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 $7.4 million and net
income attributed to common stockholders of $5.9 million for the
third quarter of 2023. This compares to net income of $31.7 million
and net income attributed to common stockholders of $30.3 million
for the third quarter of 2022. Earnings per share for the third
quarter of 2023 was $0.06 basic and diluted, compared to earnings
per share of $0.39 basic and $0.37 diluted in the same quarter in
2022.
Mrs. Semiramis Paliou, Director and Chief
Executive Officer of the Company, stated: “We are delighted to
announce yet another profitable quarter and nine-month period for
our company. Our unwavering commitment to our long-term strategy
has yielded positive results. A testament to this success is the
continuous distribution of dividends since November 2021. We have
rewarded our shareholders since that time with a cash dividend of
US$1.45 per share, for those that elected to take cash, amounting
to US$130 million in total. In addition, our shareholders have
received in kind dividends in the form of newly issued Diana
Shipping Inc. common shares, as well as OceanPal Inc. common and
preferred shares. We remain focused and committed to providing long
term shareholder value.”
Time charter revenues were $62.1 million for the
third quarter of 2023, compared to $73.8 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
resulting from vessel acquisitions.
Net income for the nine months ended September
30, 2023 amounted to $40.5 million and net income attributed to
common stockholders amounted to $36.1 million. This compares to net
income of $93.4 million and net income attributed to common
stockholders of $89.1 million, for the same period of 2022. Time
charter revenues for the nine months ended September 30, 2023 were
$202.1 million compared to $214.3 million in the same period of
2022. Earnings per share was $0.36 basic and diluted, compared to
earnings per share of $1.15 basic and $1.10 diluted in the nine
months ended September 30, 2022.
Dividend Declaration
The Company has declared a dividend on its
common stock based on the Company’s results of operations during
the quarter ended September 30, 2023, in the amount of $0.15 per
share, which will be paid in shares of the Company’s common stock
on or about December 4, 2023, to all shareholders of record as of
November 27, 2023. The Company has 108,233,948 common shares issued
and outstanding.
| Fleet
Employment (As of November 14, 2023) |
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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 |
04/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 |
28/Aug/2023 |
1 |
|
|
2018 60,362 |
|
|
14,250 |
5.00 |
% |
ASL Bulk Marine Limited |
24/Sep/23 |
10/Oct/2024 - 10/Dec/2024 |
|
4 |
DSI Polaris |
|
A |
13,100 |
5.00 |
% |
ASL Bulk Marine Limited |
12/Nov/22 |
12/May/2024 - 12/Jul/2024 |
2 |
|
|
2018 60,404 |
|
|
|
|
|
|
|
|
5 |
DSI Pegasus |
|
A |
14,000 |
5.00 |
% |
Reachy Shipping (SGP) Pte. Ltd. |
07/Dec/22 |
15/Jul/2024 - 15/Sep/2024 |
|
|
|
2015 60,508 |
|
|
|
|
|
|
|
|
6 |
DSI Aquarius |
|
B |
14,200 |
5.00 |
% |
Engelhart CTP Freight (Switzerland) SA |
01/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 |
12/Nov/2023 |
3 |
|
|
2015 60,309 |
|
|
12,500 |
|
12/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 |
24/Nov/2023 |
4, 5, 6 |
|
|
2016 60,309 |
|
|
|
|
|
|
|
|
7 Panamax Bulk Carriers |
|
10 |
ARTEMIS |
|
|
10,000 |
5.00 |
% |
ASL Bulk Shipping Limited |
17/Jun/23 |
6/Oct/2023 |
7 |
|
|
2006 76,942 |
|
|
12,000 |
5.00 |
% |
