Diana Shipping Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2024; Declares Cash Dividend of $0.01 per Common Share for the Fourth Quarter 2024
Diana Shipping Inc. (NYSE: DSX) has reported its financial results for Q4 and full-year 2024. The company posted a net income of $9.7 million for Q4 2024, with $8.3 million attributed to common stockholders, compared to $9.4 million and $7.9 million respectively in Q4 2023.
Q4 earnings per share were $0.07 basic and $0.02 diluted, while time charter revenues decreased to $57.1 million from $60.0 million in the same period last year due to decreased ownership days.
For the full year 2024, Diana Shipping reported:
- Net income of $12.7 million (down from $49.8 million in 2023)
- Net income attributed to common stockholders of $7.0 million (down from $44.1 million)
- Time charter revenues of $228.2 million (down from $262.1 million)
- Earnings per share of $0.06 basic and $0.05 diluted
The company declared a cash dividend of $0.01 per share for Q4 2024, payable on March 21, 2025, to shareholders of record as of March 12, 2025.
Diana Shipping Inc. (NYSE: DSX) ha riportato i risultati finanziari per il quarto trimestre e l'intero anno 2024. L'azienda ha registrato un utile netto di 9,7 milioni di dollari per il Q4 2024, con 8,3 milioni di dollari attribuiti agli azionisti comuni, rispetto a 9,4 milioni e 7,9 milioni rispettivamente nel Q4 2023.
Gli utili per azione nel quarto trimestre sono stati 0,07 dollari base e 0,02 dollari diluiti, mentre i ricavi da noleggio a tempo sono diminuiti a 57,1 milioni di dollari da 60,0 milioni nello stesso periodo dell'anno scorso a causa della diminuzione dei giorni di possesso.
Per l'intero anno 2024, Diana Shipping ha riportato:
- Utile netto di 12,7 milioni di dollari (in calo rispetto a 49,8 milioni nel 2023)
- Utile netto attribuito agli azionisti comuni di 7,0 milioni di dollari (in calo rispetto a 44,1 milioni)
- Ricavi da noleggio a tempo di 228,2 milioni di dollari (in calo rispetto a 262,1 milioni)
- Utili per azione di 0,06 dollari base e 0,05 dollari diluiti
L'azienda ha dichiarato un dividendo in contante di 0,01 dollari per azione per il Q4 2024, pagabile il 21 marzo 2025, agli azionisti registrati al 12 marzo 2025.
Diana Shipping Inc. (NYSE: DSX) ha informado sus resultados financieros para el cuarto trimestre y el año completo 2024. La compañía reportó un ingreso neto de 9,7 millones de dólares para el Q4 2024, con 8,3 millones de dólares atribuidos a los accionistas comunes, en comparación con 9,4 millones y 7,9 millones respectivamente en el Q4 2023.
Las ganancias por acción del cuarto trimestre fueron 0,07 dólares básicos y 0,02 dólares diluidos, mientras que los ingresos por fletamento a tiempo disminuyeron a 57,1 millones de dólares desde 60,0 millones en el mismo período del año pasado debido a la reducción de los días de propiedad.
Para el año completo 2024, Diana Shipping reportó:
- Ingreso neto de 12,7 millones de dólares (una disminución desde 49,8 millones en 2023)
- Ingreso neto atribuido a los accionistas comunes de 7,0 millones de dólares (una disminución desde 44,1 millones)
- Ingresos por fletamento a tiempo de 228,2 millones de dólares (una disminución desde 262,1 millones)
- Ganancias por acción de 0,06 dólares básicos y 0,05 dólares diluidos
La compañía declaró un dividendo en efectivo de 0,01 dólares por acción para el Q4 2024, pagadero el 21 de marzo de 2025, a los accionistas registrados a partir del 12 de marzo de 2025.
다이애나 해운 주식회사 (NYSE: DSX)는 2024년 4분기 및 연간 재무 실적을 발표했습니다. 회사는 2024년 4분기에 970만 달러의 순이익을 기록했으며, 830만 달러는 보통주 주주에게 귀속되었습니다. 이는 2023년 4분기의 940만 달러 및 790만 달러와 비교됩니다.
4분기 주당 순이익은 기본 0.07달러 및 희석 0.02달러였으며, 시간 용선 수익은 작년 같은 기간의 6000만 달러에서 5710만 달러로 감소했습니다. 이는 소유일수 감소에 기인합니다.
