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Diana Shipping Inc. Reports Financial Results for the First Quarter Ended March 31, 2022; Declares Cash Dividend of 25 Cents Per Share for the First Quarter of 2022

·16-min read

ATHENS, Greece, May 24, 2022 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today reported net income of $26.0 million and net income attributed to common stockholders of $24.6 million for the first quarter of 2022. This compares to a net loss of $1.3 million and net loss attributed to common stockholders of $2.7 million reported in the first quarter of 2021. Earnings per share for the first quarter of 2022 was $0.32 basic and $0.31 diluted, compared to loss per share of $0.03 basic and diluted in the same quarter in 2021.

Time charter revenues were $65.9 million for the first quarter of 2022, compared to $41.1 million for the same quarter of 2021. The increase in time charter revenues was due to increased average time charter rates that the Company achieved for its vessels during the quarter. This increase was partly offset by decreased ownership days compared to the same quarter of last year, which was due to vessel sales and a spin-off in November 2021.

Dividend Declaration

The Company has declared a cash dividend on its common stock of $0.25 per share, based on the Company’s results of operations during the first quarter ended March 31, 2022. The cash dividend will be payable on or about June 17, 2022 to all shareholders of record as of June 6, 2022. The Company currently has 86,142,258 common shares issued and outstanding.

 

 

Fleet Employment Profile (As of May 23, 2022)

 

 

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

 

$25,750

5.00

%

Viterra Chartering B.V., Rotterdam

11-Jun-21

28-May-22

1

 

 

2005   76,225

 

 

 

 

 

 

 

2

 

ARTEMIS

 

$10,250

5.00

%

Glencore Agriculture B.V., Rotterdam

30-Nov-20

21-Mar-22

 

 

 

 

 

$21,250

4.75

%

Cargill International S.A., Geneva

21-Mar-22

20-Jun-23 - 20-Aug-23

 

 

 

2006   76,942

 

 

 

 

 

 

 

3

 

LETO

 

$25,500

4.75

%

Aquavita International S.A.

3-Oct-21

1-Feb-23 - 15-Apr-23

 

 

 

2010   81,297

 

 

 

 

 

 

 

4

 

SELINA

A

$26,500

5.00

%

ASL Bulk Shipping HK Limited

2-Sep-21

15-Jun-22 - 15-Sep-22

 

 

 

2010   75,700

 

 

 

 

 

 

 

5

 

MAERA

A

$26,000

5.00

%

ASL Bulk Shipping HK Limited

18-Sep-21

1-Oct-22 - 15-Dec-22

 

 

 

2013   75,403

 

 

 

 

 

 

 

6

 

ISMENE

 

$18,500

4.75

%

Cargill International S.A., Geneva

23-Nov-21

15-Dec-22 - 15-Feb-23

 

 

 

2013   77,901

 

 

 

 

 

 

 

7

 

CRYSTALIA

B

$26,100

5.00

%

Uniper Global Commodities SE, Düsseldorf

21-Sep-21

1-Oct-22 - 15-Dec-22

 

 

 

2014   77,525

 

 

 

 

 

 

 

8

 

ATALANDI

B

$24,500

4.75

%

Aquavita International S.A.

5-Oct-21

15-Feb-23 - 30-Apr-23

 

 

 

2014   77,529

 

 

 

 

 

 

 

 

 

6 Kamsarmax Bulk Carriers

9

 

MAIA

C

$25,000

5.00

%

Viterra Chartering B.V., Rotterdam

20-Jun-21

24-May-22

2

 

 

 

 

$25,000

5.00

%

Hyundai Glovis Co. Ltd.

24-May-22

20-Sep-23 - 20-Nov-23

3

 

 

2009   82,193

 

 

 

 

 

 

 

10

 

MYRSINI

C

$22,000

4.75

%

Cargill International S.A., Geneva

15-Nov-21

1-Dec-22 - 31-Jan-23

 

 

 

2010   82,117

 

 

 

 

 

 

 

11

 

MEDUSA

C

$11,000

4.75

%

Cargill International S.A., Geneva

19-Nov-20

9-Mar-22

 

 

 

 

 

$26,000

4.75

%

9-Mar-22

15-May-23 - 15-Jul-23

 

 

 

2010   82,194

 

 

 

 

 

 

 

12

 

MYRTO

C

$28,500

5.00

%

Solebay Shipping Transocean Company Limited

10-Sep-21

15-Aug-22 - 15-Oct-22

 

 

 

2013   82,131

 

 

 

 

 

 

 

13

 

ASTARTE

 

$21,500

5.00

%

Tongli Shipping Pte. Ltd.

