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 $9.4 million and net
income attributed to common stockholders of $7.9 million for the
fourth quarter of 2023. This compares to net income of $25.7
million and net income attributed to common stockholders of $24.2
million for the fourth quarter of 2022. Earnings per share for the
fourth quarter of 2023 was $0.08 basic and $0.06 diluted, compared
to earnings per share of $0.28 basic and $0.27 diluted in the same
quarter of 2022.
Time charter revenues were $60.0 million for the
fourth quarter of 2023, compared to $75.7 million for the same
quarter of 2022. The decrease in time charter revenues, compared to
the same quarter of last year, was due to decreased average charter
rates. This decrease was partly offset by increased ownership days
that resulted from vessel acquisitions.
Net income for 2023, amounted to $49.8 million
and net income attributed to common stockholders amounted to $44.1
million. This compares to net income of $119.1 million and net
income attributed to common stockholders of $113.3 million, for
2022. Time charter revenues for 2023 were $262.1 million, compared
to $290.0 million for 2022. Earnings per share was $0.44 basic and
$0.42 diluted, compared to earnings per share of $1.42 basic and
$1.36 diluted in 2022.
Dividend Declaration
The Company has declared a cash dividend on its
common stock of $0.075 per share, based on the Company’s results of
operations during the fourth quarter ended December 31, 2023. The
cash dividend will be payable on or about March 12, 2024 to all
shareholders of record as of March 5, 2024. The Company currently
has 115,996,291 common shares issued and outstanding. As of
February 16, 2024, there were 1,940,736 warrants exercised.
Sale of Capesize Dry Bulk Vessel, m/v
Houston
The Company also announced that it has signed,
through a separate wholly-owned subsidiary, a Memorandum of
Agreement to sell to an unaffiliated third party, the 2009-built
vessel “Houston”, with delivery to the buyer latest by September
16, 2024, for a sale price of $23.3 million before commissions.
