Diana Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2021
November 17 2021 - 8:36AM
Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping
company specializing in the ownership of dry bulk vessels, today
reported net income of $14.7 million and net income attributed to
common stockholders of $13.3 million for the third quarter of 2021.
This compares to a net loss of $13.2 million and a net loss
attributed to common stockholders of $14.6 million, including a
$6.8 million impairment loss, reported in the third quarter of
2020.
Time charter revenues were $57.3 million for the
third quarter of 2021, compared to $42.3 million for the same
quarter of 2020. The increase in time charter revenues was mainly
due to increased average time charter rates that the Company
achieved for its vessels during the quarter. This increase was
partly offset by decreased revenues due to decreased ownership days
compared to last year, resulting from the sale of vessels.
Net income for the nine months ended September
30, 2021 amounted to $16.3 million and net income attributed to
common stockholders amounted to $11.9 million, including a $1.4
million gain on sale of vessels. This compares to a net loss of
$126.8 million and net loss attributed to common stockholders of
$131.1 million, including a $102.5 million impairment loss and $1.1
million loss on sale of vessels, for the same period of 2020. Time
charter revenues were $145.4 million for the nine months ended
September 30, 2021, compared to $127.1 million for the same period
of 2020.
|
Fleet Employment Profile (As of November 16,
2021) |
|
Diana Shipping Inc.’s fleet is employed as follows: |
|
VesselBUILT
DWT |
SisterShips* |
Gross Rate(USD PerDay) |
Com** |
Charterers |
Delivery Date toCharterers*** |
Redelivery Date to Owners**** |
Notes |
|
|
|
|
|
|
|
|
|
|
10 Panamax Bulk Carriers |
1 |
PROTEFS |
A |
$10,650 |
5.00% |
Reachy International (HK) Co., Limited |
8-Feb-21 |
10-Mar-22 - 20-May-22 |
|
|
2004 73,630 |
|
|
|
|
|
|
|
2 |
CALIPSO |
A |
$10,400 |
5.00% |
Viterra Chartering B.V., Rotterdam |
22-Jan-21 |
29-Nov-21 - 15-Dec-21 |
1 |
|
2005 73,691 |
|
|
|
|
|
|
|
- |
NAIAS |
A |
$23,250 |
5.00% |
AS Klaveness Chartering, Oslo |
21-Jun-21 |
19-Jul-21 |
2 |
|
2006 73,546 |
|
|
|
|
|
|
|
3 |
MELIA |
|
$25,750 |
5.00% |
Viterra Chartering B.V., Rotterdam |
11-Jun-21 |
7-Apr-22 - 7-Jun-22 |
|
|
2005 76,225 |
|
|
|
|
|
|
|
4 |
ARTEMIS |
|
$10,250 |
5.00% |
Glencore Agriculture B.V., Rotterdam |
30-Nov-20 |
5-Jan-22 - 30-Mar-22 |
|
|
2006 76,942 |
|
|
|
|
|
|
|
5 |
LETO |
|
$9,000 |
4.75% |
Cargill International S.A., Geneva |
21-May-20 |
3-Oct-21 |
|
|
|
|
$25,500 |
5.00% |
Aquavita International S.A. |
3-Oct-21 |
1-Feb-23 - 15-Apr-23 |
