Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping
company specializing in the ownership of dry bulk vessels, today
reported net income of $14.8 million and net income attributed to
common stockholders of $13.3 million for the third quarter of 2018,
compared to a net loss of $24.5 million and a net loss attributed
to common stockholders of $25.9 million reported in the third
quarter of 2017.
Time charter revenues were $61.5 million for the
third quarter of 2018, compared to $43.9 million for the same
period of 2017. The increase in time charter revenues was due to
increased average time charter rates that the Company achieved for
its vessels during the quarter.
Net income and net income attributed to common
stockholders for the nine months ended September 30, 2018 amounted
to $13.7 million and $9.3 million, respectively. This compares to a
net loss and net loss attributed to common stockholders of $74.8
million and $79.1 million, respectively, for the same period of
2017. Time charter revenues were $163.3 million for the nine months
ended September 30, 2018, compared to $113.0 million for the same
period of 2017.
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|
Fleet Employment Profile (As of November 23,
2018) |
|
Diana Shipping Inc.’s fleet is employed as follows: |
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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 |
|
22 Panamax Bulk Carriers |
1 |
DANAE |
A |
$10,000 |
5.00% |
Phaethon International Company AG |
22-Dec-17 |
22-Jan-19 - 7-May-19 |
|
|
2001 75,106 |
|
|
|
|
|
|
2 |
DIONE |
A |
$10,350 |
5.00% |
Ausca Shipping Limited, Hong Kong |
23-Jan-18 |
23-Mar-19 - 8-Jul-19 |
|
|
2001 75,172 |
|
|
|
|
|
|
|
3 |
NIREFS |
A |
$9,400 |
5.00% |
Jaldhi Overseas Pte. Ltd., Singapore |
5-May-17 |
11-Aug-18 |
|
|
|
|
$10,750 |
3.75% |
Hudson Shipping Lines Incorporated |
11-Aug-18 |
11-Jul-19 - 11-Oct-19 |
|
|
2001 75,311 |
|
|
|
|
|
|
|
4 |
ALCYON |
A |
$8,800 |
5.00% |
Hudson Shipping Lines Incorporated |
20-Jul-17 |
29-Nov-18 - 18-Dec-18 |
1,2,3 |
|
2001 75,247 |
|
|
|
|
|
|
|
5 |
TRITON |
A |
$6,500 |
5.00% |
Ausca
Shipping Limited, Hong Kong |
8-Jun-17 |
15-Oct-18 |
4 |
|
|
|
$11,000 |
5.00% |
Tongli Shipping Pte. Ltd. |
4-Nov-18 |
26-Nov-18 |
1,3 |
|
2001 75,336 |
|
|
|
|
|
|
|
6 |
OCEANIS |
A |
$7,000 |
5.00% |
Ausca Shipping Limited, Hong Kong |
30-May-17 |
16-Nov-18 |
|
|
|
|
$10,350 |
5.00% |
16-Nov-18 |
1-Jan-20 - 31-Mar-20 |
|
|
2001 75,211 |
|
|
|
|
|
|
|
7 |
THETIS |
B |
$8,350 |
5.00% |
Ausca
Shipping Limited, Hong Kong |
14-Jul-17 |
19-Oct-18 |
5,6 |
|
|
|
$10,650 |
3.75% |
Hudson Shipping Lines Incorporated |
16-Nov-18 |
16-Jan-20 - 16-Apr-20 |
|
|
