Diana Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2024; Declares Cash Dividend of $0.01 Per Common Share for the Third Quarter 2024
Diana Shipping (NYSE: DSX) reported Q3 2024 financial results with net income of $3.7 million, down from $7.4 million in Q3 2023. Time charter revenues decreased to $57.5 million from $62.1 million year-over-year. Earnings per share were $0.02 basic and $0.00 diluted, compared to $0.06 in Q3 2023. The company declared a cash dividend of $0.01 per share, payable December 18, 2024. For the nine months ended September 30, 2024, net income was $3.0 million with time charter revenues of $171.1 million, compared to $40.5 million and $202.1 million respectively in the same period of 2023.
Diana Shipping (NYSE: DSX) ha riportato i risultati finanziari per il terzo trimestre del 2024, registrando un utile netto di 3,7 milioni di dollari, in calo rispetto ai 7,4 milioni di dollari del terzo trimestre del 2023. I ricavi da noleggio a tempo sono diminuiti a 57,5 milioni di dollari rispetto ai 62,1 milioni di dollari dell'anno precedente. Gli utili per azione sono stati di 0,02 dollari base e 0,00 dollari diluiti, rispetto ai 0,06 dollari del terzo trimestre del 2023. L'azienda ha dichiarato un dividendo in contante di 0,01 dollari per azione, pagabile il 18 dicembre 2024. Per i nove mesi conclusosi il 30 settembre 2024, l'utile netto è stato di 3,0 milioni di dollari con ricavi da noleggio a tempo di 171,1 milioni di dollari, rispetto a 40,5 milioni di dollari e 202,1 milioni di dollari rispettivamente nello stesso periodo del 2023.
Diana Shipping (NYSE: DSX) informó los resultados financieros del tercer trimestre de 2024, con un ingreso neto de 3,7 millones de dólares, una disminución respecto a los 7,4 millones de dólares en el tercer trimestre de 2023. Los ingresos por fletamento cayeron a 57,5 millones de dólares desde 62,1 millones de dólares en el mismo periodo del año anterior. Las ganancias por acción fueron de 0,02 dólares básicas y 0,00 dólares diluidas, en comparación con 0,06 dólares en el tercer trimestre de 2023. La compañía declaró un dividendo en efectivo de 0,01 dólares por acción, pagadero el 18 de diciembre de 2024. Para los nueve meses que finalizaron el 30 de septiembre de 2024, el ingreso neto fue de 3,0 millones de dólares con ingresos por fletamento de 171,1 millones de dólares, en comparación con 40,5 millones de dólares y 202,1 millones de dólares respectivamente en el mismo periodo de 2023.
다이애나 쉬핑 (NYSE: DSX)은 2024년 3분기 재무 결과를 보고하였으며, 순이익은 370만 달러로, 2023년 3분기 740만 달러에서 감소하였습니다. 시간 차터 수익은 전년 대비 6210만 달러에서 5750만 달러로 감소하였습니다. 주당 이익은 기본 0.02달러, 희석 0.00달러로, 2023년 3분기 0.06달러와 비교됩니다. 회사는 2024년 12월 18일에 지급되는 현금 배당금 0.01달러를 선언하였습니다. 2024년 9월 30일 종료된 9개월 동안 순이익은 300만 달러, 시간 차터 수익은 1억 7110만 달러였으며, 이는 2023년 같은 기간의 4050만 달러 및 2억 210만 달러와 비교됩니다.
Diana Shipping (NYSE: DSX) a annoncé ses résultats financiers pour le troisième trimestre 2024, avec un résultat net de 3,7 millions de dollars, en baisse par rapport à 7,4 millions de dollars au troisième trimestre 2023. Les revenus des charters à temps ont diminué à 57,5 millions de dollars contre 62,1 millions de dollars d'une année sur l'autre. Les bénéfices par action étaient de 0,02 dollar de base et 0,00 dollar dilué, contre 0,06 dollar au troisième trimestre 2023. La société a déclaré un dividende en espèces de 0,01 dollar par action, payable le 18 décembre 2024. Pour les neuf mois se terminant le 30 septembre 2024, le résultat net était de 3,0 millions de dollars avec des revenus de charter à temps de 171,1 millions de dollars, par rapport à 40,5 millions de dollars et 202,1 millions de dollars respectivement au cours de la même période en 2023.
