Diana Shipping Inc. Reports Financial Results for the First Quarter Ended March 31, 2021

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ATHENS, Greece, May 21, 2021 (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 $1.3 million and net loss attributed to common stockholders of $2.7 million for the first quarter of 2021. This compares to a net loss of $102.8 million and net loss attributed to common stockholders of $104.3 million reported in the first quarter of 2020, including a $93.1 million impairment loss. Loss per share for the first quarter of 2021 was $0.03 compared to loss per share of $1.21 in the same quarter in 2020.

Time charter revenues were $41.1 million for the first quarter of 2021, compared to $43.8 million for the same quarter of 2020. The decrease in time charter revenues was due to the decreased ownership days compared to the prior year period, resulting from the sale of vessels. This decrease was partly offset by increased average time charter rates that the Company achieved for its vessels during the quarter and a better utilization rate.

 Fleet Employment Profile (As of May 19, 2021)
 Diana Shipping Inc.'s fleet is employed as follows:
 VesselSister
Ships*
Gross Rate
(USD Per Day)
Com**
CharterersDelivery Date to
Charterers***
Redelivery Date to Owners****Notes
 BUILT    DWT
         
 11 Panamax Bulk Carriers
 OCEANIS $9,2005.00%Phaethon International Company AG9-Jan-2027-Feb-211
 2001    75,211       
1PROTEFSA$9,9005.00%Phaethon International Company AG30-Nov-198-Feb-21 
   $10,6505.00%Reachy International (HK) Co., Limited8-Feb-2110-Mar-22 - 20-May-22 
 2004    73,630       
2CALIPSOA$8,2505.00%Uniper Global Commodities SE, Düsseldorf13-Apr-2022-Jan-212
   $10,4005.00%Viterra Chartering B.V., Rotterdam22-Jan-211-Oct-21 - 15-Dec-21 
 2005    73,691       
3NAIASA$10,0005.00%Phaethon International Company AG26-Jan-1927-Jan-21 
   $11,0004.75%Cargill International S.A., Geneva27-Jan-2117-May-213
   $25,0005.00%Nasshipping Inc.17-May-216-Jun-21 - 16-Jun-214
 2006    73,546       
 CORONIS $8,0005.00%Koch Shipping Pte. Ltd., Singapore20-Feb-2031-Dec-205
 2006    74,381       
4MELIA $10,0005.00%Ausca Shipping Limited, Hong Kong20-Aug-2031-May-21 - 20-Jun-216,7
 2005     76,225       
5ARTEMIS $10,2505.00%Glencore Agriculture B.V., Rotterdam30-Nov-205-Jan-22 - 30-Mar-22 
 2006     76,942       
6LETO $9,0004.75%Cargill International S.A., Geneva21-May-2015-Jul-21 - 30-Sep-21 
 2010     81,297       
7SELINAB$11,0005.00%ST Shipping and Transport Pte. Ltd., Singapore5-Jul-205-Jul-21 - 5-Sep-21 
 2010     75,700       
8MAERAB$8,6005.00%Ausca Shipping Limited, Hong Kong11-Jun-201-Jul-21 - 30-Sep-21 
 2013     75,403       
9ISMENE $10,8005.00%Phaethon International Company AG10-Jan-2011-Mar-21 
   $16,5005.00%Tongli Shipping Pte. Ltd.11-Mar-2115-Oct-21 - 15-Dec-21 
 2013     77,901       
10CRYSTALIAC$8,7505.00%Glencore Agriculture B.V., Rotterdam22-May-201-Jul-21 - 30-Sep-21 
 2014    77,525       
11ATALANDIC$9,3005.00%Uniper Global Commodities SE, Düsseldorf14-Jun-2014-Jul-21 - 14-Oct-21 
 2014    77,529       
 5 Kamsarmax Bulk Carriers
12MAIAD$11,2005.00%Aquavita International S.A.31-Jan-2031-May-21 - 15-Jun-217
 2009     82,193       
13MYRSINID$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       
14MEDUSAD$11,0004.75%Cargill International S.A., Geneva19-Nov-2010-Jan-22 - 20-Mar-22 
 2010     82,194       
15MYRTOD$10,0004.75%Cargill International S.A., Geneva3-Apr-201-Jul-21 - 15-Sep-21 
 2013     82,131       
16ASTARTE $11,7505.00%Aquavita International S.A.18-Jan-2020-May-218
   $25,0005.00%Mitsui O.S.K. Lines Ltd.20-May-211-Nov-21 - 15-Dec-219
 2013     81,513       
 5 Post-Panamax Bulk Carriers
17ALCMENE $8,5004.75%Cargill International S.A., Geneva2-Apr-2030-May-21 - 2-Jul-217
 2010     93,193       
18AMPHITRITEE$10,2505.00%SwissMarine Pte. Ltd., Singapore21-Mar-201-Jun-21 - 21-Jun-217
 2012     98,697       
19POLYMNIAE$12,1005.00%CLdN Cobelfret SA, Luxembourg22-Nov-2015-Oct-21 - 25-Dec-21 
 2012    98,704       
20ELECTRAF$10,2505.00%Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany21-Nov-194-Jan-2110
