Diana Shipping Inc. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2021

Tuesday, 03. August 2021 14:33

ATHENS, Greece, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today reported net income of $2.8 million and net income attributed to common stockholders of $1.4 million for the second quarter of 2021. This compares to a net loss of $10.8 million and net loss attributed to common stockholders of $12.2 million, including a $2.6 million impairment loss, reported in the second quarter of 2020.

Time charter revenues were $47.0 million for the second quarter of 2021, compared to $41.0 million for the same quarter of 2020. The increase in time charter revenues was mainly due to increased average time charter rates that the Company achieved for its vessels during the quarter. This increase was partly offset by decreased revenues due to decreased ownership days compared to last year, resulting from the sale of vessels.

Net income for the six months ended June 30, 2021 amounted to $1.5 million and net loss attributed to common stockholders amounted to $1.4 million. This compares to a net loss of $113.6 million and net loss attributed to common stockholders of $116.5 million, including a $95.7 million impairment loss and $1.1 million loss from sale of vessels, for the same period of 2020. Time charter revenues were $88.1 million for the first half of 2021, compared to $84.7 million for the same period of 2020.

 Fleet Employment Profile (As of August 02, 2021)
 Diana Shipping Inc.’s fleet is employed as follows:
 VesselSister
Ships*

Gross Rate
(USD Per
Day)