2004 73,583 |
|
|
|
|
|
|
|
8 |
PROTEFS |
B |
$7,900 |
5.00% |
Hudson Shipping Lines Incorporated |
24-Jun-17 |
19-Sep-18 |
|
|
|
|
$11,000 |
3.75% |
19-Sep-18 |
4-Sep-19 - 19-Dec-19 |
|
|
2004 73,630 |
|
|
|
|
|
|
|
9 |
CALIPSO |
B |
$12,200 |
5.00% |
Glencore Agriculture B.V., Rotterdam |
12-Mar-18 |
28-May-19 - 12-Sep-19 |
|
|
2005 73,691 |
|
|
|
|
|
|
|
10 |
CLIO |
B |
$8,550 |
5.00% |
Phaethon International Company AG |
9-Jul-17 |
10-Nov-18 |
|
|
|
|
$10,600 |
5.00% |
Ausca
Shipping Limited, Hong Kong |
10-Nov-18 |
10-Sep-19 - 10-Dec-19 |
|
|
2005 73,691 |
|
|
|
|
|
|
|
11 |
NAIAS |
B |
$10,000 |
5.00% |
Phaethon International Company AG |
26-Nov-17 |
11-Feb-19 - 26-May-19 |
|
|
2006 73,546 |
|
|
|
|
|
|
|
12 |
ARETHUSA |
B |
$12,600 |
5.00% |
Glencore Agriculture B.V., Rotterdam |
27-Apr-18 |
27-Apr-19 - 27-Jul-19 |
|
|
2007 73,593 |
|
|
|
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|
|
|
13 |
ERATO |
C |
$10,500 |
5.00% |
Phaethon International Company AG |
30-Dec-17 |
2-Mar-19 - 30-May-19 |
|
|
2004 74,444 |
|
|
|
|
|
|
|
14 |
CORONIS |
C |
$9,000 |
5.00% |
Narina Maritime Ltd |
16-May-17 |
11-Aug-18 |
7 |
|
|
|
$8,300 |
5.00% |
CJ International Italy Societa Per Azioni |
11-Aug-18 |
10-Oct-18 |
|
|
|
|
$11,300 |
5.00% |
10-Oct-18 |
11-Aug-19 - 11-Nov-19 |
|
|
2006 74,381 |
|
|
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|
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15 |
MELIA |
|
$12,000 |
5.00% |
United Bulk Carriers International S.A., Luxemburg |
28-Apr-18 |
28-Sep-19 - 28-Dec-19 |
8 |
|
2005 76,225 |
|
|
|
|
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|
|
16 |
ARTEMIS |
|
$9,000 |
5.00% |
Ausca Shipping Limited, Hong Kong |
8-Jul-17 |
17-Sep-18 |
|
|
|
|
$12,600 |
5.00% |
17-Sep-18 |
17-Sep-19 - 17-Dec-19 |
|
|
2006 76,942 |
|
|
|
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|
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|
17 |
LETO |
|
$12,500 |
5.00% |
Glencore Agriculture B.V., Rotterdam |
10-Jan-18 |
10-May-19 - 25-Aug-19 |
|
|
2010 81,297 |
|
|
|
|
|
|
|
18 |
SELINA |
D |
$12,250 |
5.00% |
BG
Shipping Co., Limited, Hong Kong |
6-Feb-18 |
6-Jun-19 - 6-Sep-19 |
|
|
2010 75,700 |
|
|
|
|
|
|
|
19 |
MAERA |
D |
$11,900 |
5.00% |
Unico
Logistics Co., Ltd., Seoul |
19-Sep-17 |
4-Jul-18 |
|
|
|
|
$11,750 |
5.00% |
ST
Shipping and Transport Pte. Ltd., Singpore |
4-Jul-18 |
20-Jan-19 - 4-Apr-19 |
9 |
|
2013 75,403 |
|
|
|
|
|
|
|
20 |
ISMENE |
|
$12,000 |
5.00% |
DHL
Project & Chartering Limited, Hong Kong |
16-Sep-17 |
29-Nov-18 - 16-Dec-18 |
1 |
|
2013 77,901 |
|
|
|
|
|
|
|
21 |
CRYSTALIA |
E |
$11,100 |
5.00% |
Glencore Agriculture B.V., Rotterdam |
3-Oct-17 |
30-Nov-18 - 18-Jan-19 |