Diana Shipping (NYSE: DSX) hat die Finanzergebnisse für das 3. Quartal 2024 veröffentlicht, mit einem Nettoeinkommen von 3,7 Millionen Dollar, was einem Rückgang von 7,4 Millionen Dollar im 3. Quartal 2023 entspricht. Die Zeitchartereinnahmen sanken von 62,1 Millionen Dollar auf 57,5 Millionen Dollar im Vergleich zum Vorjahr. Gewinn pro Aktie betrug 0,02 Dollar basis und 0,00 Dollar verwässert, im Vergleich zu 0,06 Dollar im 3. Quartal 2023. Das Unternehmen kündigte eine Bardividende von 0,01 Dollar pro Aktie an, die am 18. Dezember 2024 zahlbar ist. Für die neun Monate zum 30. September 2024 betrug das Nettoeinkommen 3,0 Millionen Dollar bei Zeitchartereinnahmen von 171,1 Millionen Dollar, im Vergleich zu 40,5 Millionen Dollar und 202,1 Millionen Dollar im selben Zeitraum 2023.
- Maintained profitability with $3.7M net income in Q3 2024
- Declared dividend of $0.01 per share
- High fleet utilization rate of 99.9% in Q3 2024
- Net income decreased 49.8% YoY from $7.4M to $3.7M in Q3 2024
- Time charter revenues declined 7.4% YoY to $57.5M in Q3 2024
- Nine-month net income dropped 92.6% YoY from $40.5M to $3.0M
- Daily vessel operating expenses increased to $5,964 from $5,621 YoY
Insights
Diana Shipping's Q3 2024 results show concerning trends with
The company's TCE rate dropped to
ATHENS, Greece, Nov. 25, 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 net income of
Time charter revenues were
Net income for the nine months ended September 30, 2024, amounted to
Dividend Declaration
The Company has declared a cash dividend on its common stock of
| Fleet Employment (As of November 22, 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 | 16,500 | 5.00 | % | Bulk Trading SA | 6-May-24 | 1/Aug/2025 - 30/Sep/2025 | |||
| 2017 60,456 | |||||||||||
| 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 | 8-Nov-24 | |||
| 2018 60,362 | 13,100 | 5.00 | % | Stone Shipping Ltd | 8-Nov-24 | 20/Feb/2026 - 20/Apr/2026 | |||||
| 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 | 5-Sep-24 | |||
| 2015 60,508 | 15,250 | 4.75 | % | Cargill Ocean Transportation (Singapore) Pte. Ltd | 5-Sep-24 | 1/Jun/2025 - 1/Aug/2025 | |||||
| 6 | DSI Aquarius | B | 14,500 | 5.00 | % | Stone Shipping Ltd | 18-Jan-24 | 5/Dec/2024 - 1/Feb/2025 | 1 | ||
| 2016 60,309 | |||||||||||
| 7 | DSI Aquila | B | 12,500 | 5.00 | % | Western Bulk Carriers AS | 11-Nov-23 | 30/Nov/2024 - 10/Jan/2025 | 1 | ||
| 2015 60,309 | |||||||||||
| 8 | DSI Altair | B | 13,800 | 5.00 | % | Western Bulk Carriers AS | 23-Jun-23 | 28-Sep-24 | |||
| 2016 60,309 | 15,750 | 5.00 | % | Propel Shipping Pte. Ltd. | 28-Sep-24 | 1/Nov/2025 - 31/Dec/2025 | |||||
| 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 | 16,000 | 5.00 | % | ASL Bulk Shipping Limited | 3-May-24 | 1/Mar/2025 - 30/Apr/2025 | ||||
| 2010 81,297 | |||||||||||
| 11 | SELINA | C | 12,000 | 4.75 | % | Cargill International S.A., Geneva | 20-May-23 | 17-Oct-24 | |||
| 2010 75,700 | 10,500 | 5.00 | % | Raffles Shipping International Pte. Ltd. | 17-Oct-24 | 1/Mar/2025 - 20/Apr/2025 | |||||
