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 $25.7 million and
net income attributed to common stockholders of $24.2 million for
the fourth quarter of 2022. This compares to 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 distribution of the common shares of OceanPal Inc.
to the Company’s shareholders, following its spinoff. Earnings per
share for the fourth quarter of 2022 was $0.28 basic and $0.27
diluted, compared to earnings per share of $0.51 basic and $0.48
diluted in the same quarter in 2021.
Time charter revenues were $75.7 million for the
fourth quarter of 2022, compared to $68.8 million for the same
quarter of 2021.
Net income in 2022, amounted to $119.1 million
and net income attributed to common stockholders amounted to $113.3
million. This compares to net income of $57.4 million and net
income attributed to common stockholders of $51.6 million, in 2021.
Time charter revenues were $290.0 million in 2022, compared to
$214.2 million in 2021. Earnings per share in 2022 was $1.42 basic
and $1.36 diluted, compared to earnings per share of $0.64 basic
and $0.61 diluted in 2021.
Cash and Special Dividend
Declarations
The Company has declared a cash dividend on its
common stock of $0.15 per share, based on the Company’s results of
operations during the fourth quarter ended December 31, 2022. The
cash dividend will be payable on or about March 20, 2023 to all
shareholders of record as of March 13, 2023. The Company currently
has 104,687,232 common shares issued and outstanding. In addition,
the Company is announcing that it intends to declare and pay
quarterly cash dividends with respect to the next three quarters of
2023 in an amount of not less than $0.15 per share. The actual
declaration of future cash dividends, and the establishment of
record and payment dates, is subject to final determination by the
Company’s board of directors each quarter after its review of the
company's financial performance.
The Company has also declared a special stock
dividend to shareholders of record as of April 24, 2023 of an
aggregate of 13,157 Series D Convertible Preferred Shares of
OceanPal Inc. held by the Company. The special stock dividend is
expected to be paid on or around May 16, 2023 (the “Stock
Dividend”). Because there is no public market currently existing or
expected to develop for the Series D Convertible Preferred Shares
of OceanPal Inc., as an accommodation to its common shareholders
the Company will automatically convert the Series D Convertible
Preferred Shares into OceanPal Inc. common shares on or around the
Stock Dividend payment date and distribute such common shares to
each common shareholder in lieu of Series D Convertible Preferred
Shares of OceanPal Inc. Common shareholders of the Company will
have the opportunity to elect to opt out, in whole but not in part,
of the conversion of the Series D Convertible Preferred Shares and
instead receive Series D Convertible Preferred Shares in connection
with the Stock Dividend.
Shareholders receiving OceanPal Inc. common
shares will receive the pro-rata number of common shares to which
they are entitled following conversion, rounded down to the nearest
whole number, and any fractional shares shall be aggregated and
sold and the net proceeds thereof will be delivered to common
shareholders. All OceanPal Inc. fractional share calculations and
the payment of cash in lieu thereof will be determined at the
shareholder nominee level. Shareholders electing to receive Series
D Convertible Preferred Shares by opting out of the automatic
conversion will receive the number of Series D Convertible
Preferred Shares equal to such shareholder’s pro-rata portion of
all Series D Convertible Preferred Shares, rounded down to the
nearest whole number. Any fractional Series D Convertible Preferred
Shares that would otherwise be distributed will be converted into
OceanPal Inc. common shares at the applicable conversion rate and
sold, and the net proceeds therefrom will be delivered to such
common shareholder.
OceanPal Inc. will file a registration statement
with the U.S. Securities and Exchange Commission registering the
OceanPal Inc. common shares and/or Series D Convertible Preferred
Shares in the Stock Distribution. No distribution of the Series D
Convertible Preferred Shares or OceanPal Inc. common shares will be
made until such registration statement has been declared
effective.
Other Matters
Board of Directors. The Company’s board of
directors has determined to increase the size of the board from
nine to eleven members, effective February 22, 2023. Mr.
Eleftherios Papatrifon will be transitioning from the role of Chief
Operating Officer to a member of the board of directors and an
executive committee member, and Ms. Jane Chao will fill the second
vacancy resulting from the increase in the size of the board of
directors. Mr. Papatrifon is a seasoned professional in the
shipping industry with significant experience in public company
management, asset management, and corporate finance. Ms. Jane Chao
is a businessperson with many years of diverse experiences and
successes in real estate, hotel and food and beverage industries,
she is also a Director of Wah Kwong (China).
