 12.55%, 13.71% at March 31, 2016. ___________________ 1 Core net income is a non-GAAP measure. For more information on this measure, including a reconciliation to the most directly comparable GAAP measure, see “Use of Non-GAAP Financial Measures” and Tables 11 and 12 at the end of this document. First Hawaiian, Inc. (NASDAQ:FHB) is a bank holding company headquartered in Honolulu, Hawaii.  Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop & Company, is Hawaii’s oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan. The company offers a comprehensive suite of banking services to consumer and commercial customers including deposit products, loans, wealth management, insurance, trust, retirement planning, credit card and merchant processing services.  Customers may also access their accounts through ATMs, online and mobile banking channels. For more information about First Hawaiian, Inc., visit the Company’s website, www.fhb.com. First Hawaiian will host a conference call to discuss the Company’s results today at 5:00 p.m. Eastern Time, 11:00 a.m. Hawaii Time.    To access the call, participants should dial (844) 452-2942 (US/Canada), or (574) 990-9846 (International) ten minutes prior to the start of the call and enter the conference ID:  5236509.  A live webcast of the conference call, including a slide presentation, will be available at the following link:  www.fhb.com/earnings.  The archive of the webcast will be available at the same location.  A telephonic replay of the conference call will be available approximately two hours after the conclusion of the call until 8:00 p.m. (Eastern Time) on May 7, 2017.  Access the replay by dialing (855) 859-2056 or (404) 537-3406 and entering the conference ID:  5236509. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized” and “outlook”, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. For a discussion of the risks and important factors that could affect our future results and financial condition, see our U.S. Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our annual report on Form 10-K for the year ended December 31, 2016. Use of Non-GAAP Financial Measures We present net interest income, noninterest income, noninterest expense, net income, earnings per share and the related ratios described below, on an adjusted, or ‘‘core,’’ basis, each a non-GAAP financial measure. These core measures exclude from the corresponding GAAP measure the impact of certain items that we do not believe are representative of our financial results. We believe that the presentation of these non-GAAP financial measures helps identify underlying trends in our business from period to period that could otherwise be distorted by the effect of certain expenses, gains and other items included in our operating results. We believe that these core measures provide useful information about our operating results and enhance the overall understanding of our past performance and future performance.  Investors should consider our performance and financial condition as reported under GAAP and all other relevant information when assessing our performance or financial condition. Core net interest margin, core return on average total assets and core return on average total stockholders’ equity are non-GAAP financial measures. We compute our core net interest margin as the ratio of core net interest income to average earning assets.  We compute our core return on average total assets as the ratio of core net income to average total assets.  We compute our core return on average total stockholders’ equity as the ratio of core net income to average stockholders’ equity. Return on average tangible stockholders’ equity, core return on average tangible stockholders’ equity, return on average tangible assets, core return on average tangible assets and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We compute our return on average tangible stockholders’ equity as the ratio of net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our core return on average tangible stockholders’ equity as the ratio of core net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our return on average tangible assets as the ratio of net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total assets. We compute our core return on average tangible assets as the ratio of core net income to average tangible assets. We compute our tangible stockholders’ equity to tangible assets as the ratio of tangible stockholders’ equity to tangible assets, each of which we calculate by subtracting (and thereby effectively excluding) the value of our goodwill. We believe that these measurements are useful for investors, regulators, management and others to evaluate financial performance and capital adequacy relative to other financial institutions. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results or financial condition as reported under GAAP. Tables 11 and 12 at the end of this document provide a reconciliation of these non-GAAP financial measures with their most closely related GAAP measures.