2024년 전체 연도에 대해 다이애나 해운은 다음과 같이 보고했습니다:
- 순이익 1270만 달러 (2023년의 4980만 달러에서 감소)
- 보통주 주주에게 귀속된 순이익 700만 달러 (4410만 달러에서 감소)
- 시간 용선 수익 2억 2820만 달러 (2억 6210만 달러에서 감소)
- 주당 순이익 기본 0.06달러 및 희석 0.05달러
회사는 2024년 4분기 주당 0.01달러의 현금 배당금을 선언했으며, 2025년 3월 21일에 지급될 예정이며, 2025년 3월 12일 기준 주주에게 지급됩니다.
Diana Shipping Inc. (NYSE: DSX) a publié ses résultats financiers pour le quatrième trimestre et l'année entière 2024. L'entreprise a enregistré un revenu net de 9,7 millions de dollars pour le Q4 2024, avec 8,3 millions de dollars attribués aux actionnaires ordinaires, contre 9,4 millions et 7,9 millions respectivement au Q4 2023.
Les bénéfices par action pour le quatrième trimestre étaient de 0,07 dollar de base et 0,02 dollar dilué, tandis que les revenus des charters à temps ont diminué à 57,1 millions de dollars contre 60,0 millions de dollars au même période de l'année dernière en raison d'une réduction des jours de propriété.
Pour l'année entière 2024, Diana Shipping a rapporté :
- Un revenu net de 12,7 millions de dollars (en baisse par rapport à 49,8 millions en 2023)
- Un revenu net attribué aux actionnaires ordinaires de 7,0 millions de dollars (en baisse par rapport à 44,1 millions)
- Des revenus des charters à temps de 228,2 millions de dollars (en baisse par rapport à 262,1 millions)
- Des bénéfices par action de 0,06 dollar de base et 0,05 dollar dilué
L'entreprise a déclaré un dividende en espèces de 0,01 dollar par action pour le Q4 2024, payable le 21 mars 2025, aux actionnaires inscrits au 12 mars 2025.
Diana Shipping Inc. (NYSE: DSX) hat seine finanziellen Ergebnisse für das 4. Quartal und das gesamte Jahr 2024 veröffentlicht. Das Unternehmen verzeichnete einen Nettoertrag von 9,7 Millionen Dollar für das 4. Quartal 2024, wobei 8,3 Millionen Dollar den Stammaktionären zugeordnet wurden, im Vergleich zu 9,4 Millionen und 7,9 Millionen im 4. Quartal 2023.
Die Gewinne pro Aktie betrugen 0,07 Dollar basis und 0,02 Dollar verwässert, während die Zeitchartererlöse aufgrund reduzierter Eigentumstage auf 57,1 Millionen Dollar von 60,0 Millionen Dollar im gleichen Zeitraum des Vorjahres sanken.
Für das gesamte Jahr 2024 berichtete Diana Shipping:
- Nettoertrag von 12,7 Millionen Dollar (rückläufig von 49,8 Millionen Dollar im Jahr 2023)
- Nettoertrag, der den Stammaktionären zugeordnet wurde, von 7,0 Millionen Dollar (rückläufig von 44,1 Millionen Dollar)
- Zeitchartererlöse von 228,2 Millionen Dollar (rückläufig von 262,1 Millionen Dollar)
- Gewinne pro Aktie von 0,06 Dollar basis und 0,05 Dollar verwässert
Das Unternehmen erklärte eine Bardividende von 0,01 Dollar pro Aktie für das 4. Quartal 2024, die am 21. März 2025 an die am 12. März 2025 registrierten Aktionäre ausgezahlt wird.
- Q4 2024 net income increased to $9.7 million from $9.4 million in Q4 2023
- Net income attributed to common stockholders increased to $8.3 million in Q4 2024 from $7.9 million in Q4 2023
- Declared cash dividend of $0.01 per share for Q4 2024
- Full-year 2024 net income declined 74.5% to $12.7 million from $49.8 million in 2023
- Time charter revenues decreased to $57.1 million in Q4 2024 from $60.0 million in Q4 2023
- Annual time charter revenues fell 12.9% to $228.2 million from $262.1 million in 2023
- Full-year earnings per share dropped to $0.06 basic from $0.44 basic in 2023
- Decreased ownership days impacted revenue negatively
Insights
Diana Shipping's Q4 2024 results reveal a complex financial picture that warrants close investor attention. While quarterly net income edged up slightly to
The disparity between quarterly performance and annual results deserves scrutiny. The company attributes revenue decline to "decreased ownership days," suggesting fleet reduction strategies that may be reshaping the company's operational footprint. This fleet optimization appears to be a strategic response to challenging market conditions in the dry bulk sector throughout much of 2024.
