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Diana Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2020

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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.

Positive
  • None.
Negative
  • 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 $13.2 million and a net loss attributed to common stockholders of $14.6 million for the third quarter of 2020, including a $6.8 million impairment loss which resulted from the agreement to sell the vessels Sideris G.S. and Coronis. This compares to net income of $1.8 million and net income attributed to common stockholders of $0.3 million reported in the third quarter of 2019.

Time charter revenues were $42.3 million for the third quarter of 2020, compared to $53.5 million for the same period of 2019. The decrease in time charter revenues was mainly due to the decrease in ownership days resulting from the sale of six vessels in 2019 and two vessels in 2020 and also due to decreased average time charter rates that the Company achieved for its vessels during the quarter.

Net loss for the nine months ended September 30, 2020 amounted to $126.8 million and net loss attributed to common stockholders amounted to $131.1 million, including a $102.5 million impairment loss and $1.1 million loss on sale of vessels. This compares to net income of $3.4 million and net loss attributed to common stockholders of $0.9 million for the same period of 2019 including a $7.5 million impairment loss and $2.8 million loss on sale of vessels. Time charter revenues were $127.1 million for the nine months ended September 30, 2020, compared to $169.2 million for the same period of 2019.

 Fleet Employment Profile (As of November 20, 2020)
 Diana Shipping Inc.’s fleet is employed as follows:
 VesselSister Ships*

Gross Rate (USD Per Day)

Charterers

Delivery Date to Charterers***

Redelivery Date to Owners****

Notes

 BUILT DWT
         
 13 Panamax Bulk Carriers
1OCEANIS $9,2005.00%Phaethon International Company AG9-Jan-209-Jan-21 - 24-Mar-21 
 2001 75,211       
2PROTEFSA$9,9005.00%Phaethon International Company AG30-Nov-191-Jan-21 - 31-Mar-211,2
 2004 73,630       
3CALIPSOA$8,2505.00%Uniper Global Commodities SE, Düsseldorf28-May-202-Dec-20 - 31-Dec-203
 2005 73,691       
4NAIASA$10,0005.00%Phaethon International Company AG26-Jan-1926-Dec-20 - 10-Apr-21 
 2006 73,546       
-ARETHUSAA$5,5005.00%Oldendorff GmbH & Co. KG, Luebeck1-Jun-2029-Jul-204
 2007 73,593       
5CORONIS $8,0005.00%Koch Shipping Pte. Ltd., Singapore20-Feb-204-Dec-20 - 22-Dec-203,5
 2006 74,381       
6MELIA $10,7504.75%Cargill International S.A., Geneva13-Feb-2028-Apr-206
   $10,0005.00%Ausca Shipping Limited, Hong Kong20-Aug-205-Apr-21 - 20-Jun-217
 2005 76,225       
7ARTEMIS $10,1505.00%Koch Shipping Pte. Ltd., Singapore28-Nov-1924-Oct-208
 2006 76,942       
8LETO $9,0004.75%Cargill International S.A., Geneva21-May-2015-Jul-21 - 30-Sep-21 
 2010 81,297       
9SELINAB$11,0005.00%ST Shipping and Transport Pte. Ltd., Singapore5-Jul-205-Jul-21 - 5-Sep-21 
 2010 75,700       
10MAERAB$8,6005.00%Ausca Shipping Limited, Hong Kong11-Jun-201-Jul-21 - 30-Sep-21 
 2013 75,403       
11ISMENE $10,8005.00%Phaethon International Company AG10-Jan-2010-Feb-21 - 25-Apr-21 
 2013 77,901       
12CRYSTALIAC$8,7505.00%Glencore Agriculture B.V., Rotterdam22-May-201-Jul-21 - 30-Sep-21 
 2014 77,525       
13ATALANDIC$9,3005.00%Uniper Global Commodities SE, Düsseldorf14-Jun-2014-Jul-21 - 14-Oct-21 
 2014 77,529       
 5 Kamsarmax Bulk Carriers
14MAIAD$11,2005.00%Aquavita International S.A.31-Jan-2031-Mar-21 - 15-Jun-21 
 2009 82,193       
15MYRSINID$11,5005.00%Ausca Shipping Limited, Hong Kong4-Dec-194-Jan-21 - 19-Mar-21 
 2010 82,117       
16MEDUSAD$11,0004.75%Cargill International S.A., Geneva