Jera Global Markets Pte. Ltd. |
14/Oct/23 |
28/Nov/2023 |
8 |
|
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 |
30/Nov/2023 |
4 |
|
|
2013 75,403 |
|
|
|
|
|
|
|
|
14 |
ISMENE |
|
|
14,000 |
5.00 |
% |
ST Shipping and Transport Pte. Ltd. |
10/Jan/23 |
25/Aug/23 |
9 |
|
|
2013 77,901 |
|
|
12,650 |
5.00 |
% |
Paralos Shipping Pte., Ltd. |
13/Sep/23 |
15/Apr/2025 - 30/Jun/2025 |
|
15 |
CRYSTALIA |
|
D |
12,500 |
5.00 |
% |
Reachy Shipping (SGP) Pte. Ltd. |
08/Nov/22 |
06/Sep/23 |
|
|
|
2014 77,525 |
|
|
11,250 |
5.00 |
% |
06/Sep/23 |
20/Feb/2024 - 20/Apr/2024 |
|
|
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 |
25,000 |
5.00 |
% |
Hyundai Glovis Co. Ltd. |
24/May/22 |
23/Sep/2023 |
10 |
|
|
2009 82,193 |
|
|
13,500 |
5.00 |
% |
ST Shipping and Transport Pte. Ltd. |
23/Sep/23 |
15/Jun/2024 - 20/Aug/2024 |
|
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 |
18,000 |
5.00 |
% |
Tata NYK Shipping Pte. Ltd. |
03/Aug/22 |
15/Jul/23 |
|
|
|
2013 82,131 |
|
|
12,650 |
5.00 |
% |
Cobelfret S.A., Luxemburg |
15/Jul/23 |
1/Nov/2024 - 15/Jan/2025 |
|
|
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 |
17/Feb/2024 - 17/Apr/2024 |
11 |
|
|
2011 82,165 |
|
|
|
|
|
|
|
|
5 Post-Panamax Bulk Carriers |
|
23 |
ALCMENE |
|
|
13,000 |
5.00 |
% |
SwissMarine Pte. Ltd., Singapore |
02/Jan/23 |
10/Jan/2024 - 25/Mar/2024 |
|
|
|
2010 93,193 |
|
|
|
|
|
|
|
|
24 |
AMPHITRITE |
|
F |
14,250 |
5.00 |
% |
Cobelfret S.A., Luxemburg |
09/Nov/22 |
15/Dec/2023 - 15/Feb/2024 |
4 |
|
|
2012 98,697 |
|
|
|
|
|
|
|
|
25 |
POLYMNIA |
|
F |
15,000 |
5.00 |
% |
Cobelfret S.A., Luxemburg |
14/Jan/23 |
1/Apr/2024 - 31/May/2024 |
12 |
|
|
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. |
09/May/23 |
1/Sep/2024 - 15/Nov/2024 |
|
|
|
2013 87,146 |
|
|
|
|
|
|
|
|
10 Capesize Bulk Carriers |
|
28 |
SEMIRIO |
|
H |
19,700 |
5.00 |
% |
C Transport Maritime Ltd., Bermuda |
15/Dec/21 |
18/Aug/23 |
|
|
|
2007
174,261 |
|
|
14,150 |
5.00 |
% |
Solebay
Shipping Cape Company Limited, Hong Kong |
18/Aug/23 |
20/Nov/2024 - 30/Jan/2025 |
|
|
29 |
BOSTON |
|
H |
17,000 |
5.00 |
% |
ST Shipping and Transport Pte. Ltd. |
06/May/23 |
15/Jul/2024 - 15/Oct/2024 |
13 |
|
|
2007 177,828 |
|
|
|
|
|
|
|
|
30 |
HOUSTON |
|
H |
13,000 |
5.00 |
% |
EGPN Bulk Carrier Co., Limited |
21/Nov/22 |
1/Jul/2024 - 31/Aug/2024 |
|
|
|
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 |
02/Mar/22 |
01/Oct/23 |
|
|
|
2011 179,362 |
|
|
17,500 |
|
01/Oct/23 |
15/Jul/2025 - 15/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 |
07/May/23 |
10/Oct/2024 - 10/Dec/2024 |
14 |
|
|
2015 179,426 |
|
|
|
|
|
|
|
|
36 |
NEW ORLEANS |
|
|
32,000 |
5.00 |
% |
Engelhart CTP Freight (Switzerland) SA |
25/Mar/22 |
5/Dec/2023 - 31/Jan/2024 |
4, 14, 15, |
|
|
2015 180,960 |
|
|
|
|
|
|
|
37 |
FLORIDA |
|
|
25,900 |
5.00 |
% |
Bunge S.A., Geneva |
29/Mar/22 |
29/Jan/2027 - 29/May/2027 |
6 |
|
|
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 |
1/Feb/2024 - 15/Apr/2024 |
|
|
|
2012 206,040 |
|
|
|
|
|
|
|
|
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 |
28,000 |
5.00 |
% |
Koch Shipping Pte. Ltd., Singapore |
16/Dec/21 |
01/Jul/23 |
|
|
|
2017 208,021 |
|
|
23,500 |
5.00 |
% |
1-Jul-23 |
20-Sep-23 |
|
|
|
|
|
20,000 |
5.00 |
% |
Nippon Yusen Kabushiki Kaisha, Tokyo |
20-Sep-23 |
10/Mar/2025 - 10/Jun/2025 |
|
|
|
|
|
|
|
|
|
|
|
|
| * 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. |
| |
| 1Vessel on scheduled
drydocking from August 28, 2023 to September 24, 2023. |
| 2Vessel on scheduled
drydocking from June 18, 2023 to July 5, 2023. |
| 3Estimated date. |
