Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping
company specializing in the ownership of dry bulk vessels, today
reported net income of $41.1 million and net income attributed to
common stockholders of $39.7 million for the fourth quarter of
2021, including a gain of $15.3 million from the spin-off of
OceanPal Inc. This compares to a net loss of $7.4 million and net
loss attributed to common stockholders of $8.9 million, including a
$1.9 million impairment loss, reported in the fourth quarter of
2020.
Time charter revenues were $68.8 million for the
fourth quarter of 2021, compared to $42.7 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 year ended December 31, 2021
amounted to $57.4 million and net income attributed to common
stockholders amounted to $51.6 million, including a $1.4 million
gain on sale of vessels and $15.3 million gain from the spin-off of
OceanPal Inc. This compares to a net loss of $134.2 million and net
loss attributed to common stockholders of $140.0 million, including
a $104.4 million impairment loss and $1.1 million loss on sale of
vessels, for the same period of 2020. Time charter revenues were
$214.2 million for the year ended December 31, 2021, compared to
$169.7 million for the same period of 2020.
Dividend Declaration
The Company declared a cash dividend on its
common stock of $0.20 per share, based on the Company’s results of
operations during the fourth quarter ended December 31, 2021. The
cash dividend will be payable on or about March 21, 2022 to all
shareholders of record as of March 9, 2022. The Company has 84.67
million shares of common stock issued and outstanding.
|
Fleet Employment Profile (As of February 24,
2022) |
|
Diana Shipping Inc.’s fleet is employed as follows: |
|
Vessel |
Sister Ships* |
Gross Rate (USD Per Day) |
Com** |
Charterers |
Delivery Date to Charterers*** |
Redelivery Date to Owners**** |
Notes |
|
BUILT DWT |
|
|
|
|
|
|
|
|
|
|
8 Panamax Bulk Carriers |
- |
PROTEFS |
A |
$10,650 |
5.00% |
Reachy
International (HK) Co., Limited |
8-Feb-21 |
29-Nov-21 |
1 |
|
2004 73,630 |
|
|
|
|
|
|
|
- |
CALIPSO |
A |
$10,400 |
5.00% |
Viterra
Chartering B.V., Rotterdam |
22-Jan-21 |
29-Nov-21 |
1 |
|
2005 73,691 |
|
|
|
|
|
|
|
1 |
MELIA |
|
$25,750 |
5.00% |
Viterra
Chartering B.V., Rotterdam |
11-Jun-21 |
7-Apr-22 -
7-Jun-22 |
|
|
2005 76,225 |
|
|
|
|
|
|
|
2 |
ARTEMIS |
|
$10,250 |
5.00% |
Glencore Agriculture B.V., Rotterdam |
30-Nov-20 |
10-Mar-22 - 25-Mar-22 |
2 |
|
2006 76,942 |
|
|
|
|
|
|
|
3 |
LETO |
|
$9,000 |
4.75% |
Cargill International S.A., Geneva |
21-May-20 |
3-Oct-21 |
|
|
|
|
$25,500 |
4.75% |
Aquavita
International S.A. |
3-Oct-21 |
1-Feb-23 -
15-Apr-23 |
|
|
2010 81,297 |
|
|
|
|
|
|
|
4 |
SELINA |
B |
$26,500 |
5.00% |