1 |
|
2014 77,525 |
|
|
|
|
|
|
|
22 |
ATALANDI |
E |
$13,500 |
5.00% |
Uniper Global Commodities SE, Düsseldorf |
27-Apr-18 |
27-Jun-19 - 27-Sep-19 |
|
|
2014 77,529 |
|
|
|
|
|
|
|
|
5 Kamsarmax Bulk Carriers |
23 |
MAIA |
F |
$10,125 |
5.00% |
Glencore Agriculture B.V., Rotterdam |
27-Jul-17 |
5-Nov-18 |
10 |
|
|
|
$13,300 |
5.00% |
12-Nov-18 |
1-Jan-20 - 31-Mar-20 |
|
|
2009 82,193 |
|
|
|
|
|
|
|
24 |
MYRSINI |
F |
$8,650 |
5.00% |
RWE
Supply & Trading GmbH, Essen |
8-Jun-17 |
1-Dec-18 - 31-Dec-18 |
1 |
|
2010 82,117 |
|
|
|
|
|
|
|
25 |
MEDUSA |
F |
$10,000 |
4.75% |
Cargill International S.A., Geneva |
6-Jul-17 |
3-Sep-18 |
|
|
|
|
$14,000 |
4.75% |
3-Sep-18 |
3-Oct-19 - 3-Dec-19 |
|
|
2010 82,194 |
|
|
|
|
|
|
|
26 |
MYRTO |
F |
$14,000 |
4.75% |
Cargill International S.A., Geneva |
25-Apr-18 |
25-May-19 - 25-Jul-19 |
|
|
2013 82,131 |
|
|
|
|
|
|
|
27 |
ASTARTE |
|
$9,000 |
5.00% |
Glencore Agriculture B.V., Rotterdam |
12-Jun-17 |
16-Oct-18 |
|
|
|
|
$14,250 |
5.00% |
16-Oct-18 |
16-Dec-19 - 16-Mar-20 |
|
|
2013 81,513 |
|
|
|
|
|
|
|
|
5 Post-Panamax Bulk Carriers |
28 |
ALCMENE |
|
$8,000 |
4.75% |
Cargill International S.A., Geneva |
8-Jun-17 |
6-Oct-18 |
|
|
|
|
$14,000 |
5.00% |
Smart
Gain Shipping Co., Limited, Hong Kong |
6-Oct-18 |
9-Nov-18 |
|
|
|
|
$11,500 |
5.00% |
BG
Shipping Co., Limited, Hong Kong |
21-Nov-18 |
21-Oct-19 - 21-Jan-20 |
|
|
2010 93,193 |
|
|
|
|
|
|
|
29 |
AMPHITRITE |
G |
$11,150 |
4.75% |
Cargill International S.A., Geneva |
28-Sep-17 |
1-Dec-18 - 28-Jan-19 |
1 |
|
2012 98,697 |
|
|
|
|
|
|
|
30 |
POLYMNIA |
G |
$10,100 |
4.75% |
Cargill International S.A., Geneva |
15-Mar-17 |
9-Jul-18 |
|
|
|
|
$16,000 |
4.75% |
9-Jul-18 |
9-Sep-19 - 9-Dec-19 |
|
|
2012 98,704 |
|
|
|
|
|
|
|
31 |
ELECTRA |
H |
$8,000 |
5.00% |
Uniper Global Commodities SE, Düsseldorf |
11-Jun-17 |
19-Oct-18 |
|
|
|
|
$13,500 |
5.00% |
19-Oct-18 |
15-Sep-19 - 15-Dec-19 |
|
|
2013 87,150 |
|
|
|
|
|
|
|
32 |
PHAIDRA |
H |
$12,700 |
5.00% |
Uniper Global Commodities SE, Düsseldorf |
13-Jan-18 |
13-Jan-19 - 13-Apr-19 |
|
|
2013 87,146 |
|
|
|
|
|
|
|
|
14 Capesize Bulk Carriers |
33 |
NORFOLK |
|
$13,250 |
5.00% |
SwissMarine Services S.A., Geneva |
1-Dec-17 |
1-Sep-19 - 1-Dec-19 |
|
|
2002 164,218 |
|
|
|
|
|
|
|
34 |
ALIKI |
|
$18,000 |
5.00% |
SwissMarine Services S.A., Geneva |
9-Apr-18 |
9-Dec-19 - 9-Feb-20 |
|
|
2005 180,235 |
|
|
|
|
|
|
|
35 |
BALTIMORE |
|
$18,050 |
5.00% |
Koch
Shipping Pte. Ltd., Singapore |
6-Jun-18 |
22-May-19 - 21-Aug-19 |
|
|
2005 177,243 |
|
|
|
|
|
|
|
36 |
SALT LAKE
CITY |
|
$16,250 |
4.75% |
Cargill International S.A., Geneva |
1-May-18 |
1-Jan-19 - 1-Mar-19 |
|
|
2005 171,810 |
|
|
|