| 12 | MAERA | C | 13,750 | 5.00 | % | ST Shipping and Transport Pte. Ltd. | 29-Jan-24 | 14/Dec/2024 - 20/Jan/2025 | 1 | ||
| 2013 75,403 | |||||||||||
| 13 | ISMENE | 12,650 | 5.00 | % | Paralos Shipping Pte., Ltd. | 13-Sep-23 | 15/Apr/2025 - 30/Jun/2025 | ||||
| 2013 77,901 | |||||||||||
| 14 | CRYSTALIA | D | 13,900 | 5.00 | % | Louis Dreyfus Company Freight Asia Pte. Ltd. | 4-May-24 | 4/Feb/2026 - 4/Jun/2026 | |||
| 2014 77,525 | |||||||||||
| 15 | ATALANDI | D | 15,800 | 5.00 | % | Quadra Commodities SA | 28-May-24 | 20-Jul-24 | |||
| 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 | 30-Aug-24 | 3,4 | ||
| 2009 82,193 | 13,000 | 5.00 | % | Viterra Chartering B.V. | 16-Sep-24 | 12-Dec-24 | 5 | ||||
| 17 | MYRSINI | E | 17,100 | 5.00 | % | Cobelfret S.A. Luxembourg | 25-Jun-24 | 1/Feb/2025 - 25/Mar/2025 | |||
| 2010 82,117 | |||||||||||
| 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 | 24/Dec/2024 - 15/Jan/2025 | 1 | ||
| 2013 82,131 | |||||||||||
| 20 | ASTARTE | 15,000 | 5.00 | % | Reachy Shipping (SGP) Pte. Ltd. | 29-Apr-23 | 19-Aug-24 | ||||
| 2013 81,513 | 14,000 | 5.00 | % | Paralos Shipping Pte. Ltd. | 19-Aug-24 | 15/Jul/2025 - 15/Sep/2025 | |||||
| 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 | 13,150 | 5.00 | % | China Steel Express Corporation | 1-Jun-24 | 11-Aug-24 | ||||
| 13,350 | 5.00 | % | 11-Aug-24 | 30-Sep-24 | |||||||
| 2010 93,193 | 12,000 | 5.00 | % | 30-Sep-24 | 19-Nov-24 | 6 | |||||
| 23 | AMPHITRITE | F | 15,000 | 5.00 | % | Cobelfret S.A., Luxembourg | 13-Jan-24 | 30/Nov/2024 - 15/Jan/2025 | 7,1 | ||
| 2012 98,697 | |||||||||||
| 24 | POLYMNIA | F | 17,500 | 5.00 | % | Reachy Shipping (SGP) Pte. Ltd. | 8-Jun-24 | 1/Aug/2025 - 30/Sept/2025 | |||
| 2012 98,704 | |||||||||||
| 25 | ELECTRA | G | 14,000 | 4.75 | % | Aquavita International S.A. | 3-Jun-24 | 15/Oct/2025 - 31/Dec/2025 | |||
| 2013 87,150 | |||||||||||
| 26 | PHAIDRA | G | 12,250 | 4.75 | % | Aquavita International S.A. | 9-May-23 | 12-Oct-24 | |||
| 2013 87,146 | 12,000 | 4.75 | % | 12-Oct-24 | 1/May/2025 - 15/Jul/2025 | ||||||
| 8 Capesize Bulk Carriers | |||||||||||
| 27 | SEMIRIO | H | 14,150 | 5.00 | % | Solebay Shipping Cape Company Limited, Hong Kong | 18-Aug-23 | 30/Nov/2024 - 30/Jan/2025 | 1 | ||
| 2007 174,261 | |||||||||||
| 28 | HOUSTON | H | 13,000 | 5.00 | % | EGPN Bulk Carrier Co., Limited | 21-Nov-22 | 2-Sep-24 | 8 | ||
| 2009 177,729 | |||||||||||
| 29 | NEW YORK | H | 16,000 | 5.00 | % | SwissMarine Pte. Ltd., Singapore | 11-Jun-23 | 29/Nov/2024 - 7/Dec/2024 | 1 | ||
| 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 | 27,150 | 5.00 | % | Bohai Shipping (HEBEI) Co., Ltd | 7-May-24 | 1/Nov/2025 - 31/Dec/2025 | |||
| 2013 179,134 | |||||||||||
| 32 | G. P. ZAFIRAKIS | J | 17,000 | 5.00 | % | Solebay Shipping Cape Company Limited, Hong Kong | 12-Jan-23 | 14-Aug-24 | 9 | ||
| 2014 179,492 | 26,800 | 5.00 | % | Nippon Yusen Kabushiki Kaisha, Tokyo | 16-Sep-24 | 16/Aug/2026 - 16/Nov/2026 | |||||