ASL Bulk Shipping HK Limited |
2-Sep-21 |
15-Jun-22 - 15-Sep-22 |
|
|
2010 75,700 |
|
|
|
|
|
|
|
5 |
MAERA |
B |
$26,000 |
5.00% |
ASL Bulk Shipping HK Limited |
18-Sep-21 |
1-Oct-22 - 15-Dec-22 |
|
|
2013 75,403 |
|
|
|
|
|
|
|
6 |
ISMENE |
|
$16,500 |
5.00% |
Tongli Shipping Pte. Ltd. |
11-Mar-21 |
23-Nov-21 |
|
|
|
|
$18,500 |
4.75% |
Cargill
International S.A., Geneva |
23-Nov-21 |
15-Dec-22
- 15-Feb-23 |
|
|
2013 77,901 |
|
|
|
|
|
|
|
7 |
CRYSTALIA |
C |
$26,100 |
5.00% |
Uniper Global Commodities SE, Düsseldorf |
21-Sep-21 |
1-Oct-22 - 15-Dec-22 |
|
|
2014 77,525 |
|
|
|
|
|
|
|
8 |
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 |
9 |
MAIA |
D |
$25,000 |
5.00% |
Viterra
Chartering B.V., Rotterdam |
20-Jun-21 |
1-May-22 -
30-Jun-22 |
3 |
|
2009 82,193 |
|
|
|
|
|
|
|
10 |
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 |
|
|
|
|
|
|
|
11 |
MEDUSA |
D |
$11,000 |
4.75% |
Cargill International S.A., Geneva |
19-Nov-20 |
3-Mar-22 |
2 |
|
2010 82,194 |
|
|
|
|
|
|
|
12 |
MYRTO |
D |
$28,500 |
5.00% |
Solebay Shipping Transocean Company Limited |
10-Sep-21 |
15-Aug-22 - 15-Oct-22 |
|
|
2013 82,131 |
|
|
|
|
|
|
|
13 |
ASTARTE |
|
$25,000 |
5.00% |
Mitsui O.S.K. Lines Ltd. |
20-May-21 |
28-Dec-21 |
4,5 |
|
|
|
$21,500 |
5.00% |
Tongli
Shipping Pte. Ltd. |
30-Jan-22 |
15-Apr-23
- 15-Jun-23 |
|
|
2013 81,513 |
|
|
|
|
|
|
|
14 |
LEONIDAS P. C. |
|
$24,500 |
4.75% |
Cargill International S.A., Geneva |
18-Feb-22 |
1-Mar-23 - 30-Apr-23 |
6 |
|
2011
82,165 |
|
|
|
|
|
|
|
|
5 Post-Panamax Bulk Carriers |
15 |
ALCMENE |
|
$25,500 |
5.00% |
Refined
Success Limited |
28-Jul-21 |
25-Nov-21 |
7 |
|
|
|
$17,100 |
5.00% |
SwissMarine Pte. Ltd., Singapore |
25-Nov-21 |
20-Dec-22
- 5-Mar-23 |
|
|
2010 93,193 |
|
|
|
|
|
|
|
16 |
AMPHITRITE |
E |
$27,000 |
5.00% |
BG Shipping Co., Limited, Hong Kong |
13-Sep-21 |
15-Oct-22 - 15-Dec-22 |
|
|
2012 98,697 |
|
|
|
|
|
|
|
17 |
POLYMNIA |
E |
$12,100 |
5.00% |
CLdN Cobelfret SA, Luxembourg |
22-Nov-20 |
4-Feb-22 |
8 |
|
|
|
$24,750 |
5.00% |
4-Feb-22 |
15-Jan-23
- 15-Mar-23 |
|
|
2012 98,704 |
|
|
|
|
|
|
|
18 |
ELECTRA |
F |
$21,000 |
5.00% |
Tongli Shipping Pte. Ltd. |
28-Apr-21 |
10-Mar-22 - 10-Apr-22 |
2 |
|
2013 87,150 |
|
|
|
|
|
|
|
19 |
PHAIDRA |
F |
$28,000 |
5.00% |
Uniper Global Commodities SE, Düsseldorf |
2-Sep-21 |
1-Jul-22 - 15-Sep-22 |
|
|
2013
87,146 |
|
|
|
|
|
|
|
|
(11 + 1 TBD) Capesize Bulk Carriers |
20 |
ALIKI |
|
$20,500 |
5.00% |
Solebay
Shipping Cape Company Limited, Hong Kong |
18-Mar-21 |
21-Feb-22 |
|
|
|
|
$24,500 |
5.00% |
Koch
Shipping Pte. Ltd., Singapore |
21-Feb-22 |
1-Feb-23 -
15-Apr-23 |
|
|
2005 180,235 |
|
|
|
|
|
|
|
21 |
BALTIMORE |
|
$56,000 |
4.75% |
Olam International Limited, Singapore |
27-Sep-21 |
27-Dec-21 |
|
|
