Diana Shipping Stock Slides After Q3 Results

  • Diana Shipping Inc DSX reported third-quarter time charter revenue growth of 35.3% year-over-year to $57.28 million, reflecting increased average time charter rates, beating the consensus of $50.41 million.
  • EPS improved to $0.16 from $(0.17) in 3Q20, beating consensus of $0.13.
  • The operating income was $21.28 million versus $(8.39) million a year ago, and the margin for the quarter was 37.2%.
  • Diana Shipping generated cash from operating activities year-to-date of $57.49 million, compared to $11.31 million a year ago.
  • The number of vessels was 36 versus 40 in 3Q20; Fleet utilization was 98.5% for the quarter vs. 97.3% a year ago.
  • The average daily time charter equivalent rate increased 59.7% Y/Y to $17,143, and Daily vessel operating expenses reduced 1.7% Y/Y to $5,635.
  • Diana Shipping had cash and equivalents of $146.25 million as of September 30, 2021.
  • Diana Shipping also announced that the distribution date for the previously announced spin-off of its wholly-owned subsidiary, OceanPal Inc., has been extended.
  • Price Action: DSX shares are trading lower by 6.15% at $4.27 on the last check Wednesday.
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