GlobeNewswire

Diana Shipping Inc. Reports Financial Results for the First Quarter Ended March 31, 2023 and Declares Dividend of $0.15 Per Share for the First Quarter of 2023

ATHENS, Greece, May 26, 2023 (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 $22.7 million and net income attributed to common stockholders of $21.3 million for the first quarter of 2023. This compares to a net income of $26.0 million and net income attributed to common stockholders of $24.6 million reported in the first quarter of 2022. Earnings per share for the first quarter of 2023 was $0.22 basic and diluted, compared to earnings per share of $0.32 basic and $0.31 diluted in the same quarter in 2022.

Time charter revenues were $72.6 million for the first quarter of 2023, compared to $65.9 million for the same quarter of 2022. The increase in time charter revenues, compared to the same quarter of last year, was due to increased ownership days resulted from vessel acquisitions. This increase was partly offset by decreased average charter rates compared to the same quarter of last year.

Dividend Declaration

The Company has declared a dividend on its common stock based on the Company’s results of operations during the quarter ended March 31, 2023, in the amount of $0.15 per share, which will be paid in shares of the Company’s common stock or, upon the election of common shareholders, in cash. The dividend will be payable on or about July 10, 2023, to all shareholders of record as of June 12, 2023. The Company has 106,437,232 common shares issued and outstanding.

The Company is also re-affirming its previously announced dividend guidance that it intends to declare and pay quarterly dividends with respect to the next two quarters of 2023 in an amount of not less than $0.15 per share. The actual declaration of future dividends, the establishment of record and payment dates and the determination to pay future dividends in cash, in stock, or in a combination of cash and shares of common stock is subject to final determination by the Company’s board of directors each quarter after its review of the Company’s financial performance.

Other Matters

The Company is also announcing that it has signed a non-binding term sheet with a major European bank for a new sustainability linked loan facility in an amount of up to $100 million. If completed, the proceeds of the new facility will be used to refinance existing credit facilities secured by the ten vessels in the Company’s current fleet securing the facility. The facility is expected to have a term of six and a half years. The Company has also signed a non-binding term sheet with a separate major European bank for an additional credit facility in the amount of up to $22.5 million. If completed, the proceeds of the $22.5 million facility will be used to refinance an existing credit facility secured by four of the Company’s dry bulk vessels. The facility is expected to have a term of five years. Both facilities remain subject to successful negotiation of definitive documentation and satisfaction of other customary closing conditions and are expected to include customary financial and other covenants and conditions.

 
Fleet Employment (As of May 22, 2023)
         