|
|
2010 81,297 |
|
|
|
|
|
|
|
6 |
SELINA |
B |
$11,000 |
5.00% |
ST Shipping and Transport Pte. Ltd., Singapore |
5-Jul-20 |
2-Sep-21 |
|
|
|
|
$26,500 |
5.00% |
ASL Bulk Shipping HK Limited |
2-Sep-21 |
15-Jun-22 - 15-Sep-22 |
|
|
2010 75,700 |
|
|
|
|
|
|
|
7 |
MAERA |
B |
$8,600 |
5.00% |
Ausca Shipping Limited, Hong Kong |
11-Jun-20 |
18-Sep-21 |
|
|
|
|
$26,000 |
5.00% |
ASL Bulk Shipping HK Limited |
18-Sep-21 |
1-Oct-22 - 15-Dec-22 |
|
|
2013 75,403 |
|
|
|
|
|
|
|
8 |
ISMENE |
|
$16,500 |
5.00% |
Tongli Shipping Pte. Ltd. |
11-Mar-21 |
25-Nov-21 - 15-Dec-21 |
1 |
|
2013 77,901 |
|
|
|
|
|
|
|
9 |
CRYSTALIA |
C |
$8,750 |
5.00% |
Glencore Agriculture B.V., Rotterdam |
22-May-20 |
21-Sep-21 |
|
|
|
|
$26,100 |
5.00% |
Uniper Global Commodities SE, Düsseldorf |
21-Sep-21 |
1-Oct-22 - 15-Dec-22 |
|
|
2014 77,525 |
|
|
|
|
|
|
|
10 |
ATALANDI |
C |
$9,300 |
5.00% |
Uniper Global Commodities SE, Düsseldorf |
14-Jun-20 |
5-Oct-21 |
|
|
|
|
$24,500 |
4.75% |
Aquavita International S.A. |
5-Oct-21 |
15-Feb-23 - 30-Apr-23 |
|
|
2014 77,529 |
|
|
|
|
|
|
|
|
6 Kamsarmax Bulk Carriers |
11 |
MAIA |
D |
$25,000 |
5.00% |
Viterra Chartering B.V., Rotterdam |
20-Jun-21 |
1-May-22 - 30-Jun-22 |
3 |
|
2009 82,193 |
|
|
|
|
|
|
|
12 |
MYRSINI |
D |
$27,750 |
5.00% |
Bocimar International N.V. |
11-May-21 |
15-Nov-21 |
|
|
|
|
$22,000 |
4.75% |
Cargill International S.A., Geneva |
15-Nov-21 |
1-Dec-22 - 31-Jan-23 |
|
|
2010 82,117 |
|
|
|
|
|
|
|
13 |
MEDUSA |
D |
$11,000 |
4.75% |
Cargill International S.A., Geneva |
19-Nov-20 |
10-Jan-22 - 20-Mar-22 |
|
|
2010 82,194 |
|
|
|
|
|
|
|
14 |
MYRTO |
D |
$10,000 |
4.75% |
Cargill International S.A., Geneva |
3-Apr-20 |
10-Sep-21 |
|
|
|
|
$28,500 |
5.00% |
Solebay Shipping Transocean Company Limited |
|
|
|
|
2013 82,131 |
|
|
|
|
10-Sep-21 |
15-Aug-22 - 15-Oct-22 |
|
15 |
ASTARTE |
|
$25,000 |
5.00% |
Mitsui O.S.K. Lines Ltd. |
20-May-21 |
29-Nov-21 - 15-Dec-21 |
1 |
|
2013 81,513 |
|
|
|
|
|
|
|
16 |
MAGNOLIA |
|
- |
- |
- |
- |
- - - |
4 |
|
tbr. LEONIDAS P. C. |
|
|
|
|
|
|
|
|
2011 82,165 |
|
|
|
|
|
|
|
|
5 Post-Panamax Bulk Carriers |
17 |
ALCMENE |
|
$8,500 |
4.75% |
Cargill International S.A., Geneva |
2-Apr-20 |
28-Jul-21 |
5 |
|
|
|
$25,500 |
5.00% |
Refined Success Limited |
28-Jul-21 |
20-Nov-21 |
6,7 |
|
2010 93,193 |
|
|
|
|
|
|
|
18 |
AMPHITRITE |
E |
$30,000 |
5.00% |
Jera Global Markets Pte. Ltd. |
6-Jun-21 |
2-Jul-21 |
8 |
|
|
|
$30,250 |
5.00% |
Jera Global Markets Pte. Ltd. |
23-Jul-21 |
13-Sep-21 |
|
|
|
|
$27,000 |
5.00% |
BG Shipping Co., Limited, Hong Kong |
13-Sep-21 |
15-Oct-22 - 15-Dec-22 |
|
|
2012 98,697 |
|
|
|
|
|
|
|
19 |
POLYMNIA |
E |
$12,100 |
5.00% |
CLdN Cobelfret SA, Luxembourg |