The Company is also announcing that it has
signed a non-binding term sheet with a major European bank for a
new credit facility in an amount of up to $100 million. The new
credit facility remains subject to successful negotiation of
definitive documentation and satisfaction of other customary
closing conditions. If completed, the proceeds of the new credit
facility will be used to refinance existing credit facilities
secured by nine of the vessels in the Company’s current fleet. The
facility is expected to have a term of five years and bear interest
at the secured overnight financing rate plus 2.2%, and to include
customary financial and other covenants and conditions.
Fleet Employment (As of February
21, 2023) |
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VESSELBUILT DWT |
SISTERSHIPS* |
GROSS RATE(USD PER DAY) |
COM** |
|
CHARTERERS |
DELIVERY DATETOCHARTERERS*** |
REDELIVERY DATE TOOWNERS**** |
NOTES |
9 Ultramax Bulk Carriers |
1 |
DSI Phoenix |
A |
13,250 |
5.00 |
% |
ASL Bulk Marine Limited |
4-Nov-22 |
4/Mar/2024 - 4/May/2024 |
|
|
2017 60,456 |
|
|
|
|
|
|
|
2 |
DSI Pollux |
A |
17,000 |
5.00 |
% |
Delta Corp Shipping Pte. Ltd. |
27-Oct-22 |
27/Dec/2023 - 27/Feb/2024 |
|
|
2015 60,446 |
|
|
|
|
|
|
|
3 |
DSI Pyxis |
A |
17,100 |
4.75 |
% |
Cargill Ocean Transportation Singapore Pte. Ltd. |
16-Oct-22 |
16/Aug/2023 - 16/Oct/2023 |
|
|
2018 60,362 |
|
|
|
|
|
|
4 |
DSI Polaris |
A |
13,100 |
5.00 |
% |
ASL Bulk Marine Limited |
12-Nov-22 |
12/May/2024 - 12/Jul/2024 |
|
|
2018 60,404 |
|
|
|
|
|
|
|
5 |
DSI Pegasus |
A |
14,000 |
5.00 |
% |
Reachy Shipping (SGP) Pte. Ltd. |
7-Dec-22 |
15/Jul/2024 - 15/Sep/2024 |
|
|
2015 60,508 |
|
|
|
|
|
|
6 |
DSI Aquarius |
B |
14,200 |
5.00 |
% |
Engelhart CTP Freight (Switzerland) SA |
1-Feb-23 |
10/Jan/2024 - 25/Mar/2024 |
|
|
2016 60,309 |
|
|
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|
|
7 |
DSI Aquila |
B |
13,300 |
5.00 |
% |
Western Bulk Carriers AS |
22-Nov-22 |
15/Sep/2023 - 15/Nov/2023 |
|
|
2015 60,309 |
|
|
|
|
|
|
|
8 |
DSI Altair |
B |
14,400 |
5.00 |
% |
Western Bulk Pte. Ltd. |
28-Dec-22 |
25/Jun/2023 - 25/Aug/2023 |
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2016 60,309 |
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|
9 |
DSI Andromeda |
B |
14,250 |
5.00 |
% |
Western Bulk Carriers AS |
17-Nov-22 |
16/Oct/2023 - 16/Dec/2023 |
1, 2 |
|
2016 60,309 |
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|
10 |
Nord Potomac(tbr) |
|
- |
- |
|
- |
- |
- |
3 |
|
2016 63,379 |
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8 Panamax Bulk Carriers |
11 |
MELIA |
|
15,000 |
5.00 |
% |
Oriental Pal Shipping Pte., Ltd. |
26-Sep-22 |
21/Oct/2022 |
|
|
2005 76,225 |
|
14,000 |
5.00 |
% |
21-Oct-22 |
21/Nov/2022 |
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|
|
8,500 |
5.00 |
% |
21-Nov-22 |
9/Dec/2022 |
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11,000 |
5.00 |
% |
Asahi Shipping Co., Ltd. |
