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) |
|
|
|
|
|
|
|
|
|
|
|
|
VESSEL |
SISTER SHIPS* |
GROSS RATE (USD PER DAY) |
COM** |
CHARTERERS |
DELIVERY DATE TO CHARTERERS*** |
REDELIVERY DATE TO OWNERS**** |
NOTES |
|
|
BUILT DWT |
|
10 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 |
27/Dec/2023 - 27/Feb/2024 |
|
|
|
2015 60,446 |
|
|
|
|
|
|
|
3 |
DSI Pyxis |
A |
17,100 |
4.75 |
% |
Cargill Ocean Transportation Singapore Pte. Ltd. |
16-Oct-22 |
16/Aug/2023 - 16/Oct/2023 |
|
|
|
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 |
10/Jan/2024 - 25/Mar/2024 |
|
|
|
2016 60,309 |
|
|
|
|
|
|
|
7 |
DSI Aquila |
B |
13,300 |
5.00 |
% |
Western Bulk Carriers AS |
22-Nov-22 |
15/Sep/2023 - 15/Nov/2023 |
|
|
|
2015 60,309 |
|
|
|
|
|
|
|
|
8 |
DSI Altair |
B |
14,400 |
5.00 |
% |
Western Bulk Pte. Ltd. |
28-Dec-22 |
25/Jun/2023 - 25/Aug/2023 |
|
|
|
2016 60,309 |
|
|
|
|
|
|
|
|
9 |
DSI Andromeda |
B |
14,250 |
5.00 |
% |
Western Bulk Carriers AS |
17-Nov-22 |
16/Oct/2023 - 16/Dec/2023 |
1, 2 |
|
|
2016 60,309 |
|
|
|
|
|
|
|
|
10 |
DSI Drammen |
|
18,250 |
5.00 |
% |
IMC Shipping Co. Pte. Ltd. |
22-Apr-23 |
10/Apr/2024 - 10/Jun/2024 |
3 |
|
|
2016 63,379 |
|
|
|
|
|
|
|
|
8 Panamax Bulk Carriers |
|
11 |
MELIA |
|
11,000 |
5.00 |
% |
Asahi Shipping Co., Ltd. |
10-Dec-22 |
4/Feb/2023 |
4 |
|
|
2005 76,225 |
|
|
|
|
|
|
|
|
12 |
ARTEMIS |
|
21,250 |
4.75 |
% |
Cargill International S.A., Geneva |
21-Mar-22 |
20/Jun/2023 -20/Aug/2023 |
|
|
|
2006 76,942 |
|
|
|
|
|
|
|
13 |
LETO |
|
25,500 |
4.75 |
% |
Aquavita International S.A. |
3-Oct-21 |
29/Jan/2023 |
5 |
|
|
2010 81,297 |
|
14,500 |
4.75 |
% |
Cargill International S.A., Geneva |
29-Jan-23 |
1/Mar/2024 - 30/Apr/2024 |
|
|
14 |
SELINA |
C |
22,000 |
5.00 |
% |
Speed Logistics Marine Limited |
18-Jun-22 |
12/May/2023 |
6 |
|
|
2010 75,700 |
|
12,000 |
4.75 |
% |
Cargill International S.A., Geneva |
20-May-23 |
15/Sept/2024 - 15/Nov/2024 |
|
|
15 |
MAERA |
C |
12,000 |
4.75 |
% |
Cargill International S.A., Geneva |
16-Dec-22 |
28/Oct/2023 - 28/Dec/2023 |
|
|
|
2013 75,403 |
|
|
|
|
|
|
|
16 |
ISMENE |
|
18,500 |
4.75 |
% |
Cargill International S.A., Geneva |
23-Nov-21 |
10/Jan/2023 |
|
|
|
2013 77,901 |
|
14,000 |
5.00 |
% |
ST Shipping and Transport Pte. Ltd. |
10-Jan-23 |
20/Aug/2023 - 10/Oct/2023 |
|
|
17 |
CRYSTALIA |
D |
12,500 |
5.00 |
% |
Reachy Shipping (SGP) Pte. Ltd. |
12-Nov-22 |
1/Sep/2023 - 15/Oct/2023 |
|
|
|
2014 77,525 |
|
|
|
|
|
|