22-Nov-20 |
28-Nov-21 - 25-Dec-21 |
1,9 |
|
2012 98,704 |
|
|
|
|
|
|
|
20 |
ELECTRA |
F |
$21,000 |
5.00% |
Tongli Shipping Pte. Ltd. |
28-Apr-21 |
10-Feb-22 - 10-Apr-22 |
|
|
2013 87,150 |
|
|
|
|
|
|
|
21 |
PHAIDRA |
F |
$9,400 |
5.00% |
Uniper Global Commodities SE, Düsseldorf |
29-May-20 |
15-Jul-21 |
|
|
|
|
$27,000 |
5.00% |
Refined Success Limited |
15-Jul-21 |
2-Sep-21 |
|
|
|
|
$28,000 |
5.00% |
Uniper Global Commodities SE, Düsseldorf |
2-Sep-21 |
1-Jul-22 - 15-Sep-22 |
|
|
2013 87,146 |
|
|
|
|
|
|
|
|
12 Capesize Bulk Carriers |
22 |
ALIKI |
|
$20,500 |
5.00% |
Solebay Shipping Cape Company Limited, Hong Kong |
18-Mar-21 |
15-Jan-22 - 15-Mar-22 |
|
|
2005 180,235 |
|
|
|
|
|
|
|
23 |
BALTIMORE |
|
$13,000 |
5.00% |
Koch Shipping Pte. Ltd., Singapore |
21-Dec-20 |
27-Sep-21 |
|
|
|
|
$56,000 |
4.75% |
Olam International Limited, Singapore |
27-Sep-21 |
27-Dec-21 |
10 |
|
2005 177,243 |
|
|
|
|
|
|
|
24 |
SALT LAKE CITY |
|
$13,000 |
5.00% |
C Transport Maritime Ltd., Bermuda |
9-Jan-21 |
1-Apr-22 - 30-Jun-22 |
|
|
2005 171,810 |
|
|
|
|
|
|
|
25 |
SEMIRIO |
G |
$13,500 |
5.00% |
SwissMarine Pte. Ltd., Singapore |
1-Jan-21 |
30-Nov-21 - 20-Dec-21 |
1 |
|
2007 174,261 |
|
|
|
|
|
|
|
26 |
BOSTON |
G |
$25,500 |
5.00% |
C Transport Maritime Ltd., Bermuda |
16-Jun-21 |
15-Apr-22 - 15-Jun-22 |
|
|
2007 177,828 |
|
|
|
|
|
|
|
27 |
HOUSTON |
G |
$6,250 |
5.00% |
C Transport Maritime Ltd., Bermuda |
13-Apr-20 |
13-May-20 |
|
|
|
|
$12,400 |
5.00% |
13-May-20 |
30-Aug-21 |
|
|
2009 177,729 |
|
$27,000 |
5.00% |
Koch Shipping Pte. Ltd., Singapore |
30-Aug-21 |
15-Jul-22 - 15-Oct-22 |
|
28 |
NEW YORK |
G |
$14,000 |
5.00% |
EGPN Bulk Carrier Co., Limited, Hong Kong |
29-Dec-20 |
16-Apr-22 - 30-Jun-22 |
|
|
2010 177,773 |
|
|
|
|
|
|
|
29 |
SEATTLE |
H |
$12,300 |
5.00% |
Pacbulk Shipping Pte. Ltd., Singapore |
27-Apr-20 |
1-Dec-21 - 31-Dec-21 |
1 |
|
2011 179,362 |
|
|
|
|
|
|
|
30 |
P. S. PALIOS |
H |
$26,500 |
4.75% |
Olam International Limited, Singapore |
5-Jun-21 |
15-Feb-22 - 15-Apr-22 |
|
|
2013 179,134 |
|
|
|
|
|
|
|
31 |
G. P. ZAFIRAKIS |
I |
$13,200 |
5.00% |
Koch Shipping Pte. Ltd., Singapore |
31-May-20 |
28-Nov-21 - 31-Dec-21 |
1 |
|
2014 179,492 |
|
|
|
|
|
|
|
32 |
SANTA BARBARA |
I |
$17,250 |
4.75% |
Cargill International S.A., Geneva |
9-Jan-21 |
5-Jan-22 - 5-Mar-22 |
|
|
2015 179,426 |
|
|
|
|
|
|
|
33 |
NEW ORLEANS |
|
$15,500 |
5.00% |
Nippon Yusen Kabushiki Kaisha |
3-Dec-20 |
25-Jan-22 - 25-Mar-22 |
|
|
2015 180,960 |
|
|
|
|
|
|
|
|
4 Newcastlemax Bulk Carriers |
34 |
LOS ANGELES |
J |
$14,250 |
5.00% |
Engelhart CTP Freight (Switzerland) SA |
6-Jun-20 |
27-Nov-21 - 31-Dec-21 |
1 |
|
2012 206,104 |
|
|
|
|
|
|
|
35 |
PHILADELPHIA |
J |
$28,500 |