10-Dec-22 |
4/Feb/2023 |
4 |
12 |
ARTEMIS |
|
21,250 |
4.75 |
% |
Cargill International S.A., Geneva |
21-Mar-22 |
20/Jun/2023 -20/Aug/2023 |
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2006 76,942 |
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13 |
LETO |
|
25,500 |
4.75 |
% |
Aquavita International S.A. |
3-Oct-21 |
29/Jan/2023 |
5 |
|
2010 81,297 |
|
14,500 |
4.75 |
% |
Cargill International S.A., Geneva |
29-Jan-23 |
1/Mar/2024 - 30/Apr/2024 |
|
14 |
SELINA |
C |
22,000 |
5.00 |
% |
Speed Logistics Marine Limited |
18-Jun-22 |
15/Apr/2023 - 20/Jun/2023 |
|
|
2010 75,700 |
|
|
|
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|
|
15 |
MAERA |
C |
26,000 |
5.00 |
% |
ASL Bulk Shipping HK Limited |
18-Sep-21 |
14/Oct/2022 |
|
|
2013 75,403 |
|
14,250 |
5.00 |
% |
Oriental Pal Shipping Pte., Ltd. |
15-Oct-22 |
12/Nov/2022 |
6 |
|
|
12,000 |
4.75 |
% |
Cargill International S.A., Geneva |
16-Dec-22 |
28/Oct/2023 - 28/Dec/2023 |
|
16 |
ISMENE |
|
18,500 |
4.75 |
% |
Cargill International S.A., Geneva |
23-Nov-21 |
10/Jan/2023 |
|
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2013 77,901 |
|
14,000 |
5.00 |
% |
ST Shipping and Transport Pte. Ltd. |
10-Jan-23 |
20/Aug/2023 - 10/Oct/2023 |
|
17 |
CRYSTALIA |
D |
26,100 |
5.00 |
% |
Uniper Global Commodities SE, Dusseldorf |
21-Sep-21 |
12/Nov/2022 |
|
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2014 77,525 |
|
12,500 |
5.00 |
% |
Reachy Shipping (SGP) Pte. Ltd. |
12-Nov-22 |
1/Sep/2023 - 15/Oct/2023 |
|
18 |
ATALANDI |
D |
24,500 |
4.75 |
% |
Aquavita International S.A. |
5-Oct-21 |
15/Feb/2023 |
|
|
2014 77,529 |
|
13,250 |
4.75 |
% |
|
15-Feb-23 |
5/Mar/2024 - 5/May/2024 |
|
6 Kamsarmax Bulk Carriers |
19 |
MAIA |
E |
25,000 |
5.00 |
% |
Hyundai Glovis Co. Ltd. |
24-May-22 |
20/Sep/2023 -20/Nov/2023 |
7 |
|
2009 82,193 |
|
|
|
|
|
|
|
20 |
MYRSINI |
E |
22,000 |
4.75 |
% |
Cargill International S.A., Geneva |
15-Nov-21 |
22/Nov/2022 |
8 |
|
2010 82,117 |
|
15,000 |
5.00 |
% |
Salanc Pte. Ltd. |
22-Nov-22 |
20/Apr/2024 - 28/Jun/2024 |
|
21 |
MEDUSA |
E |
26,000 |
4.75 |
% |
Cargill International S.A., Geneva |
9-Mar-22 |
15/May/2023 - 15/Jul/2023 |
|
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2010 82,194 |
|
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22 |
MYRTO |
E |
18,000 |
5.00 |
% |
Tata NYK Shipping Pte. Ltd. |
3-Aug-22 |
15/Jul/2023 - 15/Sep/2023 |
9 |
|
2013 82,131 |
|
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|
23 |
ASTARTE |
|
21,500 |
5.00 |
% |
Tongli Shipping Pte. Ltd. |
30-Jan-22 |
15/Apr/2023 - 15/Jun/2023 |
|
|
2013 81,513 |
|
|
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|
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24 |
LEONIDAS P. C. |
|
24,500 |
4.75 |
% |
Cargill International S.A., Geneva |
18-Feb-22 |
1/Mar/2023 - 10/Mar/2023 |
10 |
|
2011 82,165 |
|
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5 Post-Panamax Bulk Carriers |