30-Jan-22

15-Apr-23 - 15-Jun-23

4

 

 

2013   81,513

 

 

 

 

 

 

 

14

 

LEONIDAS P. C.

 

$24,500

4.75

%

Cargill International S.A., Geneva

18-Feb-22

1-Mar-23 - 30-Apr-23

5

 

 

2011   82,165

 

 

 

 

 

 

 

 

 

5 Post-Panamax Bulk Carriers

15

 

ALCMENE

 

$17,100

5.00

%

SwissMarine Pte. Ltd., Singapore

25-Nov-21

20-Dec-22 - 5-Mar-23

 

 

 

2010   93,193

 

 

 

 

 

 

 

16

 

AMPHITRITE

D

$27,000

5.00

%

BG Shipping Co., Limited, Hong Kong

13-Sep-21

15-Oct-22 - 15-Dec-22

 

 

 

2012   98,697

 

 

 

 

 

 

 

17

 

POLYMNIA

D

$12,100

5.00

%

CLdN Cobelfret SA, Luxembourg

22-Nov-20

4-Feb-22

6

 

 

 

 

$24,750

5.00

%

4-Feb-22

15-Jan-23 - 15-Mar-23

 

 

 

2012   98,704

 

 

 

 

 

 

 


18

 

ELECTRA

E

$21,000

5.00

%

Tongli Shipping Pte. Ltd.

28-Apr-21

13-Apr-22

7

 

 

 

 

$16,500

5.00

%

Raffles Shipping International Pte. Ltd.

13-Apr-22

6-Jun-22

1,8

 

 

2013   87,150

 

 

 

 

 

 

 

19

 

PHAIDRA

E

$28,000

5.00

%

Uniper Global Commodities SE, Düsseldorf

2-Sep-21

1-Jul-22 - 15-Sep-22

 

 

 

2013   87,146

 

 

 

 

 

 

 

 

 

12 Capesize Bulk Carriers

20

 

ALIKI

 

$20,500

5.00

%

Solebay Shipping Cape Company Limited, Hong Kong

18-Mar-21

21-Feb-22

 

 

 

 

 

$24,500

5.00

%

Koch Shipping Pte. Ltd., Singapore

21-Feb-22

1-Feb-23 - 15-Apr-23

 

 

 

2005   180,235

 

 

 

 

 

 

 

21

 

BALTIMORE

 

$10,500

5.00

%

Trafigura Maritime Logistics Pte. Ltd.

8-Feb-22

8-Apr-22

9

 

 

 

 

$16,000

5.00

%

Solebay Shipping Cape Company Limited, Hong Kong

8-Apr-22

27-Jun-22 - 17-Jul-22

10

 

 

2005   177,243

 

 

 

 

 

 

 

22

 

SEMIRIO

F

$19,700

5.00

%

C Transport Maritime Ltd., Bermuda

15-Dec-21

15-Aug-23 - 15-Nov-23

 

 

 

2007   174,261

 

 

 

 

 

 

 

23

 

BOSTON

F

$25,500

5.00

%

C Transport Maritime Ltd., Bermuda

16-Jun-21

20-Apr-22

 

 

 

 

 

$13,000

5.00

%

Richland Bulk Pte. Ltd.

20-Apr-22

30-May-22

11

 

 

2007   177,828

 

 

 

 

 

 

 

24

 

HOUSTON

F

$27,000

5.00

%

Koch Shipping Pte. Ltd., Singapore

30-Aug-21

15-Jul-22 - 15-Oct-22

 

 

 

2009   177,729

 

 

 

 

 

 

 

25

 

NEW YORK

F

$14,000

5.00

%

EGPN Bulk Carrier Co., Limited, Hong Kong

29-Dec-20

4-Jun-22 - 3-Jul-22

1

 

 

2010   177,773

 

 

 

 

 

 

 

26

 

SEATTLE

G

$12,300

5.00

%

Pacbulk Shipping Pte. Ltd., Singapore

27-Apr-20

2-Mar-22

 

 

 

 

 

$26,500

5.00

%

Solebay Shipping Cape Company Limited, Hong Kong

2-Mar-22

1-Oct-23 - 15-Dec-23

 

 

 

2011   179,362

 

 

 

 

 

 

 

27

 

P. S. PALIOS

G

$26,500

4.75

%

Olam International Limited, Singapore

5-Jun-21

23-Apr-22

12,13

 

 

 

 

$31,000

5.00

%

Classic Maritime Inc.