The earnings per share metrics reveal important nuances. Q4's diluted EPS of
The declared dividend of
The exercise of 6.39 million warrants suggests some market confidence, but also contributes to dilution concerns. This capital structure evolution bears monitoring, especially as the company navigates through what appears to be a transitional period in its business model.
For investors, these results highlight the cyclical nature of dry bulk shipping and suggest Diana is prioritizing operational restructuring over short-term profitability. The key question remains whether these strategic adjustments will position the company for stronger returns when market conditions improve, or if deeper structural challenges are at play.
ATHENS, Greece, Feb. 25, 2025 (GLOBE NEWSWIRE) -- 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
Time charter revenues were
Net income for 2024 amounted to
Dividend Declaration
The Company has declared a cash dividend on its common stock of
| Fleet Employment (As of February 24, 2025) | ||||||||||
| 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 | 16,500 | 5.00 | % | Bulk Trading SA | 6-May-24 | 1/Aug/2025 - 30/Sep/2025 | ||
| 2017 60,456 | ||||||||||
| 2 | DSI Pollux | A | 14,000 | 4.75 | % | Cargill Ocean Transportation (Singapore) Pte. Ltd. | 28-Dec-23 | 20/Aug/2025 - 20/Oct/2025 | ||
| 2015 60,446 | ||||||||||
| 3 | DSI Pyxis | A | 14,250 | 5.00 | % | ASL Bulk Marine Limited | 24-Sep-23 | 8-Nov-24 | ||
| 2018 60,362 | 13,100 | 5.00 | % | Stone Shipping Ltd | 8-Nov-24 | 20/Feb/2026 - 20/Apr/2026 | ||||
| 4 | DSI Polaris | A | 15,400 | 5.00 | % | Stone Shipping Ltd | 20-Jul-24 | 1/Jun/2025 - 15/Aug/2025 | ||
| 2018 60,404 | ||||||||||
| 5 | DSI Pegasus | A | 15,250 | 4.75 | % | Cargill Ocean Transportation (Singapore) Pte. Ltd | 5-Sep-24 | 1/Jun/2025 - 1/Aug/2025 | ||
| 2015 60,508 | ||||||||||
| 6 | DSI Aquarius | B | 14,500 | 5.00 | % | Stone Shipping Ltd | 18-Jan-24 | 6-Dec-24 | ||
| 2016 60,309 | 13,300 | 5.00 | % | Bunge SA, Geneva | 6-Dec-24 | 6/Oct/2025 - 21/Dec/2025 | ||||
| 7 | DSI Aquila | B | 12,500 | 5.00 | % | Western Bulk Carriers AS | 11-Nov-23 | 23-Jan-25 | ||
| 2015 60,309 | 12,250 | 5.00 | % | 23-Jan-25 | 23/Jun/2025 - 8/Aug/2025 | 1 | ||||
| 8 | DSI Altair | B | 15,750 | 5.00 | % | Propel Shipping Pte. Ltd. | 28-Sep-24 | 1/Nov/2025 - 31/Dec/2025 | ||
| 2016 60,309 | ||||||||||
| 9 | DSI Andromeda | B | 13,500 | 5.00 | % | Bunge SA, Geneva | 27-Nov-23 | 28/Feb/2025 - 20/Apr/2025 | 2 | |
| 2016 60,309 | ||||||||||
| 6 Panamax Bulk Carriers | ||||||||||
| 10 | LETO | 16,000 | 5.00 | % | ASL Bulk Shipping Limited | 3-May-24 | 6-Mar-25 | 3 | ||
| 2010 81,297 | ||||||||||
| 11 | SELINA | C | 12,000 | 4.75 | % | Cargill International S.A., Geneva | 20-May-23 | 17-Oct-24 | ||
| 2010 75,700 | 10,500 | 5.00 | % | Raffles Shipping International Pte. Ltd. | 17-Oct-24 | 1/Mar/2025 - 20/Apr/2025 | ||||
| 12 | MAERA | C | 13,750 | 5.00 | % | ST Shipping and Transport Pte. Ltd. | 29-Jan-24 | 15-Dec-24 | ||
| 2013 75,403 | 8,400 | 5.00 | % | China Resource Chartering Limited | 15-Dec-24 | 20/Sep/2025-20/Nov/2025 | ||||