| 33 | SANTA BARBARA | J | 21,250 | 5.00 | % | Smart Gain Shipping Co., Limited | 7-May-23 | 29/Nov/2024 - 10/Dec/2024 | 10,1 | ||
| 2015 179,426 | |||||||||||
| 34 | NEW ORLEANS | 20,000 | 5.00 | % | Kawasaki Kisen Kaisha, Ltd. | 7-Dec-23 | 15/Aug/2025 - 31/Oct/2025 | 10 | |||
| 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 | 15-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. | |||||||||||
| 3Charterers have agreed for any time in excess of the charter party period to pay the rate of | |||||||||||
| 4Vessel was on scheduled drydocking from August 30, 2024 until September 16, 2024. | |||||||||||
| 5Redelivery date based on an estimated time charter trip duration of about 86 days. | |||||||||||
| 6Currently without an active charterparty. Vessel on scheduled drydocking. | |||||||||||
| 7The charter rate will be US | |||||||||||
| 8Vessel has been sold and delivered to her new Owners on September 4, 2024. | |||||||||||
| 9Vessel was on scheduled drydocking from August 14, 2024 until September 16, 2024. | |||||||||||
| 10Bareboat chartered-in for a period of eight years. | |||||||||||
| Summary of Selected Financial & Other Data (unaudited) | ||||||||||||
| Three months ended September 30, | Nine months ended September 30, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| STATEMENT OF INCOME DATA (in thousands of US Dollars) | ||||||||||||
| Time charter revenues | $ | 57,488 | $ | 62,062 | $ | 171,136 | $ | 202,082 | ||||
| Voyage expenses | 3,654 | 2,931 | 10,067 | 10,295 | ||||||||
| Vessel operating expenses | 21,239 | 21,202 | 63,372 | 63,965 | ||||||||
| Net income | 3,715 | 7,386 | 3,009 | 40,463 | ||||||||
| Net income/(loss) attributable to common stockholders | 2,272 | 5,944 | (1,318 | ) | 36,136 | |||||||
| FLEET DATA | ||||||||||||
| Average number of vessels | 38.7 | 41.0 | 39.1 | 41.2 | ||||||||
| Number of vessels | 38.0 | 41.0 | 38.0 | 41.0 | ||||||||
| Weighted average age of vessels | 11.0 | 10.5 | 11.0 | 10.5 | ||||||||
| Ownership days | 3,561 | 3,772 | 10,723 | 11,240 | ||||||||
| Available days | 3,511 | 3,721 | 10,623 | 11,128 | ||||||||
| Operating days | 3,508 | 3,720 | 10,586 | 11,097 | ||||||||
| Fleet utilization | 99.9 | % | 100.0 | % | 99.7 | % | 99.7 | % | ||||
| AVERAGE DAILY RESULTS | ||||||||||||
| Time charter equivalent (TCE) rate (1) | $ | 15,333 | $ | 15,891 | $ | 15,162 | $ | 17,235 | ||||
| Daily vessel operating expenses (2) | $ | 5,964 | $ | 5,621 | $ | 5,910 | $ | 5,691 | ||||
Non-GAAP Measures
| (1) | Time charter equivalent rate, or TCE, is defined as our time charter revenues less voyage expenses during a period divided by the number of our available days during the period, which is consistent with industry standards. TCE is a non-GAAP measure, and management believes it is useful to investors because it 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. TCE is used by management to assess and compare the vessels’ profitability. |
| (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 Monday, November 25, 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 13749833.