 VESSELSISTER SHIPS*GROSS RATE (USD PER DAY)COM**CHARTERERSDELIVERY DATE TO CHARTERERS***REDELIVERY DATE TO OWNERS****NOTES
 BUILT DWT
10 Ultramax Bulk Carriers
1DSI PhoenixA13,2505.00%ASL Bulk Marine Limited4-Nov-224/Mar/2024 - 4/May/2024 
 2017 60,456       
2DSI PolluxA17,0005.00%Delta Corp Shipping Pte. Ltd.27-Oct-2227/Dec/2023 - 27/Feb/2024 
 2015 60,446      
3DSI PyxisA17,1004.75%Cargill Ocean Transportation Singapore Pte. Ltd.16-Oct-2216/Aug/2023 - 16/Oct/2023 
 2018 60,362      
4DSI PolarisA13,1005.00%ASL Bulk Marine Limited12-Nov-2212/May/2024 - 12/Jul/2024 
 2018 60,404       
5DSI PegasusA14,0005.00%Reachy Shipping (SGP) Pte. Ltd.7-Dec-2215/Jul/2024 - 15/Sep/2024 
 2015 60,508      
6DSI AquariusB14,2005.00%Engelhart CTP Freight (Switzerland) SA1-Feb-2310/Jan/2024 - 25/Mar/2024 
 2016 60,309      
7DSI AquilaB13,3005.00%Western Bulk Carriers AS22-Nov-2215/Sep/2023 - 15/Nov/2023 
 2015 60,309       
8DSI AltairB14,4005.00%Western Bulk Pte. Ltd.28-Dec-2225/Jun/2023 - 25/Aug/2023 
 2016 60,309       
9DSI AndromedaB14,2505.00%Western Bulk Carriers AS17-Nov-2216/Oct/2023 - 16/Dec/20231, 2
 2016 60,309       
10DSI Drammen 18,2505.00%IMC Shipping Co. Pte. Ltd.22-Apr-2310/Apr/2024 - 10/Jun/20243
 2016 63,379       
8 Panamax Bulk Carriers
11MELIA 11,0005.00%Asahi Shipping Co., Ltd.10-Dec-224/Feb/20234
 2005 76,225       
12ARTEMIS 21,2504.75%Cargill International S.A., Geneva21-Mar-2220/Jun/2023 -20/Aug/2023 
 2006 76,942      
13LETO 25,5004.75%Aquavita International S.A.3-Oct-2129/Jan/20235
 2010 81,297 14,5004.75%Cargill International S.A., Geneva29-Jan-231/Mar/2024 - 30/Apr/2024 
14SELINAC22,0005.00%Speed Logistics Marine Limited18-Jun-2212/May/20236
 2010 75,700 12,0004.75%Cargill International S.A., Geneva20-May-2315/Sept/2024 - 15/Nov/2024 
15MAERAC12,0004.75%Cargill International S.A., Geneva16-Dec-2228/Oct/2023 - 28/Dec/2023 
 2013 75,403      
16ISMENE 18,5004.75%Cargill International S.A., Geneva23-Nov-2110/Jan/2023 
 2013 77,901 14,0005.00%ST Shipping and Transport Pte. Ltd.10-Jan-2320/Aug/2023 - 10/Oct/2023 
17CRYSTALIAD12,5005.00%Reachy Shipping (SGP) Pte. Ltd.12-Nov-221/Sep/2023 - 15/Oct/2023 
 2014 77,525      
18ATALANDID24,5004.75%Aquavita International S.A.5-Oct-2115/Feb/2023 
 2014 77,529 13,2504.75% 15-Feb-235/Mar/2024 - 5/May/2024 
6 Kamsarmax Bulk Carriers
19MAIAE25,0005.00%Hyundai Glovis Co. Ltd.24-May-2220/Sep/2023 -20/Nov/20237
 2009 82,193       
20MYRSINIE15,0005.00%Salanc Pte. Ltd.22-Nov-2220/Apr/2024 - 28/Jun/2024 
 2010 82,117       
21MEDUSAE26,0004.75%Cargill International S.A., Geneva9-Mar-2214/May/2023 
 2010 82,194 14,2505.00%ASL Bulk Shipping Limited14-May-2310/Feb/2025 - 15/Apr/2025 
22MYRTOE18,0005.00%Tata NYK Shipping Pte. Ltd.3-Aug-2215/Jul/2023 - 15/Sep/2023 
 2013 82,131       
23ASTARTE 21,5005.00%Tongli Shipping Pte. Ltd.30-Jan-2229/Apr/2023 
 2013 81,513 15,0005.00%Reachy Shipping (SGP) Pte. Ltd.29-Apr-231/Aug/2024 - 1/Oct/2024 
24LEONIDAS P. C. 24,5004.75%Cargill International S.A., Geneva18-Feb-2228/Feb/20238
 2011 82,165 17,0004.75%17-Mar-2317/Feb/2024 - 17/Apr/2024 
5 Post-Panamax Bulk Carriers
25ALCMENE 17,1005.00%SwissMarine Pte. Ltd., Singapore25-Nov-212/Jan/2023 
 2010 93,193 13,0005.00%2-Jan-2310/Jan/2024 - 25/Mar/2024 
26AMPHITRITEF14,2505.00%Cobelfret S.A.9-Nov-221/Dec/2023 - 15/Feb/2024 
 2012 98,697       
27POLYMNIAF24,7505.00%CLdN Cobelfret SA, Luxembourg4-Feb-2214/Jan/2023 
 2012 98,704 15,0005.00%14-Jan-231/Apr/2024 - 31/May/20249
28ELECTRAG17,5005.00%Refined Success Limited2-Jul-2213/Apr/2023 
 2013 87,150 14,5005.00%Cobelfret S.A.13-Apr-231/Jun/2024 - 1/Aug/2024 
29PHAIDRAG25,0005.00%Comerge Shipping Co., Limited24-Nov-224/Mar/2023 
 2013 87,146 10,0005.00%Salanc Pte. Ltd.4-Mar-2316/Apr/202310
  12,2504.75%Aquavita International S.A.9-May-231/Sep/2024 - 15/Nov/202411
11 Capesize Bulk Carriers
30ALIKI 24,5005.00%Koch Shipping Pte. Ltd., Singapore21-Feb-222/Feb/20234
 2005 180,235      
31SEMIRIOH19,7005.00%C Transport Maritime Ltd., Bermuda15-Dec-2115/Aug/2023 - 15/Nov/2023 
 2007 174,261      
32BOSTONH20,5005.00%Aquavita International S.A.15-Jul-226/May/2023 
 2007 177,828 17,0005.00%ST Shipping and Transport Pte. Ltd.6-May-2315/Jul/2024 - 15/Oct/2024 
33HOUSTONH13,0005.00%EGPN Bulk Carrier Co., Limited21-Nov-221/Jul/2024 - 31/Aug/2024 
 2009 177,729      
34NEW YORKH23,0005.00%C Transport Maritime Ltd., Bermuda2-Jul-2210/Jun/2023 - 30/Jun/202312
 2010 177,773      
35SEATTLEI26,5005.00%Solebay Shipping Cape Company Limited, Hong Kong2-Mar-221/Oct/2023 - 15/Dec/2023 
 2011 179,362      
36P. S. PALIOSI31,0005.00%Classic Maritime Inc.11-Jun-2215/Apr/2024 - 30/Jun/2024 
 2013 179,134       
37G. P. ZAFIRAKISJ22,7504.75%Cargill International S.A., Geneva1-Dec-2112/Jan/202313
 2014 179,492 17,0005.00%Solebay Shipping Cape Company Limited, Hong Kong12-Jan-2315/Jun/2024 - 15/Aug/2024 
38SANTA BARBARAJ29,5004.75%Cargill International S.A., Geneva19-Mar-227/May/202314
 2015 179,426 21,2505.00%Smart Gain Shipping Co., Limited7-May-2310/Oct/2024 - 10/Dec/2024 
39NEW ORLEANS 32,0005.00%Engelhart CTP Freight (Switzerland) SA25-Mar-2220/Nov/2023 - 31/Jan/202414
 2015 180,960      
40FLORIDA 25,9005.00%Bunge S.A., Geneva29-Mar-2229/Jan/2027 - 29/May/20272
 2022 182,063       
4 Newcastlemax Bulk Carriers
41LOS ANGELESK26,2505.00%Koch Shipping Pte. Ltd., Singapore30-Jan-2215/Jan/2023 
 2012 206,104 17,7005.00%Nippon Yusen Kabushiki Kaisha, Tokyo15-Jan-2320/May/2024 - 5/Aug/2024 
42PHILADELPHIAK26,0005.00%C Transport Maritime Ltd., Bermuda12-Apr-221/Feb/2024 - 15/Apr/2024 
 2012 206,040      
43SAN FRANCISCOL30,5005.00%Koch Shipping Pte. Ltd., Singapore18-Feb-2218/Feb/202315
 2017 208,006 22,0005.00%SwissMarine Pte. Ltd., Singapore18-Feb-235/Jan/2025 - 5/Mar/2025 
44NEWPORT NEWSL28,0005.00%Koch Shipping Pte. Ltd., Singapore16-Dec-211/Jul/2023 - 30/Sep/2023 
 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.
 