News Article | April 20, 2017
Site: www.businesswire.com

SAN ANTONIO--(BUSINESS WIRE)--NuStar Logistics, L.P., a wholly owned operating subsidiary of NuStar Energy L.P. (NYSE:NS) (“NuStar Energy”), today announced that it has priced $550 million aggregate principal amount of 5.625% senior notes due April 28, 2027. The senior notes were priced at 100% of par at a yield to maturity of 5.625%. The settlement date for the offering is expected to be April 28, 2017, subject to customary closing conditions. The notes will be fully and unconditionally guaranteed by NuStar Energy, as parent guarantor, and NuStar Pipeline Operating Partnership L.P., a wholly owned operating subsidiary of NuStar Energy, as affiliate guarantor. NuStar Energy currently intends to use the net proceeds from the offering to fund a portion of the purchase price for NuStar Energy’s previously announced acquisition of Navigator Energy Services, LLC and to pay related fees and expenses. Pending such use, NuStar Energy intends to repay outstanding indebtedness, including borrowings under its revolving credit facility. Mizuho Securities USA LLC, Barclays Capital Inc., J.P. Morgan Securities LLC, MUFG Securities Americas Inc., PNC Capital Markets LLC, SunTrust Robinson Humphrey, Inc. and U.S. Bancorp Investments, Inc. are acting as book-running managers for the offering. BBVA Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Comerica Securities, Inc., Scotia Capital (USA) Inc. and SMBC Nikko Securities America, Inc. are acting as co-managers. A copy of the prospectus supplement and accompanying base prospectus relating to this offering may be obtained from Mizuho Securities USA LLC, 320 Park Avenue, 12th Floor, New York, NY 10022, Attention: Debt Capital Markets, Telephone: 1-866-271-7403, Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Telephone: 1-888-603-5847, Email: barclaysprospectus@broadridge.com, J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone: 1-866-803-9204, Email: prospectus-eq_fi@jpmchase.com and MUFG Securities Americas Inc., Attention: Capital Markets Group, 1221 Avenue of the Americas, 6th Floor, New York, New York 10020, Telephone: 1-877-649-6848, Email: prospectus@us.sc.mufg.jp. You may also obtain these documents for free when they are available by visiting the SEC’s website at www.sec.gov. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering may be made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended. NuStar Energy, a publicly traded master limited partnership based in San Antonio, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar Energy currently has approximately 8,700 miles of pipeline and 79 terminal and storage facilities that store and distribute crude oil, refined products and specialty liquids. NuStar Energy’s combined system has approximately 95 million barrels of storage capacity, and NuStar Energy has operations in the United States, Canada, Mexico, the Netherlands, including St. Eustatius in the Caribbean, and the United Kingdom. This press release includes forward-looking statements regarding future events, including the size, timing and results of the offering and the consummation of the acquisition. All forward-looking statements are based on NuStar Energy’s beliefs as well as assumptions made by and information currently available to NuStar Energy. These statements reflect NuStar Energy’s current views with respect to future events and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions are discussed in NuStar Energy’s 2016 annual report on Form 10-K and subsequent filings with the SEC. NuStar Energy undertakes no obligation to update or revise any forward-looking statement except as may be required by applicable law.


