Diana Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2023; Declares Stock Dividend of $0.15 per Share for the Third Quarter 2023

Rhea-AI Summary

Diana Shipping Inc. (NYSE: DSX) reported a decrease in net income and time charter revenues for the third quarter of 2023 compared to the same period in 2022. The company's net income was $7.4 million, with $5.9 million attributed to common stockholders. Earnings per share for the quarter were $0.06 basic and diluted. Despite the decrease, the company declared a dividend of $0.15 per share.

Positive

• The company remains committed to its long-term strategy, continuously distributing dividends since November 2021, totaling US$130 million. Additionally, shareholders have received dividends in the form of newly issued Diana Shipping Inc. common shares, as well as OceanPal Inc. common and preferred shares.

Negative

• Net income and time charter revenues decreased for the third quarter of 2023 compared to the same period in 2022, reflecting a challenging operating environment for the company.

ATHENS, Greece, Nov. 15, 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 $7.4 million and net income attributed to common stockholders of $5.9 million for the third quarter of 2023. This compares to net income of $31.7 million and net income attributed to common stockholders of $30.3 million for the third quarter of 2022. Earnings per share for the third quarter of 2023 was $0.06 basic and diluted, compared to earnings per share of $0.39 basic and $0.37 diluted in the same quarter in 2022.

Mrs. Semiramis Paliou, Director and Chief Executive Officer of the Company, stated: “We are delighted to announce yet another profitable quarter and nine-month period for our company. Our unwavering commitment to our long-term strategy has yielded positive results. A testament to this success is the continuous distribution of dividends since November 2021. We have rewarded our shareholders since that time with a cash dividend of US$1.45 per share, for those that elected to take cash, amounting to US$130 million in total. In addition, our shareholders have received in kind dividends in the form of newly issued Diana Shipping Inc. common shares, as well as OceanPal Inc. common and preferred shares. We remain focused and committed to providing long term shareholder value.”

Time charter revenues were $62.1 million for the third quarter of 2023, compared to $73.8 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 nine months ended September 30, 2023 amounted to $40.5 million and net income attributed to common stockholders amounted to $36.1 million. This compares to net income of $93.4 million and net income attributed to common stockholders of $89.1 million, for the same period of 2022. Time charter revenues for the nine months ended September 30, 2023 were $202.1 million compared to $214.3 million in the same period of 2022. Earnings per share was $0.36 basic and diluted, compared to earnings per share of $1.15 basic and $1.10 diluted in the nine months ended September 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 September 30, 2023, in the amount of $0.15 per share, which will be paid in shares of the Company’s common stock on or about December 4, 2023, to all shareholders of record as of November 27, 2023. The Company has 108,233,948 common shares issued and outstanding.