11-Jun-22

15-Apr-24 - 30-Jun-24

3

 

 

2013   179,134

 

 

 

 

 

 

 

28

 

G. P. ZAFIRAKIS

H

$22,750

4.75

%

Cargill International S.A., Geneva

1-Dec-21

1-Nov-22 - 31-Dec-22

 

 

 

2014   179,492

 

 

 

 

 

 

 

29

 

SANTA BARBARA

H

$17,250

4.75

%

Cargill International S.A., Geneva

9-Jan-21

19-Mar-22

14

 

 

 

 

$29,500

4.75

%

19-Mar-22

10-May-23 - 10-Jul-23

 

 

 

2015   179,426

 

 

 

 

 

 

 

30

 

NEW ORLEANS

 

$15,500

5.00

%

Nippon Yusen Kabushiki Kaisha

3-Dec-20

25-Mar-22

 

 

 

 

 

$32,000

5.00

%

Engelhart CTP Freight (Switzerland) SA

25-Mar-22

20-Nov-23 - 31-Jan-24

 

 

 

2015   180,960

 

 

 

 

 

 

 

31

 

FLORIDA

 

$25,900

5.00

%

Bunge S.A., Geneva

29-Mar-22

29-Jan-27 - 29-May-27

15

 

 

2022   182,063

 

 

 

 

 

 

 


 

 

4 Newcastlemax Bulk Carriers

32

 

LOS ANGELES

I

$26,250

5.00

%

Koch Shipping Pte. Ltd., Singapore

30-Jan-22

15-Jan-23 - 15-Mar-23

16

 

 

2012   206,104

 

 

 

 

 

 

 

33

 

PHILADELPHIA

I

$28,500

5.00

%

Classic Maritime Inc.

22-Apr-21

7-Mar-22

17

 

 

 

 

$26,000

5.00

%

C Transport Maritime Ltd., Bermuda

12-Apr-22

1-Feb-24 - 15-Apr-24

 

 

 

2012   206,040

 

 

 

 

 

 

 

34

 

SAN FRANCISCO

J

$24,700

5.00

%

Olam International Limited, Singapore

11-Feb-21

18-Feb-22

18

 

 

 

 

$30,500

5.00

%

Koch Shipping Pte. Ltd., Singapore

18-Feb-22

1-Mar-23 - 15-May-23

 

 

 

2017   208,006

 

 

 

 

 

 

 

35

 

NEWPORT NEWS

J

$28,000

5.00

%

Koch Shipping Pte. Ltd., Singapore

16-Dec-21

1-Jul-23 - 30-Sep-23

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 December 28, 2021 to January 30, 2022.

5Vessel was delivered to the Company on February 16, 2022.

6Charterers agreed to compensate the owners, for all the days over and above the new maximum redelivery date (January 13, 2022), with hire rate equal to the average of Baltic Panamax 82 Index 5TC weighted time charter average plus 15% or vessel’s present Charter Party rate, whichever is higher.

7Charterers agreed to compensate the owners, for all the days over and above the maximum redelivery date (April 10, 2022), with hire rate equal to the average of Baltic Panamax Index 5TC weighted time charter average minus 10% or vessel’s present Charter Party rate, whichever is higher.

8For two laden legs of maximum duration up to June 30, 2022.

9Charter included a one time ballast bonus payment of US$1,000,000.

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 (April 15, 2022), with hire rate equal to the average of Baltic Cape Index 5TC weighted time charter average plus 10% or vessel’s present Charter Party rate, whichever is higher.

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 (March 5, 2022), with hire rate equal to the average of Baltic Cape Index 5TC weighted time charter average plus 23% or vessel’s present Charter Party rate, whichever is higher.

15Bareboat chartered-in for a period of ten years at US$13,500 per day.

16Vessel on scheduled drydocking from December 23, 2021 to January 30, 2022.

17Vessel on scheduled drydocking from March 7, 2022 to April 12, 2022.

18The charter rate was US$17,750 per day for the first one hundred five (105) days of the charter period.

19Vessel on scheduled drydocking from February 4, 2022 to March 2, 2022.


Summary of Selected Financial & Other Data (unaudited)

 

 

 

Three months ended March 31,

 

 

 

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 9:00 A.M. (Eastern Time) on Tuesday, May 24, 2022.

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 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 13729890.

About the Company

Diana Shipping Inc. is a global provider of shipping transportation services through its ownership and bareboat charter-in 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 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 Russia and Ukraine and related sanctions, 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 March 31,

 

 

 

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 Related Party

 

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 U.S. Dollars)

 

 

 

 

 

 

 

 

 

 

 

March 31, 2022

 

December 31, 2021*

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 March 31,

 

 

 

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

)

CONTACT: Corporate Contact: 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


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