Com**
Charterers
Delivery Date to
Charterers***

Redelivery Date to
Owners****

Notes
 BUILT     DWT
         
 10 Panamax Bulk Carriers
PROTEFSA$10,6505.00%Reachy International (HK) Co., Limited8-Feb-2110-Mar-22 - 20-May-22 
 2004   73,630        
CALIPSOA$10,4005.00%Viterra Chartering B.V., Rotterdam22-Jan-211-Oct-21 - 15-Dec-21 
 2005   73,691        
-NAIASA$11,0004.75%Cargill International S.A., Geneva27-Jan-2117-May-21 
   $25,0005.00%Nasshipping Inc.17-May-2121-Jun-21 
   $23,2505.00%AS Klaveness Chartering, Oslo21-Jun-2119-Jul-211
 2006   73,546        
MELIA $10,0005.00%Ausca Shipping Limited, Hong Kong20-Aug-2011-Jun-212
   $25,7505.00%Viterra Chartering B.V., Rotterdam11-Jun-217-Apr-22 - 7-Jun-22 
 2005   76,225        
ARTEMIS $10,2505.00%Glencore Agriculture B.V., Rotterdam30-Nov-205-Jan-22 - 30-Mar-22 
 2006   76,942        
LETO $9,0004.75%Cargill International S.A., Geneva21-May-208-Aug-21 - 30-Sep-213
 2010   81,297        
SELINAB$11,0005.00%ST Shipping and Transport Pte. Ltd., Singapore5-Jul-207-Aug-21 - 7-Sep-213
 2010   75,700        
MAERAB$8,6005.00%Ausca Shipping Limited, Hong Kong11-Jun-208-Aug-21 - 3-Oct-213
 2013   75,403        
ISMENE $16,5005.00%Tongli Shipping Pte. Ltd.11-Mar-2115-Oct-21 - 15-Dec-21 
 2013   77,901        
CRYSTALIAC$8,7505.00%Glencore Agriculture B.V., Rotterdam22-May-209-Aug-21 - 30-Sep-213
 2014   77,525        
10 ATALANDIC$9,3005.00%Uniper Global Commodities SE, Düsseldorf14-Jun-2010-Aug-21 - 14-Oct-213
 2014   77,529        
 6 Kamsarmax Bulk Carriers
11 MAIAD$11,2005.00%Aquavita International S.A.31-Jan-2020-Jun-214
   $25,0005.00%Viterra Chartering B.V., Rotterdam20-Jun-211-May-22 - 30-Jun-22 
 2009   82,193        
12 MYRSINID$11,5005.00%Ausca Shipping Limited, Hong Kong4-Dec-1911-May-21 
   $27,7505.00%Bocimar International N.V.11-May-2115-Oct-21 - 30-Nov-21 
 2010   82,117        
13 MEDUSAD$11,0004.75%Cargill International S.A., Geneva19-Nov-2010-Jan-22 - 20-Mar-22 
 2010   82,194        
14 MYRTOD$10,0004.75%Cargill International S.A., Geneva3-Apr-2011-Aug-21 - 15-Sep-213
 2013   82,131        
15 ASTARTE $11,7505.00%Aquavita International S.A.18-Jan-2020-May-21 
   $25,0005.00%Mitsui O.S.K. Lines Ltd.20-May-211-Nov-21 - 15-Dec-21 
 2013   81,513        
16 MAGNOLIA  -- --- - -5
 tbr. LEONIDAS P. C.        
 2011   82,165        
 5 Post-Panamax Bulk Carriers
17 ALCMENE $8,5004.75%Cargill International S.A., Geneva2-Apr-2028-Jul-216
   $25,5005.00%Refined Success Limited28-Jul-2130-Oct-21 
 2010   93,193        
18 AMPHITRITEE$10,2505.00%SwissMarine Pte. Ltd., Singapore21-Mar-206-Jun-21 
   $30,0005.00%Jera Global Markets Pte. Ltd.6-Jun-212-Jul-217
   $30,2505.00%Jera Global Markets Pte. Ltd.23-Jul-216-Sep-218
 2012   98,697        
19 POLYMNIAE$12,1005.00%CLdN Cobelfret SA, Luxembourg22-Nov-2015-Oct-21 - 25-Dec-219
 2012   98,704        
20 ELECTRAF$23,5005.00%Refined Success Limited23-Mar-2128-Apr-21 
   $21,0005.00%Tongli Shipping Pte. Ltd.28-Apr-2110-Feb-22 - 10-Apr-22 
 2013   87,150        
21 PHAIDRAF$9,4005.00%Uniper Global Commodities SE, Düsseldorf29-May-2015-Jul-21 
   $27,0005.00%Refined Success Limited15-Jul-2119-Aug-2110
 2013   87,146        
 12 Capesize Bulk Carriers
22 ALIKI $20,5005.00%Solebay Shipping Cape Company Limited, Hong Kong18-Mar-2115-Jan-22 - 15-Mar-22 
 2005   180,235        
23 BALTIMORE $13,0005.00%Koch Shipping Pte. Ltd., Singapore21-Dec-2011-Aug-21 - 5-Oct-213
 2005   177,243        
24 SALT LAKE CITY $13,0005.00%C Transport Maritime Ltd., Bermuda9-Jan-211-Apr-22 - 30-Jun-22 
 2005   171,810        
25 SEMIRIOG$13,5005.00%SwissMarine Pte. Ltd., Singapore1-Jan-215-Oct-21 - 20-Dec-21 
 2007   174,261        
26 BOSTONG$15,3005.00%Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany7-Jun-1916-Jun-21 
   $25,5005.00%C Transport Maritime Ltd., Bermuda16-Jun-2115-Apr-22 - 15-Jun-22 
 2007   177,828        
27 HOUSTONG$12,4005.00%C Transport Maritime Ltd., Bermuda13-Apr-2010-Aug-21 - 30-Sep-213
 2009   177,729        
28 NEW YORKG$14,0005.00%EGPN Bulk Carrier Co., Limited, Hong Kong29-Dec-2016-Apr-22 - 30-Jun-22 
 2010   177,773        
29 SEATTLEH$12,3005.00%Pacbulk Shipping Pte. Ltd., Singapore27-Apr-201-Oct-21 - 20-Feb-2211
 2011   179,362        
30 P. S. PALIOSH$12,0505.00%C Transport Maritime Ltd., Bermuda24-Mar-205-Jun-21 
   $26,5004.75%Olam International Limited, Singapore5-Jun-2115-Feb-22 - 15-Apr-22 
 2013   179,134        
31 G. P. ZAFIRAKISI$13,2005.00%Koch Shipping Pte. Ltd., Singapore31-May-201-Oct-21 - 31-Dec-21 
 2014   179,492        
32 SANTA BARBARAI$17,2504.75%Cargill International S.A., Geneva9-Jan-215-Jan-22 - 5-Mar-22 
 2015   179,426        
33 NEW ORLEANS $15,5005.00%Nippon Yusen Kabushiki Kaisha3-Dec-2025-Jan-22 - 25-Mar-22 
 2015   180,960        
 4 Newcastlemax Bulk Carriers
34 LOS ANGELESJ$14,2505.00%Engelhart CTP Freight (Switzerland) SA6-Jun-201-Oct-21 - 31-Dec-21 
 2012   206,104        
35 PHILADELPHIAJ$14,5005.00%BHP Billiton Freight Singapore Pte. Ltd5-Feb-2022-Apr-21 
   $28,5005.00%Classic Maritime Inc.22-Apr-211-Mar-22 - 1-May-22 
 2012   206,040        
36 SAN FRANCISCOK$17,7505.00%Olam International Limited, Singapore11-Feb-2127-May-21 
   $24,7005.00% 27-May-2115-Jan-22 - 15-Mar-22 
 2017   208,006        
37 NEWPORT NEWSK$18,4005.00%Koch Shipping Pte. Ltd., Singapore8-Sep-2016-Oct-21 - 30-Dec-21 
 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.
 
1 Vessel sold delivered to her new owners on July 30, 2021.
2 Charter included a one time ballast bonus payment of US$500,000.
3 Based on latest information.
4 Charterers have agreed to pay US$30,664 per day, for the excess period commencing from June 15, 2021 till June 20, 2021.
5 Expected date of delivery to the Company on February 28, 2022.
6 Charterers have agreed to pay the weighted average of the Baltic Panamax 5 T/C routes, as published by the Baltic Exchange on July 2, 2021 for the excess period commencing from July 2, 2021 till July 28, 2021.
7 Vessel on scheduled drydocking from July 2, 2021 to July 23, 2021.
8 Redelivery date based on an estimated time charter trip duration of about 45 days.
9 Vessel currently off hire for drydocking.
10 Redelivery date based on an estimated time charter trip duration of about 35 days.
11 Vessel on scheduled drydocking from April 10, 2021 to May 30, 2021.