|
18 |
ATALANDI |
D |
24,500 |
4.75 |
% |
Aquavita International S.A. |
5-Oct-21 |
15/Feb/2023 |
|
|
|
2014 77,529 |
|
13,250 |
4.75 |
% |
|
15-Feb-23 |
5/Mar/2024 - 5/May/2024 |
|
|
6 Kamsarmax Bulk Carriers |
|
19 |
MAIA |
E |
25,000 |
5.00 |
% |
Hyundai Glovis Co. Ltd. |
24-May-22 |
20/Sep/2023 -20/Nov/2023 |
7 |
|
|
2009 82,193 |
|
|
|
|
|
|
|
|
20 |
MYRSINI |
E |
15,000 |
5.00 |
% |
Salanc Pte. Ltd. |
22-Nov-22 |
20/Apr/2024 - 28/Jun/2024 |
|
|
|
2010 82,117 |
|
|
|
|
|
|
|
|
21 |
MEDUSA |
E |
26,000 |
4.75 |
% |
Cargill International S.A., Geneva |
9-Mar-22 |
14/May/2023 |
|
|
|
2010 82,194 |
|
14,250 |
5.00 |
% |
ASL Bulk Shipping Limited |
14-May-23 |
10/Feb/2025 - 15/Apr/2025 |
|
|
22 |
MYRTO |
E |
18,000 |
5.00 |
% |
Tata NYK Shipping Pte. Ltd. |
3-Aug-22 |
15/Jul/2023 - 15/Sep/2023 |
|
|
|
2013 82,131 |
|
|
|
|
|
|
|
|
23 |
ASTARTE |
|
21,500 |
5.00 |
% |
Tongli Shipping Pte. Ltd. |
30-Jan-22 |
29/Apr/2023 |
|
|
|
2013 81,513 |
|
15,000 |
5.00 |
% |
Reachy Shipping (SGP) Pte. Ltd. |
29-Apr-23 |
1/Aug/2024 - 1/Oct/2024 |
|
|
24 |
LEONIDAS P. C. |
|
24,500 |
4.75 |
% |
Cargill International S.A., Geneva |
18-Feb-22 |
28/Feb/2023 |
8 |
|
|
2011 82,165 |
|
17,000 |
4.75 |
% |
17-Mar-23 |
17/Feb/2024 - 17/Apr/2024 |
|
|
5 Post-Panamax Bulk Carriers |
|
25 |
ALCMENE |
|
17,100 |
5.00 |
% |
SwissMarine Pte. Ltd., Singapore |
25-Nov-21 |
2/Jan/2023 |
|
|
|
2010 93,193 |
|
13,000 |
5.00 |
% |
2-Jan-23 |
10/Jan/2024 - 25/Mar/2024 |
|
|
26 |
AMPHITRITE |
F |
14,250 |
5.00 |
% |
Cobelfret S.A. |
9-Nov-22 |
1/Dec/2023 - 15/Feb/2024 |
|
|
|
2012 98,697 |
|
|
|
|
|
|
|
|
27 |
POLYMNIA |
F |
24,750 |
5.00 |
% |
CLdN Cobelfret SA, Luxembourg |
4-Feb-22 |
14/Jan/2023 |
|
|
|
2012 98,704 |
|
15,000 |
5.00 |
% |
14-Jan-23 |
1/Apr/2024 - 31/May/2024 |
9 |
|
28 |
ELECTRA |
G |
17,500 |
5.00 |
% |
Refined Success Limited |
2-Jul-22 |
13/Apr/2023 |
|
|
|
2013 87,150 |
|
14,500 |
5.00 |
% |
Cobelfret S.A. |
13-Apr-23 |
1/Jun/2024 - 1/Aug/2024 |
|
|
29 |
PHAIDRA |
G |
25,000 |
5.00 |
% |
Comerge Shipping Co., Limited |
24-Nov-22 |
4/Mar/2023 |
|
| |
2013 87,146 |
|
10,000 |
5.00 |
% |
Salanc
Pte. Ltd. |
4-Mar-23 |
16/Apr/2023 |
10 |
|
|
|
12,250 |
4.75 |
% |
Aquavita International S.A. |
9-May-23 |
1/Sep/2024 - 15/Nov/2024 |
11 |
|
11 Capesize Bulk Carriers |
|
30 |
ALIKI |
|
24,500 |
5.00 |
% |
Koch Shipping Pte. Ltd., Singapore |
21-Feb-22 |
2/Feb/2023 |
4 |
|
|
2005 180,235 |
|
|
|
|
|
|
|
31 |
SEMIRIO |
H |
19,700 |
5.00 |
% |