|
|
|
|
37 |
SIDERIS
GS |
I |
$13,000 |
5.00% |
Rio
Tinto Shipping (Asia) Pte., Ltd., Singapore |
21-Jun-17 |
15-Nov-18 |
|
|
|
|
$8,500 |
5.00% |
Berge Bulk Shipping Pte. Ltd., Singapore |
15-Nov-18 |
15-Dec-18 |
|
|
|
|
$15,350 |
5.00% |
15-Dec-18 |
15-Dec-19 - 30-Mar-20 |
|
|
2006 174,186 |
|
|
|
|
|
|
|
38 |
SEMIRIO |
I |
$14,150 |
5.00% |
Koch
Shipping Pte. Ltd., Singapore |
21-May-17 |
1-Sep-18 |
|
|
|
|
$20,050 |
5.00% |
Pacific Bulk Cape Company Limited, Hong Kong |
1-Sep-18 |
1-Jul-19 - 16-Sep-19 |
|
|
2007 174,261 |
|
|
|
|
|
|
|
39 |
BOSTON |
I |
$17,000 |
5.00% |
EGPN
Bulk Carrier Co., Limited, Hong Kong |
6-Dec-17 |
6-Apr-19 - 6-Jul-19 |
|
|
2007 177,828 |
|
|
|
|
|
|
|
40 |
HOUSTON |
I |
$19,000 |
5.00% |
SwissMarine Services S.A., Geneva |
9-May-18 |
25-Jan-19 - 24-Apr-19 |
|
|
2009 177,729 |
|
|
|
|
|
|
|
41 |
NEW
YORK |
I |
$16,000 |
5.00% |
DHL
Project & Chartering Limited, Hong Kong |
2-Feb-18 |
2-Jun-19 - 2-Sep-19 |
|
|
2010 177,773 |
|
|
|
|
|
|
|
42 |
SEATTLE |
J |
$11,700 |
5.00% |
Koch Shipping Pte. Ltd., Singapore |
8-Feb-17 |
30-Jul-18 |
11 |
|
|
|
$24,000 |
5.00% |
30-Jul-18 |
30-Nov-18 - 30-Jan-19 |
|
|
2011 179,362 |
|
|
|
|
|
|
|
43 |
P. S.
PALIOS |
J |
$17,350 |
5.00% |
Koch
Shipping Pte. Ltd., Singapore |
24-May-18 |
9-Jun-19 - 24-Aug-19 |
|
|
2013 179,134 |
|
|
|
|
|
|
|
44 |
G. P.
ZAFIRAKIS |
K |
$15,000 |
5.00% |
RWE
Supply & Trading GmbH, Essen |
14-Aug-17 |
30-Nov-18 - 14-Jan-19 |
1 |
|
2014 179,492 |
|
|
|
|
|
|
|
45 |
SANTA
BARBARA |
K |
$20,250 |
4.75% |
Cargill International S.A., Geneva |
24-Apr-18 |
9-Oct-19 - 9-Dec-19 |
|
|
2015 179,426 |
|
|
|
|
|
|
|
46 |
NEW
ORLEANS |
|
$21,000 |
5.00% |
SwissMarine Services S.A., Geneva |
24-Mar-18 |
24-Feb-19 - 24-Apr-19 |
|
|
2015 180,960 |
|
|
|
|
|
|
|
|
4 Newcastlemax Bulk Carriers |
47 |
LOS
ANGELES |
L |
$19,150 |
5.00% |
SwissMarine Services S.A., Geneva |
16-Apr-18 |
1-Jan-19 - 16-Apr-19 |
|
|
2012 206,104 |
|
|
|
|
|
|
|
48 |
PHILADELPHIA |
L |
$20,000 |
5.00% |
Koch
Shipping Pte. Ltd., Singapore |
18-Jun-18 |
3-Feb-20 - 18-May-20 |
|
|
2012 206,040 |
|
|
|
|
|
|
|
49 |
SAN
FRANCISCO |
M |
$24,000 |
5.00% |
Koch
Shipping Pte. Ltd., Singapore |
14-May-18 |
4-Mar-19 - 24-May-19 |
|
|
2017 208,006 |
|
|
|
|
|
|
|
50 |
NEWPORT
NEWS |
M |
BCI_2014 5TCs AVG + 24% |
5.00% |
SwissMarine Services S.A., Geneva |
10-Jan-17 |
1-Dec-18 - 10-Mar-19 |
1 |
|
2017 208,021 |
|
|
|
|
|
|
|
* Each dry bulk carrier is a "sister ship", or closely
similar, to other dry bulk carriers that have the same letter. |
** Total commission percentage paid to third parties. |
*** In case of newly acquired vessel with time charter
attached, this date refers to the expected/actual date of delivery