News Article | April 20, 2017
Site: www.businesswire.com

SAN ANTONIO--(BUSINESS WIRE)--NuStar Logistics, L.P., a wholly owned operating subsidiary of NuStar Energy L.P. (NYSE:NS) (“NuStar Energy”), announced today that it plans to conduct an offering of senior notes pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission (“SEC”). The notes will be fully and unconditionally guaranteed by NuStar Energy, as parent guarantor, and NuStar Pipeline Operating Partnership L.P., a wholly owned operating subsidiary of NuStar Energy, as affiliate guarantor. NuStar Energy currently intends to use the net proceeds from the offering to fund a portion of the purchase price for NuStar Energy’s previously announced acquisition of Navigator Energy Services, LLC and to pay related fees and expenses. Pending such use, NuStar Energy intends to repay outstanding indebtedness, including borrowings under its revolving credit facility. Mizuho Securities USA LLC, Barclays Capital Inc., J.P. Morgan Securities LLC, MUFG Securities Americas Inc., PNC Capital Markets LLC, SunTrust Robinson Humphrey, Inc. and U.S. Bancorp Investments, Inc. are acting as book-running managers for the offering. BBVA Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Comerica Securities, Inc., Scotia Capital (USA) Inc. and SMBC Nikko Securities America, Inc. are acting as co-managers. A copy of the prospectus supplement and accompanying base prospectus relating to this offering may be obtained from Mizuho Securities USA LLC, 320 Park Avenue, 12th Floor, New York, NY 10022, Attention: Debt Capital Markets, Telephone: 1-866-271-7403, Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Telephone: 1-888-603-5847, Email: barclaysprospectus@broadridge.com, J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone: 1-866-803-9204, Email: prospectus-eq_fi@jpmchase.com and MUFG Securities Americas Inc., Attention: Capital Markets Group, 1221 Avenue of the Americas, 6th Floor, New York, New York 10020, Telephone: 1-877-649-6848, Email: prospectus@us.sc.mufg.jp. You may also obtain these documents for free when they are available by visiting the SEC’s website at www.sec.gov. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering may be made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended. NuStar Energy, a publicly traded master limited partnership based in San Antonio, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar Energy currently has approximately 8,700 miles of pipeline and 79 terminal and storage facilities that store and distribute crude oil, refined products and specialty liquids. NuStar Energy’s combined system has approximately 95 million barrels of storage capacity, and NuStar Energy has operations in the United States, Canada, Mexico, the Netherlands, including St. Eustatius in the Caribbean, and the United Kingdom. This press release includes forward-looking statements regarding future events, including the size, timing and results of the offering and the consummation of the acquisition. All forward-looking statements are based on NuStar Energy’s beliefs as well as assumptions made by and information currently available to NuStar Energy. These statements reflect NuStar Energy’s current views with respect to future events and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions are discussed in NuStar Energy’s 2016 annual report on Form 10-K and subsequent filings with the SEC. NuStar Energy undertakes no obligation to update or revise any forward-looking statement except as may be required by applicable law.


L'avis de réunion, comportant l'ordre du jour et les projets de résolutions ainsi que les conditions et modalités de participation et de vote à cette assemblée, a été publié sur le site du Bulletin des Annonces Légales Obligatoires « BALO » ( ) le 12 avril 2017 au bulletin numéro 44. Cet avis peut être également consulté sur le site internet de GTT ( ). Conformément aux dispositions de l'article R. 225-88 du Code de commerce, tout actionnaire titulaire de titres au nominatif pourra demander, à compter de la publication de l'avis de convocation et jusqu'au cinquième jour inclus avant la date de cette assemblée générale, que lui soient envoyés les documents et renseignements visés aux articles R. 225-81 et R. 225-83 du Code de commerce. Cette demande devra être faite par le biais du formulaire d'envoi de documents complémentaires joint à la brochure de convocation et devra être adressée par voie postale à BNP Paribas Securities Services - CTS Assemblées Générales - Grands Moulins de Pantin - 9, rue du Débarcadère, 93761 Pantin Cedex France. Les documents préparatoires à l'assemblée générale des actionnaires du 18 mai 2017 requis par les dispositions législatives et réglementaires en vigueur peuvent être consultés (i) à compter du 27 avril 2017 sur le site internet de GTT ( ) et (ii) à compter du 3 mai 2017 au siège social de GTT, situé 1, route de Versailles, 78470 Saint-Rémy-lès-Chevreuse et chez BNP Paribas Securities Services, dont les coordonnées sont mentionnées ci-dessus. GTT (Gaztransport & Technigaz) est une société d'ingénierie spécialiste des systèmes de confinement à membranes dédiés au transport et au stockage du gaz liquéfié, et en particulier du GNL (Gaz Naturel Liquéfié). Depuis plus de 50 ans, GTT entretient des relations de confiance avec l'ensemble des acteurs de l'industrie du gaz liquéfié (chantiers navals, armateurs, sociétés gazières, opérateurs de terminaux et sociétés de classification). La société conçoit et commercialise des technologies alliant efficacité opérationnelle et sécurité pour équiper les méthaniers, les unités flottantes de GNL, ainsi que les navires de transport multi-gaz. Elle propose également des solutions destinées aux réservoirs terrestres et à l'utilisation du GNL comme carburant pour la propulsion des navires, ainsi qu'une large gamme de services.