25 |
ALCMENE |
|
17,100 |
5.00 |
% |
SwissMarine Pte. Ltd., Singapore |
25-Nov-21 |
2/Jan/2023 |
|
|
2010 93,193 |
|
13,000 |
5.00 |
% |
2-Jan-23 |
10/Jan/2024 - 25/Mar/2024 |
|
26 |
AMPHITRITE |
F |
27,000 |
5.00 |
% |
BG Shipping Co., Limited, Hong Kong |
13-Sep-21 |
9/Nov/2022 |
|
|
2012 98,697 |
|
14,250 |
5.00 |
% |
Cobelfret S.A. |
9-Nov-22 |
1/Dec/2023 - 15/Feb/2024 |
|
27 |
POLYMNIA |
F |
24,750 |
5.00 |
% |
CLdN Cobelfret SA, Luxembourg |
4-Feb-22 |
14/Jan/2023 |
|
|
2012 98,704 |
|
15,000 |
5.00 |
% |
14-Jan-23 |
1/Apr/2024 - 31/May/2024 |
11 |
28 |
ELECTRA |
G |
17,500 |
5.00 |
% |
Refined Success Limited |
2-Jul-22 |
1/Apr/2023 - 30/May/2023 |
|
|
2013 87,150 |
|
|
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|
|
29 |
PHAIDRA |
G |
11,250 |
5.00 |
% |
Element Maritime S.A. |
20-Sep-22 |
19/Nov/2022 |
12 |
|
2013 87,146 |
|
25,000 |
5.00 |
% |
Comerge Shipping Co., Limited |
24-Nov-22 |
28/Feb/2023 |
13,14 |
11 Capesize Bulk Carriers |
30 |
ALIKI |
|
24,500 |
5.00 |
% |
Koch Shipping Pte. Ltd., Singapore |
21-Feb-22 |
2/Feb/2023 |
4 |
|
2005 180,235 |
|
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31 |
SEMIRIO |
H |
19,700 |
5.00 |
% |
C Transport Maritime Ltd., Bermuda |
15-Dec-21 |
15/Aug/2023 - 15/Nov/2023 |
|
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2007 174,261 |
|
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32 |
BOSTON |
H |
20,500 |
5.00 |
% |
Aquavita International S.A. |
15-Jul-22 |
1/Apr/2023 - 31/May/2023 |
|
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2007 177,828 |
|
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33 |
HOUSTON |
H |
27,000 |
5.00 |
% |
Koch Shipping Pte. Ltd., Singapore |
30-Aug-21 |
21/Nov/2022 |
15 |
|
2009 177,729 |
|
13,000 |
5.00 |
% |
EGPN Bulk Carrier Co., Limited |
21-Nov-22 |
1/Jul/2024 - 31/Aug/2024 |
|
34 |
NEW YORK |
H |
14,000 |
5.00 |
% |
EGPN Bulk Carrier Co., Limited, Hong Kong |
29-Dec-20 |
2/Jul/2022 |
|
|
2010 177,773 |
|
|
|
|
|
|
|
|
|
23,000 |
5.00 |
% |
C Transport Maritime Ltd., Bermuda |
2-Jul-22 |
10/Jun/2023 - 25/Aug/2023 |
|
35 |
SEATTLE |
I |
26,500 |
5.00 |
% |
Solebay Shipping Cape Company Limited, Hong Kong |
2-Mar-22 |
1/Oct/2023 - 15/Dec/2023 |
|
|
2011 179,362 |
|
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36 |
P. S. PALIOS |
I |
31,000 |
5.00 |
% |
Classic Maritime Inc. |
11-Jun-22 |
15/Apr/2024 - 30/Jun/2024 |
|
|
2013 179,134 |
|
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|
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|
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37 |
G. P. ZAFIRAKIS |
J |
22,750 |
4.75 |
% |
Cargill International S.A., Geneva |
1-Dec-21 |
12/Jan/2023 |
16 |
|
2014 179,492 |
|
17,000 |
5.00 |
% |
Solebay Shipping Cape Company Limited, Hong Kong |
12-Jan-23 |
15/Jun/2024 - 15/Aug/2024 |
|
38 |
SANTA BARBARA |
J |
29,500 |
4.75 |
% |
Cargill International S.A., Geneva |
19-Mar-22 |
10/May/2023 - 10/Jul/2023 |
17 |
|
