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Diana Shipping Inc. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2023; Declares Dividend of $0.15 Per Share for the Second Quarter 2023

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ATHENS, Greece, Aug. 01, 2023 (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 $10.4 million and net income attributed to common stockholders of $8.9 million for the second quarter of 2023. This compares to net income of $35.6 million and net income attributed to common stockholders of $34.2 million for the second quarter of 2022. Earnings per share for the second quarter of 2023 was $0.09 basic and diluted, compared to earnings per share of $0.44 basic and $0.42 diluted in the same quarter in 2022.

Time charter revenues were $67.4 million for the second quarter of 2023, compared to $74.5 million for the same quarter of 2022. The decrease in time charter revenues, compared to the same quarter of last year, was due to decreased average charter rates. This decrease was partly offset by increased ownership days resulting from vessel acquisitions.

Net income for the six months ended June 30, 2023, amounted to $33.1 million and net income attributed to common stockholders amounted to $30.2 million. This compares to net income of $61.6 million and net income attributed to common stockholders of $58.8 million, for the same period of 2022. Time charter revenues for the six months ended June 30, 2023, were $140.0 million compared to $140.5 million in the same period of 2022. Earnings per share was $0.31 basic and $0.30 diluted, compared to earnings per share of $0.76 basic and $0.73 diluted in the six months ended June 30, 2022.

Dividend Declaration

The Company has declared a dividend on its common stock based on the Company’s results of operations during the quarter ended June 30, 2023, in the amount of $0.15 per share, which will be paid in shares of the Company’s common stock or, upon the election of common shareholders, in cash. The dividend will be payable on or about September 8, 2023, to all shareholders of record as of August 14, 2023. The Company has 107,402,276 common shares issued and outstanding.

The Company is also re-affirming its previously announced dividend guidance that it intends to declare and pay a quarterly dividend with respect to the next quarter of 2023 in an amount of not less than $0.15 per share. The actual declaration of future dividends, the establishment of record and payment dates and the determination to pay future dividends in cash, in stock, or in a combination of cash and shares of common stock is subject to final determination by the Company’s board of directors each quarter after its review of the Company’s financial performance.

Fleet Employment (As of July 31, 2023) 
          