Summary of Selected Financial & Other Data (unaudited)
   Three months ended June 30, Six months ended June 30,
   2021 2020 2021 2020
          
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
 Time charter revenues$47,023 $40,975 $88,074 $84,735 
 Voyage expenses 2,292  3,827  4,072  7,561 
 Vessel operating expenses 19,179  20,806  37,731  42,123 
 Net income/(loss) 2,815  (10,794) 1,520  (113,617)
 Net income/(loss) attributed to common stockholders 1,373  (12,236) (1,364) (116,501)
FLEET DATA
 Average number of vessels 37.0  41.0  37.6  41.4 
 Number of vessels 37.0  41.0  37.0  41.0 
 Weighted average age of vessels 10.4  9.5  10.4  9.5 
 Ownership days 3,367  3,731  6,801  7,532 
 Available days 3,319  3,507  6,753  7,025 
 Operating days 3,305  3,446  6,692  6,838 
 Fleet utilization 99.6% 98.3% 99.1% 97.3%
AVERAGE DAILY RESULTS
 Time charter equivalent (TCE) rate (1)$13,477 $10,593 $12,439 $10,986 
 Daily vessel operating expenses (2)$5,696 $5,577 $5,548 $5,593 

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 our available days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses, 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 Tuesday, August 3, 2021.

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 13721321.

About the Company

Diana Shipping Inc. is a global provider of shipping transportation services through its ownership of dry bulk vessels. The Company’s vessels are employed primarily on medium to long-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 severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses’ and governments’ responses to the pandemic on our operations, personnel, and on the demand for seaborne transportation of bulk products; 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, potential disruption of shipping routes due to accidents or political events, 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 OPERATIONS AND COMPREHENSIVE LOSS
   Three months ended June 30, Six months ended June 30,
   2021  2020  2021  2020 
REVENUES:        
 Time charter revenues$47,023 $40,975 $88,074 $84,735 
EXPENSES:        
 Voyage expenses 2,292  3,827  4,072  7,561 
 Vessel operating expenses 19,179  20,806  37,731  42,123 
 Depreciation and amortization of deferred charges 10,092  11,737  20,141  23,284 
 General and administrative expenses 7,211  6,739  13,909  16,285 
 Management fees to related party 405  497  854  1,014 
 Vessel impairment charges -  2,556  -  95,693 
 Loss on sale of vessels (2) -  203  1,078 
 Other loss/(income) 102  99  (4) (142)
 Operating income/(loss)$7,744 $(5,286)$11,168 $(102,161)
          
OTHER INCOME / (EXPENSES):        
 Interest expense and finance costs (4,706) (5,655) (9,342) (12,009)
 Interest income 22  203  50  639 
 Loss on extinguishment of debt (158) -  (158) - 
 Loss from equity method investment (87) (56) (198) (86)
 Total other expenses, net$(4,929)$(5,508)$(9,648)$(11,456)
          
Net income/(loss)$2,815 $(10,794)$1,520 $(113,617)
Dividends on series B preferred shares (1,442) (1,442) (2,884) (2,884)
Net income/(loss) attributed to common stockholders 1,373  (12,236) (1,364) (116,501)
Earnings/(loss) per common share, basic and diluted$0.02 $(0.14)$(0.02)$(1.35)
Weighted average number of common shares, basic 82,020,353  85,552,271  82,792,000  86,012,939 
          
Weighted average number of common shares, diluted 85,576,754  85,552,271  82,792,000  86,012,939 
          
   Three months ended June 30, Six months ended June 30,
   2021  2020  2021  2020 
          
Net income/(loss)$2,815 $(10,794)$1,520 $(113,617)
Other comprehensive loss (Actuarial loss) -  (6) -  (13)
Comprehensive income/(loss)$2,815 $(10,800)$1,520 $(113,630)


CONDENSED CONSOLIDATED BALANCE SHEET DATA  
(in thousands of U.S. Dollars)  
      
   June 30, 2021 December 31, 2020*
ASSETS (unaudited)  
      
Cash, cash equivalents and restricted cash$154,995$82,909
Other current assets 23,597 41,752
Vessels, net 690,819 716,178
Other fixed assets, net 21,629 21,704
Other non-current assets 8,594 9,867
 Total assets $899,634$872,410
      
LIABILITIES AND STOCKHOLDERS' EQUITY    
      
Long-term debt, net of deferred financing costs$461,515$420,314
Other liabilities 22,386 23,526
Total stockholders' equity 415,733 428,570
 Total liabilities and stockholders' equity $899,634$872,410
      
*The balance sheet data have been derived from the audited consolidated financial statements at that date.


OTHER FINANCIAL DATA (unaudited)
   Three months ended June 30,  Six months ended June 30,
   2021  2020  2021 2020 
          
Net cash provided by operating activities$21,023 $4,447 $27,442$11,737 
Net cash provided by/(used in) investing activities (483) (1,100) 22,075 (2,264)
Net cash provided by/(used in) financing activities$48,420 $(12,857)$22,569$(36,071)



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

Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
Related Links: 
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