of the vessel to the Company. |
**** Range of redelivery dates, with the actual date of
redelivery being at the Charterers’ option, but subject to the
terms, conditions, and exceptions of the particular
charterparty. |
|
1 Based on latest information. |
2 Vessel off hire for unscheduled maintenance from May 30,
2018 to July 10, 2018. |
3 Vessel sold and expected to be delivered to her new Owners
at the latest by January 7, 2019. |
4 Vessel on scheduled drydocking from October 17, 2018 to
November 1, 2018. |
5 Charterers have agreed to pay the weighted average of the
Baltic Panamax 4 T/C routes, as published by the Baltic Exchange on
October 15, 2018, for the excess period commencing from October 14,
2018. |
6 Vessel on scheduled drydocking from October 22, 2018 to
November 16, 2018. |
7 Charterers have agreed to pay the weighted average of the
Baltic Panamax 4 T/C routes, as published by the Baltic Exchange on
August 6, 2018, for the excess period commencing from August 5,
2018, in case it is higher than the current rate of US$ 9,000. |
8 Vessel off hire from October 22, 2018 to October 25,
2018. |
9 Vessel off hire from August 9, 2018 to August 12, 2018. |
10 Charterers have agreed to pay the weighted average of the
Baltic Panamax 4 T/C routes, as published by the Baltic Exchange on
October 26, 2018 plus 18%, only in case it is higher than the
existing rate of US$10,125 which otherwise will continue to apply,
for the excess period commencing from October 27, 2018. |
11 Charterers have agreed to pay the weighted average of the
Baltic Capesize 5 T/C routes, as published by the Baltic Exchange
on July 23, 2018 plus 5%, for the excess period commencing from
July 23, 2018. |
|
|
|
Summary of Selected Financial & Other Data
(unaudited) |
|
|
|
|
Three months endedSeptember
30, |
Nine months ended September
30, |
|
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF OPERATIONS DATA (in thousands of US
Dollars) |
|
|
Time
charter revenues |
$ |
61,505 |
|
$ |
43,920 |
|
$ |
163,315 |
|
$ |
112,960 |
|
|
|
Voyage
expenses |
|
1,818 |
|
|
2,478 |
|
|
4,658 |
|
|
5,597 |
|
|
|
Vessel
operating expenses |
|
22,809 |
|
|
22,697 |
|
|
70,300 |
|
|
66,337 |
|
|
|
Net
income/(loss) |
|
14,767 |
|
|
(24,493) |
|
|
13,672 |
|
|
(74,782) |
|
|
|
Net
income/(loss) attributed to common stockholders |
|
13,325 |
|
|
(25,936) |
|
|
9,345 |
|
|
(79,109) |
|
|
FLEET DATA |
|
|
Average
number of vessels |
|
50.0 |
|
|
51.0 |
|
|
50.0 |
|
|
49.4 |
|
|
|
Number of
vessels |
|
50.0 |
|
|
51.0 |
|
|
50.0 |
|
|
51.0 |
|
|
|
Weighted
average age of vessels |
|
9.1 |
|
|
8.2 |
|
|
9.1 |
|
|
8.2 |
|
|
|
Ownership
days |
|
4,600 |
|
|
4,692 |
|
|
