Diana Shipping Inc. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2024; Declares Cash Dividend of $0.075 Per Common Share for the Second Quarter 2024
Diana Shipping Inc. (NYSE: DSX) reported a net loss of $2.8 million for Q2 2024, compared to a net income of $10.4 million in Q2 2023. Time charter revenues decreased to $56.0 million from $67.4 million year-over-year. The company declared a cash dividend of $0.075 per common share for Q2 2024, payable on August 30, 2024. For the six months ended June 30, 2024, Diana Shipping reported a net loss of $0.7 million, compared to a net income of $33.1 million in the same period of 2023. The decrease in financial performance was primarily due to lower average charter rates and fewer ownership days.
Diana Shipping Inc. (NYSE: DSX) ha riportato una perdita netta di 2,8 milioni di dollari per il secondo trimestre del 2024, rispetto a un utile netto di 10,4 milioni di dollari nel secondo trimestre del 2023. I ricavi da charter temporaneo sono diminuiti a 56,0 milioni di dollari rispetto ai 67,4 milioni dell'anno precedente. L'azienda ha dichiarato un dividendo in contante di 0,075 dollari per azione ordinaria per il secondo trimestre del 2024, pagabile il 30 agosto 2024. Nei sei mesi terminati il 30 giugno 2024, Diana Shipping ha registrato una perdita netta di 0,7 milioni di dollari, rispetto a un utile netto di 33,1 milioni di dollari nello stesso periodo del 2023. La diminuzione delle performance finanziarie è stata principalmente causata da tariffe di charter medie più basse e meno giorni di proprietà.
Diana Shipping Inc. (NYSE: DSX) reportó una pérdida neta de 2.8 millones de dólares para el segundo trimestre de 2024, en comparación con una ganancia neta de 10.4 millones de dólares en el segundo trimestre de 2023. Los ingresos por tiempo de charter disminuyeron a 56.0 millones de dólares desde 67.4 millones del año anterior. La empresa declaró un dividendo en efectivo de 0.075 dólares por acción ordinaria para el segundo trimestre de 2024, que se pagará el 30 de agosto de 2024. Para los seis meses que finalizaron el 30 de junio de 2024, Diana Shipping reportó una pérdida neta de 0.7 millones de dólares, en comparación con una ganancia neta de 33.1 millones de dólares en el mismo período de 2023. La disminución en el rendimiento financiero se debió principalmente a tarifas de charter promedio más bajas y menos días de propiedad.
다이애나 쉬핑 주식회사(Diana Shipping Inc., NYSE: DSX)는 2024년 2분기에 280만 달러의 순손실을 기록했다고 발표했습니다. 이는 2023년 2분기 1,040만 달러의 순이익과 비교됩니다. 시간 차터 수익은 5,600만 달러로 감소했습니다, 작년 6,740만 달러에서 감소한 수치입니다. 회사는 2024년 2분기에 대해 보통주 1주당 0.075달러의 현금 배당금을 선언했으며, 2024년 8월 30일에 지급될 예정입니다. 2024년 6월 30일로 종료된 6개월 동안 다이애나 쉬핑은 70만 달러의 순손실을 보고했으며, 이는 2023년 같은 기간에 3,310만 달러의 순이익과 비교됩니다. 재무 성과의 감소는 주로 낮은 평균 차터 요금과 적은 소유 일수 때문이었습니다.
Diana Shipping Inc. (NYSE: DSX) a annoncé une perte nette de 2,8 millions de dollars pour le deuxième trimestre 2024, contre un bénéfice net de 10,4 millions de dollars au deuxième trimestre 2023. Les revenus des charters à temps ont diminué à 56,0 millions de dollars par rapport à 67,4 millions de dollars l'année précédente. L'entreprise a déclaré un dividende en espèces de 0,075 dollar par action ordinaire pour le deuxième trimestre 2024, payable le 30 août 2024. Pour les six mois se terminant le 30 juin 2024, Diana Shipping a enregistré une perte nette de 0,7 million de dollars, contre un bénéfice net de 33,1 millions de dollars pendant la même période en 2023. La baisse des performances financières était principalement due à des tarifs de charter moyens plus bas et moins de jours de propriété.
