Time charter revenues were
Dividend Declaration
The Company has declared a cash dividend on its common stock of
Fleet Employment Profile (As of | |||||||||||
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 | |||||||||||
8 Panamax Bulk Carriers | |||||||||||
1 | MELIA | 5.00 | % | 1 | |||||||
2005 76,225 | |||||||||||
2 | ARTEMIS | 5.00 | % | ||||||||
4.75 | % | ||||||||||
2006 76,942 | |||||||||||
3 | LETO | 4.75 | % | ||||||||
2010 81,297 | |||||||||||
4 | SELINA | A | 5.00 | % | |||||||
2010 75,700 | |||||||||||
5 | MAERA | A | 5.00 | % | |||||||
2013 75,403 | |||||||||||
6 | ISMENE | 4.75 | % | ||||||||
2013 77,901 | |||||||||||
7 | CRYSTALIA | B | 5.00 | % | |||||||
2014 77,525 | |||||||||||
8 | ATALANDI | B | 4.75 | % | |||||||
2014 77,529 | |||||||||||
6 Kamsarmax Bulk Carriers | |||||||||||
9 | MAIA | C | 5.00 | % | 2 | ||||||
5.00 | % | Hyundai Glovis Co. Ltd. | 3 | ||||||||
2009 82,193 | |||||||||||
10 | MYRSINI | C | 4.75 | % | |||||||
2010 82,117 | |||||||||||
11 | C | 4.75 | % | ||||||||
4.75 | % | ||||||||||
2010 82,194 | |||||||||||
12 | MYRTO | C | 5.00 | % | |||||||
2013 82,131 | |||||||||||
13 | ASTARTE | 5.00 | % | 4 | |||||||
2013 81,513 | |||||||||||
14 | LEONIDAS P. C. | 4.75 | % | 5 | |||||||
2011 82,165 | |||||||||||
5 Post-Panamax Bulk Carriers | |||||||||||
15 | ALCMENE | 5.00 | % | ||||||||
2010 93,193 | |||||||||||
16 | AMPHITRITE | D | 5.00 | % | |||||||
2012 98,697 | |||||||||||
17 | POLYMNIA | D | 5.00 | % | 6 | ||||||
5.00 | % | ||||||||||
2012 98,704 |
18 | E | 5.00 | % | 7 | |||||||
5.00 | % | 1,8 | |||||||||
2013 87,150 | |||||||||||
19 | PHAIDRA | E | 5.00 | % | |||||||
2013 87,146 | |||||||||||
12 Capesize Bulk Carriers | |||||||||||
20 | ALIKI | 5.00 | % | ||||||||
5.00 | % | ||||||||||
2005 180,235 | |||||||||||
21 | 5.00 | % | 9 | ||||||||
5.00 | % | 10 | |||||||||
2005 177,243 | |||||||||||
22 | SEMIRIO | F | 5.00 | % | |||||||
2007 174,261 | |||||||||||
23 | F | 5.00 | % | ||||||||
5.00 | % | 11 | |||||||||
2007 177,828 | |||||||||||
24 | F | 5.00 | % | ||||||||
2009 177,729 | |||||||||||
25 | F | 5.00 | % | 1 | |||||||
2010 177,773 | |||||||||||
26 | G | 5.00 | % | ||||||||
5.00 | % | ||||||||||
2011 179,362 | |||||||||||
27 | G | 4.75 | % | 12,13 | |||||||
5.00 | % | 3 | |||||||||
2013 179,134 | |||||||||||
28 | G. P. ZAFIRAKIS | H | 4.75 | % | |||||||
2014 179,492 | |||||||||||
29 | SANTA BARBARA | H | 4.75 | % | 14 | ||||||
4.75 | % | ||||||||||
2015 179,426 | |||||||||||
30 | 5.00 | % | Nippon Yusen Kabushiki Kaisha | ||||||||
5.00 | % | ||||||||||
2015 180,960 | |||||||||||
31 | 5.00 | % | 15 | ||||||||
2022 182,063 |
4 Newcastlemax Bulk Carriers | |||||||||||
32 | I | 5.00 | % | 16 | |||||||
2012 206,104 | |||||||||||
33 | I | 5.00 | % | 17 | |||||||
5.00 | % | ||||||||||
2012 206,040 | |||||||||||
34 | J | 5.00 | % | 18 | |||||||
5.00 | % | ||||||||||
2017 208,006 | |||||||||||
35 | NEWPORT NEWS | J | 5.00 | % | 19 | ||||||
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. | |||||||||||
1Based on latest information. | |||||||||||
2Expected redelivery date from the charterers. | |||||||||||
3Expected delivery date to the charterers. | |||||||||||
4Vessel on scheduled drydocking from | |||||||||||
5Vessel was delivered to the Company on | |||||||||||
6Charterers agreed to compensate the owners, for all the days over and above the new maximum redelivery date ( | |||||||||||
7Charterers agreed to compensate the owners, for all the days over and above the maximum redelivery date ( | |||||||||||
8For two laden legs of maximum duration up to | |||||||||||
9Charter included a one time ballast bonus payment of | |||||||||||
10Redelivery date based on an estimated time charter trip duration of about 80-100 days. | |||||||||||
11Redelivery date based on an estimated time charter trip duration of about 41 days. | |||||||||||
12Charterers agreed to compensate the owners, for all the days over and above the maximum redelivery date ( | |||||||||||
13Currently without an active charterparty. Vessel on scheduled drydocking. | |||||||||||
14Charterers agreed to compensate the owners, for all the days over and above the maximum redelivery date ( | |||||||||||
15Bareboat chartered-in for a period of ten years at | |||||||||||
16Vessel on scheduled drydocking from | |||||||||||
17Vessel on scheduled drydocking from | |||||||||||
18The charter rate was | |||||||||||
19Vessel on scheduled drydocking from |
Summary of Selected Financial & Other Data (unaudited) | |||||||
Three months ended | |||||||
2022 | 2021 | ||||||
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars) | |||||||
Revenues | $ | 65,933 | $ | 41,051 | |||
Voyage expenses | 1,714 | 1,780 | |||||