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 September 30, | Nine months September 30, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| REVENUES: | ||||||||||||
| Time charter revenues | $ | 57,488 | $ | 62,062 | $ | 171,136 | $ | 202,082 | ||||
| OPERATING EXPENSES | ||||||||||||
| Voyage expenses | 3,654 | 2,931 | 10,067 | 10,295 | ||||||||
| Vessel operating expenses | 21,239 | 21,202 | 63,372 | 63,965 | ||||||||
| Depreciation and amortization of deferred charges | 11,217 | 11,617 | 33,323 | 38,278 | ||||||||
| General and administrative expenses | 8,384 | 8,909 | 25,113 | 24,604 | ||||||||
| Management fees to a related party | 333 | 333 | 999 | 980 | ||||||||
| Gain on sale of vessels | (4,227 | ) | - | (5,799 | ) | (4,995 | ) | |||||
| Other operating income/ (loss) | 182 | (703 | ) | (207 | ) | (894 | ) | |||||
| Operating income, total | $ | 16,706 | $ | 17,773 | $ | 44,268 | $ | 69,849 | ||||
| OTHER INCOME / (EXPENSES): | ||||||||||||
| Interest expense and finance costs | (12,198 | ) | (12,837 | ) | (35,848 | ) | (36,682 | ) | ||||
| Interest and other income | 2,232 | 2,295 | 6,008 | 6,040 | ||||||||
| Gain/(loss) on derivative instruments | (548 | ) | 153 | (187 | ) | 153 | ||||||
| Loss on extinguishment of debt | (3,475 | ) | - | (3,475 | ) | (748 | ) | |||||
| Gain on deconsolidation of subsidiary | - | - | - | 844 | ||||||||
| Gain/(loss) on investments | (948 | ) | - | (2,699 | ) | 761 | ||||||
| Gain/ (Loss) on warrants | 1,973 | - | (4,800 | ) | - | |||||||
| Gain/(loss) from equity method investments | (27 | ) | 2 | (258 | ) | 246 | ||||||
| Total other expenses, net | $ | (12,991 | ) | $ | (10,387 | ) | $ | (41,259 | ) | $ | (29,386 | ) |
| Net comprehensive income | $ | 3,715 | $ | 7,386 | $ | 3,009 | $ | 40,463 | ||||
| Dividends on series B preferred shares | (1,443 | ) | (1,442 | ) | (4,327 | ) | (4,327 | ) | ||||
| Net comprehensive income/(loss) attributable to common stockholders | 2,272 | 5,944 | (1,318 | ) | 36,136 | |||||||
| Earnings/(loss) per common share, basic | $ | 0.02 | $ | 0.06 | $ | (0.01 | ) | $ | 0.36 | |||
| Earnings/(loss) per common share, diluted | $ | - | $ | 0.06 | $ | (0.01 | ) | $ | 0.36 | |||
| Weighted average number of common shares outstanding, basic | 119,032,441 | 100,721,952 | 114,904,876 | 99,241,903 | ||||||||
| Weighted average number of common shares outstanding, diluted | 120,212,686 | 102,481,766 | 114,904,876 | 100,672,119 | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEET DATA | |||||
| (in thousands of U.S. Dollars) | |||||
| September 30, 2024 | December 31, 2023* | ||||
| ASSETS | (unaudited) | ||||
| Cash, cash equivalents, restricted cash and time deposits | $ | 186,805** | $ | 161,592** | |
| Investments in equity securities | - | 20,729 | |||
| Other current assets | 20,828 | 19,900 | |||
| Fixed assets | 888,646 | 924,474 | |||
| Investments in related parties and equity method investments | 48,200 | 24,087 | |||
| Other noncurrent assets | 16,723 | 15,628 | |||
| Total assets | $ | 1,161,202 | $ | 1,166,410 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
| Long-term debt and finance liabilities, net of deferred financing costs | $ | 627,001 | $ | 642,772 | |
| Other liabilities | 38,757 | 34,617 | |||
| Total stockholders' equity | 495,444 | 489,021 | |||
| Total liabilities and stockholders' equity | $ | 1,161,202 | $ | 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 September 30, | Nine months ended September 30, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| Net cash provided by operating activities | $ | 19,203 | $ | 20,060 | $ | 68,386 | $ | 72,615 | |||
| Net cash provided by/(used in) investing activities | 4,501 | (11,980 | ) | (9,123 | ) | (6,108 | ) | ||||
| Net cash provided by/(used in) financing activities | $ | 8,060 | $ | (42,145 | ) | $ | (29,050 | ) | $ | (54,383 | ) |
FAQ
What was Diana Shipping's (DSX) net income for Q3 2024?
What dividend did Diana Shipping (DSX) declare for Q3 2024?
What was DSX's time charter revenue in Q3 2024?
What was Diana Shipping's (DSX) fleet utilization rate in Q3 2024?