Diana Shipping Inc. (NYSE: DSX) berichtete für das 2. Quartal 2024 einen Nettoverlust von 2,8 Millionen Dollar, verglichen mit einem Nettoergebnis von 10,4 Millionen Dollar im 2. Quartal 2023. Die Einnahmen aus Zeitcharter sanken auf 56,0 Millionen Dollar von 67,4 Millionen Dollar im Vorjahr. Das Unternehmen erklärte eine Bardividende von 0,075 Dollar pro Stammaktie für das 2. Quartal 2024, zahlbar am 30. August 2024. Für die sechs Monate, die am 30. Juni 2024 endeten, berichtete Diana Shipping einen Nettoverlust von 0,7 Millionen Dollar, verglichen mit einem Nettoergebnis von 33,1 Millionen Dollar im gleichen Zeitraum 2023. Der Rückgang der finanziellen Leistung war hauptsächlich auf niedrigere durchschnittliche Charterraten und weniger Eigentumstage zurückzuführen.
- Declared cash dividend of $0.075 per common share for Q2 2024
- Maintained high fleet utilization of 99.9% in Q2 2024
- Net loss of $2.8 million in Q2 2024 compared to net income of $10.4 million in Q2 2023
- Time charter revenues decreased to $56.0 million in Q2 2024 from $67.4 million in Q2 2023
- Average daily time charter equivalent (TCE) rate decreased to $15,106 in Q2 2024 from $17,311 in Q2 2023
Insights
Diana Shipping Inc.'s Q2 2024 results reveal a concerning trend for investors. The company reported a net loss of
The primary driver behind this decline appears to be a decrease in time charter revenues, which fell to
Despite the losses, the company has declared a cash dividend of
The company's fleet utilization remains high at
Investors should closely monitor the company's performance in the coming quarters to see if this is a temporary setback or the beginning of a more prolonged downturn in the dry bulk shipping sector.
The financial results of Diana Shipping Inc. provide valuable insights into the current state of the dry bulk shipping market. The company's performance suggests a softening in market conditions compared to the previous year.
The decrease in average charter rates is particularly noteworthy. This decline could indicate an oversupply of vessels in the market or a reduction in global demand for dry bulk commodities. It's important to consider this in the context of global economic trends, such as changes in international trade patterns or economic slowdowns in key markets like China.
The company's fleet composition remains diverse, with vessels ranging from Ultramax to Newcastlemax categories. This diversification could provide some resilience against sector-specific downturns. However, the overall decline in performance across the fleet suggests a broader market weakness.
Interestingly, despite the challenging quarter, Diana Shipping has maintained a high fleet utilization rate of
The decision to maintain dividend payments despite the loss could be seen as a strategic move to retain investor confidence. However, if market conditions don't improve, this policy may come under pressure in future quarters.