Fleet
Employment (As of February 23, 2024) |
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VESSEL |
|
SISTER SHIPS* |
GROSS RATE (USD PER DAY) |
COM** |
CHARTERERS |
DELIVERY DATE TO CHARTERERS*** |
REDELIVERY DATE TO OWNERS**** |
NOTES |
|
BUILT DWT |
|
9 Ultramax Bulk Carriers |
1 |
DSI Phoenix |
|
A |
13,250 |
5.00 |
% |
ASL Bulk Marine Limited |
4-Nov-22 |
4/Mar/2024 - 4/May/2024 |
|
|
2017 60,456 |
|
|
|
|
|
|
|
2 |
DSI
Pollux |
|
A |
17,000 |
5.00 |
% |
Delta Corp
Shipping Pte. Ltd. |
27-Oct-22 |
28-Dec-23 |
|
|
2015 60,446 |
|
|
14,000 |
4.75 |
% |
Cargill Ocean Transportation (Singapore) Pte. Ltd. |
28-Dec-23 |
20/Aug/2025 - 20/Oct/2025 |
|
3 |
DSI
Pyxis |
|
A |
14,250 |
5.00 |
% |
ASL Bulk Marine Limited |
24-Sep-23 |
10/Oct/2024 - 10/Dec/2024 |
|
|
2018 60,362 |
|
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|
4 |
DSI
Polaris |
|
A |
13,100 |
5.00 |
% |
ASL Bulk Marine Limited |
12-Nov-22 |
12/May/2024 - 12/Jul/2024 |
|
|
2018 60,404 |
|
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5 |
DSI
Pegasus |
|
A |
14,000 |
5.00 |
% |
Reachy Shipping (SGP) Pte. Ltd. |
7-Dec-22 |
15/Jul/2024 - 15/Sep/2024 |
|
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2015 60,508 |
|
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6 |
DSI
Aquarius |
|
B |
14,200 |
5.00 |
% |
Engelhart
CTP Freight (Switzerland) SA |
1-Feb-23 |
18-Jan-24 |
|
|
2016 60,309 |
|
|
14,500 |
5.00 |
% |
Stone Shipping Ltd |
18-Jan-24 |
1/Dec/2024 - 1/Feb/2025 |
|
7 |
DSI
Aquila |
|
B |
13,300 |
5.00 |
% |
Western Bulk Carriers AS |
22-Nov-22 |
11-Nov-23 |
|
|
2015 60,309 |
|
|
12,500 |
|
11-Nov-23 |
10/Nov/2024 - 10/Jan/2025 |
|
8 |
DSI
Altair |
|
B |
13,800 |
5.00 |
% |
Western Bulk Carriers AS |
23-Jun-23 |
10/Aug/2024 - 10/Oct/2024 |
|
|
2016 60,309 |
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9 |
DSI
Andromeda |
|
B |
14,250 |
5.00 |
% |
Western
Bulk Carriers AS |
17-Nov-22 |
27-Nov-23 |
|
|
2016 60,309 |
|
|
13,500 |
5.00 |
% |
Bunge SA, Geneva |
27-Nov-23 |
20/Feb/2025 - 20/Apr/2025 |
1, 2 |
7 Panamax Bulk Carriers |
10 |
ARTEMIS |
|
|
10,000 |
5.00 |
% |
ASL Bulk Shipping Limited |
17-Jun-23 |
6-Oct-23 |
3 |
|
2006 76,942 |
|
|
12,000 |
5.00 |
% |
Jera Global Markets Pte. Ltd. |
14-Oct-23 |
23-Feb-24 |
4, 5 |
11 |
LETO |
|
|
14,500 |
4.75 |
% |
Cargill International S.A., Geneva |
29-Jan-23 |
1/Mar/2024
- 30/Apr/2024 |
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2010 81,297 |
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12 |
SELINA |
|
C |
12,000 |
4.75 |
% |
Cargill International S.A., Geneva |
20-May-23 |
15/Sep/2024 - 15/Nov/2024 |
|
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2010 75,700 |
|
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|
13 |
MAERA |
|
C |
12,000 |
4.75 |
% |
Cargill
International S.A., Geneva |
16-Dec-22 |
29-Jan-24 |
6 |
|
2013 75,403 |
|
|
13,750 |
5.00 |
% |
ST Shipping and Transport Pte. Ltd. |
29-Jan-24 |
20/Nov/2024 - 20/Jan/2025 |
14 |
ISMENE |
|
|
12,650 |
5.00 |
% |
Paralos Shipping Pte., Ltd. |
13-Sep-23 |
15/Apr/2025 - 30/Jun/2025 |
|
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2013 77,901 |
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15 |
CRYSTALIA |
|
D |
11,250 |
5.00 |
% |
Reachy Shipping (SGP) Pte. Ltd. |
6-Sep-23 |
29/Feb/2024 - 20/Apr/2024 |
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2014 77,525 |
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16 |
ATALANDI |
|
D |
13,250 |
4.75 |
% |
Aquavita International S.A. |
15-Feb-23 |
5/Mar/2024
- 5/May/2024 |
|
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2014 77,529 |