16-Nov-1919-Nov-20 
   $11,0004.75%19-Nov-2010-Jan-22 - 20-Mar-22 
 2010 82,194       
17MYRTOD$10,0004.75%Cargill International S.A., Geneva3-Apr-201-Jul-21 - 15-Sep-21 
 2013 82,131       
18ASTARTE $11,7505.00%Aquavita International S.A.18-Jan-2018-Mar-21 - 2-Jun-21 
 2013 81,513       
 5 Post-Panamax Bulk Carriers
19ALCMENE $8,5004.75%Cargill International S.A., Geneva1-Jun-2017-Apr-21 - 2-Jul-21 
 2010 93,193       
20AMPHITRITEE$10,2505.00%SwissMarine Pte. Ltd., Singapore21-Mar-206-Apr-21 - 21-Jun-21 
 2012 98,697       
21POLYMNIAE$11,0004.75%Cargill International S.A., Geneva15-Nov-1922-Nov-203
 2012 98,704       
22ELECTRAF$10,2505.00%Oldendorff Carriers GMBH & Co. KG, Lübeck21-Nov-195-Dec-20 - 21-Dec-203
 2013 87,150       
23PHAIDRAF$9,4005.00%Uniper Global Commodities SE, Düsseldorf29-May-2029-Apr-21 - 29-Jul-219
 2013 87,146       
 13 Capesize Bulk Carriers
24ALIKI $11,3005.00%Koch Shipping Pte. Ltd., Singapore23-Apr-201-Jan-21 - 15-Mar-21 
 2005 180,235       
25BALTIMORE $15,0005.00%Koch Shipping Pte. Ltd., Singapore19-May-194-Dec-20 - 3-Apr-21 
 2005 177,243       
26SALT LAKE CITY $9,7504.75%Cargill International S.A., Geneva24-Mar-195-Dec-20 - 24-Feb-213,10
 2005 171,810       
27SIDERIS GSG$12,7005.00%Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany7-Mar-203-Dec-20 - 31-Dec-203,5
 2006 174,186       
28SEMIRIOG$16,0004.75%Cargill International S.A., Geneva30-Jun-192-Dec-20 - 30-Dec-203
 2007 174,261       
29BOSTONG$15,3005.00%Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany7-Jun-191-Apr-21 - 30-Jun-21 
 2007 177,828       
30HOUSTONG$12,4005.00%C Transport Maritime Ltd., Bermuda13-May-201-Jul-21 - 30-Sep-21 
 2009 177,729       
31NEW YORKG$15,5005.00%Singapore Marine Pte. LTD., Singapore7-Jun-193-Dec-20 - 22-Jan-213
 2010 177,773       
32SEATTLEH$12,3005.00%Pacbulk Shipping Pte. Ltd., Singapore27-Apr-201-Oct-21 - 31-Dec-21 
 2011 179,362       
33P. S. PALIOSH$12,0505.00%C Transport Maritime Ltd., Bermuda28-Apr-209-Apr-21 - 24-Jun-21 
 2013 179,134       
34G. P. ZAFIRAKISI$13,2005.00%Koch Shipping Pte. Ltd., Singapore31-May-201-Oct-21 - 31-Dec-21 
 2014 179,492       
35SANTA BARBARAI$17,2505.00%Pacbulk Shipping Pte. Ltd., Singapore28-Dec-1928-Dec-20 - 28-Feb-21 
 2015 179,426       
36NEW ORLEANS $15,0004.75%Cargill International S.A., Geneva10-Apr-1912-Nov-208
 2015 180,960       
 4 Newcastlemax Bulk Carriers
37LOS ANGELESJ$14,2505.00%Engelhart CTP Freight (Switzerland) SA6-Jun-201-Oct-21 - 31-Dec-21 
 2012 206,104       
38PHILADELPHIAJ$14,5005.00%BHP Billiton Freight Singapore Pte. Ltd5-Feb-205-Apr-21 - 5-Jul-21 
 2012 206,040     { "@context": "https://schema.org", "@type": "FAQPage", "name": "Diana Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2020 FAQs", "mainEntity": [ { "@type": "Question", "name": "What were Diana Shipping's Q3 2020 earnings results?", "acceptedAnswer": { "@type": "Answer", "text": "Diana Shipping reported a net loss of $13.2 million for Q3 2020." } }, { "@type": "Question", "name": "How did Diana Shipping's revenue in Q3 2020 compare to 2019?", "acceptedAnswer": { "@type": "Answer", "text": "Time charter revenues fell to $42.3 million in Q3 2020, down from $53.5 million in Q3 2019." } }, { "@type": "Question", "name": "What is the impact of the impairment loss on Diana Shipping's financial results?", "acceptedAnswer": { "@type": "Answer", "text": "Diana Shipping recorded a $6.8 million impairment loss in Q3 2020." } }, { "@type": "Question", "name": "What was Diana Shipping's overall financial performance for the nine months ending September 30, 2020?", "acceptedAnswer": { "@type": "Answer", "text": "The company experienced a net loss of $126.8 million for the nine months ended September 30, 2020." } } ] }

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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