Vessel operating expenses | 16,428 | 18,552 | |||||
Net income/(loss) and Comprehensive Income/(Loss) | 26,044 | (1,295 | ) | ||||
Net Income/(Loss) and Comprehensive Income/(Loss), Attributable to Common Shareholders | 24,602 | (2,737 | ) | ||||
FLEET DATA | |||||||
Average number of vessels | 33.5 | 38.2 | |||||
Number of vessels | 35.0 | 37.0 | |||||
Weighted average age of vessels | 10.2 | 10.1 | |||||
Ownership days | 3,017 | 3,434 | |||||
Available days | 2,906 | 3,434 | |||||
Operating days | 2,860 | 3,387 | |||||
Fleet utilization | 98.4 | % | 98.6 | % | |||
AVERAGE DAILY RESULTS | |||||||
Time charter equivalent (TCE) rate (1) | $ | 22,099 | $ | 11,436 | |||
Daily vessel operating expenses (2) | $ | 5,445 | $ | 5,402 |
Non-GAAP Measures
(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
Investors may access the webcast by visiting the Company’s website at www.dianashippinginc.com, and clicking on the webcast link. An accompanying investor presentation also will be available via the webcast link and on the Company’s website. The conference call also may be accessed by telephone by dialing 1-877-407-8291 (for
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
About the Company
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 severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses’ and governments’ responses to the pandemic on our operations, personnel, and on the demand for seaborne transportation of bulk products; 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, including risks associated with the continuing conflict between
(See financial tables attached)
FINANCIAL TABLES | |||||||
Expressed in thousands of | |||||||
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) | |||||||
Three months ended | |||||||
2022 | 2021 | ||||||
REVENUES: | |||||||
Revenues | $ | 65,933 | $ | 41,051 | |||
OPERATING EXPENSES | |||||||
Voyage Expenses | 1,714 | 1,780 | |||||
Vessel Operating Expenses | 16,428 | 18,552 | |||||
Depreciation and Amortization of Deferred Charges | 9,792 | 10,049 | |||||
General and Administrative Expenses | 7,059 | 6,697 | |||||
Management Fees to | 117 | 449 | |||||
Loss on Sale of Vessels | - | 206 | |||||
Other Operating Income | (240 | ) | (106 | ) | |||
Operating Income, Total | $ | 31,063 | $ | 3,424 | |||
OTHER INCOME / (EXPENSES): | |||||||
Interest Expense and Finance Costs | (5,222 | ) | (4,636 | ) | |||
Interest and Other Income | 238 | 28 | |||||
Loss from Equity Method Investments | (35 | ) | (111 | ) | |||
Total Other Expenses, Net | $ | (5,019 | ) | $ | (4,719 | ) | |
Net income/(loss) and Comprehensive Income/(Loss) | $ | 26,044 | $ | (1,295 | ) | ||
Dividends on series B preferred shares | (1,442 | ) | (1,442 | ) | |||
Net Income/(Loss) and Comprehensive Income/(Loss), Attributable to Common Shareholders | 24,602 | (2,737 | ) | ||||
Earnings/(Loss) Per Common Share, Basic | $ | 0.32 | $ | (0.03 | ) | ||
Earnings/(Loss) Per Common Share, Diluted | $ | 0.31 | $ | (0.03 | ) | ||
Weighted Average Number of Common Shares Outstanding, Basic | 76,336,785 | 83,572,221 | |||||
Weighted Average Number of Common Shares Outstanding, Diluted | 78,786,949 | 83,572,221 |
CONDENSED CONSOLIDATED BALANCE SHEET DATA | |||||
(in thousands of | |||||
ASSETS | (unaudited) | ||||
Cash and Cash Equivalents and Restricted Cash | $ | 115,682 | $ | 126,788 | |
Other current assets | 19,036 | 15,357 | |||
Total Fixed Assets | 744,395 | 682,579 | |||
Investments in Related Parties | 7,744 | 7,644 | |||
Other Noncurrent Assets | 11,149 | 9,582 | |||
Total assets | $ | 898,006 | $ | 841,950 | |
LIABILITIES AND EQUITY | |||||
Long-Term Debt and Lease Obligation, net of Deferred Financing Costs | $ | 463,411 | $ | 423,675 | |
Other Liabilities | 31,991 | 25,080 | |||
Total Stockholders' Equity | 402,604 | 393,195 | |||
Total Liabilities and Equity | $ | 898,006 | $ | 841,950 | |
* The balance sheet data have been derived from the audited consolidated financial statements at that date. |
OTHER FINANCIAL DATA (unaudited) | |||||||
Three months ended | |||||||
2022 | 2021 | ||||||
Net cash provided by operating activities | $ | 37,100 | $ | 6,419 | |||
Net cash provided by/(used in) investing activities | (21,302 | ) | 22,558 | ||||
Net cash used in financing activities | $ | (26,904 | ) | $ | (25,851 | ) |
Corporate Contact:Source:Ioannis Zafirakis Director, Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary Telephone: + 30-210-9470100 Email: izafirakis@dianashippinginc.com Website: www.dianashippinginc.com Twitter: @Dianaship Investor and Media Relations:Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: enebb@optonline.net
2022 GlobeNewswire, Inc., source