News Article | April 17, 2017
Site: www.prweb.com

The Board of Directors of the Professional BusinessWomen of California (PBWC) today announced the appointment of Emma Pertat as an independent director at-large for the organization, effective immediately. Ms. Pertat’s appointment expands the Board to 14, all of whom are independent directors representing the financial services, high tech, media, government and biotech industries. “Emma Pertat’s 25 years of international experience will add a valuable perspective to our Board of Directors,” said Alexandra Roddy, PBWC President and Chair. “Access to education, employment opportunities, personal health and rights, and gender equality are key issues affecting women and girls around the world. We appreciate her passion to serve as a director at-large and look forward to benefitting from her judgment and counsel.” Ms. Pertat serves as Executive Vice President and General Auditor both at Bank of the West (BoW), and at the holding, BancWest Corporation. In these roles, Ms. Pertat is responsible for directing a comprehensive risk-based program that provides independent evaluations of the adequacy and effectiveness of the Bank’s risk management, internal controls, credit quality, security, and governance processes. She is also a non-voting member of the Executive Management Committee at Bank of the West. Previously, Ms. Pertat served as the Chief Internal Auditor and Managing Director for BNP Paribas North America. Prior to that, she served in various senior positions across the BNP Paribas Group, including Head of Group Training and Skills Development at BNP Paribas in Paris and Chief Administration Officer at BNP Paribas London UK. “It is an honor and a privilege to join this prestigious board,” said Pertat. “I deeply share the objectives of PBWC’s mission statement and intend to bring to bear my international expertise and local community relationships to this organization.” With over 25 years of international experience in countries including France, Canada, United Kingdom, Luxembourg and the United States, Ms. Pertat has been responsible for the management and supervision of multicultural teams and complex projects in the BNP Paribas Group. She considers herself a “world citizen” and enjoys every minute of her international exposure. She is also a strong believer in women’s capabilities, their leadership skills and their ability to deliver high quality work in their jobs, and to strongly contribute to the sustainable performance of their companies and colleagues. Ms. Pertat holds a bachelor’s degree in History from Université Paris-IV – Sorbonne, a master’s degree in Mandarin from Institut National des Langues et Civilisations Orientales and an M.B.A. from Theseus International Management Institute in Strategy, Innovation and New Technologies (now EDHEC - Ecole des Hautes Etudes Commerciales du Nord). More recently, she attended the Cycle of Advanced European Studies at National School of Administration (ENA – France). The Professional BusinessWomen of California was founded in 1989 by U.S. Congresswoman Jackie Speier to provide skill development, networking opportunities and inspiration to women at all levels to achieve their own ambitions and collectively advance gender equity in professional settings. Community events, monthly webinars and an annual conference provide forums for women’s professional and personal growth and development through tools, training workshops, resources, mentoring and motivation. The organization also presents an annual academic scholarship to a minimum of three California women who are high school seniors. PBWC is headquartered in Northern California, and is one of the largest women’s organizations, boasting a diverse community of over 35,000 professionals worldwide, corporate sponsors and media partners. Learn more at pbwc.org.