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6 Kamsarmax Bulk Carriers |
17 |
MAIA |
|
E |
13,500 |
5.00 |
% |
ST Shipping and Transport Pte. Ltd. |
23-Sep-23 |
15/Jun/2024 - 20/Aug/2024 |
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2009 82,193 |
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18 |
MYRSINI |
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E |
15,000 |
5.00 |
% |
Salanc Pte. Ltd. |
22-Nov-22 |
20/Apr/2024 - 28/Jun/2024 |
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2010 82,117 |
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19 |
MEDUSA |
|
E |
14,250 |
5.00 |
% |
ASL Bulk Shipping Limited |
14-May-23 |
10/Feb/2025 - 15/Apr/2025 |
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2010 82,194 |
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20 |
MYRTO |
|
E |
12,650 |
5.00 |
% |
Cobelfret S.A., Luxemburg |
15-Jul-23 |
1/Nov/2024
- 15/Jan/2025 |
|
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2013 82,131 |
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21 |
ASTARTE |
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|
15,000 |
5.00 |
% |
Reachy Shipping (SGP) Pte. Ltd. |
29-Apr-23 |
1/Aug/2024
- 1/Oct/2024 |
|
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2013 81,513 |
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22 |
LEONIDAS
P. C. |
|
|
17,000 |
4.75 |
% |
Cargill
International S.A., Geneva |
17-Mar-23 |
22-Feb-24 |
7 |
|
2011 82,165 |
|
|
17,000 |
5.00 |
% |
Ming Wah International Shipping Company Limited |
22-Feb-24 |
20/Aug/2025 - 20/Oct/2025 |
5 Post-Panamax Bulk Carriers |
23 |
ALCMENE |
|
|
13,000 |
5.00 |
% |
SwissMarine Pte. Ltd., Singapore |
2-Jan-23 |
29/Feb/2024 - 25/Mar/2024 |
8 |
|
2010 93,193 |
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24 |
AMPHITRITE |
|
F |
14,250 |
5.00 |
% |
Cobelfret S.A., Luxembourg |
9-Nov-22 |
13-Jan-24 |
|
|
2012 98,697 |
|
|
15,000 |
13-Jan-24 |
15/Nov/2024 - 15/Jan/2025 |
9 |
25 |
POLYMNIA |
|
F |
15,000 |
5.00 |
% |
Cobelfret S.A., Luxemburg |
14-Jan-23 |
1/Apr/2024
- 31/May/2024 |
10 |
|
2012 98,704 |
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26 |
ELECTRA |
|
G |
14,500 |
5.00 |
% |
Cobelfret S.A., Luxemburg |
13-Apr-23 |
1/Jun/2024
- 1/Aug/2024 |
|
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2013 87,150 |
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27 |
PHAIDRA |
|
G |
12,250 |
4.75 |
% |
Aquavita International S.A. |
9-May-23 |
1/Sep/2024
- 15/Nov/2024 |
|
|
2013 87,146 |
|
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|
9 Capesize Bulk Carriers |
28 |
SEMIRIO |
|
H |
14,150 |
5.00 |
% |
Solebay Shipping Cape Company Limited, Hong Kong |
18-Aug-23 |
20/Nov/2024 - 30/Jan/2025 |
|
|
2007 174,261 |
|
|
|
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|
|
|
29 |
BOSTON |
|
|
17,000 |
5.00 |
% |
ST Shipping and Transport Pte. Ltd. |
6-May-23 |
15/Jul/2024 - 15/Oct/2024 |
11 |
|
2007 177,828 |
|
|
|
|
|
|
|
30 |
HOUSTON |
|
H |
13,000 |
5.00 |
% |
EGPN Bulk Carrier Co., Limited |
21-Nov-22 |
1/Jul/2024
- 31/Aug/2024 |
12 |
|
2009 177,729 |
|
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|
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31 |
NEW
YORK |
|
H |
16,000 |
5.00 |
% |
SwissMarine Pte. Ltd., Singapore |
11-Jun-23 |
1/Oct/2024
- 7/Dec/2024 |
|
|
2010 177,773 |
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32 |
SEATTLE |
|
I |
26,500 |
5.00 |
% |
Solebay Shipping Cape Company Limited, Hong Kong |
2-Mar-22 |
1-Oct-23 |
|
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2011 179,362 |
|
|
17,500 |
|
1-Oct-23 |
15/Jul/2025 - 30/Sep/2025 |
|