2015 179,426 |
|
|
|
|
|
|
39 |
NEW ORLEANS |
|
32,000 |
5.00 |
% |
Engelhart CTP Freight (Switzerland) SA |
25-Mar-22 |
20/Nov/2023 - 31/Jan/2024 |
17 |
|
2015 180,960 |
|
|
|
|
|
|
40 |
FLORIDA |
|
25,900 |
5.00 |
% |
Bunge S.A., Geneva |
29-Mar-22 |
29/Jan/2027 - 29/May/2027 |
2 |
|
2022 182,063 |
|
|
|
|
|
|
|
4 Newcastlemax Bulk Carriers |
41 |
LOS ANGELES |
K |
26,250 |
5.00 |
% |
Koch Shipping Pte. Ltd., Singapore |
30-Jan-22 |
15/Jan/2023 |
|
|
2012 206,104 |
|
17,700 |
5.00 |
% |
Nippon Yusen Kabushiki Kaisha, Tokyo |
15-Jan-23 |
20/May/2024 - 5/Aug/2024 |
|
42 |
PHILADELPHIA |
K |
26,000 |
5.00 |
% |
C Transport Maritime Ltd., Bermuda |
12-Apr-22 |
1/Feb/2024 - 15/Apr/2024 |
|
|
2012 206,040 |
|
|
|
|
|
|
43 |
SAN FRANCISCO |
L |
30,500 |
5.00 |
% |
Koch Shipping Pte. Ltd., Singapore |
18-Feb-22 |
18/Feb/2023 |
18 |
|
2017 208,006 |
|
22,000 |
5.00 |
% |
SwissMarine Pte. Ltd., Singapore |
18-Feb-23 |
5/Jan/2025 - 5/Mar/2025 |
|
44 |
NEWPORT NEWS |
L |
28,000 |
5.00 |
% |
Koch Shipping Pte. Ltd., Singapore |
16-Dec-21 |
1/Jul/2023 - 30/Sep/2023 |
|
|
2017 208,021 |
|
|
|
|
|
|
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|
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* 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. |
|
1The fixture includes
the option for redelivery of vessel east of Suez against a gross
ballast bonus of US$250,000. |
2Bareboat
chartered-in for a period of ten years. |
3The Company expects
to take delivery of the vessel by the beginning of April 2023. |
4Vessel sold and
delivered to her new Owners on February 8, 2023. |
5Aquavita
International S.A. has agreed to compensate the owners for the
early redelivery of the vessel until the minimum agreed redelivery
date, February 1, 2023. |
6Vessel on scheduled
drydocking from November 12, 2022 to December 16, 2022. |
7Vessel off hire for
3.93 days. |
8Charterers
compensated the owners for the early redelivery of the vessel by
paying the difference between the new rate and the previous rate,
from the redelivery date from the charterers to December 1,
2022. |
9Vessel on scheduled
drydocking from October 12, 2022 to November 7, 2022. |
10Based on latest
information. |
11The charter rate was
US$10,000 per day for the first 30 days of the charter period. |
12Charter included a
one time ballast bonus payment of US$250,000. |
13Redelivery date
based on an estimated time charter trip duration of about 91
days. |
14Charter includes a
one time ballast bonus payment of US$300,000. |
15The Charterers have
compensated the owners for the days over and above the maximum
redelivery date. |
16The Charterers will
compensate the Owners for the excess of the charter party period at
the rate of 123% of the average of the Baltic Cape Index 5TC
average for the days exceeding the period or the vessel’s present
charter party rate whichever is higher. |
17Bareboat
chartered-in for a period of eight years. |
18Koch Shipping Pte.
