Diana Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2020
Diana Shipping reported a net loss of $13.2 million for Q3 2020, a significant decline from a net income of $1.8 million in Q3 2019. The loss attributed to common stockholders reached $14.6 million, including a $6.8 million impairment loss from vessel sales. Time charter revenues dropped to $42.3 million, down from $53.5 million year-over-year, mainly due to reduced ownership days from vessel sales and declining charter rates. For the nine months ended September 30, 2020, the net loss totaled $126.8 million amidst a significant impairment loss of $102.5 million.
- None.
- Net loss of $13.2 million for Q3 2020 compared to net income of $1.8 million in Q3 2019.
- Time charter revenues decreased to $42.3 million from $53.5 million year-over-year.
- Total net loss for nine months reached $126.8 million, significantly higher than net income of $3.4 million in the same period of 2019.
- $102.5 million impairment loss negatively impacting financial results.
ATHENS, Greece, Nov. 23, 2020 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today reported a net loss of
Time charter revenues were
Net loss for the nine months ended September 30, 2020 amounted to
| Fleet Employment Profile (As of November 20, 2020) | |||||||||
| Diana Shipping Inc.’s fleet is employed as follows: | |||||||||
| Vessel | Sister Ships* | Gross Rate (USD Per Day) | Charterers | Delivery Date to Charterers*** | Redelivery Date to Owners**** | Notes | |||
| BUILT DWT | |||||||||
| 13 Panamax Bulk Carriers | |||||||||
| 1 | OCEANIS | Phaethon International Company AG | 9-Jan-20 | 9-Jan-21 - 24-Mar-21 | |||||
| 2001 75,211 | |||||||||
| 2 | PROTEFS | A | Phaethon International Company AG | 30-Nov-19 | 1-Jan-21 - 31-Mar-21 | 1,2 | |||
| 2004 73,630 | |||||||||
| 3 | CALIPSO | A | Uniper Global Commodities SE, Düsseldorf | 28-May-20 | 2-Dec-20 - 31-Dec-20 | 3 | |||
| 2005 73,691 | |||||||||
| 4 | NAIAS | A | Phaethon International Company AG | 26-Jan-19 | 26-Dec-20 - 10-Apr-21 | ||||
| 2006 73,546 | |||||||||
| - | ARETHUSA | A | Oldendorff GmbH & Co. KG, Luebeck | 1-Jun-20 | 29-Jul-20 | 4 | |||
| 2007 73,593 | |||||||||
| 5 | CORONIS | Koch Shipping Pte. Ltd., Singapore | 20-Feb-20 | 4-Dec-20 - 22-Dec-20 | 3,5 | ||||
| 2006 74,381 | |||||||||
| 6 | MELIA | Cargill International S.A., Geneva | 13-Feb-20 | 28-Apr-20 | 6 | ||||
| Ausca Shipping Limited, Hong Kong | 20-Aug-20 | 5-Apr-21 - 20-Jun-21 | 7 | ||||||
| 2005 76,225 | |||||||||
| 7 | ARTEMIS | Koch Shipping Pte. Ltd., Singapore | 28-Nov-19 | 24-Oct-20 | 8 | ||||
| 2006 76,942 | |||||||||
| 8 | LETO | Cargill International S.A., Geneva | 21-May-20 | 15-Jul-21 - 30-Sep-21 | |||||
| 2010 81,297 | |||||||||
| 9 | SELINA | B | ST Shipping and Transport Pte. Ltd., Singapore | 5-Jul-20 | 5-Jul-21 - 5-Sep-21 | ||||
| 2010 75,700 | |||||||||
| 10 | MAERA | B | Ausca Shipping Limited, Hong Kong | 11-Jun-20 | 1-Jul-21 - 30-Sep-21 | ||||
| 2013 75,403 | |||||||||
| 11 | ISMENE | Phaethon International Company AG | 10-Jan-20 | 10-Feb-21 - 25-Apr-21 | |||||
| 2013 77,901 | |||||||||
| 12 | CRYSTALIA | C | Glencore Agriculture B.V., Rotterdam | 22-May-20 | 1-Jul-21 - 30-Sep-21 | ||||
| 2014 77,525 | |||||||||
| 13 | ATALANDI | C | Uniper Global Commodities SE, Düsseldorf | 14-Jun-20 | 14-Jul-21 - 14-Oct-21 | ||||
| 2014 77,529 | |||||||||
| 5 Kamsarmax Bulk Carriers | |||||||||
| 14 | MAIA | D | Aquavita International S.A. | 31-Jan-20 | 31-Mar-21 - 15-Jun-21 | ||||
| 2009 82,193 | |||||||||
| 15 | MYRSINI | D | Ausca Shipping Limited, Hong Kong | 4-Dec-19 | 4-Jan-21 - 19-Mar-21 | ||||
| 2010 82,117 | |||||||||
| 16 | MEDUSA | D | Cargill International S.A., Geneva | 16-Nov-19 | 19-Nov-20 | ||||