33 |
P. S.
PALIOS |
|
I |
31,000 |
5.00 |
% |
Classic Maritime Inc. |
11-Jun-22 |
15/Apr/2024 - 30/Jun/2024 |
|
|
2013 179,134 |
|
|
|
|
|
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|
34 |
G. P.
ZAFIRAKIS |
|
J |
17,000 |
5.00 |
% |
Solebay Shipping Cape Company Limited, Hong Kong |
12-Jan-23 |
15/Jun/2024 - 15/Aug/2024 |
|
|
2014 179,492 |
|
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|
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|
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35 |
SANTA
BARBARA |
|
J |
21,250 |
5.00 |
% |
Smart Gain Shipping Co., Limited |
7-May-23 |
10/Oct/2024 - 10/Dec/2024 |
13 |
|
2015 179,426 |
|
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36 |
NEW
ORLEANS |
|
|
32,000 |
5.00 |
% |
Engelhart
CTP Freight (Switzerland) SA |
25-Mar-22 |
7-Dec-23 |
13, |
|
2015 180,960 |
|
|
20,000 |
5.00 |
% |
Kawasaki Kisen Kaisha, Ltd. |
7-Dec-23 |
15/Aug/2025 - 31/Oct/2025 |
14 |
37 |
FLORIDA |
|
|
25,900 |
5.00 |
% |
Bunge S.A., Geneva |
29-Mar-22 |
29/Jan/2027 - 29/May/2027 |
2 |
|
2022 182,063 |
|
|
|
|
|
|
|
4 Newcastlemax Bulk Carriers |
38 |
LOS
ANGELES |
|
K |
17,700 |
5.00 |
% |
Nippon Yusen Kabushiki Kaisha, Tokyo |
15-Jan-23 |
20/May/2024 - 5/Aug/2024 |
|
|
2012 206,104 |
|
|
|
|
|
|
|
39 |
PHILADELPHIA |
|
K |
26,000 |
5.00 |
% |
C
Transport Maritime Ltd., Bermuda |
12-Apr-22 |
4-Feb-24 |
|
|
2012 206,040 |
|
|
22,500 |
5.00 |
% |
Nippon Yusen Kabushiki Kaisha, Tokyo |
4-Feb-24 |
20/Apr/2025 - 20/Jul/2025 |
|
40 |
SAN
FRANCISCO |
|
L |
22,000 |
5.00 |
% |
SwissMarine Pte. Ltd., Singapore |
18-Feb-23 |
5/Jan/2025
- 5/Mar/2025 |
|
|
2017 208,006 |
|
|
|
|
|
|
|
41 |
NEWPORT
NEWS |
|
L |
20,000 |
5.00 |
% |
Nippon Yusen Kabushiki Kaisha, Tokyo |
20-Sep-23 |
10/Mar/2025 - 10/Jun/2025 |
|
|
2017 208,021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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* 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. |
|
1The fixture
includes the option for redelivery of vessel east of Suez against a
gross ballast bonus of US$250,000. |
2Bareboat
chartered-in for a period of ten years. |
3Vessel on scheduled
drydocking from October 6, 2023 to October 14, 2023. |
4Redelivery date
based on an estimated time charter trip duration of about 131
days. |
5Vessel has been
sold and it is expected to be delivered to her new Owners by latest
March 8, 2024. |
6Charterers will
compensate the Owners at a rate of 105% of the Baltic Panamax Index
5 TC average as published by the Baltic Exchange on a daily basis
or the vessel’s present charter party rate, whichever is higher,
for the excess period commencing from December 29, 2023 until the
actual redelivery date. |
7Vessel off hire for
6.83 days. |
8Based on latest
information. |
9The charter rate
will be US$12,250 per day for the first 30 days of the charter
period. |
10The charter rate
was US$10,000 per day for the first 30 days of the charter
period. |
11Vessel has been
sold and delivered to her new Owners on December 6, 2023.12Vessel
has been sold and it is expected to be delivered to her new Owners
by latest September 16, 2024. |
13Bareboat
chartered-in for a period of eight years. |
14Vessel off hire
for 3.65 days. |
Summary
of Selected Financial & Other Data (unaudited) |
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|
Three months ended December 31, |
|
|
Year ended December 31, |
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|
2023 |
|
|
2022 |
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|
2023 |
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|
2022 |