Overall, these results suggest investors should be cautious about the short-term outlook for the dry bulk shipping sector, while keeping an eye on broader economic indicators that could signal a turnaround in demand.
ATHENS, Greece, July 31, 2024 (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 a net loss of
Time charter revenues were
Net loss for the six months ended June 30, 2024, amounted to
Dividend Declaration
The Company has declared a cash dividend on its common stock of
| Fleet Employment (As of July 30, 2024) | ||||||||||
| 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 | 13,250 | 5.00 | % | ASL Bulk Marine Limited | 4-Nov-22 | 6-May-24 | ||
| 2017 60,456 | 16,500 | 5.00 | % | Bulk Trading SA | 6-May-24 | 1/Aug/2025 - 30/Sep/2025 | ||||
| 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 | 10/Oct/2024 - 10/Dec/2024 | ||
| 2018 60,362 | ||||||||||
| 4 | DSI Polaris | A | 13,100 | 5.00 | % | ASL Bulk Marine Limited | 12-Nov-22 | 20-Jul-24 | ||
| 2018 60,404 | 15,400 | 5.00 | % | Stone Shipping Ltd | 20-Jul-24 | 1/Jun/2025 - 15/Aug/2025 | ||||
| 5 | DSI Pegasus | A | 14,000 | 5.00 | % | Reachy Shipping (SGP) Pte. Ltd. | 7-Dec-22 | 10/Aug/2024 - 15/Sep/2024 | 1 | |
| 2015 60,508 | ||||||||||
| 6 | DSI Aquarius | B | 14,500 | 5.00 | % | Stone Shipping Ltd | 18-Jan-24 | 1/Dec/2024 - 1/Feb/2025 | ||
| 2016 60,309 | ||||||||||
| 7 | DSI Aquila | B | 12,500 | 5.00 | % | Western Bulk Carriers AS | 11-Nov-23 | 10/Nov/2024 - 10/Jan/2025 | ||
| 2015 60,309 | ||||||||||
| 8 | DSI Altair | B | 13,800 | 5.00 | % | Western Bulk Carriers AS | 23-Jun-23 | 10/Aug/2024 - 10/Oct/2024 | ||
| 2016 60,309 | ||||||||||
| 9 | DSI Andromeda | B | 13,500 | 5.00 | % | Bunge SA, Geneva | 27-Nov-23 | 20/Feb/2025 - 20/Apr/2025 | 2 | |
| 2016 60,309 | ||||||||||
| 6 Panamax Bulk Carriers | ||||||||||
| 10 | LETO | 14,500 | 4.75 | % | Cargill International S.A., Geneva | 29-Jan-23 | 3-May-24 | |||
| 2010 81,297 | 16,000 | 5.00 | % | ASL Bulk Shipping Limited | 3-May-24 | 1/Mar/2025 - 30/Apr/2025 | ||||
| 11 | SELINA | C | 12,000 | 4.75 | % | Cargill International S.A., Geneva | 20-May-23 | 15/Sep/2024 - 15/Nov/2024 | ||
| 2010 75,700 | ||||||||||
| 12 | MAERA | C | 13,750 | 5.00 | % | ST Shipping and Transport Pte. Ltd. | 29-Jan-24 | 20/Nov/2024 - 20/Jan/2025 | ||
| 2013 75,403 | ||||||||||
| 13 | ISMENE | 12,650 | 5.00 | % | Paralos Shipping Pte., Ltd. | 13-Sep-23 | 10/Mar/2025 - 10/Jun/2025 | |||
| 2013 77,901 | ||||||||||
| 14 | CRYSTALIA | D | 11,250 | 5.00 | % | Reachy Shipping (SGP) Pte. Ltd. | 6-Sep-23 | 13-Apr-24 | 3 | |
| 2014 77,525 | 13,900 | 5.00 | % | Louis Dreyfus Company Freight Asia Pte. Ltd. | 4-May-24 | 4/Feb/2026 - 4/Jun/2026 | ||||
| 15 | ATALANDI | D | 13,250 | 4.75 | % | Aquavita International S.A. | 15-Feb-23 | 29-Apr-24 | ||
| 15,800 | 5.00 | % | Quadra Commodities SA | 28-May-24 | 20-Jul-24 | 4,5 | ||||
| 2014 77,529 | 14,600 | 4.75 | % | Cargill International SA, Geveva | 20-Jul-24 | 1/Jun/2025 - 31/Jul/2025 | ||||
| 6 Kamsarmax Bulk Carriers | ||||||||||
| 16 | MAIA | E | 13,500 | 5.00 | % | ST Shipping and Transport Pte. Ltd. | 23-Sep-23 | 10/Aug/2024 - 20/Aug/2024 | 1 | |