|
|
$10,500 |
5.00% |
Trafigura
Maritime Logistics Pte. Ltd. |
8-Feb-22 |
4-Apr-22 |
9,10 |
|
2005 177,243 |
|
|
|
|
|
|
|
- |
SALT LAKE CITY |
|
$13,000 |
5.00% |
C Transport Maritime Ltd., Bermuda |
9-Jan-21 |
29-Nov-21 |
1 |
|
2005 171,810 |
|
|
|
|
|
|
|
22 |
SEMIRIO |
G |
$13,500 |
5.00% |
SwissMarine Pte. Ltd., Singapore |
1-Jan-21 |
15-Dec-21 |
|
|
|
|
$19,700 |
5.00% |
C
Transport Maritime Ltd., Bermuda |
15-Dec-21 |
15-Aug-23
- 15-Nov-23 |
|
|
2007 174,261 |
|
|
|
|
|
|
|
23 |
BOSTON |
G |
$25,500 |
5.00% |
C Transport Maritime Ltd., Bermuda |
16-Jun-21 |
15-Apr-22 - 15-Jun-22 |
|
|
2007 177,828 |
|
|
|
|
|
|
|
24 |
HOUSTON |
G |
$27,000 |
5.00% |
Koch Shipping Pte. Ltd., Singapore |
30-Aug-21 |
15-Jul-22 - 15-Oct-22 |
|
|
2009 177,729 |
|
|
|
|
|
|
|
25 |
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 |
|
|
|
|
|
|
|
26 |
SEATTLE |
H |
$12,300 |
5.00% |
Pacbulk
Shipping Pte. Ltd., Singapore |
27-Apr-20 |
27-Feb-22 |
11 |
|
|
|
$26,500 |
5.00% |
Solebay
Shipping Cape Company Limited, Hong Kong |
27-Feb-22 |
1-Oct-23 -
15-Dec-23 |
12 |
|
2011 179,362 |
|
|
|
|
|
|
|
27 |
P. S. PALIOS |
H |
$26,500 |
4.75% |
Olam International Limited, Singapore |
5-Jun-21 |
7-Mar-22 - 15-Apr-22 |
2 |
|
2013 179,134 |
|
|
|
|
|
|
|
28 |
G. P. ZAFIRAKIS |
I |
$13,200 |
5.00% |
Koch Shipping Pte. Ltd., Singapore |
31-May-20 |
1-Dec-21 |
|
|
|
|
$22,750 |
4.75% |
Cargill
International S.A., Geneva |
1-Dec-21 |
1-Nov-22 -
31-Dec-22 |
|
|
2014 179,492 |
|
|
|
|
|
|
|
29 |
SANTA BARBARA |
I |
$17,250 |
4.75% |
Cargill International S.A., Geneva |
9-Jan-21 |
6-Mar-22 - 12-Mar-22 |
2,13 |
|
2015 179,426 |
|
|
|
|
|
|
|
30 |
NEW ORLEANS |
|
$15,500 |
5.00% |
Nippon Yusen Kabushiki Kaisha |
3-Dec-20 |
8-Mar-22 - 25-Mar-22 |
2 |
|
2015 180,960 |
|
|
|
|
|
|
|
31 |
(tbn. FLORIDA) |
|
- |
- |
- |
- |
- |
14,15 |
|
|
|
2022 181,500 |
|
|
|
|
|
|
|
|
4 Newcastlemax Bulk Carriers |
32 |
LOS
ANGELES |
J |
$14,250 |
5.00% |
Engelhart
CTP Freight (Switzerland) SA |
6-Jun-20 |
23-Dec-21 |
16 |
|
|
|
$26,250 |
5.00% |
Koch
Shipping Pte. Ltd., Singapore |
30-Jan-22 |
15-Jan-23
- 15-Mar-23 |
|
|
2012 206,104 |
|
|
|
|
|
|
|
33 |
PHILADELPHIA |
J |
$28,500 |
5.00% |
Classic Maritime Inc. |
22-Apr-21 |
7-Mar-22 - 16-Mar-22 |
2 |
|
2012 206,040 |
|
|
|
|
|
|
|
34 |
SAN
FRANCISCO |
K |
$24,700 |
5.00% |
Olam
International Limited, Singapore |
11-Feb-21 |
18-Feb-22 |
17,18 |
|
|
|
$30,500 |
5.00% |
Koch
Shipping Pte. Ltd., Singapore |
18-Feb-22 |
1-Mar-23 -
15-May-23 |
|
|
2017 208,006 |
|
|
|
|
|
|
|
35 |
NEWPORT NEWS |
K |
$18,400 |
5.00% |
Koch Shipping Pte. Ltd., Singapore |
8-Sep-20 |
16-Dec-21 |
|
|
|
|
$28,000 |
5.00% |
16-Dec-21 |
1-Jul-23 -
30/Sep/2023 |
19 |
|
2017 208,021 |
|
|
|
|
|
|
|