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STATEMENT
OF INCOME DATA (in thousands of US Dollars) |
Time charter revenues |
$ |
60,016 |
|
|
$ |
75,705 |
|
|
$ |
262,098 |
|
|
$ |
289,972 |
|
Voyage expenses |
|
3,326 |
|
|
|
2,846 |
|
|
|
13,621 |
|
|
|
6,942 |
|
Vessel operating expenses |
|
21,520 |
|
|
|
19,527 |
|
|
|
85,486 |
|
|
|
72,033 |
|
Net income |
|
9,382 |
|
|
|
25,682 |
|
|
|
49,844 |
|
|
|
119,063 |
|
Net income attributable to common stockholders |
|
7,940 |
|
|
|
24,240 |
|
|
|
44,075 |
|
|
|
113,294 |
|
FLEET DATA |
Average number of vessels |
|
40.7 |
|
|
|
38.2 |
|
|
|
41.1 |
|
|
|
35.4 |
|
Number of vessels |
|
40.0 |
|
|
|
42.0 |
|
|
|
40.0 |
|
|
|
42.0 |
|
Weighted average age of vessels |
|
10.5 |
|
|
|
10.2 |
|
|
|
10.5 |
|
|
|
10.2 |
|
Ownership days |
|
3,746 |
|
|
|
3,512 |
|
|
|
14,986 |
|
|
|
12,924 |
|
Available days |
|
3,739 |
|
|
|
3,453 |
|
|
|
14,867 |
|
|
|
12,449 |
|
Operating days |
|
3,727 |
|
|
|
3,393 |
|
|
|
14,824 |
|
|
|
12,306 |
|
Fleet utilization |
|
99.7 |
% |
|
|
98.3 |
% |
|
|
99.7 |
% |
|
|
98.9 |
% |
AVERAGE
DAILY RESULTS |
Time charter equivalent (TCE) rate (1) |
$ |
15,162 |
|
|
$ |
21,100 |
|
|
$ |
16,713 |
|
|
$ |
22,735 |
|
Daily vessel operating expenses (2) |
$ |
5,745 |
|
|
$ |
5,560 |
|
|
$ |
5,704 |
|
|
$ |
5,574 |
|
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 available days during the period, which is
consistent with industry standards. Voyage expenses include
port charges, bunker (fuel) expenses or gain, 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 Friday, February 23,
2024.
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 13744214.
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 short to medium-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 continuing impacts of the
COVID-19 pandemic; 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,
including the escalation of the conflict in the Middle East, 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 INCOME AND
COMPREHENSIVE INCOME |
|
|
|
Three months ended December 31, |
|
|
Year ended December 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
REVENUES: |
|
|
|
|
|
|
|
|
|
|
|
Time charter revenues |
$ |
60,016 |
|
|
$ |
75,705 |
|
|
$ |
262,098 |
|
|
$ |
289,972 |
|
OPERATING
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
Voyage expenses |
|
3,326 |
|
|
|
2,846 |
|
|
|
13,621 |
|
|
|
6,942 |
|
Vessel operating expenses |
|
21,520 |
|
|
|
19,527 |
|
|
|
85,486 |
|
|
|
72,033 |
|
Depreciation and amortization of deferred charges |
|
11,508 |
|
|
|
12,228 |
|
|
|
49,785 |
|
|
|
43,326 |
|
General and administrative expenses |
|
8,364 |
|
|
|
7,407 |
|
|
|
32,968 |
|
|
|
29,367 |
|
Management fees to a related party |
|
333 |
|
|
|
61 |
|
|
|
1,313 |
|
|
|
511 |
|
Gain on sale of vessels |
|
(329 |
) |
|
|
(9 |
) |
|
|
(5,323 |
) |
|
|
(2,850 |
) |
Insurance recoveries |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,789 |
) |
Other operating (income)/loss |
|
(572 |
) |
|
|
209 |
|
|
|
(1,464 |
) |
|
|
(265 |
) |
Operating income, total |
$ |
15,866 |
|
|
$ |
33,436 |
|
|
$ |
85,712 |
|
|
$ |
142,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME / (EXPENSES): |
|
|
|
|
|
|
|
|
|
|
|
Interest expense and finance costs |
|
(12,649 |
) |
|
|
(9,795 |
) |
|
|
(49,331 |
) |
|
|
(27,419 |
) |
Interest and other income |
|
2,129 |
|
|
|
1,484 |
|
|
|
8,170 |
|
|
|
2,737 |
|
Loss on derivative instruments |
|
(592 |
) |
|
|
- |
|
|
|
(439 |
) |
|
|
- |
|
Loss on extinguishment of debt |
|
- |
|
|
|
(222 |
) |
|
|
(748 |
) |
|
|
(435 |
) |
Gain on deconsolidation of subsidiary |
|
- |
|
|
|