 VESSEL
BUILT DWT
 SISTER SHIPS*GROSS RATE
(USD PER DAY)
COM**CHARTERERSDELIVERY DATE
TO CHARTERERS***
REDELIVERY DATE TO OWNERS****NOTES
9 Ultramax Bulk Carriers
1DSI Phoenix A13,2505.00%ASL Bulk Marine Limited4-Nov-224/Mar/2024 - 4/May/2024 
 2017 60,456        
2DSI Pollux A17,0005.00%Delta Corp Shipping Pte. Ltd.27-Oct-2227/Dec/2023 - 27/Feb/2024 
 2015 60,446       
3DSI Pyxis A17,1004.75%Cargill Ocean Transportation Singapore Pte. Ltd.16-Oct-2216/Aug/2023 - 10/Sept/20231
 2018 60,362       
4DSI Polaris A13,1005.00%ASL Bulk Marine Limited12-Nov-2212/May/2024 - 12/Jul/20242
 2018 60,404        
5DSI Pegasus A14,0005.00%Reachy Shipping (SGP) Pte. Ltd.7-Dec-2215/Jul/2024 - 15/Sep/2024 
 2015 60,508       
6DSI Aquarius B14,2005.00%Engelhart CTP Freight (Switzerland) SA1-Feb-2310/Jan/2024 - 25/Mar/2024 
 2016 60,309       
7DSI Aquila B13,3005.00%Western Bulk Carriers AS22-Nov-2215/Sep/2023 - 15/Nov/2023 
 2015 60,309       
8DSI Altair B14,4005.00%Western Bulk Pte. Ltd.28-Dec-2223/Jun/2023 
 2016 60,309  13,8005.00%Western Bulk Carriers AS23-Jun-2310/Aug/2024 - 10/Oct/2024 
9DSI Andromeda B14,2505.00%Western Bulk Carriers AS17-Nov-2216/Oct/2023 - 16/Dec/20233, 4
 2016 60,309        
7 Panamax Bulk Carriers
10ARTEMIS  21,2504.75%Cargill International S.A., Geneva21-Mar-2217/Jun/20235
 2006 76,942  10,0005.00%ASL Bulk Shipping Limited17-Jun-235/Sep/2023 - 15/Oct/2023 
11LETO  14,5004.75%Cargill International S.A., Geneva29-Jan-231/Mar/2024 - 30/Apr/2024 
 2010 81,297       
12SELINA C22,0005.00%Speed Logistics Marine Limited18-Jun-2212/May/20236
 2010 75,700  12,0004.75%Cargill International S.A., Geneva20-May-2315/Sept/2024 - 15/Nov/2024
13MAERA C12,0004.75%Cargill International S.A., Geneva16-Dec-2228/Oct/2023 - 28/Dec/2023 
 2013 75,403       
14ISMENE  14,0005.00%ST Shipping and Transport Pte. Ltd.10-Jan-2320/Aug/2023 - 10/Sept/20231
 2013 77,901       
15CRYSTALIA D12,5005.00%Reachy Shipping (SGP) Pte. Ltd.12-Nov-221/Sep/2023 - 15/Sep/20231
 2014 77,525       
16ATALANDI D13,2504.75%Aquavita International S.A.15-Feb-235/Mar/2024 - 5/May/2024 
 2014 77,529        
6 Kamsarmax Bulk Carriers
17MAIA E25,0005.00%Hyundai Glovis Co. Ltd.24-May-2220/Sep/2023 -20/Nov/20237
 2009 82,193        
18MYRSINI E15,0005.00%Salanc Pte. Ltd.22-Nov-2220/Apr/2024 - 28/Jun/2024 
 2010 82,117        
19MEDUSA E26,0004.75%Cargill International S.A., Geneva9-Mar-2214/May/2023 
 2010 82,194  14,2505.00%ASL Bulk Shipping Limited14-May-2310/Feb/2025 - 15/Apr/2025 
20MYRTO E18,0005.00%Tata NYK Shipping Pte. Ltd.3-Aug-2215/Jul/2023 
 2013 82,131  12,6505.00%Cobelfret S.A., Luxemburg15-Jul-231/Nov/2024 - 15/Jan/2025 
21ASTARTE  21,5005.00%Tongli Shipping Pte. Ltd.30-Jan-2229/Apr/2023 
 2013 81,513  15,0005.00%Reachy Shipping (SGP) Pte. Ltd.29-Apr-231/Aug/2024 - 1/Oct/2024 
22LEONIDAS P. C.  17,0004.75%Cargill International S.A., Geneva17-Mar-2317/Feb/2024 - 17/Apr/20248
 2011 82,165       
5 Post-Panamax Bulk Carriers
23ALCMENE  13,0005.00%SwissMarine Pte. Ltd., Singapore2-Jan-2310/Jan/2024 - 25/Mar/2024 
 2010 93,193       
24AMPHITRITE F14,2505.00%Cobelfret S.A., Luxemburg9-Nov-221/Dec/2023 - 15/Feb/2024 
 2012 98,697        
25POLYMNIA F15,0005.00%Cobelfret S.A., Luxemburg14-Jan-231/Apr/2024 - 31/May/20249
 2012 98,704        
26ELECTRA G17,5005.00%Refined Success Limited2-Jul-2213/Apr/2023 
 2013 87,150  14,5005.00%Cobelfret S.A., Luxemburg13-Apr-231/Jun/2024 - 1/Aug/2024 
27PHAIDRA G10,0005.00%Salanc Pte. Ltd.4-Mar-2316/Apr/202310
 2013 87,146  12,2504.75%Aquavita International S.A.9-May-231/Sep/2024 - 15/Nov/2024
10 Capesize Bulk Carriers
28SEMIRIO H19,7005.00%C Transport Maritime Ltd., Bermuda15-Dec-2115/Aug/2023 - 10/Sep/20231
 2007 174,261       
29BOSTON H20,5005.00%Aquavita International S.A.15-Jul-226/May/2023 
 2007 177,828  17,0005.00%ST Shipping and Transport Pte. Ltd.6-May-2315/Jul/2024 - 15/Oct/2024 
30HOUSTON H13,0005.00%EGPN Bulk Carrier Co., Limited21-Nov-221/Jul/2024 - 31/Aug/2024 
 2009 177,729       
31NEW YORK H23,0005.00%C Transport Maritime Ltd., Bermuda2-Jul-2211/Jun/2023 
 2010 177,773  16,0005.00%SwissMarine Pte. Ltd., Singapore11-Jun-231/Oct/2024 - 7/Dec/2024 
32SEATTLE I26,5005.00%Solebay Shipping Cape Company Limited, Hong Kong2-Mar-221/Oct/2023 - 15/Dec/2023 
 2011 179,362       
33P. S. PALIOS I31,0005.00%Classic Maritime Inc.11-Jun-2215/Apr/2024 - 30/Jun/2024 
 2013 179,134        
34G. P. ZAFIRAKIS J22,7504.75%Cargill International S.A., Geneva1-Dec-2112/Jan/202311
 2014 179,492  17,0005.00%Solebay Shipping Cape Company Limited, Hong Kong12-Jan-2315/Jun/2024 - 15/Aug/2024 
35SANTA BARBARA J29,5004.75%Cargill International S.A., Geneva19-Mar-227/May/202312
 2015 179,426  21,2505.00%Smart Gain Shipping Co., Limited7-May-2310/Oct/2024 - 10/Dec/2024
36NEW ORLEANS  32,0005.00%Engelhart CTP Freight (Switzerland) SA25-Mar-2220/Nov/2023 - 31/Jan/202412
 2015 180,960       
37FLORIDA  25,9005.00%Bunge S.A., Geneva29-Mar-2229/Jan/2027 - 29/May/20274
 2022 182,063        
4 Newcastlemax Bulk Carriers
38LOS ANGELES K17,7005.00%Nippon Yusen Kabushiki Kaisha, Tokyo15-Jan-2320/May/2024 - 5/Aug/2024 
 2012 206,104       
39PHILADELPHIA K26,0005.00%C Transport Maritime Ltd., Bermuda12-Apr-221/Feb/2024 - 15/Apr/2024 
 2012 206,040       
40SAN FRANCISCO L22,0005.00%SwissMarine Pte. Ltd., Singapore18-Feb-235/Jan/2025 - 5/Mar/2025 
 2017 208,006       
41NEWPORT NEWS L28,0005.00%Koch Shipping Pte. Ltd., Singapore16-Dec-211/Jul/2023 
 2017 208,021  23,5005.00%1-Jul-2319/Sep/2023 - 24/Oct/2023 
          