13,650 |
|
|
13,495 |
|
|
|
Available
days |
|
4,600 |
|
|
4,632 |
|
|
13,519 |
|
|
13,275 |
|
|
|
Operating
days |
|
4,576 |
|
|
4,533 |
|
|
13,394 |
|
|
13,005 |
|
|
|
Fleet
utilization |
|
99.5% |
|
|
97.9% |
|
|
99.1% |
|
|
98.0% |
|
|
AVERAGE DAILY RESULTS |
|
|
Time
charter equivalent (TCE) rate (1) |
$ |
12,975 |
|
$ |
8,947 |
|
$ |
11,736 |
|
$ |
8,088 |
|
|
|
Daily
vessel operating expenses (2) |
$ |
4,958 |
|
$ |
4,837 |
|
$ |
5,150 |
|
$ |
4,916 |
|
|
_____________________
(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 Monday, November 26,
2018.
Investors may access the webcast by visiting the
Company’s website at www.dianashippinginc.com, and clicking on the
webcast link. 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 13685004.
About the Company
Diana Shipping Inc. is a global provider of
shipping transportation services through its ownership 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 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, 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 September 30, |
|
Nine months ended September 30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
REVENUES: |
|
|
|
|
|
|
|
|
|
Time
charter revenues |
$ |
61,505 |
|
$ |
43,920 |
|
$ |
163,315 |
|
$ |
112,960 |
|
|
|
|
|
|
|
|
|
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
Voyage
expenses |
|
1,818 |
|
|
2,478 |
|
|
4,658 |
|
|
5,597 |
|
|
Vessel
operating expenses |
|
22,809 |
|
|
22,697 |
|
|
70,300 |
|
|
66,337 |
|
|
Depreciation and amortization of deferred charges |
|
13,177 |
|
|
22,363 |
|
|
39,204 |
|
|
65,083 |
|
|
General
and administrative expenses |
|
6,805 |
|
|
5,737 |
|
|
20,522 |
|
|
18,175 |
|
|
Management fees to related party |
|
600 |
|
|
480 |
|
|
1,800 |
|
|
1,341 |
|
|
Impairment loss |
|
- |
|
|
8,446 |
|
|
- |
|
|
8,446 |
|
|
Other
loss/(gain) |
|
(118 |
) |
|
43 |
|
|
(296 |
) |
|
287 |
|
|
Operating income/(loss) |
16,414 |
|
|
(18,324 |
) |
|
27,127 |
|
|
(52,306 |
) |
|
|
|
|
|
|
|
|
|
|
OTHER INCOME / (EXPENSES): |
|
|
|
|
|
|
|
|
|
Interest
and finance costs |
|
(7,175 |
) |
|
(6,799 |
) |
|
(21,468 |
) |
|
(19,874 |
) |
|
Interest
and other income |
|
5,508 |
|
|
1,460 |
|
|
7,982 |
|
|
3,028 |
|
|
Gain/(loss) from equity method investments |
|
20 |
|
|
(830 |
) |
|
31 |
|
|
(5,630 |
) |
|
Total other expenses, net |
|
(1,647 |
) |
|
(6,169 |
) |
|
(13,455 |
) |
|
(22,476 |
) |
|
|
|
|
|
|
|
|
|
|
Net income / (loss) |
$ |
14,767 |
|
$ |
(24,493 |
) |
$ |
13,672 |
|
$ |
(74,782 |
) |
|
|
|
|
|
|
|
|
|
|
Dividends on series B preferred shares |
|
(1,442 |
) |
|
(1,443 |
) |
|
(4,327 |
) |
|
(4,327 |
) |
|
|
|
|
|
|
|
|
|
|
Net income / (loss) attributed to common