| 2009 82,193 | ||||||||||
| 17 | MYRSINI | E | 15,000 | 5.00 | % | Salanc Pte. Ltd. | 22-Nov-22 | 25-Jun-24 | ||
| 2010 82,117 | 17,100 | 5.00 | % | Cobelfret S.A. Luxembourg | 25-Jun-24 | 1/Feb/2025 - 25/Mar/2025 | ||||
| 18 | MEDUSA | E | 14,250 | 5.00 | % | ASL Bulk Shipping Limited | 14-May-23 | 10/Feb/2025 - 15/Apr/2025 | ||
| 2010 82,194 | ||||||||||
| 19 | MYRTO | E | 12,650 | 5.00 | % | Cobelfret S.A., Luxemburg | 15-Jul-23 | 1/Nov/2024 - 15/Jan/2025 | ||
| 2013 82,131 | ||||||||||
| 20 | ASTARTE | 15,000 | 5.00 | % | Reachy Shipping (SGP) Pte. Ltd. | 29-Apr-23 | 1/Aug/2024 - 1/Oct/2024 | |||
| 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 | 16,000 | 5.00 | % | Triangle Merchant Maritime Co., Limited | 24-Mar-24 | 1-Jun-24 | |||
| 13,150 | 1-Jun-24 | 27-Jul-24 | 6 | |||||||
| 2010 93,193 | 13,350 | 5.00 | % | China Steel Express Corporation | 27-Jul-24 | 10-Sep-24 | 7,8 | |||
| 23 | AMPHITRITE | F | 15,000 | 5.00 | % | Cobelfret S.A., Luxembourg | 13-Jan-24 | 15/Nov/2024 - 15/Jan/2025 | 9 | |
| 2012 98,697 | ||||||||||
| 24 | POLYMNIA | F | 15,000 | 5.00 | % | Cobelfret S.A., Luxemburg | 14-Jan-23 | 8-Jun-24 | 10,11 | |
| 2012 98,704 | 17,500 | 5.00 | % | Reachy Shipping (SGP) Pte. Ltd. | 8-Jun-24 | 1/Aug/2025 - 30/Sept/2025 | ||||
| 25 | ELECTRA | G | 14,500 | 5.00 | % | Cobelfret S.A., Luxemburg | 13-Apr-23 | 3-Jun-24 | ||
| 2013 87,150 | 14,000 | 4.75 | % | Aquavita International S.A. | 3-Jun-24 | 15/Oct/2025 - 31/Dec/2025 | ||||
| 26 | PHAIDRA | G | 12,250 | 4.75 | % | Aquavita International S.A. | 9-May-23 | 1/Sep/2024 - 15/Nov/2024 | ||
| 2013 87,146 | ||||||||||
| 9 Capesize Bulk Carriers | ||||||||||
| 27 | SEMIRIO | H | 14,150 | 5.00 | % | Solebay Shipping Cape Company Limited, Hong Kong | 18-Aug-23 | 20/Nov/2024 - 30/Jan/2025 | ||
| 2007 174,261 | ||||||||||
| 28 | HOUSTON | H | 13,000 | 5.00 | % | EGPN Bulk Carrier Co., Limited | 21-Nov-22 | 10/Aug/2024 - 31/Aug/2024 | 1,12 | |
| 2009 177,729 | ||||||||||
| 29 | NEW YORK | H | 16,000 | 5.00 | % | SwissMarine Pte. Ltd., Singapore | 11-Jun-23 | 1/Oct/2024 - 7/Dec/2024 | ||
| 2010 177,773 | ||||||||||
| 30 | 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 | ||||||||||
| 31 | P. S. PALIOS | I | 31,000 | 5.00 | % | Classic Maritime Inc. | 11-Jun-22 | 7-May-24 | ||
| 2013 179,134 | 27,150 | 5.00 | % | Bohai Shipping (HEBEI) Co., Ltd | 7-May-24 | 1/Nov/2025 - 31/Dec/2025 | ||||
| 32 | G. P. ZAFIRAKIS | J | 17,000 | 5.00 | % | Solebay Shipping Cape Company Limited, Hong Kong | 12-Jan-23 | 7-Aug-24 | 1 | |
| 2014 179,492 | ||||||||||
| 33 | SANTA BARBARA | J | 21,250 | 5.00 | % | Smart Gain Shipping Co., Limited | 7-May-23 | 10/Oct/2024 - 10/Dec/2024 | 13 | |
| 2015 179,426 | ||||||||||
| 34 | NEW ORLEANS | 20,000 | 5.00 | % | Kawasaki Kisen Kaisha, Ltd. | 7-Dec-23 | 15/Aug/2025 - 31/Oct/2025 | 13,14 | ||
| 2015 180,960 | ||||||||||
| 35 | 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 | ||||||||||
| 36 | LOS ANGELES | K | 17,700 | 5.00 | % | Nippon Yusen Kabushiki Kaisha, Tokyo | 21-Jan-23 | 20-Jul-24 | ||