* 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.
 
1Based on latest information.
2Vessel on scheduled drydocking from June 18, 2023 to July 5, 2023.
3The fixture includes the option for redelivery of vessel east of Suez against a gross ballast bonus of US$250,000.
4Bareboat chartered-in for a period of ten years.
5Cargill International SA, have agreed to compensate the owners with the difference between the previous and the current charter rate for the early redelivery of the vessel on June 17, 2023, till the minimum agreed redelivery date, June 20, 2023.
6Vessel on scheduled drydocking from May 12, 2023 to May 20, 2023.
7Vessel off hire for 3.93 days.
8Vessel off hire for 6.83 days.
9The charter rate was US$10,000 per day for the first 30 days of the charter period.
10Vessel on scheduled drydocking from April 16, 2023 to May 9, 2023.
11The 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.
12Bareboat chartered-in for a period of eight years.


Summary of Selected Financial & Other Data (unaudited)
  Three months ended June 30, Six months ended June 30,
  2023 2022 2023 2022
         
STATEMENT OF INCOME DATA (in thousands of US Dollars)
Time charter revenues$67,379 $74,522 $140,021 $140,456 
Voyage expenses 3,553  (1,051) 7,364  663 
Vessel operating expenses 22,599  18,394  42,763  34,822 
Net income 10,364  35,606  33,077  61,649 
Net income attributable to common stockholders 8,922  34,164  30,193  58,765 
FLEET DATA
Average number of vessels 41.0  35.0  41.3  34.3 
Number of vessels 41.0  35.0  41.0  35.0 
Weighted average age of vessels 10.2  10.4  10.2  10.4 
Ownership days 3,731  3,185  7,468  6,202 
Available days 3,687  3,068  7,407  5,974 
Operating days 3,678  3,059  7,377  5,919 
Fleet utilization 99.8% 99.7% 99.6% 99.1%
AVERAGE DAILY RESULTS
Time charter equivalent (TCE) rate (1)$17,311 $24,633 $17,910 $23,400 
Daily vessel operating expenses (2)$6,057 $5,775 $5,726 $5,615 

Non-GAAP Measures

(1) Time charter equivalent rates, or TCE rates, are defined as our time charter revenues less voyage expenses during a period divided by the number of available days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses or gain, canal charges and commissions. TCE is a non-GAAP measure. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts.
   
