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

Loading...
Loading...

ATHENS, Greece, Nov. 23, 2020 (GLOBE NEWSWIRE) -- Diana Shipping Inc. 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       
39SAN FRANCISCOK$16,0005.00%Koch Shipping Pte. Ltd., Singapore5-Mar-1910-Dec-20 - 20-Jan-213
 2017 208,006       
40NEWPORT NEWSK$16,5005.00%SwissMarine Services S.A., Geneva25-Feb-198-Sep-20 
   $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 off hire from June 11, 2020 to July 10, 2020.
2 Vessel off hire for unscheduled maintenance from August 28, 2020 to September 4, 2020.
3 Based on latest information.
4 "Arethusa" sold and delivered to her new owners on August 8, 2020.
5 Vessel sold and expected to be delivered to her new Owners at the latest by January 20, 2021.
6 Vessel on scheduled drydocking from April 28, 2020 to July 17, 2020.
7 Charter includes a one time ballast bonus payment of US$500,000.
8 Currently without an active charterparty. Vessel on scheduled drydocking.
9 Vessel off hire for unscheduled maintenance from July 2, 2020 to July 4, 2020.
10 Vessel off hire for drydocking from June 24, 2020 to August 1, 2020.


Summary of Selected Financial & Other Data (unaudited)
   Three months ended September 30, Nine months ended September 30,
   2020  2019  2020  2019 
          
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
 Time charter revenues$42,341 $53,534 $127,076 $169,220 
 Voyage expenses 2,944  3,315  10,505  9,054 
 Vessel operating expenses 21,318  21,981  63,441  67,232 
 Net income/(loss) (13,151) 1,770  (126,767) 3,446 
 Net income/(loss) attributed to common stockholders (14,593) 328  (131,094) (880)
FLEET DATA
 Average number of vessels 40.4  43.8  41.1  45.9 
 Number of vessels 40.0  43.0  40.0  43.0 
 Weighted average age of vessels 10.0  9.4  10.0  9.4 
 Ownership days 3,719  4,027  11,251  12,526 
 Available days 3,670  3,960  10,695  12,358 
 Operating days 3,572  3,938  10,410  12,255 
 Fleet utilization 97.3% 99.4% 97.3% 99.2%
AVERAGE DAILY RESULTS
 Time charter equivalent (TCE) rate (1)$10,735 $12,682 $10,900 $12,961 
 Daily vessel operating expenses (2)$5,732 $5,458 $5,639 $5,367 

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 Monday, November 23, 2020.

Investors may access the webcast by visiting the Company's website at www.dianashippinginc.com, and clicking on the webcast link. 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 13712525.

About the Company

Loading...
Loading...

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 INCOME/(LOSS)
 
   Three months ended September 30, Nine months ended September 30,
   2020  2019  2020  2019 
REVENUES:        
 Time charter revenues$42,341 $53,534 $127,076 $169,220 
EXPENSES:        
 Voyage expenses 2,944  3,315  10,505  9,054 
 Vessel operating expenses 21,318  21,981  63,441  67,232 
 Depreciation and amortization of deferred charges 9,399  12,113  32,682  36,841 
 General and administrative expenses 9,463  7,137  25,748  20,782 
 Management fees to related party 497  537  1,511  1,567 
 Vessel impairment charges 6,832  -  102,525  7,519 
 Loss on sale of vessels 7  716  1,085  2,835 
 Other loss/(gain) 271  (489) 129  (556)
 Operating income/(loss)$(8,390)$8,224 $(110,550)$23,946 
          
OTHER INCOME / (EXPENSES):        
 Interest expense and finance costs (4,874) (7,206) (16,883) (22,709)
 Interest income 55  754  694  2,255 
 Gain on extinguishment of debt 374  -  374  - 
 Loss from equity method investment (316) (2) (402) (46)
 Total other expenses, net$(4,761)$(6,454)$(16,217)$(20,500)
          
Net income/(loss)$(13,151)$1,770 $(126,767)$3,446 
Dividends on series B preferred shares (1,442) (1,442) (4,327) (4,326)
Net income/(loss) attributed to common stockholders (14,593) 328  (131,094) (880)
Loss per common share, basic and diluted$(0.17)$- $(1.53)$(0.01)
Weighted average number of common shares, basic 85,745,586  93,359,239  85,923,171  96,934,593 
          
Weighted average number of common shares, diluted 85,745,586  94,274,398  85,923,171  96,934,593 
          
   Three months ended September 30, Nine months ended September 30,
   2020  2019  2020  2019 
          
Net income/(loss)$(13,151)$1,770 $(126,767)$3,446 
Other comprehensive loss (Actuarial loss) (6) (9) (20) (27)
Comprehensive income/(loss)$(13,157)$1,761 $(126,787)$3,419 


CONDENSED CONSOLIDATED BALANCE SHEET DATA
(in thousands of U.S. Dollars)  
      
   September 30, 2020 December 31, 2019*
ASSETS (unaudited)  
      
Cash, cash equivalents and restricted cash$90,386$128,288
Other current assets 35,455 29,751
Vessels, net 731,433 882,297
Other fixed assets, net 21,736 22,077
Investments in related parties 28 1,680
Other non-current assets 9,290 7,187
 Total assets $888,328$1,071,280
      
LIABILITIES AND STOCKHOLDERS' EQUITY    
      
Long-term debt, net of deferred financing costs$430,890$474,951
Other liabilities 20,965 26,265
Total stockholders' equity 436,473 570,064
 Total liabilities and stockholders' equity $888,328$1,071,280
      
*The balance sheet data have been derived from the audited consolidated financial statements at that date.


OTHER FINANCIAL DATA (unaudited)
  Three months ended September 30,  Nine months ended September 30,
  2020  2019  2020  2019 
         
Net cash provided by/(used in) operating activities$(430)$11,523 $11,307 $44,475 
Net cash provided by investing activities 13,862  12,244  11,598  32,384 
Net cash used in financing activities$(24,736)$(18,914)$(60,807)$(78,912)



Corporate Contact:
Ioannis Zafirakis
Director, Interim 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
Loading...
Loading...
Market News and Data brought to you by Benzinga APIs
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsPress Releases
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...