| 13 | ISMENE | 12,650 | 5.00 | % | Paralos Shipping Pte., Ltd. | 13-Sep-23 | 15/Apr/2025 - 30/Jun/2025 | |||
| 2013 77,901 | ||||||||||
| 14 | CRYSTALIA | D | 13,900 | 5.00 | % | Louis Dreyfus Company Freight Asia Pte. Ltd. | 4-May-24 | 4/Feb/2026 - 4/Jun/2026 | ||
| 2014 77,525 | ||||||||||
| 15 | ATALANDI | D | 14,600 | 4.75 | % | Cargill International SA, Geveva | 20-Jul-24 | 1/Jun/2025 - 31/Jul/2025 | ||
| 2014 77,529 | ||||||||||
| 6 Kamsarmax Bulk Carriers | ||||||||||
| 16 | MAIA | E | 13,000 | 5.00 | % | Viterra Chartering B.V. | 16-Sep-24 | 9-Dec-24 | ||
| 2009 82,193 | 11,600 | 5.00 | % | Paralos Shipping Pte. Ltd. | 9-Dec-24 | 1/Nov/2025 - 31/Dec/2025 | ||||
| 17 | MYRSINI | E | 17,100 | 5.00 | % | Cobelfret S.A. Luxembourg | 25-Jun-24 | 11-Feb-25 | 4 | |
| 2010 82,117 | 13,000 | 4.75 | % | Cargill International SA, Geneva | 26-Feb-25 | 1/Jan/2026 - 28/Feb/2026 | 5 | |||
| 18 | MEDUSA | E | 14,250 | 5.00 | % | ASL Bulk Shipping Limited | 14-May-23 | 21-Feb-25 | 4 | |
| 2010 82,194 | ||||||||||
| 19 | MYRTO | E | 12,650 | 5.00 | % | Cobelfret S.A., Luxemburg | 15-Jul-23 | 23-Dec-24 | ||
| 2013 82,131 | 12,000 | 5.00 | % | Nippon Yusen Kabushiki Kaisha, Tokyo | 23-Dec-24 | 1/Mar/2026 - 15/May/2026 | ||||
| 20 | ASTARTE | 14,000 | 5.00 | % | Paralos Shipping Pte. Ltd. | 19-Aug-24 | 15/Jul/2025 - 15/Sep/2025 | |||
| 2013 81,513 | ||||||||||
| 21 | LEONIDAS P. C. | 17,000 | 5.00 | % | Ming Wah International Shipping Company Limited | 22-Feb-24 | 20/Aug/2025 - 20/Oct/2025 | |||
| 2011 82,165 | ||||||||||
| 5 Post-Panamax Bulk Carriers | ||||||||||
| 22 | ALCMENE | 12,000 | 5.00 | % | China Steel Express Corporation | 30-Sep-24 | 19-Nov-24 | 6 | ||
| 2010 93,193 | 6,000 | 5.00 | % | Lestari Shipping Pte Ltd | 28-Dec-24 | 16-Jan-25 | ||||
| 2,000 | 5.00 | % | Pan Ocean Co., Ltd. | 16-Jan-25 | 6-Mar-25 | 7,8 | ||||
| 23 | AMPHITRITE | F | 15,000 | 5.00 | % | Cobelfret S.A., Luxembourg | 13-Jan-24 | 8-Jan-25 | 9 | |
| 2012 98,697 | 12,100 | 5.00 | % | 8-Jan-25 | 1/Jan/2026 - 15/Mar/2026 | 10 | ||||
| 24 | POLYMNIA | F | 17,500 | 5.00 | % | Reachy Shipping (SGP) Pte. Ltd. | 8-Jun-24 | 1/Aug/2025 - 30/Sept/2025 | ||
| 2012 98,704 | ||||||||||
| 25 | ELECTRA | G | 14,000 | 4.75 | % | Aquavita International S.A. | 3-Jun-24 | 15/Oct/2025 - 31/Dec/2025 | ||
| 2013 87,150 | ||||||||||
| 26 | PHAIDRA | G | 12,250 | 4.75 | % | Aquavita International S.A. | 9-May-23 | 12-Oct-24 | ||
| 2013 87,146 | 12,000 | 4.75 | % | 12-Oct-24 | 1/May/2025 - 15/Jul/2025 | |||||
| 8 Capesize Bulk Carriers | ||||||||||
| 27 | SEMIRIO | H | 14,150 | 5.00 | % | Solebay Shipping Cape Company Limited, Hong Kong | 18-Aug-23 | 11-Feb-25 | ||
| 2007 174,261 | 16,650 | 5.00 | % | 11-Feb-25 | 15/Feb/2026 - 15/Apr/2026 | |||||
| 28 | NEW YORK | H | 16,000 | 5.00 | % | SwissMarine Pte. Ltd., Singapore | 11-Jun-23 | 30-Nov-24 | ||
| 2010 177,773 | 16,000 | 5.00 | % | STX Green Logis Ltd | 30-Nov-24 | 11-Jan-25 | ||||
| 17,600 | 5.00 | % | SwissMarine Pte. Ltd., Singapore | 11-Jan-25 | 15/Jan/2026 - 30/Mar/2026 | 11,12 | ||||
| 29 | SEATTLE | I | 17,500 | 5.00 | % | Solebay Shipping Cape Company Limited, Hong Kong | 1-Oct-23 | 15/Jul/2025 - 30/Sep/2025 | ||