5.00% |
Classic Maritime Inc. |
22-Apr-21 |
1-Mar-22 - 1-May-22 |
|
|
2012 206,040 |
|
|
|
|
|
|
|
36 |
SAN FRANCISCO |
K |
$17,750 |
5.00% |
Olam International Limited, Singapore |
11-Feb-21 |
27-May-21 |
|
|
|
|
$24,700 |
5.00% |
27-May-21 |
15-Jan-22 - 15-Mar-22 |
11 |
|
2017 208,006 |
|
|
|
|
|
|
|
37 |
NEWPORT NEWS |
K |
$18,400 |
5.00% |
Koch Shipping Pte. Ltd., Singapore |
8-Sep-20 |
25-Nov-21 - 30-Dec-21 |
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 sold and delivered to her new owners on July 30,
2021. |
3 Vessel off-hire for about 29 days. |
4 Expected date of delivery to the Company on February 28,
2022. |
5 Charterers have agreed to pay the weighted average of the Baltic
Panamax 5 T/C routes, as published by the Baltic Exchange on July
2, 2021 for the excess period commencing from July 2, 2021 till
July 28, 2021. |
6 Redelivery date based on an estimated time charter trip duration
of about 115 days. |
7 Charterers will compensate owners with hire equal to the average
of BPI P3A_82 route for the overrun days and paid pro rata until
the actual redelivery date and time of the vessel back to owners
and only in case the BPI P3A_82 route for the overrun days is
higher than current hire rate i.e. USD25,500 otherwise current hire
rate to remain for that day. |
8 Vessel on scheduled drydocking from July 2, 2021 to July 23,
2021. |
9 Vessel on scheduled drydocking from July 15, 2021 to August 3,
2021. |
10 Redelivery date based on an estimated time charter trip duration
of about 90 days. |
11 Vessel currently off hire for drydocking. |
Summary of Selected Financial & Other Data
(unaudited) |
|
|
|
Three months endedSeptember 30, |
|
Nine months endedSeptember 30, |
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
STATEMENT OF OPERATIONS DATA (in thousands of US
Dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter revenues |
|
$ |
57,284 |
|
$ |
42,341 |
|
$ |
145,358 |
|
$ |
127,076 |
|
Voyage expenses |
|
|
677 |
|
|
2,944 |
|
|
4,749 |
|
|
10,505 |
|
Vessel operating expenses |
|
|
18,832 |
|
|
21,318 |
|
|
56,563 |
|
|
63,441 |
|
Net income/(loss) |
|
|
14,733 |
|
|
(13,151 |
) |
|
16,254 |
|
|
(126,767 |
) |
Net income/(loss) attributed to common stockholders |
|
|
13,291 |
|
|
(14,593 |
) |
|
11,927 |
|
|
(131,094 |
) |
FLEET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of vessels |
|
|
36.3 |
|
|
40.4 |
|
|
37.2 |
|
|
41.1 |
|
Number of vessels |
|
|
36.0 |
|
|
40.0 |
|
|
36.0 |
|
|
40.0 |
|
Weighted average age of vessels |
|
|
10.5 |
|
|
10.0 |
|
|
10.5 |
|
|
10.0 |
|
Ownership days |
|
|
3,342 |
|
|
3,719 |
|
|
10,143 |
|
|
11,251 |
|
Available days |
|
|
3,302 |
|
|
3,670 |
|
|
10,055 |
|
|
10,695 |
|
Operating days |
|
|