ATHENS, Greece, April 20, 2017 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE:DSX) (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that it has priced its previously announced underwritten public offering of 17,500,000 common shares, par value US$0.01 per share, at a price of US$4.00 per share. The Company has granted the underwriters an over-allotment option for a period of 30 days from the closing of this offering to purchase up to an additional 2,625,000 shares of common stock at the public offering price, less underwriting discounts. As part of the offering, entities affiliated with Simeon Palios, the Company’s Chief Executive Officer and Chairman, executive officers and certain directors, have agreed to purchase an aggregate of 5,500,000 common shares at the public offering price. The gross proceeds from the offering before underwriting discounts and other offering expenses are expected to be US$70.0 million. The offering is expected to close on April 26, 2017, subject to customary conditions. Substantially all of the net proceeds of the offering are expected to be used to fund the acquisition costs of additional dry bulk vessels, including two 2013-built Post-Panamax dry bulk vessels that the Company has agreed to purchase from unaffiliated third parties and one 2013-built Kamsarmax dry bulk vessel that the Company has agreed to purchase from an unaffiliated third party. The acquisition of the three vessels is subject to approval by the Board of Directors of the Company. Any net proceeds from the offering not used for vessel acquisitions will be used for general corporate purposes. Wells Fargo Securities, LLC and Clarksons Platou Securities, Inc. are acting as joint book-running managers in the offering and BNP Paribas Securities Corp. is acting as co-lead manager. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. This offering is being made only by means of a prospectus supplement and accompanying base prospectus. A prospectus supplement related to the offering will be filed with the U.S. Securities and Exchange Commission (the “SEC”) and will be available on the SEC’s website located at www.sec.gov. When available, copies of the prospectus supplement and the accompanying base prospectus relating to this offering may be obtained from Wells Fargo Securities, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York, 10152, at (800) 326-5897 or email a request to cmclientsupport@wellsfargo.com or Clarksons Platou Securities, Inc., 280 Park Avenue, 21st floor, New York, NY 10019, (or by phone at (212) 317-7080, or by e-mail at prospectuses@clarksons.com). 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 charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes. Diana Shipping Inc.’s fleet currently consists of 48 dry bulk vessels (4 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 23 Panamax). The Company also expects to take delivery of two 2013-built Post-Panamax dry bulk vessels and one 2013-built Kamsarmax dry bulk vessel during June 2017. As of today, the combined carrying capacity of the Company’s fleet, excluding the three vessels not yet delivered, is approximately 5.7 million dwt with a weighted average age of 7.89 years. A table describing the current Diana Shipping Inc. fleet can be found on the Company’s website, www.dianashippinginc.com. Information contained on the Company’s website does not constitute a part of this press release. 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, the Company’s 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 which 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 SEC for a more complete discussion of these and other risks and uncertainties.


News Article | April 18, 2017
Site: globenewswire.com

ATHENS, Greece, April 18, 2017 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE:DSX) (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that it has commenced an underwritten public offering of US$70.0 million of common shares. The Company intends to grant the underwriters an over-allotment option for a period of 30 days from the closing of this offering to purchase up to an additional US$10.5 million of common shares. As part of the offering, entities affiliated with Simeon Palios, the Company’s Chief Executive Officer and Chairman, executive officers and certain directors, have agreed to purchase approximately US$20.0 million of common shares at the public offering price. Substantially all of the net proceeds of the offering are expected to be used to fund the acquisition costs of additional dry bulk vessels, including two 2013-built Post-Panamax dry bulk vessels that the Company has agreed to purchase from unaffiliated third parties and one 2013-built Kamsarmax dry bulk vessel that the Company has agreed to purchase from an unaffiliated third party. The acquisition of the three vessels is subject to approval by the Board of Directors of the Company. Any net proceeds from the offering not used for vessel acquisitions will be used for general corporate purposes. Wells Fargo Securities, LLC and Clarksons Platou Securities, Inc. are acting as joint book-running managers in the offering and BNP Paribas Securities Corp. is acting as co-lead manager. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. This offering is being made only by means of a prospectus supplement and accompanying base prospectus. A prospectus supplement related to the offering will be filed with the U.S. Securities and Exchange Commission (the “SEC”) and will be available on the SEC’s website located at www.sec.gov. When available, copies of the prospectus supplement and the accompanying base prospectus relating to this offering may be obtained from Wells Fargo Securities, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York, 10152, at (800) 326-5897 or email a request to cmclientsupport@wellsfargo.com or Clarksons Platou Securities, Inc., 280 Park Avenue, 21st floor, New York, NY 10019, (or by phone at (212) 317-7080, or by e-mail at prospectuses@clarksons.com). 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 charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes. Diana Shipping Inc.’s fleet currently consists of 48 dry bulk vessels (4 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 23 Panamax). The Company also expects to take delivery of two 2013-built Post-Panamax dry bulk vessels and one 2013-built Kamsarmax dry bulk vessel during June 2017. As of today, the combined carrying capacity of the Company’s fleet, excluding the three vessels not yet delivered, is approximately 5.7 million dwt with a weighted average age of 7.88 years. A table describing the current Diana Shipping Inc. fleet can be found on the Company’s website, www.dianashippinginc.com. Information contained on the Company’s website does not constitute a part of this press release. 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, the Company’s 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 which 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 SEC for a more complete discussion of these and other risks and uncertainties.