Ltd. has agreed to compensate the owners for the early redelivery
of the vessel by paying the difference between the new rate and the
previous rate, from the redelivery date from the Charterers, to
March 1, 2023. |
Summary of
Selected Financial & Other Data (unaudited) |
|
|
Three months
ended December 31, |
|
For the
years ended December 31, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
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|
STATEMENT OF
OPERATIONS DATA (in thousands of US Dollars) |
Time charter revenues |
$ |
75,705 |
|
$ |
68,845 |
|
$ |
289,972 |
|
$ |
214,203 |
|
Voyage expenses |
|
2,846 |
|
|
821 |
|
|
6,942 |
|
|
5,570 |
|
Vessel operating expenses |
|
19,527 |
|
|
18,194 |
|
|
72,033 |
|
|
74,756 |
|
Net income |
|
25,682 |
|
|
41,140 |
|
|
119,063 |
|
|
57,394 |
|
Net income attributable to common stockholders |
|
24,240 |
|
|
39,698 |
|
|
113,294 |
|
|
51,625 |
|
FLEET
DATA |
Average number of vessels |
|
38.2 |
|
|
35.0 |
|
|
35.4 |
|
|
36.6 |
|
Number of vessels |
|
42.0 |
|
|
33.0 |
|
|
42.0 |
|
|
33.0 |
|
Weighted average age of vessels |
|
10.2 |
|
|
10.4 |
|
|
10.2 |
|
|
10.4 |
|
Ownership days |
|
3,512 |
|
|
3,216 |
|
|
12,924 |
|
|
13,359 |
|
Available days |
|
3,453 |
|
|
3,184 |
|
|
12,449 |
|
|
13,239 |
|
Operating days |
|
3,393 |
|
|
3,171 |
|
|
12,306 |
|
|
13,116 |
|
Fleet utilization |
|
98.3 |
% |
|
99.6 |
% |
|
98.9 |
% |
|
99.1 |
% |
AVERAGE DAILY
RESULTS |
Time charter equivalent (TCE) rate (1) |
$ |
21,100 |
|
$ |
21,364 |
|
$ |
22,735 |
|
$ |
15,759 |
|
Daily vessel operating expenses (2) |
$ |
5,560 |
|
$ |
5,657 |
|
$ |
5,574 |
|
$ |
5,596 |
|
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, 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, February 22,
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 13736130.
About the Company
Diana Shipping Inc. is a global provider of
shipping transportation services through its ownership and bareboat
charter-in of dry bulk vessels. The Company’s vessels are employed
primarily on medium to long-term time charters and transport a
range of dry bulk cargoes, including such commodities as iron ore,
coal, grain and other materials along worldwide shipping
routes.
Cautionary Statement Regarding
Forward-Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and is including this cautionary statement in
connection with this safe harbor legislation. The words “believe,”
“anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,”
“potential,” “may,” “should,” “expect,” “pending” and similar
expressions identify forward-looking statements.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, Company management’s examination of historical
operating trends, data contained in the Company’s records and other
data available from third parties. Although the Company believes
that these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies that are difficult or impossible to predict and are
beyond the Company’s control, the Company cannot assure you that it
will achieve or accomplish these expectations, beliefs or
projections.
In addition to these important factors, other
important factors that, in the Company’s view, could cause actual
results to differ materially from those discussed in the
forward-looking statements include the 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, including risks associated with the
continuing conflict between Russia and Ukraine and related
sanctions, potential disruption of shipping routes due to accidents
or political events, vessel breakdowns and instances of off-hires
and other factors. Please see the Company’s filings with the U.S.
Securities and Exchange Commission for a more complete discussion
of these and other risks and uncertainties. The Company undertakes
no obligation to revise or update any forward-looking statement, or
to make any other forward-looking statements, whether as a result
of new information, future events or otherwise.
(See financial tables attached)
|
DIANA
SHIPPING INC. |
FINANCIAL
TABLES |
Expressed in
thousands of U.S. Dollars, except share and per share data |
|
|
|
|
|
|
|
|
|
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME |
|
|
|
|
|
|
|
Three months
ended December 31, |
|
For the
years ended December 31, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