| 4Based on latest
information. |
| 5The fixture includes
the option for redelivery of vessel east of Suez against a gross
ballast bonus of US$250,000. |
| 6Bareboat
chartered-in for a period of ten years. |
| 7Vessel on scheduled
drydocking from October 6, 2023 to October 14, 2023. |
| 8Redelivery date based
on an estimated time charter trip duration of about 45 days. |
| 9Vessel on scheduled
drydocking from August 25, 2023 to September 13, 2023. |
| 10Vessel off hire for
3.93 days. |
| 11Vessel off hire for
6.83 days. |
| 12The charter rate was
US$10,000 per day for the first 30 days of the charter period. |
| 13Vessel has been sold
and is expected to be delivered to her new Owners by December 20,
2023. |
| 14Bareboat
chartered-in for a period of eight years. |
| 15Vessel off hire for
3.65 days. |
| |
| |
| Summary of
Selected Financial & Other Data (unaudited) |
|
|
|
|
Three months
ended September 30, |
|
Nine months
ended September 30, |
|
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
| STATEMENT OF
INCOME DATA (in thousands of US Dollars) |
|
|
Time charter revenues |
$ |
62,062 |
|
$ |
73,811 |
|
$ |
202,082 |
|
$ |
214,267 |
|
|
|
Voyage
expenses |
|
2,931 |
|
|
3,432 |
|
|
10,295 |
|
|
4,095 |
|
|
|
Vessel
operating expenses |
|
21,202 |
|
|
17,685 |
|
|
63,965 |
|
|
52,507 |
|
|
|
Net
income |
|
7,386 |
|
|
31,731 |
|
|
40,463 |
|
|
93,381 |
|
|
|
Net income
attributable to common stockholders |
|
5,944 |
|
|
30,289 |
|
|
36,136 |
|
|
89,054 |
|
| FLEET
DATA |
| |
Average
number of vessels |
|
41.0 |
|
|
34.9 |
|
|
41.2 |
|
|
34.5 |
|
| |
Number of
vessels |
|
41.0 |
|
|
34.0 |
|
|
41.0 |
|
|
34.0 |
|
| |
Weighted
average age of vessels |
|
10.5 |
|
|
10.4 |
|
|
10.5 |
|
|
10.4 |
|
| |
Ownership
days |
|
3,772 |
|
|
3,210 |
|
|
11,240 |
|
|
9,412 |
|
| |
Available
days |
|
3,721 |
|
|
3,022 |
|
|
11,128 |
|
|
8,996 |
|
| |
Operating
days |
|
3,720 |
|
|
2,994 |
|
|
11,097 |
|
|
8,913 |
|
| |
Fleet
utilization |
|
100.0% |
|
|
99.1% |
|
|
99.7% |
|
|
99.1% |
|
| AVERAGE DAILY
RESULTS |
| |
Time charter
equivalent (TCE) rate (1) |
$ |
15,891 |
|
$ |
23,289 |
|
$ |
17,235 |
|
$ |
23,363 |
|
| |
Daily vessel
operating expenses (2) |
$ |
5,621 |
|
$ |
5,509 |
|
$ |
5,691 |
|
$ |
5,579 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Wednesday, November 15,
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 13742402.
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 September 30, |
|
Nine months ended September 30, |
|
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
REVENUES: |
|
|
|
|
|
|
|
|
|
|
Time charter revenues |
$ |
62,062 |
|
$ |
73,811 |
|
$ |
202,082 |
|
$ |
214,267 |
|
| |
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
| |
Voyage
expenses |
|
2,931 |
|
|
3,432 |
|
|
10,295 |
|
|
4,095 |
|
| |
Vessel
operating expenses |
|
21,202 |
|
|
17,685 |
|
|
63,965 |
|
|
52,507 |
|
| |
Depreciation
and amortization of deferred charges |
|
11,617 |
|
|
10,641 |
|
|
38,278 |
|
|
31,099 |
|
| |
General and
administrative expenses |
|
8,909 |
|
|
7,013 |
|
|
24,604 |
|
|
21,960 |
|
| |
Management
fees to related party |
|
333 |
|
|
222 |
|
|
980 |
|
|
450 |
|
| |
Gain on sale
of vessels |
|
- |
|
|
(2,841 |
) |
|
(4,995 |
) |
|
(2,841 |
) |
| |
Insurance
recoveries |
|
- |
|
|
- |
|
|
- |
|
|
(1,789 |
) |
| |
Other
operating income |
|
(703 |
) |
|
(132 |
) |
|
(894 |
) |
|
(474 |
) |
| |
Operating income, total |
$ |
17,773 |
|
$ |
37,791 |
|
$ |
69,849 |
|
$ |
109,260 |
|
| |
|
|
|
|
|
|
|
|
|
|
OTHER INCOME / (EXPENSES): |
|
|
|
|
|
|
|
|
| |
Interest
expense and finance costs |
|