3,253 |
|
|
3,572 |
|
|
9,945 |
|
|
10,410 |
|
Fleet utilization |
|
|
98.5 |
% |
|
97.3 |
% |
|
98.9 |
% |
|
97.3 |
% |
AVERAGE DAILY RESULTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter equivalent (TCE) rate (1) |
|
$ |
17,143 |
|
$ |
10,735 |
|
$ |
13,984 |
|
$ |
10,900 |
|
Daily vessel operating expenses (2) |
|
$ |
5,635 |
|
$ |
5,732 |
|
$ |
5,577 |
|
$ |
5,639 |
|
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 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 Wednesday, November 17,
2021.
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 13724413.
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 severity, magnitude and
duration of the COVID-19 pandemic, including impacts of the
pandemic and of businesses’ and governments’ responses to the
pandemic on our operations, personnel, and on the demand for
seaborne transportation of bulk products; 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 |
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UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME/(LOSS) |
|
|
|
|
Three months endedSeptember 30, |
|
Nine months endedSeptember 30, |
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
REVENUES: |
|
|
|
|
|
|
|
|
|
Time charter revenues |
|
$ |
57,284 |
|
$ |
42,341 |
|
$ |
145,358 |
|
$ |
127,076 |
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
Voyage expenses |
|
|
677 |
|
|
2,944 |
|
|
4,749 |
|
|
10,505 |
|
Vessel operating expenses |
|
|
18,832 |
|
|
21,318 |
|
|
56,563 |
|
|
63,441 |
|
Depreciation and amortization of deferred charges |
|
|
10,263 |
|
|
9,399 |
|
|
30,403 |
|
|
32,682 |
|
General and administrative expenses |
|
|
7,153 |
|
|
9,463 |
|
|
21,062 |
|
|
25,748 |
|
Management fees to related party |
|
|
340 |
|
|
497 |
|
|
1,194 |
|
|
1,511 |
|
Vessel impairment charges |
|
|
- |
|
|
6,832 |
|
|
- |
|
|
102,525 |
|
(Gain)/loss on sale of vessels |
|
|
(1,564 |
) |
|
7 |
|
|
(1,360 |
) |
|
1,085 |
|
Other loss |
|
|
304 |
|
|
271 |
|
|
300 |
|
|
129 |
|
Operating income/(loss) |
|
$ |
21,279 |
|
$ |
(8,390 |
) |
$ |
32,447 |
|
$ |
(110,550 |
) |
|
|
|
|
|
|
|
|
|
|
OTHER INCOME / (EXPENSES): |
|
|
|
|
|
|
|
|
|
Interest expense and finance costs |
|
|
(5,681 |
) |
|
(4,874 |
) |
|
(15,022 |
) |
|
(16,883 |
) |
Interest income |
|
|
29 |
|
|
55 |
|
|
79 |
|
|
694 |
|
(Loss)/gain on extinguishment of debt |
|
|
(822 |
) |
|
374 |
|
|
(980 |
) |
|
374 |
|
Loss from equity method investment |
|
|
(72 |
) |
|
(316 |
) |
|
(270 |
) |
|
(402 |
) |
Total other expenses, net |
|
$ |
(6,546 |
) |
$ |
(4,761 |
) |
$ |
(16,193 |
) |
$ |
(16,217 |
) |
|
|
|
|
|
|
|
|
|
|
Net income/(loss) |
|
$ |
14,733 |
|
$ |
(13,151 |
) |
$ |
16,254 |
|
$ |
(126,767 |
) |