| 19-Nov-20 | 10-Jan-22 - 20-Mar-22 | ||||||||
| 2010 82,194 | |||||||||
| 17 | MYRTO | D | Cargill International S.A., Geneva | 3-Apr-20 | 1-Jul-21 - 15-Sep-21 | ||||
| 2013 82,131 | |||||||||
| 18 | ASTARTE | Aquavita International S.A. | 18-Jan-20 | 18-Mar-21 - 2-Jun-21 | |||||
| 2013 81,513 | |||||||||
| 5 Post-Panamax Bulk Carriers | |||||||||
| 19 | ALCMENE | Cargill International S.A., Geneva | 1-Jun-20 | 17-Apr-21 - 2-Jul-21 | |||||
| 2010 93,193 | |||||||||
| 20 | AMPHITRITE | E | SwissMarine Pte. Ltd., Singapore | 21-Mar-20 | 6-Apr-21 - 21-Jun-21 | ||||
| 2012 98,697 | |||||||||
| 21 | POLYMNIA | E | Cargill International S.A., Geneva | 15-Nov-19 | 22-Nov-20 | 3 | |||
| 2012 98,704 | |||||||||
| 22 | ELECTRA | F | Oldendorff Carriers GMBH & Co. KG, Lübeck | 21-Nov-19 | 5-Dec-20 - 21-Dec-20 | 3 | |||
| 2013 87,150 | |||||||||
| 23 | PHAIDRA | F | Uniper Global Commodities SE, Düsseldorf | 29-May-20 | 29-Apr-21 - 29-Jul-21 | 9 | |||
| 2013 87,146 | |||||||||
| 13 Capesize Bulk Carriers | |||||||||
| 24 | ALIKI | Koch Shipping Pte. Ltd., Singapore | 23-Apr-20 | 1-Jan-21 - 15-Mar-21 | |||||
| 2005 180,235 | |||||||||
| 25 | BALTIMORE | Koch Shipping Pte. Ltd., Singapore | 19-May-19 | 4-Dec-20 - 3-Apr-21 | |||||
| 2005 177,243 | |||||||||
| 26 | SALT LAKE CITY | Cargill International S.A., Geneva | 24-Mar-19 | 5-Dec-20 - 24-Feb-21 | 3,10 | ||||
| 2005 171,810 | |||||||||
| 27 | SIDERIS GS | G | Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany | 7-Mar-20 | 3-Dec-20 - 31-Dec-20 | 3,5 | |||
| 2006 174,186 | |||||||||
| 28 | SEMIRIO | G | Cargill International S.A., Geneva | 30-Jun-19 | 2-Dec-20 - 30-Dec-20 | 3 | |||
| 2007 174,261 | |||||||||
| 29 | BOSTON | G | Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany | 7-Jun-19 | 1-Apr-21 - 30-Jun-21 | ||||
| 2007 177,828 | |||||||||
| 30 | HOUSTON | G | C Transport Maritime Ltd., Bermuda | 13-May-20 | 1-Jul-21 - 30-Sep-21 | ||||
| 2009 177,729 | |||||||||
| 31 | NEW YORK | G | Singapore Marine Pte. LTD., Singapore | 7-Jun-19 | 3-Dec-20 - 22-Jan-21 | 3 | |||
| 2010 177,773 | |||||||||
| 32 | SEATTLE | H | Pacbulk Shipping Pte. Ltd., Singapore | 27-Apr-20 | 1-Oct-21 - 31-Dec-21 | ||||
| 2011 179,362 | |||||||||
| 33 | P. S. PALIOS | H | C Transport Maritime Ltd., Bermuda | 28-Apr-20 | 9-Apr-21 - 24-Jun-21 | ||||
| 2013 179,134 | |||||||||
| 34 | G. P. ZAFIRAKIS | I | Koch Shipping Pte. Ltd., Singapore | 31-May-20 | 1-Oct-21 - 31-Dec-21 | ||||
| 2014 179,492 | |||||||||
| 35 | SANTA BARBARA | I | Pacbulk Shipping Pte. Ltd., Singapore | 28-Dec-19 | 28-Dec-20 - 28-Feb-21 | ||||
| 2015 179,426 | |||||||||
| 36 | NEW ORLEANS | Cargill International S.A., Geneva | 10-Apr-19 | 12-Nov-20 | 8 | ||||
| 2015 180,960 | |||||||||
| 4 Newcastlemax Bulk Carriers | |||||||||
| 37 | LOS ANGELES | J | Engelhart CTP Freight (Switzerland) SA | 6-Jun-20 | 1-Oct-21 - 31-Dec-21 | ||||
| 2012 206,104 | |||||||||
| 38 | PHILADELPHIA | J | BHP Billiton Freight Singapore Pte. Ltd | 5-Feb-20 | 5-Apr-21 - 5-Jul-21 | ||||
| 2012 206,040 |
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FAQ
What were Diana Shipping's Q3 2020 earnings results?
Diana Shipping reported a net loss of $13.2 million for Q3 2020.
How did Diana Shipping's revenue in Q3 2020 compare to 2019?
Time charter revenues fell to $42.3 million in Q3 2020, down from $53.5 million in Q3 2019.
What is the impact of the impairment loss on Diana Shipping's financial results?
Diana Shipping recorded a $6.8 million impairment loss in Q3 2020.
What was Diana Shipping's overall financial performance for the nine months ending September 30, 2020?
The company experienced a net loss of $126.8 million for the nine months ended September 30, 2020.
Diana Shipping, Inc.
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