(12,837 |
) |
|
(6,415 |
) |
|
(36,682 |
) |
|
(17,623 |
) |
| |
Interest and
other income |
|
2,295 |
|
|
630 |
|
|
6,040 |
|
|
1,252 |
|
| |
Gain from
derivatives |
|
153 |
|
|
- |
|
|
153 |
|
|
- |
|
| |
Loss on
extinguishment of debt |
|
- |
|
|
(212 |
) |
|
(748 |
) |
|
(212 |
) |
| |
Gain on
deconsolidation of subsidiary |
|
- |
|
|
- |
|
|
844 |
|
|
- |
|
| |
Gain on
dividend distribution |
|
- |
|
|
- |
|
|
761 |
|
|
- |
|
| |
Gain from
equity method investments |
|
2 |
|
|
(63 |
) |
|
246 |
|
|
704 |
|
| |
Total other expenses, net |
$ |
(10,387 |
) |
$ |
(6,060 |
) |
$ |
(29,386 |
) |
$ |
(15,879 |
) |
| |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
7,386 |
|
$ |
31,731 |
|
$ |
40,463 |
|
$ |
93,381 |
|
|
Dividends on series B preferred shares |
|
(1,442 |
) |
|
(1,442 |
) |
|
(4,327 |
) |
|
(4,327 |
) |
|
Net income attributable to common
stockholders |
|
5,944 |
|
|
30,289 |
|
|
36,136 |
|
|
89,054 |
|
|
Earnings per common share, basic |
$ |
0.06 |
|
$ |
0.39 |
|
$ |
0.36 |
|
$ |
1.15 |
|
| |
|
|
|
|
|
|
|
|
|
|
Earnings per common share, diluted |
$ |
0.06 |
|
$ |
0.37 |
|
$ |
0.36 |
|
$ |
1.10 |
|
|
Weighted average number of common shares outstanding,
basic |
|
100,721,952 |
|
|
78,390,909 |
|
|
99,241,903 |
|
|
77,696,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding,
diluted |
|
102,481,766 |
|
|
82,225,404 |
|
|
100,672,119 |
|
|
80,934,858 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
| |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
| |
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
7,386 |
|
$ |
31,731 |
|
$ |
40,463 |
|
$ |
93,381 |
|
|
Other comprehensive income (Defined benefit plan) |
|
- |
|
|
- |
|
|
- |
|
|
1 |
|
|
Comprehensive Income |
$ |
7,386 |
|
$ |
31,731 |
|
$ |
40,463 |
|
$ |
93,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| CONDENSED
CONSOLIDATED BALANCE SHEET DATA |
|
(in thousands of U.S. Dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
December 31, 2022* |
|
ASSETS |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash, cash
equivalents, restricted cash and time deposits |
$ |
173,552** |
|
$ |
143,928** |
|
| Other current
assets |
|
18,992 |
|
|
17,636 |
|
| Fixed assets |
|
950,186 |
|
|
996,702 |
|
| Investments in
related parties |
|
13,015 |
|
|
8,250 |
|
| Other noncurrent
assets |
|
18,542 |
|
|
16,403 |
|
|
|
Total assets |
$ |
1,174,287 |
|
$ |
1,182,919 |
|
|
|
|
|
|
|
|
|
|
| LIABILITIES
AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Long-term debt and
finance liabilities, net of deferred financing costs |
$ |
657,366 |
|
$ |
663,442 |
|
| Other
liabilities |
|
30,534 |
|
|
32,149 |
|
| Total stockholders'
equity |
|
486,387 |
|
|
487,328 |
|
|
|
Total liabilities and stockholders' equity |
$ |
1,174,287 |
|
$ |
1,182,919 |
|
|
|
|
|
|
|
|
|
|
|
* |
The balance sheet data have been derived from the audited
consolidated financial statements at that date. |
|
** |
Includes time deposits of $64 million and $46.5 million as of
September 30, 2023 and December 31, 2022, respectively |
| |
|
| |
| OTHER
FINANCIAL DATA (unaudited) |
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
| |
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
20,060 |
|
$ |
43,277 |
|
$ |
72,615 |
|
$ |
124,114 |
|
| Net cash
used in investing activities |
|
(11,980 |
) |
|
(35,610 |
) |
|
(6,108 |
) |
|
(54,379 |
) |
| Net cash
used in financing activities |
$ |
(42,145 |
) |
$ |
(8,334 |
) |
$ |
(54,383 |
) |
$ |
(66,848 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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