1 The fixture includes the option for redelivery of vessel east of Suez against a gross ballast bonus of US$250,000.
2 Bareboat chartered-in for a period of ten years.
3 Maintaining 25% of the partnership interest.
4 Vessel sold and delivered to her new Owners on February 8, 2023.
5 Aquavita International S.A. has agreed to compensate the owners for the early redelivery of the vessel until the minimum agreed redelivery date, February 1, 2023.
6 Vessel on scheduled drydocking from May 12, 2023 to May 20, 2023.
7 Vessel off hire for 3.93 days.
8 Vessel on scheduled drydocking from February 28, 2023 to March 17, 2023.
9 The charter rate was US$10,000 per day for the first 30 days of the charter period.
10 Charter includes a one time ballast bonus payment of US$300,000.
11 Vessel on scheduled drydocking from April 16, 2023 to May 9, 2023.
12 Based on latest information.
13 The Charterers will compensate the Owners for the excess of the charter party period at the rate of 123% of the average of the Baltic Cape Index 5TC average for the days exceeding the period or the vessel’s present charter party rate whichever is higher.
14 Bareboat chartered-in for a period of eight years.
15 Koch Shipping Pte. Ltd. has agreed to compensate the owners for the early redelivery of the vessel by paying the difference between the new rate and the previous rate, from the redelivery date from the Charterers, to March 1, 2023.
 