REVENUES: |
|
|
|
|
|
|
|
|
Time charter revenues |
$ |
75,705 |
|
$ |
68,845 |
|
$ |
289,972 |
|
$ |
214,203 |
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
Voyage expenses |
|
2,846 |
|
|
821 |
|
|
6,942 |
|
|
5,570 |
|
Vessel operating expenses |
|
19,527 |
|
|
18,194 |
|
|
72,033 |
|
|
74,756 |
|
Depreciation and amortization of deferred charges |
|
12,228 |
|
|
10,089 |
|
|
43,326 |
|
|
40,492 |
|
General and administrative expenses |
|
7,407 |
|
|
8,130 |
|
|
29,367 |
|
|
29,192 |
|
Management fees to related party |
|
61 |
|
|
238 |
|
|
511 |
|
|
1,432 |
|
Gain on Sale of Vessels |
|
(9 |
) |
|
- |
|
|
(2,850 |
) |
|
(1,360 |
) |
Insurance recoveries |
|
- |
|
|
- |
|
|
(1,789 |
) |
|
- |
|
Other Operating (Income)/Loss |
|
209 |
|
|
303 |
|
|
(265 |
) |
|
603 |
|
Operating income, total |
$ |
33,436 |
|
$ |
31,070 |
|
$ |
142,697 |
|
$ |
63,518 |
|
|
|
|
|
|
|
|
|
|
OTHER INCOME / (EXPENSES): |
|
|
|
|
|
|
|
|
Interest expense and finance costs |
|
(9,795 |
) |
|
(5,216 |
) |
|
(27,419 |
) |
|
(20,239 |
) |
Interest and other income |
|
1,484 |
|
|
97 |
|
|
2,737 |
|
|
176 |
|
Loss on extinguishment of debt |
|
(222 |
) |
|
- |
|
|
(435 |
) |
|
(980 |
) |
Gain on spin-off of OceanPal Inc. |
|
- |
|
|
15,252 |
|
|
- |
|
|
15,252 |
|
Gain on dividend distribution |
|
589 |
|
|
- |
|
|
589 |
|
|
- |
|
Gain/(loss) from equity method investments |
|
190 |
|
|
(63 |
) |
|
894 |
|
|
(333 |
) |
Total other (expenses)/income, net |
$ |
(7,754 |
) |
$ |
10,070 |
|
$ |
(23,634 |
) |
$ |
(6,124 |
) |
|
|
|
|
|
|
|
|
|
Net income |
$ |
25,682 |
|
$ |
41,140 |
|
$ |
119,063 |
|
$ |
57,394 |
|
Dividends on series B preferred shares |
|
(1,442 |
) |
|
(1,442 |
) |
|
(5,769 |
) |
|
(5,769 |
) |
Net income attributable to common
stockholders |
|
24,240 |
|
|
39,698 |
|
|
113,294 |
|
|
51,625 |
|
Earnings per common share, basic |
$ |
0.28 |
|
$ |
0.51 |
|
$ |
1.42 |
|
$ |
0.64 |
|
|
|
|
|
|
|
|
|
|
Earnings per common share, diluted |
$ |
0.27 |
|
$ |
0.48 |
|
$ |
1.36 |
|
$ |
0.61 |
|
Weighted average number of common shares outstanding,
basic |
|
87,076,947 |
|
|
78,495,204 |
|
|
80,061,040 |
|
|
81,121,781 |
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding,
diluted |
|
90,474,943 |
|
|
83,432,834 |
|
|
83,318,901 |
|
|
84,856,840 |
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
For the years ended December 31, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
Net Income |
$ |
25,682 |
|
$ |
41,140 |
|
$ |
119,063 |
|
$ |
57,394 |
|
Other comprehensive income (Defined benefit plan) |
|
181 |
|
|
2 |
|
|
182 |
|
|
2 |
|
Comprehensive Income |
$ |
25,863 |
|
$ |
41,142 |
|
$ |
119,245 |
|
$ |
57,396 |
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEET DATA |
|
|
|
(in thousands of U.S. Dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
2021 ** |
ASSETS |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents, restricted cash and time deposits |
$ |
143,928* |
|
$ |
126,788 |
Other current assets |
|
17,636 |
|
|
15,357 |
Fixed assets |
|
996,702 |
|
|
682,579 |
Investments in related parties |
|
8,250 |
|
|
7,644 |
Other noncurrent assets |
|
16,403 |
|
|
9,582 |
|
Total assets |
$ |
1,182,919 |
|
$ |
841,950 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt and finance liabilities, net of deferred financing
costs |
$ |
663,442 |
|
$ |
423,675 |
Other liabilities |
|
32,149 |
|
|
25,080 |
Total stockholders' equity |
|
487,328 |
|
|
393,195 |
|
Total liabilities and stockholders' equity |
$ |
1,182,919 |
|
$ |
841,950 |
|
|
|
|
|
|
|
* |
Includes time deposits of $46.5 million |
** |
The balance sheet data have been derived from the audited
consolidated financial statements at that date. |
|
OTHER
FINANCIAL DATA (unaudited) |
|
|
Three months
ended December 31, |
|
|
For the
years ended December 31, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
34,745 |
|
|
$ |
32,216 |
|
|
$ |
158,859 |
|
|
$ |
89,705 |
|
Net cash provided by/(used in) investing activities |
|
(218,718 |
) |
|
|
(14,702 |
) |
|
|
(273,097 |
) |
|
|
13,363 |
|
Net cash provided by/(used in) financing activities |
$ |
151,726 |
|
|
$ |
(36,975 |
) |
|
$ |
84,878 |
|
|
$ |
(59,189 |
) |
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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