** 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 Vessel was delivered to her new owners on November 29, 2021. |
2 Based on latest information. |
3 Vessel off-hire for about 29 days. |
4 The charterers agreed to compensate the owners, for all the days
over and above the maximum redelivery date (December 15, 2021),
with hire rate equal to the average of Baltic Panamax 82 Index 5TC
weighted time charter average or the vessel’s present Charter Party
rate, whichever is higher. |
5 Vessel on scheduled drydocking from December 28, 2021 to January
30, 2022. |
6 Vessel was delivered to the Company on February 16, 2022. |
7 Charterers compensated owners with hire equal to the average of
BPI P3A_82 route for the overrun days starting on October 30, 2021
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 was higher than current hire rate i.e. USD25,500
otherwise current hire rate to remain for that day. |
8 Charterers have agreed to compensate the owners, for all the days
over and above the new maximum redelivery date (January 13, 2022),
with hire rate equal to the average of Baltic Panamax 82 Index 5TC
weighted time charter average plus 15% or vessel’s present Charter
Party rate, whichever is higher. |
9 Redelivery date based on an estimated time charter trip duration
of about 55 days. |
10 Charter included a one-time ballast bonus payment of
US$1,000,000. |
11 Expected redelivery date from the charterers. |
12 Expected delivery date to the charterers. |
13 Charterers have agreed to compensate the owners, for all the
days over and above the maximum redelivery date (March 5, 2022),
with hire rate equal to the average of Baltic Cape Index 5TC
weighted time charter average plus 23% or vessel’s present Charter
Party rate, whichever is higher. |
14 The dwt is based on shipbuilding contract. |
15 Expected date of delivery to the Company by the end of the first
quarter of 2022. |
16 Vessel on scheduled drydocking from December 23, 2021 to January
30, 2022. |
17 The charter rate was US$17,750 per day for the first one hundred
five (105) days of the charter period. |
18 Vessel on scheduled drydocking from November 2, 2021 to November
20, 2021. |
19 Vessel currently off hire for drydocking. |
Summary of
Selected Financial & Other Data (unaudited) |
|
|
|
Three months
ended December 31, |
|
Year ended
December 31, |
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
STATEMENT OF
OPERATIONS DATA (in thousands of US Dollars) |
|
Time charter revenues |
$ |
68,845 |
|
$ |
42,657 |
|
$ |
214,203 |
|
$ |
169,733 |
|
|
Voyage
expenses |
|
821 |
|
|
3,020 |
|
|
5,570 |
|
|
13,525 |
|
|
Vessel
operating expenses |
|
18,194 |
|
|
22,407 |
|
|
74,756 |
|
|
85,847 |
|
|
Net
income/(loss) |
|
41,140 |
|
|
(7,430 |
) |
|
57,394 |
|
|
(134,197 |
) |
|
Net