| 2011 179,362 | ||||||||||
| 30 | P. S. PALIOS | I | 27,150 | 5.00 | % | Bohai Shipping (HEBEI) Co., Ltd | 7-May-24 | 1/Nov/2025 - 31/Dec/2025 | ||
| 2013 179,134 | ||||||||||
| 31 | G. P. ZAFIRAKIS | J | 26,800 | 5.00 | % | Nippon Yusen Kabushiki Kaisha, Tokyo | 16-Sep-24 | 16/Aug/2026 - 16/Nov/2026 | ||
| 2014 179,492 | ||||||||||
| 32 | SANTA BARBARA | J | 21,250 | 5.00 | % | Smart Gain Shipping Co., Limited | 7-May-23 | 3-Dec-24 | ||
| 2015 179,426 | 22,000 | 5.00 | % | Mitsui O.S.K. Lines, Ltd. | 27-Dec-24 | 20/Oct/2025 - 20/Dec/2025 | 13,14 | |||
| 33 | NEW ORLEANS | 20,000 | 5.00 | % | Kawasaki Kisen Kaisha, Ltd. | 7-Dec-23 | 15/Aug/2025 - 31/Oct/2025 | 14 | ||
| 2015 180,960 | ||||||||||
| 34 | 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 | ||||||||||
| 35 | LOS ANGELES | K | 28,700 | 5.00 | % | Nippon Yusen Kabushiki Kaisha, Tokyo | 20-Jul-24 | 1/Oct/2025 - 15/Dec/2025 | ||
| 2012 206,104 | ||||||||||
| 36 | PHILADELPHIA | K | 22,500 | 5.00 | % | Nippon Yusen Kabushiki Kaisha, Tokyo | 4-Feb-24 | 20/Apr/2025 - 20/Jul/2025 | ||
| 2012 206,040 | ||||||||||
| 37 | SAN FRANCISCO | L | 22,000 | 5.00 | % | SwissMarine Pte. Ltd., Singapore | 18-Feb-23 | 28-Feb-25 | 15 | |
| 2017 208,006 | 26,000 | 5.00 | % | 28-Feb-25 | 25/Oct/2026 - 25/Dec/2026 | 5 | ||||
| 38 | NEWPORT NEWS | L | 20,000 | 5.00 | % | Nippon Yusen Kabushiki Kaisha, Tokyo | 20-Sep-23 | 10/Mar/2025 - 10/Jun/2025 | ||
| 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 Charterers will compensate the Owners at a rate of | ||||||||||
| 2 Bareboat chartered-in for a period of ten years. | ||||||||||
| 3 Based on latest information. | ||||||||||
| 4 Currently without an active charterparty. Vessel on scheduled drydocking. | ||||||||||
| 5 Estimated delivery date to the Charterers. | ||||||||||
| 6 Vessel on scheduled drydocking from November 19, 2024 until December 17, 2024. | ||||||||||
| 7 Redelivery date based on an estimated time charter trip duration of about 40 days. | ||||||||||
| 8 Vessel has been sold and it is expected to be delivered to her new Owners by latest March 7, 2025. | ||||||||||
| 9 The charter rate was US | ||||||||||
| 10 The charter rate will be US | ||||||||||
| 11 The charter rate will be US | ||||||||||
| 12 Vessel currently off hire for drydocking. | ||||||||||
| 13 Vessel on scheduled drydocking from December 3, 2024 until December 27, 2024. | ||||||||||
| 14 Bareboat chartered-in for a period of eight years. | ||||||||||
| 15 Estimated redelivery date from the Charterers. | ||||||||||
| Summary of Selected Financial & Other Data (unaudited) | |||||||||||||
| Three months ended December 31, | Year ended December 31, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| STATEMENT OF INCOME DATA (in thousands of US Dollars) | |||||||||||||
| Time charter revenues | $ | 57,073 | $ | 60,016 | $ | 228,209 | $ | 262,098 | |||||
| Voyage expenses | 3,540 | 3,326 | 13,607 | 13,621 | |||||||||
| Vessel operating expenses | 19,215 | 21,520 | 82,587 | 85,486 | |||||||||
| Net income | 9,737 | 9,382 | 12,746 | 49,844 | |||||||||