Fleet Employment (As of November 14, 2023)
	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	04/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	28/Aug/2023	1
	2018 60,362			14,250	5.00	%	ASL Bulk Marine Limited	24/Sep/23	10/Oct/2024 - 10/Dec/2024
4	DSI Polaris		A	13,100	5.00	%	ASL Bulk Marine Limited	12/Nov/22	12/May/2024 - 12/Jul/2024	2
	2018 60,404
5	DSI Pegasus		A	14,000	5.00	%	Reachy Shipping (SGP) Pte. Ltd.	07/Dec/22	15/Jul/2024 - 15/Sep/2024
	2015 60,508
6	DSI Aquarius		B	14,200	5.00	%	Engelhart CTP Freight (Switzerland) SA	01/Feb/23	10/Jan/2024 - 25/Mar/2024
	2016 60,309
7	DSI Aquila		B	13,300	5.00	%	Western Bulk Carriers AS	22/Nov/22	12/Nov/2023	3
	2015 60,309			12,500				12/Nov/23	10/Nov/2024 - 10/Jan/2025
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	14,250	5.00	%	Western Bulk Carriers AS	17/Nov/22	24/Nov/2023	4, 5, 6
	2016 60,309
7 Panamax Bulk Carriers
10	ARTEMIS			10,000	5.00	%	ASL Bulk Shipping Limited	17/Jun/23	6/Oct/2023	7
	2006 76,942			12,000	5.00	%	Jera Global Markets Pte. Ltd.	14/Oct/23	28/Nov/2023	8
11	LETO			14,500	4.75	%	Cargill International S.A., Geneva	29/Jan/23	1/Mar/2024 - 30/Apr/2024
	2010 81,297
12	SELINA		C	12,000	4.75	%	Cargill International S.A., Geneva	20/May/23	15/Sep/2024 - 15/Nov/2024
	2010 75,700
13	MAERA		C	12,000	4.75	%	Cargill International S.A., Geneva	16/Dec/22	30/Nov/2023	4
	2013 75,403
14	ISMENE			14,000	5.00	%	ST Shipping and Transport Pte. Ltd.	10/Jan/23	25/Aug/23	9
	2013 77,901			12,650	5.00	%	Paralos Shipping Pte., Ltd.	13/Sep/23	15/Apr/2025 - 30/Jun/2025
15	CRYSTALIA		D	12,500	5.00	%	Reachy Shipping (SGP) Pte. Ltd.	08/Nov/22	06/Sep/23
	2014 77,525			11,250	5.00	%		06/Sep/23	20/Feb/2024 - 20/Apr/2024
16	ATALANDI		D	13,250	4.75	%	Aquavita International S.A.	15/Feb/23	5/Mar/2024 - 5/May/2024
	2014 77,529
6 Kamsarmax Bulk Carriers
17	MAIA		E	25,000	5.00	%	Hyundai Glovis Co. Ltd.	24/May/22	23/Sep/2023	10
	2009 82,193			13,500	5.00	%	ST Shipping and Transport Pte. Ltd.	23/Sep/23	15/Jun/2024 - 20/Aug/2024
18	MYRSINI		E	15,000	5.00	%	Salanc Pte. Ltd.	22/Nov/22	20/Apr/2024 - 28/Jun/2024
	2010 82,117
19	MEDUSA		E	14,250	5.00	%	ASL Bulk Shipping Limited	14/May/23	10/Feb/2025 - 15/Apr/2025
	2010 82,194
20	MYRTO		E	18,000	5.00	%	Tata NYK Shipping Pte. Ltd.	03/Aug/22	15/Jul/23
	2013 82,131			12,650	5.00	%	Cobelfret S.A., Luxemburg	15/Jul/23	1/Nov/2024 - 15/Jan/2025
21	ASTARTE			15,000	5.00	%	Reachy Shipping (SGP) Pte. Ltd.	29/Apr/23	1/Aug/2024 - 1/Oct/2024
	2013 81,513
22	LEONIDAS P. C.			17,000	4.75	%	Cargill International S.A., Geneva	17/Mar/23	17/Feb/2024 - 17/Apr/2024	11
	2011 82,165
5 Post-Panamax Bulk Carriers
23	ALCMENE			13,000	5.00	%	SwissMarine Pte. Ltd., Singapore	02/Jan/23	10/Jan/2024 - 25/Mar/2024
	2010 93,193
24	AMPHITRITE		F	14,250	5.00	%	Cobelfret S.A., Luxemburg	09/Nov/22	15/Dec/2023 - 15/Feb/2024	4
	2012 98,697
25	POLYMNIA		F	15,000	5.00	%	Cobelfret S.A., Luxemburg	14/Jan/23	1/Apr/2024 - 31/May/2024	12
	2012 98,704
26	ELECTRA		G	14,500	5.00	%	Cobelfret S.A., Luxemburg	13/Apr/23	1/Jun/2024 - 1/Aug/2024
	2013 87,150
27	PHAIDRA		G	12,250	4.75	%	Aquavita International S.A.	09/May/23	1/Sep/2024 - 15/Nov/2024
	2013 87,146
10 Capesize Bulk Carriers
28	SEMIRIO		H	19,700	5.00	%	C Transport Maritime Ltd., Bermuda	15/Dec/21	18/Aug/23
	2007 174,261			14,150	5.00	%	Solebay Shipping Cape Company Limited, Hong Kong	18/Aug/23	20/Nov/2024 - 30/Jan/2025
29	BOSTON		H	17,000	5.00	%	ST Shipping and Transport Pte. Ltd.	06/May/23	15/Jul/2024 - 15/Oct/2024	13
	2007 177,828
30	HOUSTON		H	13,000	5.00	%	EGPN Bulk Carrier Co., Limited	21/Nov/22	1/Jul/2024 - 31/Aug/2024
	2009 177,729
31	NEW YORK		H	16,000	5.00	%	SwissMarine Pte. Ltd., Singapore	11/Jun/23	1/Oct/2024 - 7/Dec/2024
	2010 177,773
32	SEATTLE		I	26,500	5.00	%	Solebay Shipping Cape Company Limited, Hong Kong	02/Mar/22	01/Oct/23
	2011 179,362			17,500				01/Oct/23	15/Jul/2025 - 15/Sep/2025
33	P. S. PALIOS		I	31,000	5.00	%	Classic Maritime Inc.	11/Jun/22	15/Apr/2024 - 30/Jun/2024
	2013 179,134
34	G. P. ZAFIRAKIS		J	17,000	5.00	%	Solebay Shipping Cape Company Limited, Hong Kong	12/Jan/23	15/Jun/2024 - 15/Aug/2024
	2014 179,492
35	SANTA BARBARA		J	21,250	5.00	%	Smart Gain Shipping Co., Limited	07/May/23	10/Oct/2024 - 10/Dec/2024	14
	2015 179,426
36	NEW ORLEANS			32,000	5.00	%	Engelhart CTP Freight (Switzerland) SA	25/Mar/22	5/Dec/2023 - 31/Jan/2024	4, 14, 15,
	2015 180,960
37	FLORIDA			25,900	5.00	%	Bunge S.A., Geneva	29/Mar/22	29/Jan/2027 - 29/May/2027	6
	2022 182,063
4 Newcastlemax Bulk Carriers
38	LOS ANGELES		K	17,700	5.00	%	Nippon Yusen Kabushiki Kaisha, Tokyo	15/Jan/23	20/May/2024 - 5/Aug/2024
	2012 206,104
39	PHILADELPHIA		K	26,000	5.00	%	C Transport Maritime Ltd., Bermuda	12/Apr/22	1/Feb/2024 - 15/Apr/2024
	2012 206,040
40	SAN FRANCISCO		L	22,000	5.00	%	SwissMarine Pte. Ltd., Singapore	18/Feb/23	5/Jan/2025 - 5/Mar/2025
	2017 208,006
41	NEWPORT NEWS		L	28,000	5.00	%	Koch Shipping Pte. Ltd., Singapore	16/Dec/21	01/Jul/23
	2017 208,021			23,500	5.00	%		1-Jul-23	20-Sep-23
				20,000	5.00	%	Nippon Yusen Kabushiki Kaisha, Tokyo	20-Sep-23	10/Mar/2025 - 10/Jun/2025
* 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.
1Vessel on scheduled drydocking from August 28, 2023 to September 24, 2023.
2Vessel on scheduled drydocking from June 18, 2023 to July 5, 2023.
3Estimated date.
4Based on latest information.
5The fixture includes the option for redelivery of vessel east of Suez against a gross ballast bonus of US$250,000.
6Bareboat chartered-in for a period of ten years.
7Vessel on scheduled drydocking from October 6, 2023 to October 14, 2023.
8Redelivery date based on an estimated time charter trip duration of about 45 days.
9Vessel on scheduled drydocking from August 25, 2023 to September 13, 2023.
10Vessel off hire for 3.93 days.
11Vessel off hire for 6.83 days.
12The charter rate was US$10,000 per day for the first 30 days of the charter period.
13Vessel has been sold and is expected to be delivered to her new Owners by December 20, 2023.
14Bareboat chartered-in for a period of eight years.
15Vessel off hire for 3.65 days.

