DIANA SHIPPING INC.
| ||
(registrant)
| ||
Dated: March 4, 2024
|
By:
| /s/ Ioannis Zafirakis |
Ioannis Zafirakis
| ||
Chief Financial Officer
| ||
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 | |
For Immediate Release
| |
Investor and Media Relations:
| |
Edward Nebb
| |
Comm-Counsellors, LLC
| |
Telephone: + 1-203-972-8350
| |
Email: enebb@optonline.net |
Fleet Employment (As of February 23, 2024)
| |||||||||
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
| |||||||||
4
|
DSI Polaris
|
A
|
13,100
|
5.00%
|
ASL Bulk Marine Limited
|
12-Nov-22
|
12/May/2024 - 12/Jul/2024
| ||
2018 60,404
| |||||||||
5
|
DSI Pegasus
|
A
|
14,000
|
5.00%
|
Reachy Shipping (SGP) Pte. Ltd.
|
7-Dec-22
|
15/Jul/2024 - 15/Sep/2024
| ||
2015 60,508
| |||||||||
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
| |||||||||
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
| |||
2010 81,297
| |||||||||
12
|
SELINA
|
C
|
12,000
|
4.75%
|
Cargill International S.A., Geneva
|
20-May-23
|
15/Sep/2024 - 15/Nov/2024
| ||
2010 75,700
| |||||||||
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
| |||
2013 77,901
| |||||||||
15
|
CRYSTALIA
|
D
|
11,250
|
5.00%
|
Reachy Shipping (SGP) Pte. Ltd.
|
6-Sep-23
|
29/Feb/2024 - 20/Apr/2024
| ||
2014 77,525
| |||||||||
16
|
ATALANDI
|
D
|
13,250
|
4.75%
|
Aquavita International S.A.
|
15-Feb-23
|
5/Mar/2024 - 5/May/2024
| ||
2014 77,529
| |||||||||
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
| ||
2009 82,193
| |||||||||
18
|
MYRSINI
|
E
|
15,000
|
5.00%
|
Salanc Pte. Ltd.
|
22-Nov-22
|
20/Apr/2024 - 28/Jun/2024
| ||
2010 82,117
| |||||||||
19
|
MEDUSA
|
E
|
14,250
|
5.00%
|
ASL Bulk Shipping Limited
|
14-May-23
|
10/Feb/2025 - 15/Apr/2025
| ||
2010 82,194
| |||||||||
20
|
MYRTO
|
E
|
12,650
|
5.00%
|
Cobelfret S.A., Luxemburg
|
15-Jul-23
|
1/Nov/2024 - 15/Jan/2025
| ||
2013 82,131
| |||||||||
21
|
ASTARTE
|
15,000
|
5.00%
|
Reachy Shipping (SGP) Pte. Ltd.
|
29-Apr-23
|
1/Aug/2024 - 1/Oct/2024
| |||
2013 81,513
| |||||||||
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
| |||||||||
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
| |||||||||
26
|
ELECTRA
|
G
|
14,500
|
5.00%
|
Cobelfret S.A., Luxemburg
|
13-Apr-23
|
1/Jun/2024 - 1/Aug/2024
| ||
2013 87,150
| |||||||||
27
|
PHAIDRA
|
G
|
12,250
|
4.75%
|
Aquavita International S.A.
|
9-May-23
|
1/Sep/2024 - 15/Nov/2024
| ||
2013 87,146
| |||||||||
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
| |||||||||
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
| |||||||||
31
|
NEW YORK
|
H
|
16,000
|
5.00%
|
SwissMarine Pte. Ltd., Singapore
|
11-Jun-23
|
1/Oct/2024 - 7/Dec/2024
| ||
2010 177,773
| |||||||||
32
|
SEATTLE
|
I
|
26,500
|
5.00%
|
Solebay Shipping Cape Company Limited, Hong Kong
|
2-Mar-22
|
1-Oct-23
| ||
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
| |||||||||
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
| |||||||||
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
| |||||||||
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
| |||||||||
* 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 Vessel on scheduled drydocking from October 6, 2023 to October 14, 2023.
|
4 Redelivery date based on an estimated time charter trip duration of about 131 days.
|
5 Vessel has been sold and it is expected to be delivered to her new Owners by latest March 8, 2024.
|
6 Charterers 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.
|
7 Vessel off hire for 6.83 days.
|
8 Based on latest information.
|
9 The charter rate will be US$12,250 per day for the first 30 days of the charter period.
|
10 The charter rate was US$10,000 per day for the first 30 days of the charter period.
|
11 Vessel has been sold and delivered to her new Owners on December 6, 2023.
12 Vessel has been sold and it is expected to be delivered to her new Owners by latest September 16, 2024.
|
13 Bareboat chartered-in for a period of eight years.
|
14 Vessel off hire for 3.65 days.
|
Summary of Selected Financial & Other Data (unaudited)
| ||||||||||||||||
Three months ended December 31,
|
Year ended December 31,
| |||||||||||||||
2023
|
2022
|
2023
|
2022
| |||||||||||||
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
|
(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.
|
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
|
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Diana Shipping Inc. published this content on 04 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 March 2024 21:32:52 UTC.