| Net income attributable to common stockholders | 8,295 | 7,940 | 6,977 | 44,075 | |||||||||
| FLEET DATA | |||||||||||||
| Average number of vessels | 38.0 | 40.7 | 38.9 | 41.1 | |||||||||
| Number of vessels | 38.0 | 40.0 | 38.0 | 40.0 | |||||||||
| Weighted average age of vessels | 11.3 | 10.5 | 11.3 | 10.5 | |||||||||
| Ownership days | 3,496 | 3,746 | 14,219 | 14,986 | |||||||||
| Available days | 3,434 | 3,739 | 14,057 | 14,867 | |||||||||
| Operating days | 3,423 | 3,727 | 14,009 | 14,824 | |||||||||
| Fleet utilization | 99.7 | % | 99.7 | % | 99.7 | % | 99.7 | % | |||||
| AVERAGE DAILY RESULTS | |||||||||||||
| Time charter equivalent (TCE) rate (1) | $ | 15,589 | $ | 15,162 | $ | 15,267 | $ | 16,713 | |||||
| Daily vessel operating expenses (2) | $ | 5,496 | $ | 5,745 | $ | 5,808 | $ | 5,704 | |||||
Non-GAAP Measures
| (1) | Time charter equivalent rate, or TCE, is 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. TCE is a non-GAAP measure, and management believes it is useful to investors because it 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. TCE is used by management to assess and compare the vessels’ profitability. |
| (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 Tuesday, February 25, 2025.
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 13751556.
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 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 | |||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||
| Three months ended December 31, | Year ended December 31, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| REVENUES: | |||||||||||||
| Time charter revenues | $ | 57,073 | $ | 60,016 | $ | 228,209 | $ | 262,098 | |||||
| OPERATING EXPENSES | |||||||||||||
| Voyage expenses | 3,540 | 3,326 | 13,607 | 13,621 | |||||||||
| Vessel operating expenses | 19,215 | 21,520 | 82,587 | 85,486 | |||||||||
| Depreciation and amortization of deferred charges | 11,368 | 11,508 | 44,691 | 49,785 | |||||||||
| General and administrative expenses | 8,322 | 8,364 | 33,435 | 32,968 | |||||||||
| Management fees to a related party | 333 | 333 | 1,332 | 1,313 | |||||||||
| Gain on sale of vessels | - | (329 | ) | (5,799 | ) | (5,323 | ) | ||||||
| Other operating income | (215 | ) | (572 | ) | (422 | ) | (1,464 | ) | |||||
| Operating income, total | $ | 14,510 | $ | 15,866 | $ | 58,778 | $ | 85,712 | |||||
| OTHER INCOME/(EXPENSE) | |||||||||||||
| Interest expense and finance costs | (11,620 | ) | (12,649 | ) | (47,468 | ) | (49,331 | ) | |||||
| Interest and other income | 2,361 | 2,129 | 8,369 | 8,170 | |||||||||
| Gain/(loss) on derivative instruments | 461 | (592 | ) | 274 | (439 | ) | |||||||
| Loss on extinguishment of debt | - | - | (3,475 | ) | (748 | ) | |||||||
| Gain on deconsolidation of subsidiary | - | - | - | 844 | |||||||||
| Gain/(loss) on related party investments | (1,606 | ) | 740 | (3,905 | ) | 1,502 | |||||||
| Gain/(loss) on equity securities | - | 2,813 | (400 | ) | 2,813 | ||||||||
| Gain on warrants | 5,519 | 1,583 | 719 | 1,583 | |||||||||
| Gain/(loss) from equity method investments | 112 | (508 | ) | (146 | ) | (262 | ) | ||||||