 
Summary of Selected Financial & Other Data (unaudited)
   Three months ended March 31,
   2023 2022
      
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
 Time charter revenues$72,642 $65,933 
 Voyage expenses 3,811  1,714 
 Vessel operating expenses 20,164  16,428 
 Net income 22,713  26,044 
 Net income attributable to common stockholders 21,271  24,602 
FLEET DATA
 Average number of vessels 41.5  33.5 
 Number of vessels 41.0  35.0 
 Weighted average age of vessels 10.0  10.2 
 Ownership days 3,737  3,017 
 Available days 3,720  2,906 
 Operating days 3,699  2,860 
 Fleet utilization 99.4% 98.4%
AVERAGE DAILY RESULTS
 Time charter equivalent (TCE) rate (1)$18,503 $22,099 
 Daily vessel operating expenses (2)$5,396 $5,445 
        

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, May 26, 2023.

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 13738993.

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 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, 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
 
   For the three months ended March 31,
   2023 2022
REVENUES:    
 Time charter revenues$72,642 $65,933 
      
OPERATING EXPENSES    
 Voyage expenses 3,811  1,714 
 Vessel operating expenses 20,164  16,428 
 Depreciation and amortization of deferred charges 13,254  9,792 
 General and administrative expenses 7,682  7,059 
 Management fees to related party 315  117 
 Gain on Sale of Vessels (4,995) - 
 Other operating income (210) (240)
 Operating income, total$32,621 $31,063 
      
OTHER INCOME / (EXPENSES):    
 Interest expense and finance costs (11,658) (5,222)
 Interest and other income 1,774  238 
 Loss on extinguishment of debt (44) - 
 Gain/(loss) from equity method investments 20  (35)
 Total other expenses, net$(9,908)$(5,019)
      
Net income and comprehensive income$22,713 $26,044 
Dividends on series B preferred shares (1,442) (1,442)
Net income attributable to common stockholders 21,271  24,602 
Earnings per common share, basic$0.22 $0.32 
      
Earnings per common share, diluted$0.22 $0.31 
Weighted average number of common shares outstanding, basic 97,323,011  76,336,785 
      
Weighted average number of common shares outstanding, diluted 98,500,961  78,786,949 
       


 
CONDENSED CONSOLIDATED BALANCE SHEET DATA
(in thousands of U.S. Dollars)
        
   March 31, 2023
 December 31, 2022**
ASSETS (unaudited)   
        
Cash, cash equivalents, restricted cash and time deposits$115,680* $143,928* 
Investments in related parties, current 10,000  - 
Other current assets 17,377  17,636 
Fixed assets 998,479  996,702 
Investments in related parties 8,403  8,250 
Other noncurrent assets 15,692  16,403 
 Total assets$1,165,631 $1,182,919 
        
LIABILITIES AND STOCKHOLDERS' EQUITY      
        
Long-term debt and finance liabilities, net of deferred financing costs$630,759 $663,442 
Other liabilities 42,901  32,149 
Total stockholders' equity 491,971  487,328 
 Total liabilities and stockholders' equity$1,165,631 $1,182,919 
        
*Includes time deposits of $46.5 million
**The balance sheet data have been derived from the audited consolidated financial statements at that date.
  


 
OTHER FINANCIAL DATA (unaudited)
  For the three months ended March 31,
  2023 2022
     
Net cash provided by operating activities$33,196 $37,100 
Net cash used in investing activities (10,645) (21,302)
Net cash used in financing activities$(50,799)$(26,904)
       

 


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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