Summary of Selected Financial & Other Data (unaudited)
			Three months ended September 30,						Nine months ended September 30,
			2023			2022			2023			2022
STATEMENT OF INCOME DATA (in thousands of US Dollars)
	Time charter revenues	$	62,062		$	73,811		$	202,082		$	214,267
	Voyage expenses		2,931			3,432			10,295			4,095
	Vessel operating expenses		21,202			17,685			63,965			52,507
	Net income		7,386			31,731			40,463			93,381
	Net income attributable to common stockholders		5,944			30,289			36,136			89,054
FLEET DATA
	Average number of vessels		41.0			34.9			41.2			34.5
	Number of vessels		41.0			34.0			41.0			34.0
	Weighted average age of vessels		10.5			10.4			10.5			10.4
	Ownership days		3,772			3,210			11,240			9,412
	Available days		3,721			3,022			11,128			8,996
	Operating days		3,720			2,994			11,097			8,913
	Fleet utilization		100.0%			99.1%			99.7%			99.1%
AVERAGE DAILY RESULTS
	Time charter equivalent (TCE) rate (1)	$	15,891		$	23,289		$	17,235		$	23,363
	Daily vessel operating expenses (2)	$	5,621		$	5,509		$	5,691		$	5,579

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, November 15, 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 13742402.