| Total other expenses, net | $ | (4,773 | ) | $ | (6,484 | ) | $ | (46,032 | ) | $ | (35,868 | ) | |
| Net income | $ | 9,737 | $ | 9,382 | $ | 12,746 | $ | 49,844 | |||||
| Dividends on series B preferred shares | (1,442 | ) | (1,442 | ) | (5,769 | ) | (5,769 | ) | |||||
| Net income attributable to common stockholders | 8,295 | 7,940 | 6,977 | 44,075 | |||||||||
| Earnings per common share, basic | $ | 0.07 | $ | 0.08 | $ | 0.06 | $ | 0.44 | |||||
| Earnings per common share, diluted | $ | 0.02 | $ | 0.06 | $ | 0.05 | $ | 0.42 | |||||
| Weighted average number of common shares outstanding, basic | 119,087,512 | 102,910,653 | 115,956,249 | 100,166,629 | |||||||||
| Weighted average number of common shares outstanding, diluted | 119,685,417 | 105,488,012 | 118,655,243 | 101,877,142 | |||||||||
| Three months ended December 31, | Year ended December 31, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Net Income | $ | 9,737 | $ | 9,382 | $ | 12,746 | $ | 49,844 | |||||
| Other comprehensive income (Defined benefit plan) | 4 | 55 | 4 | 55 | |||||||||
| Comprehensive Income | $ | 9,741 | $ | 9,437 | $ | 12,750 | $ | 49,899 | |||||
| CONDENSED CONSOLIDATED BALANCE SHEET DATA | |||||||
| (in thousands of U.S. Dollars) | |||||||
| 2024 | 2023* | ||||||
| ASSETS | (unaudited) | ||||||
| Cash, cash equivalents, restricted cash and time deposits | $ | 207,166** | $ | 161,592** | |||
| Investments in equity securities | - | 20,729 | |||||
| Other current assets | 18,443 | 19,900 | |||||
| Fixed assets | 880,145 | 924,474 | |||||
| Investments in related parties and equity method investments | 47,240 | 24,087 | |||||
| Other noncurrent assets | 18,024 | 15,628 | |||||
| Total assets | $ | 1,171,018 | $ | 1,166,410 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Long-term debt and finance liabilities, net of deferred financing costs | $ | 637,525 | $ | 642,772 | |||
| Other liabilities | 28,436 | 34,617 | |||||
| Total stockholders' equity | 505,057 | 489,021 | |||||
| Total liabilities and stockholders' equity | $ | 1,171,018 | $ | 1,166,410 | |||
| * | The balance sheet data has been derived from the audited consolidated financial statements at that date. | ||||||
| ** | Includes time deposits of | ||||||
| OTHER FINANCIAL DATA (unaudited) | ||||||||||||
| Three months ended December 31, | Year ended December 31, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Net cash provided by/(used in) operating activities | $ | 15,144 | $ | (2,235 | ) | $ | 83,530 | $ | 70,380 | |||
| Net cash provided by/(used in) investing activities | (30,660 | ) | 31,037 | (39,783 | ) | 24,929 | ||||||
| Net cash provided by/(used in) financing activities | $ | 7,377 | $ | (16,762 | ) | $ | (21,673 | ) | $ | (71,145 | ) | |
FAQ
What was Diana Shipping's (DSX) net income for Q4 2024?
How much did DSX's time charter revenues decrease in Q4 2024 compared to Q4 2023?
What dividend did Diana Shipping declare for Q4 2024?
How did Diana Shipping's full-year 2024 performance compare to 2023?
What was the earnings per share (EPS) for DSX in Q4 2024?
When will DSX pay its Q4 2024 dividend and who is eligible?