ATHENS, Greece, April 26, 2017 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE:DSX) (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today closed its previously announced underwritten public offering of a total of 20,125,000 common shares, par value US$0.01 per share, at a price of US$4.00 per share, including the full exercise of the over-allotment option granted to the underwriters to purchase up to 2,625,000 additional common shares. Following this offering, the Company has 106,131,017 common shares outstanding, par value US$0.01 per share. As part of the offering, entities affiliated with Simeon Palios, the Company’s Chief Executive Officer and Chairman, executive officers and certain directors, purchased an aggregate of 5,500,000 common shares at the public offering price. The gross proceeds from the offering before underwriting discounts and other offering expenses were US$80.5 million. Substantially all of the net proceeds of the offering are expected to be used to fund the acquisition costs of additional dry bulk vessels, including two 2013-built Post-Panamax dry bulk vessels that the Company has agreed to purchase from unaffiliated third parties and one 2013-built Kamsarmax dry bulk vessel that the Company has agreed to purchase from an unaffiliated third party. The Company also announced today that approval by the Board of Directors of the Company, previously announced as a condition to the acquisition of the three vessels, has been received. Any net proceeds from the offering not used for the vessel acquisitions will be used for general corporate purposes. Wells Fargo Securities, LLC and Clarksons Platou Securities, Inc. acted as joint book-running managers in the offering and BNP Paribas Securities Corp. acted as co-lead manager. The offering was made pursuant to a registration statement previously filed with and declared effective by the Securities and Exchange Commission (“SEC”).  The final prospectus supplement relating to the offering and the accompanying base prospectus has been filed with the SEC and is available at the SEC’s website at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying base prospectus relating to this offering may also be obtained from Wells Fargo Securities, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York, 10152, at (800) 326-5897 or email a request to cmclientsupport@wellsfargo.com or Clarksons Platou Securities, Inc., 280 Park Avenue, 21st floor, New York, NY 10019, (or by phone at (212) 317-7080, or by e-mail at prospectuses@clarksons.com). 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 charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes. Diana Shipping Inc.’s fleet currently consists of 48 dry bulk vessels (4 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 23 Panamax). The Company also expects to take delivery of two 2013-built Post-Panamax dry bulk vessels and one 2013-built Kamsarmax dry bulk vessel during June 2017. As of today, the combined carrying capacity of the Company’s fleet, excluding the three vessels not yet delivered, is approximately 5.7 million dwt with a weighted average age of 7.9 years. A table describing the current Diana Shipping Inc. fleet can be found on the Company’s website, www.dianashippinginc.com. Information contained on the Company’s website does not constitute a part of this press release. 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, the Company’s 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 which 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 SEC for a more complete discussion of these and other risks and uncertainties.

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