income/(loss) attributed to common stockholders |
|
39,698 |
|
|
(8,872 |
) |
|
51,625 |
|
|
(139,966 |
) |
FLEET
DATA |
|
Average
number of vessels |
|
35.0 |
|
|
40.0 |
|
|
36.6 |
|
|
40.8 |
|
|
Number of
vessels |
|
33.0 |
|
|
40.0 |
|
|
33.0 |
|
|
40.0 |
|
|
Weighted
average age of vessels |
|
10.4 |
|
|
10.2 |
|
|
10.4 |
|
|
10.2 |
|
|
Ownership
days |
|
3,216 |
|
|
3,680 |
|
|
13,359 |
|
|
14,931 |
|
|
Available
days |
|
3,184 |
|
|
3,623 |
|
|
13,239 |
|
|
14,318 |
|
|
Operating
days |
|
3,171 |
|
|
3,610 |
|
|
13,116 |
|
|
14,020 |
|
|
Fleet
utilization |
|
99.6 |
% |
|
99.6 |
% |
|
99.1 |
% |
|
97.9 |
% |
AVERAGE DAILY
RESULTS |
|
Time charter
equivalent (TCE) rate (1) |
$ |
21,364 |
|
$ |
10,940 |
|
$ |
15,759 |
|
$ |
10,910 |
|
|
Daily vessel
operating expenses (2) |
$ |
5,657 |
|
$ |
6,089 |
|
$ |
5,596 |
|
$ |
5,750 |
|
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 Friday, February 25,
2022.
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 13726800.
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 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 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 |
|
|
|
|
|
|
|
|
|
|
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME/(LOSS) |
|
|
|
Three months
ended December 31, |
|
Year ended
December 31, |
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
REVENUES: |
|
|
|
|
|
|
|
|
|
Time charter revenues |
$ |
68,845 |
|
$ |
42,657 |
|
$ |
214,203 |
|
$ |
169,733 |
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
Voyage
expenses |
|
821 |
|
|
3,020 |
|
|
5,570 |
|
|
13,525 |
|
|
Vessel
operating expenses |
|
18,194 |
|
|
22,407 |
|
|
74,756 |
|
|
85,847 |
|
|
Depreciation
and amortization of deferred charges |
|
10,089 |
|
|
10,309 |
|
|
40,492 |
|
|
42,991 |
|
|
General and
administrative expenses |
|
8,130 |
|
|
7,030 |
|
|
29,192 |
|
|
32,778 |
|
|
Management
fees to related party |
|
238 |
|
|
506 |
|
|
1,432 |
|
|
2,017 |
|
|
Vessel
impairment charges |
|
- |
|
|
1,869 |
|
|
- |
|
|
104,395 |
|
|
(Gain)/loss
on sale of vessels |
|
- |
|
|
- |
|
|
(1,360 |
) |
|
1,085 |
|
|
Other
expense/(gain) |
|
303 |
|
|
(359 |
) |
|
603 |
|
|
(230 |
) |
|
Operating income/(loss) |
$ |
31,070 |
|
$ |
(2,125 |
) |
$ |
63,518 |
|
$ |
(112,675 |
) |
|
|
|
|
|
|
|
|
|
|
OTHER INCOME / (EXPENSES): |
|
|
|
|
|
|
|
|
|
Interest
expense and finance costs |
|
(5,216 |
) |
|
(4,632 |
) |
|
(20,239 |
) |
|
(21,514 |
) |
|
Interest and
other income |
|
97 |
|
|
35 |
|
|
176 |
|
|
728 |
|
|
(Loss)/gain
on extinguishment of debt |
|
- |
|
|
- |
|
|
(980 |
) |
|
374 |
|
|
(Loss)/gain
on related party investments |
|
15,189 |
|
|
(708 |
) |
|
14,919 |
|
|
(1,110 |
) |
|
Total other income/(expenses), net |
$ |
10,070 |
|
$ |
(5,305 |
) |
$ |