- |
|
|
|
844 |
|
|
|
- |
|
Gain on related party investments |
|
740 |
|
|
|
589 |
|
|
|
1,502 |
|
|
|
589 |
|
Unrealized gain on equity investments |
|
2,813 |
|
|
|
- |
|
|
|
2,813 |
|
|
|
- |
|
Gain on warrants |
|
1,583 |
|
|
|
- |
|
|
|
1,583 |
|
|
|
- |
|
Gain/(loss) from equity method investments |
|
(508 |
) |
|
|
190 |
|
|
|
(262 |
) |
|
|
894 |
|
Total other expenses, net |
$ |
(6,484 |
) |
|
$ |
(7,754 |
) |
|
$ |
(35,868 |
) |
|
$ |
(23,634 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
9,382 |
|
|
$ |
25,682 |
|
|
$ |
49,844 |
|
|
$ |
119,063 |
|
Dividends on
series B preferred shares |
|
(1,442 |
) |
|
|
(1,442 |
) |
|
|
(5,769 |
) |
|
|
(5,769 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common stockholders |
|
7,940 |
|
|
|
24,240 |
|
|
|
44,075 |
|
|
|
113,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per common share, basic |
$ |
0.08 |
|
|
$ |
0.28 |
|
|
$ |
0.44 |
|
|
$ |
1.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per common share, diluted |
$ |
0.06 |
|
|
$ |
0.27 |
|
|
$ |
0.42 |
|
|
$ |
1.36 |
|
Weighted
average number of common shares outstanding, basic |
|
102,910,653 |
|
|
|
87,076,947 |
|
|
|
100,166,629 |
|
|
|
80,061,040 |
|
Weighted
average number of common shares outstanding, diluted |
|
105,488,012 |
|
|
|
90,474,943 |
|
|
|
101,877,142 |
|
|
|
83,318,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
Year ended December 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income |
$ |
9,382 |
|
|
$ |
25,682 |
|
|
$ |
49,844 |
|
|
$ |
119,063 |
|
Other
comprehensive income (Defined benefit plan) |
|
55 |
|
|
|
181 |
|
|
|
55 |
|
|
|
182 |
|
Comprehensive Income |
$ |
9,437 |
|
|
$ |
25,863 |
|
|
$ |
49,899 |
|
|
$ |
119,245 |
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEET DATA |
|
|
|
(in thousands of
U.S. Dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
2022 * |
ASSETS |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents, restricted cash and time deposits |
$ |
161,592** |
|
$ |
143,928** |
Investments in equity securities |
|
20,729 |
|
|
- |
Other current assets |
|
19,900 |
|
|
17,636 |
Fixed assets |
|
924,474 |
|
|
996,702 |
Investments in related parties and equity method investments |
|
24,087 |
|
|
8,250 |
Other noncurrent assets |
|
15,628 |
|
|
16,403 |
Total assets |
$ |
1,166,410 |
|
$ |
1,182,919 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt and finance liabilities, net of deferred financing
costs |
$ |
642,772 |
|
$ |
663,442 |
Other liabilities |
|
34,617 |
|
|
32,149 |
Total stockholders' equity |
|
489,021 |
|
|
487,328 |
Total liabilities and stockholders'
equity |
$ |
1,166,410 |
|
$ |
1,182,919 |
|
|
|
|
|
|
|
* |
The balance sheet
data have been derived from the audited consolidated financial
statements at that date. |
** |
Includes time
deposits of $40 million and $46.5 million as of December 31, 2023
and 2022, respectively |
|
OTHER
FINANCIAL DATA (unaudited) |
|
|
Three months ended December 31, |
|
|
For the years ended December 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by/(used in) operating activities |
$ |
(2,235 |
) |
|
$ |
34,745 |
|
|
$ |
70,380 |
|
|
$ |
158,859 |
|
Net cash provided by/(used in) investing activities |
|
31,037 |
|
|
|
(218,718 |
) |
|
|
24,929 |
|
|
|
(273,097 |
) |
Net cash provided by/(used in) financing activities |
$ |
(16,762 |
) |
|
$ |
151,726 |
|
|
$ |
(71,145 |
) |
|
$ |
84,878 |
|
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
X: @Dianaship
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email:enebb@optonline.net
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