| 2012 206,104 | 28,700 | 20-Jul-24 | 1/Oct/2025 - 15/Dec/2025 | |||||||
| 37 | PHILADELPHIA | K | 22,500 | 5.00 | % | Nippon Yusen Kabushiki Kaisha, Tokyo | 4-Feb-24 | 20/Apr/2025 - 20/Jul/2025 | ||
| 2012 206,040 | ||||||||||
| 38 | SAN FRANCISCO | L | 22,000 | 5.00 | % | SwissMarine Pte. Ltd., Singapore | 18-Feb-23 | 5/Jan/2025 - 5/Mar/2025 | ||
| 2017 208,006 | ||||||||||
| 39 | 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. | ||||||||||
| 1Based on latest information. | ||||||||||
| 2Bareboat chartered-in for a period of ten years. | ||||||||||
| 3Vessel on scheduled drydocking during the period from April 13, 2024 to May 4, 2024. | ||||||||||
| 4Vessel on scheduled drydocking during the period from April 29, 2024 to May 28, 2024. | ||||||||||
| 5Redelivery date based on an estimated time charter trip duration of about 63 days. | ||||||||||
| 6Redelivery date based on an estimated time charter trip duration of about 70 days. | ||||||||||
| 7Estimated delivery date. | ||||||||||
| 8Redelivery date based on an estimated time charter trip duration of about 45 days. | ||||||||||
| 9The charter rate will be US | ||||||||||
| 10The charter rate was US | ||||||||||
| 11Charterers will compensate the Owners at a rate of US | ||||||||||
| 12Vessel has been sold and it is expected to be delivered to her new Owners by latest September 16, 2024. | ||||||||||
| 13Bareboat chartered-in for a period of eight years. | ||||||||||
| 14Vessel off hire for 7.43 days. | ||||||||||
| Summary of Selected Financial & Other Data (unaudited) | ||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| STATEMENT OF INCOME DATA (in thousands of US Dollars) | ||||||||||||||||
| Time charter revenues | $ | 56,000 | $ | 67,379 | $ | 113,648 | $ | 140,021 | ||||||||
| Voyage expenses | 3,145 | 3,553 | 6,413 | 7,364 | ||||||||||||
| Vessel operating expenses | 21,269 | 22,599 | 42,133 | 42,763 | ||||||||||||
| Net income/(loss) | (2,764 | ) | 10,364 | (706 | ) | 33,077 | ||||||||||
| Net income/(loss) attributable to common stockholders | (4,206 | ) | 8,922 | (3,590 | ) | 30,193 | ||||||||||
| FLEET DATA | ||||||||||||||||
| Average number of vessels | 39.0 | 41.0 | 39.4 | 41.3 | ||||||||||||
| Number of vessels | 39.0 | 41.0 | 39.0 | 41.0 | ||||||||||||
| Weighted average age of vessels | 10.9 | 10.2 | 10.9 | 10.2 | ||||||||||||
| Ownership days | 3,549 | 3,731 | 7,162 | 7,468 | ||||||||||||
| Available days | 3,499 | 3,687 | 7,112 | 7,407 | ||||||||||||
| Operating days | 3,496 | 3,678 | 7,078 | 7,377 | ||||||||||||
| Fleet utilization | 99.9 | % | 99.8 | % | 99.5 | % | 99.6 | % | ||||||||
| AVERAGE DAILY RESULTS | ||||||||||||||||
| Time charter equivalent (TCE) rate (1) | $ | 15,106 | $ | 17,311 | $ | 15,078 | $ | 17,910 | ||||||||
| Daily vessel operating expenses (2) | $ | 5,993 | $ | 6,057 | $ | 5,883 | $ | 5,726 | ||||||||
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 Wednesday, July 31, 2024.
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 13747673.