stockholders |
|
13,325 |
|
|
(25,936 |
) |
|
9,345 |
|
|
(79,109 |
) |
|
|
|
|
|
|
|
|
|
|
Earnings / (loss) per common share, basic and
diluted |
$ |
0.13 |
|
$ |
(0.25 |
) |
$ |
0.09 |
|
$ |
(0.85 |
) |
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares, basic and
diluted |
|
103,959,717 |
|
|
102,280,234 |
|
|
103,684,250 |
|
|
93,485,656 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares,
diluted |
|
105,234,812 |
|
|
102,280,234 |
|
|
104,567,959 |
|
|
93,485,656 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss) |
$ |
14,767 |
|
$ |
(24,493 |
) |
$ |
13,672 |
|
$ |
(74,782 |
) |
Other comprehensive loss (Actuarial loss) |
|
(8 |
) |
|
(7 |
) |
|
(24 |
) |
|
(21 |
) |
Comprehensive income/(loss) |
$ |
14,759 |
|
$ |
(24,500 |
) |
$ |
13,648 |
|
$ |
(74,803 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEET
DATA |
|
|
(in thousands of U.S. Dollars) |
|
|
|
|
|
|
|
|
|
|
|
September 30, 2018 |
|
December 31, 2017* |
ASSETS |
|
(unaudited) |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
176,524 |
$ |
40,227 |
Due from related parties |
|
19 |
|
82,660 |
Other current assets |
|
17,393 |
|
15,874 |
Vessels, net of depreciation |
|
1,018,266 |
|
1,053,578 |
Other fixed assets, net |
|
22,418 |
|
22,650 |
Restricted cash |
|
25,582 |
|
25,582 |
Investments in related parties |
|
3,279 |
|
3,249 |
Other non-current assets |
|
3,379 |
|
2,902 |
|
Total assets |
$ |
1,266,860 |
$ |
1,246,722 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
Long-term debt, net of deferred financing costs |
$ |
605,106 |
$ |
601,384 |
Other liabilities |
|
22,205 |
|
20,580 |
Total stockholders' equity |
|
639,549 |
|
624,758 |
|
Total liabilities and stockholders' equity |
$ |
1,266,860 |
$ |
1,246,722 |
|
|
|
|
|
|
* |
The balance sheet data have been derived from the audited
consolidated financial statements at that date. |
|
|
|
OTHER FINANCIAL DATA (unaudited) |
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
2018 |
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
Net Cash provided by operating activities |
$ |
24,180 |
$ |
8,251 |
|
$ |
51,971 |
|
$ |
11,172 |
|
Net Cash provided by / (used in) investing
activities |
|
38,563 |
|
28 |
|
|
85,888 |
|
|
(165,684 |
) |
Net Cash provided by / (used in) financing
activities |
$ |
31,436 |
$ |
(13,351 |
) |
$ |
(1,562 |
) |
$ |
96,071 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Contact:
Ioannis Zafirakis
Director, Chief Strategy Officer and Secretary
Telephone: + 30-210-9470100
Email: izafirakis@dianashippinginc.com
Website: www.dianashippinginc.com
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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