C Transport Maritime Ltd., Bermuda |
15-Dec-21 |
15/Aug/2023 - 15/Nov/2023 |
|
|
|
2007 174,261 |
|
|
|
|
|
|
|
32 |
BOSTON |
H |
20,500 |
5.00 |
% |
Aquavita International S.A. |
15-Jul-22 |
6/May/2023 |
|
|
|
2007 177,828 |
|
17,000 |
5.00 |
% |
ST Shipping and Transport Pte. Ltd. |
6-May-23 |
15/Jul/2024 - 15/Oct/2024 |
|
|
33 |
HOUSTON |
H |
13,000 |
5.00 |
% |
EGPN Bulk Carrier Co., Limited |
21-Nov-22 |
1/Jul/2024 - 31/Aug/2024 |
|
|
|
2009 177,729 |
|
|
|
|
|
|
|
34 |
NEW YORK |
H |
23,000 |
5.00 |
% |
C Transport Maritime Ltd., Bermuda |
2-Jul-22 |
10/Jun/2023 - 30/Jun/2023 |
12 |
|
|
2010 177,773 |
|
|
|
|
|
|
|
35 |
SEATTLE |
I |
26,500 |
5.00 |
% |
Solebay Shipping Cape Company Limited, Hong Kong |
2-Mar-22 |
1/Oct/2023 - 15/Dec/2023 |
|
|
|
2011 179,362 |
|
|
|
|
|
|
|
36 |
P. S. PALIOS |
I |
31,000 |
5.00 |
% |
Classic Maritime Inc. |
11-Jun-22 |
15/Apr/2024 - 30/Jun/2024 |
|
|
|
2013 179,134 |
|
|
|
|
|
|
|
|
37 |
G. P. ZAFIRAKIS |
J |
22,750 |
4.75 |
% |
Cargill International S.A., Geneva |
1-Dec-21 |
12/Jan/2023 |
13 |
|
|
2014 179,492 |
|
17,000 |
5.00 |
% |
Solebay Shipping Cape Company Limited, Hong Kong |
12-Jan-23 |
15/Jun/2024 - 15/Aug/2024 |
|
|
38 |
SANTA BARBARA |
J |
29,500 |
4.75 |
% |
Cargill International S.A., Geneva |
19-Mar-22 |
7/May/2023 |
14 |
|
|
2015 179,426 |
|
21,250 |
5.00 |
% |
Smart Gain Shipping Co., Limited |
7-May-23 |
10/Oct/2024 - 10/Dec/2024 |
|
|
39 |
NEW ORLEANS |
|
32,000 |
5.00 |
% |
Engelhart CTP Freight (Switzerland) SA |
25-Mar-22 |
20/Nov/2023 - 31/Jan/2024 |
14 |
|
|
2015 180,960 |
|
|
|
|
|
|
|
40 |
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 |
|
41 |
LOS ANGELES |
K |
26,250 |
5.00 |
% |
Koch Shipping Pte. Ltd., Singapore |
30-Jan-22 |
15/Jan/2023 |
|
|
|
2012 206,104 |
|
17,700 |
5.00 |
% |
Nippon Yusen Kabushiki Kaisha, Tokyo |
15-Jan-23 |
20/May/2024 - 5/Aug/2024 |
|
|
42 |
PHILADELPHIA |
K |
26,000 |
5.00 |
% |
C Transport Maritime Ltd., Bermuda |
12-Apr-22 |
1/Feb/2024 - 15/Apr/2024 |
|
|
|
2012 206,040 |
|
|
|
|
|
|
|
43 |
SAN FRANCISCO |
L |
30,500 |
5.00 |
% |
Koch Shipping Pte. Ltd., Singapore |
18-Feb-22 |
18/Feb/2023 |
15 |
|
|
2017 208,006 |
|
22,000 |
5.00 |
% |
SwissMarine Pte. Ltd., Singapore |
18-Feb-23 |
5/Jan/2025 - 5/Mar/2025 |
|
|
44 |
NEWPORT NEWS |
L |
28,000 |
5.00 |
% |
Koch Shipping Pte. Ltd., Singapore |
16-Dec-21 |
1/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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