Dividends on series B preferred shares |
|
|
(1,442 |
) |
|
(1,442 |
) |
|
(4,327 |
) |
|
(4,327 |
) |
Net income/(loss) attributed to common
stockholders |
|
|
13,291 |
|
|
(14,593 |
) |
|
11,927 |
|
|
(131,094 |
) |
Earnings/(loss) per common share, basic |
|
$ |
0.17 |
|
$ |
(0.17 |
) |
$ |
0.15 |
|
$ |
(1.53 |
) |
|
|
|
|
|
|
|
|
|
|
Earnings/(loss) per common share, diluted |
|
$ |
0.16 |
|
$ |
(0.17 |
) |
$ |
0.14 |
|
$ |
(1.53 |
) |
Weighted average number of common shares,
basic |
|
|
78,687,020 |
|
|
85,745,586 |
|
|
81,408,637 |
|
|
85,923,171 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares,
diluted |
|
|
83,329,718 |
|
|
85,745,586 |
|
|
84,633,560 |
|
|
85,923,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months endedSeptember 30, |
|
Nine months endedSeptember 30, |
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
Net income/(loss) |
|
$ |
14,733 |
|
$ |
(13,151 |
) |
$ |
16,254 |
|
$ |
(126,767 |
) |
Other comprehensive loss (Actuarial loss) |
|
|
- |
|
|
(6 |
) |
|
- |
|
|
(20 |
) |
Comprehensive income/(loss) |
|
$ |
14,733 |
|
$ |
(13,157 |
) |
$ |
16,254 |
|
$ |
(126,787 |
) |
CONDENSED CONSOLIDATED BALANCE SHEET DATA |
|
|
|
(in thousands of U.S. Dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2021 |
|
December 31, 2020* |
ASSETS |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash |
|
$ |
146,249 |
|
$ |
82,909 |
|
Other current assets |
|
|
14,737 |
|
|
41,752 |
|
Vessels, net |
|
|
682,133 |
|
|
716,178 |
|
Other fixed assets, net |
|
|
25,940 |
|
|
21,704 |
|
Other non-current assets |
|
|
9,753 |
|
|
9,867 |
|
Total assets |
|
$ |
878,812 |
|
$ |
872,410 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, net of deferred financing costs |
|
$ |
434,728 |
|
$ |
420,314 |
|
Other liabilities |
|
|
28,183 |
|
|
23,526 |
|
Total stockholders' equity |
|
|
415,901 |
|
|
428,570 |
|
Total liabilities and stockholders' equity |
|
$ |
878,812 |
|
$ |
872,410 |
|
|
|
|
|
|
|
|
|
* The balance sheet data have been derived from the audited
consolidated financial statements at that date. |
OTHER FINANCIAL DATA (unaudited) |
|
|
|
Three months endedSeptember 30, |
|
Nine months endedSeptember 30, |
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
Net cash provided by/(used in) operating activities |
|
$ |
30,047 |
|
$ |
(430 |
) |
$ |
57,489 |
|
$ |
11,307 |
|
Net cash provided by investing
activities |
|
|
5,990 |
|
|
13,862 |
|
|
28,065 |
|
|
11,598 |
|
Net cash used in financing
activities |
|
$ |
(44,783 |
) |
$ |
(24,736 |
) |
$ |
(22,214 |
) |
$ |
(60,807 |
) |
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
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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