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 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, 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 INCOME AND COMPREHENSIVE INCOME
			Three months ended September 30,						Nine months ended September 30,
			2023			2022			2023			2022
REVENUES:
	Time charter revenues	$	62,062		$	73,811		$	202,082		$	214,267
OPERATING EXPENSES
	Voyage expenses		2,931			3,432			10,295			4,095
	Vessel operating expenses		21,202			17,685			63,965			52,507
	Depreciation and amortization of deferred charges		11,617			10,641			38,278			31,099
	General and administrative expenses		8,909			7,013			24,604			21,960
	Management fees to related party		333			222			980			450
	Gain on sale of vessels		-			(2,841	)		(4,995	)		(2,841	)
	Insurance recoveries		-			-			-			(1,789	)
	Other operating income		(703	)		(132	)		(894	)		(474	)
	Operating income, total	$	17,773		$	37,791		$	69,849		$	109,260
OTHER INCOME / (EXPENSES):
	Interest expense and finance costs		(12,837	)		(6,415	)		(36,682	)		(17,623	)
	Interest and other income		2,295			630			6,040			1,252
	Gain from derivatives		153			-			153			-
	Loss on extinguishment of debt		-			(212	)		(748	)		(212	)
	Gain on deconsolidation of subsidiary		-			-			844			-
	Gain on dividend distribution		-			-			761			-
	Gain from equity method investments		2			(63	)		246			704
	Total other expenses, net	$	(10,387	)	$	(6,060	)	$	(29,386	)	$	(15,879	)
Net income		$	7,386		$	31,731		$	40,463		$	93,381
Dividends on series B preferred shares			(1,442	)		(1,442	)		(4,327	)		(4,327	)
Net income attributable to common stockholders			5,944			30,289			36,136			89,054
Earnings per common share, basic		$	0.06		$	0.39		$	0.36		$	1.15
Earnings per common share, diluted		$	0.06		$	0.37		$	0.36		$	1.10
Weighted average number of common shares outstanding, basic			100,721,952			78,390,909			99,241,903			77,696,706
Weighted average number of common shares outstanding, diluted			102,481,766			82,225,404			100,672,119			80,934,858
			Three months ended September 30,						Nine months ended September 30,
			2023			2022			2023			2022
Net Income		$	7,386		$	31,731		$	40,463		$	93,381
Other comprehensive income (Defined benefit plan)			-			-			-			1
Comprehensive Income		$	7,386		$	31,731		$	40,463		$	93,382

CONDENSED CONSOLIDATED BALANCE SHEET DATA
(in thousands of U.S. Dollars)
			September 30, 2023			December 31, 2022*
ASSETS			(unaudited)
Cash, cash equivalents, restricted cash and time deposits		$	173,552**		$	143,928**
Other current assets			18,992			17,636
Fixed assets			950,186			996,702
Investments in related parties			13,015			8,250
Other noncurrent assets			18,542			16,403
	Total assets	$	1,174,287		$	1,182,919
LIABILITIES AND STOCKHOLDERS' EQUITY
Long-term debt and finance liabilities, net of deferred financing costs		$	657,366		$	663,442
Other liabilities			30,534			32,149
Total stockholders' equity			486,387			487,328
	Total liabilities and stockholders' equity	$	1,174,287		$	1,182,919
*	The balance sheet data have been derived from the audited consolidated financial statements at that date.
**	Includes time deposits of $64 million and $46.5 million as of September 30, 2023 and December 31, 2022, respectively

OTHER FINANCIAL DATA (unaudited)
		Three months ended September 30,						Nine months ended September 30,
		2023			2022			2023			2022
Net cash provided by operating activities	$	20,060		$	43,277		$	72,615		$	124,114
Net cash used in investing activities		(11,980	)		(35,610	)		(6,108	)		(54,379	)
Net cash used in financing activities	$	(42,145	)	$	(8,334	)	$	(54,383	)	$	(66,848	)

 

FAQ

What was Diana Shipping Inc.'s net income for the third quarter of 2023?

Diana Shipping Inc.'s net income for the third quarter of 2023 was $7.4 million, with $5.9 million attributed to common stockholders.

What was the earnings per share for the third quarter of 2023?

Earnings per share for the third quarter of 2023 was $0.06 basic and diluted.

What dividend did the company declare for its common stock?

The company declared a dividend of $0.15 per share for its common stock, to be paid in shares of the company’s common stock on or