(2) Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period.

Conference Call and Webcast Information

The Company’s management will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Time) on Tuesday, August 1, 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 13740159.

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 continuing impacts of the COVID-19 pandemic; the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, including risks associated with the continuing conflict between Russia and Ukraine and related sanctions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see the Company’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

(See financial tables attached)

 
DIANA SHIPPING INC.
FINANCIAL TABLES
Expressed in thousands of U.S. Dollars, except share and per share data
         
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
 
  Three months ended June 30, Six months ended June 30,
  2023 2022 2023 2022
REVENUES:        
Time charter revenues$67,379 $74,522 $140,021 $140,456 
         
OPERATING EXPENSES        
Voyage expenses 3,553  (1,051) 7,364  663 
Vessel operating expenses 22,599  18,394  42,763  34,822 
Depreciation and amortization of deferred charges 13,407  10,665  26,661  20,457 
General and administrative expenses 8,013  7,888  15,695  14,947 
Management fees to related party 333  111  647  228 
Gain on Sale of Vessels -  -  (4,995) - 
Insurance recoveries -  (1,471) -  (1,789)
Other operating (income)/loss 20  (420) (189) (341)
Operating income, total$19,454 $40,406 $52,075 $71,469 
         
OTHER INCOME / (EXPENSES):        
Interest expense and finance costs (12,187) (5,986) (23,845) (11,209)
Interest and other income 1,972  385  3,746  622 
Loss on extinguishment of debt (704) -  (748) - 
Gain on deconsolidation of subsidiary 844  -  844  - 
Gain on dividend distribution 761  -  761  - 
Gain from equity method investments 224  801  244  767 
Total other expenses, net$(9,090)$(4,800)$(18,998)$(9,820)
         
Net income$10,364 $35,606 $33,077 $61,649 
Dividends on series B preferred shares (1,442) (1,442) (2,884) (2,884)
Net income attributable to common stockholders 8,922  34,164  30,193  58,765 
Earnings per common share, basic$0.09 $0.44 $0.31 $0.76 
Earnings per common share, diluted$0.09 $0.42 $0.30 $0.73 
Weighted average number of common shares outstanding, basic 99,643,396  78,339,851  98,489,613  77,343,851 
Weighted average number of common shares outstanding, diluted 101,058,849  81,918,389  99,762,411  80,308,679 
         
         
  Three months ended June 30, Six months ended June 30,
  2023 2022 2023 2022
         
Net Income$10,364 $35,606 $33,077 $61,649 
Other comprehensive income (Defined benefit plan) -  -  -  1 
Comprehensive Income$10,364 $35,606 $33,077 $61,650 


       
CONDENSED CONSOLIDATED BALANCE SHEET DATA   
(in thousands of U.S. Dollars)   
       
   June 30, 2023  December 31, 2022*
ASSETS (unaudited)   
       
Cash, cash equivalents, restricted cash and time deposits$197,617** $143,928**
Other current assets 17,697  17,636
Fixed assets 958,612  996,702
Investments in related parties 13,013  8,250
Other noncurrent assets 16,944  16,403
Total assets $1,203,883 $1,182,919
       
LIABILITIES AND STOCKHOLDERS' EQUITY     
       
Long-term debt and finance liabilities, net of deferred financing costs$671,934 $663,442
Other liabilities 44,561  32,149
Total stockholders' equity 487,388  487,328
Total liabilities and stockholders' equity$1,203,883 $1,182,919
       
*The balance sheet data have been derived from the audited consolidated financial statements at that date.
**Includes time deposits of $54.0 million and $46.5 million as of June 30, 2023 and December 31, 2022, respectively


 
OTHER FINANCIAL DATA (unaudited)
  Three months ended June 30,   Six months ended June 30,
  2023  2022  2023  2022
            
Net cash provided by operating activities$19,359 $43,737  $52,555  $80,837 
Net cash provided by/(used in) investing activities 16,517  2,533   5,872   (18,769)
Net cash provided by/(used in) financing activities$38,561 $(31,610) $(12,238) $(58,514)

 


Diana Shipping, Inc.

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