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 | ||||||||||||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) | ||||||||||||||||
| Three months ended June 30, | Six months June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| REVENUES: | ||||||||||||||||
| Time charter revenues | $ | 56,000 | $ | 67,379 | $ | 113,648 | $ | 140,021 | ||||||||
| OPERATING EXPENSES | ||||||||||||||||
| Voyage expenses | 3,145 | 3,553 | 6,413 | 7,364 | ||||||||||||
| Vessel operating expenses | 21,269 | 22,599 | 42,133 | 42,763 | ||||||||||||
| Depreciation and amortization of deferred charges | 11,004 | 13,407 | 22,106 | 26,661 | ||||||||||||
| General and administrative expenses | 8,197 | 8,013 | 16,729 | 15,695 | ||||||||||||
| Management fees to a related party | 333 | 333 | 666 | 647 | ||||||||||||
| Gain on sale of vessels | - | - | (1,572 | ) | (4,995 | ) | ||||||||||
| Other operating income/ (loss) | (104 | ) | 20 | (389 | ) | (189 | ) | |||||||||
| Operating income, total | $ | 12,156 | $ | 19,454 | $ | 27,562 | $ | 52,075 | ||||||||
| OTHER INCOME / (EXPENSES): | ||||||||||||||||
| Interest expense and finance costs | (11,594 | ) | (12,187 | ) | (23,650 | ) | (23,845 | ) | ||||||||
| Interest and other income | 2,041 | 1,972 | 3,776 | 3,746 | ||||||||||||
| Gain on derivative instruments | 23 | - | 361 | - | ||||||||||||
| Loss on extinguishment of debt | - | (704 | ) | - | (748 | ) | ||||||||||
| Gain on deconsolidation of subsidiary | - | 844 | - | 844 | ||||||||||||
| Gain/(loss) on investments | (3,467 | ) | 761 | (1,751 | ) | 761 | ||||||||||
| Loss on warrants | (2,090 | ) | - | (6,773 | ) | - | ||||||||||
| Gain/(loss) from equity method investments | 167 | 224 | (231 | ) | 244 | |||||||||||
| Total other expenses, net | $ | (14,920 | ) | $ | (9,090 | ) | $ | (28,268 | ) | $ | (18,998 | ) | ||||
| Net comprehensive income/(loss) | $ | (2,764 | ) | $ | 10,364 | $ | (706 | ) | $ | 33,077 | ||||||
| Dividends on series B preferred shares | (1,442 | ) | (1,442 | ) | (2,884 | ) | (2,884 | ) | ||||||||
| Net comprehensive income/(loss) attributable to common stockholders | (4,206 | ) | 8,922 | (3,590 | ) | 30,193 | ||||||||||
| Earnings/(loss) per common share, basic | $ | (0.04 | ) | $ | 0.09 | $ | (0.03 | ) | $ | 0.31 | ||||||
| Earnings/(loss) per common share, diluted | $ | (0.04 | ) | $ | 0.09 | $ | (0.03 | ) | $ | 0.30 | ||||||
| Weighted average number of common shares outstanding, basic | 115,236,048 | 99,643,396 | 112,818,414 | 98,489,613 | ||||||||||||
| Weighted average number of common shares outstanding, diluted | 115,236,048 | 101,058,849 | 112,818,414 | 99,762,411 | ||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEET DATA | ||||||||
| (in thousands of U.S. Dollars) | ||||||||
| June 30, 2024 | December 31, 2023* | |||||||
| ASSETS | (unaudited) | |||||||
| Cash, cash equivalents, restricted cash and time deposits | $ | 140,041** | $ | 161,592** | ||||
| Investments in equity securities | - | 20,729 | ||||||
| Other current assets | 49,194 | 19,900 | ||||||
| Fixed assets | 895,139 | 924,474 | ||||||
| Investments in related parties and equity method investments | 49,177 | 24,087 | ||||||
| Other noncurrent assets | 14,948 | 15,628 | ||||||
| Total assets | $ | 1,148,499 | $ | 1,166,410 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Long-term debt and finance liabilities, net of deferred financing costs | $ | 613,487 | $ | 642,772 | ||||
| Other liabilities | 35,150 | 34,617 | ||||||
| Total stockholders' equity | 499,862 | 489,021 | ||||||
| Total liabilities and stockholders' equity | $ | 1,148,499 | $ | 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 June 30, | Six months ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net cash provided by operating activities | $ | 11,218 | $ | 19,359 | $ | 49,183 | $ | 52,555 | ||||||||
| Net cash provided by/(used in) investing activities | 7,425 | 16,517 | (13,624 | ) | 5,872 | |||||||||||
| Net cash provided by/(used in) financing activities | $ | (20,576 | ) | $ | 38,561 | $ | (37,110 | ) | $ | (12,238 | ) | |||||
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
X: @Dianaship
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
FAQ
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