(6,124 |
) |
$ |
(21,522 |
) |
|
|
|
|
|
|
|
|
|
|
Net income/(loss) |
$ |
41,140 |
|
$ |
(7,430 |
) |
$ |
57,394 |
|
$ |
(134,197 |
) |
Dividends on series B preferred shares |
|
(1,442 |
) |
|
(1,442 |
) |
|
(5,769 |
) |
|
(5,769 |
) |
Net income/(loss) attributed to common
stockholders |
|
39,698 |
|
|
(8,872 |
) |
|
51,625 |
|
|
(139,966 |
) |
Earnings/(loss) per common share, basic |
$ |
0.51 |
|
$ |
(0.10 |
) |
$ |
0.64 |
|
$ |
(1.62 |
) |
|
|
|
|
|
|
|
|
|
|
Earnings/(loss) per common share, diluted |
$ |
0.48 |
|
$ |
(0.10 |
) |
$ |
0.61 |
|
$ |
(1.62 |
) |
Weighted average number of common shares,
basic |
|
78,495,204 |
|
|
86,799,922 |
|
|
81,121,781 |
|
|
86,143,556 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares,
diluted |
|
83,432,834 |
|
|
86,799,922 |
|
|
84,856,840 |
|
|
86,143,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended December 31, |
|
Year ended
December 31, |
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
Net income/(loss) |
$ |
41,140 |
|
$ |
(7,430 |
) |
$ |
57,394 |
|
$ |
(134,197 |
) |
Other comprehensive income/(loss) (Actuarial income/(loss)) |
|
2 |
|
|
(20 |
) |
|
2 |
|
|
(40 |
) |
Comprehensive income/(loss) |
$ |
41,142 |
|
$ |
(7,450 |
) |
$ |
57,396 |
|
$ |
(134,237 |
) |
CONDENSED
CONSOLIDATED BALANCE SHEET DATA |
|
|
(in thousands of U.S. Dollars) |
|
|
|
|
|
|
|
|
|
|
|
December 31, 2021 |
|
December 31, 2020* |
ASSETS |
|
(unaudited) |
|
|
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash |
$ |
126,788 |
$ |
82,909 |
Other current
assets |
|
15,566 |
|
41,752 |
Vessels, net |
|
643,450 |
|
716,178 |
Other fixed assets,
net |
|
39,129 |
|
21,704 |
Investments in
related parties |
|
7,644 |
|
- |
Other non-current
assets |
|
9,582 |
|
9,867 |
|
Total assets |
$ |
842,159 |
$ |
872,410 |
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
Long-term debt, net
of deferred financing costs |
$ |
423,675 |
$ |
420,314 |
Other
liabilities |
|
25,080 |
|
23,526 |
Total stockholders’
equity |
|
393,404 |
|
428,570 |
|
Total liabilities and stockholders’ equity |
$ |
842,159 |
$ |
872,410 |
|
|
|
|
|
|
* |
The balance sheet data have been derived from the audited
consolidated financial statements at that date. |
OTHER
FINANCIAL DATA (unaudited) |
|
|
|
Three months
ended December 31, |
|
Year ended
December 31, |
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
32,216 |
|
$ |
5,927 |
|
$ |
89,705 |
|
$ |
17,234 |
|
Net cash provided
by/(used in) investing activities |
|
(14,702 |
) |
|
(1,114 |
) |
|
13,363 |
|
|
10,484 |
|
Net cash used in
financing activities |
$ |
(36,975 |
) |
$ |
(12,290 |
) |
$ |
(59,189 |
) |
$ |
(73,097 |
) |
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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