   $12,5005.00%SwissMarine Pte. Ltd., Singapore4-Jan-2123-Mar-21 
   $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       
21PHAIDRAF$9,4005.00%Uniper Global Commodities SE, Düsseldorf29-May-201-Jun-21 - 29-Jul-217
 2013    87,146       
 12 Capesize Bulk Carriers
22ALIKI $11,3005.00%Koch Shipping Pte. Ltd., Singapore23-Apr-2018-Mar-2111
   $20,5005.00%Solebay Shipping Cape Company Limited, Hong Kong18-Mar-2115-Jan-22 - 15-Mar-22 
 2005    180,235       
23BALTIMORE $13,0005.00%Koch Shipping Pte. Ltd., Singapore21-Dec-2020-Jul-21 - 5-Oct-21 
 2005    177,243       
24SALT LAKE CITY $9,7504.75%Cargill International S.A., Geneva24-Mar-199-Jan-21 
   $13,0005.00%C Transport Maritime Ltd., Bermuda9-Jan-211-Apr-22 - 30-Jun-22 
 2005    171,810       
 SIDERIS GSG$12,7005.00%Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany7-Mar-2015-Jan-2112,13
 2006    174,186       
25SEMIRIOG$16,0004.75%Cargill International S.A., Geneva30-Jun-191-Jan-21 
   $13,5005.00%SwissMarine Pte. Ltd., Singapore1-Jan-215-Oct-21 - 20-Dec-21 
 2007    174,261       
26BOSTONG$15,3005.00%Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany7-Jun-192-Jun-21 - 30-Jun-217
 2007    177,828       
27HOUSTONG$12,4005.00%C Transport Maritime Ltd., Bermuda13-Apr-201-Jul-21 - 30-Sep-21 
 2009    177,729       
28NEW YORKG$14,0005.00%EGPN Bulk Carrier Co., Limited, Hong Kong29-Dec-2016-Apr-22 - 30-Jun-22 
 2010    177,773       
29SEATTLEH$12,3005.00%Pacbulk Shipping Pte. Ltd., Singapore27-Apr-201-Oct-21 - 31-Dec-2114
 2011     179,362       
30P. S. PALIOSH$12,0505.00%C Transport Maritime Ltd., Bermuda24-Mar-202-Jun-21 - 24-Jun-217
 2013    179,134       
31G. P. ZAFIRAKISI$13,2005.00%Koch Shipping Pte. Ltd., Singapore31-May-201-Oct-21 - 31-Dec-21 
 2014    179,492       
32SANTA BARBARAI$17,2505.00%Pacbulk Shipping Pte. Ltd., Singapore28-Dec-199-Jan-21 
   $17,2504.75%Cargill International S.A., Geneva9-Jan-215-Jan-22 - 5-Mar-22 
 2015     179,426       
33NEW ORLEANS $15,5005.00%Nippon Yusen Kabushiki Kaisha3-Dec-2025-Jan-22 - 25-Mar-22 
 2015    180,960       
 4 Newcastlemax Bulk Carriers
34LOS ANGELESJ$14,2505.00%Engelhart CTP Freight (Switzerland) SA6-Jun-201-Oct-21 - 31-Dec-21 
 2012    206,104       
35PHILADELPHIAJ$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       
36SAN FRANCISCOK$16,0005.00%Koch Shipping Pte. Ltd., Singapore5-Mar-1911-Feb-2115
   $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       
37NEWPORT 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 "Oceanis" sold and delivered to her new owners on March 15, 2021.
2 The compensation for the overlapping period from December 31, 2020 until January 22, 2021, which is beyond the maximum contractual period, is still pending to be agreed between Owners and Uniper Global Commodities SE, Düsseldorf.
3 Vessel sold and expected to be delivered to her new owners at the latest by July 30, 2021.
4 Redelivery date based on an estimated time charter trip duration of about 20-30 days.
5 "Coronis" sold and delivered to her new owners on January 13, 2021.
6 Charter includes a one time ballast bonus payment of US$500,000.
7 Based on latest information.
8 Expected redelivery date from the charterers.
9 Expected delivery date to the charterers.
10 Charterers have agreed to pay the average of the daily published rates for p3a-82 route of the baltic panamax index for the days that index was published (i.e. 21/12-24/12 and 04/12) for the excess period commencing from December 21, 2020 till January 4, 2021.
11 The compensation for the overlapping period from March 15, 2021 until the actual redelivery date, which is beyond the maximum contractual period, is still pending to be agreed between Owners and Koch Shipping Pte. Ltd., Singapore.
12 "Sideris GS" sold and delivered to her new owners on January 20, 2021.
13 The compensation for the overlapping period from December 31, 2020 until January 15, 2021, which is beyond the maximum contractual period, is still pending to be agreed between Owners and Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany.
14 Vessel currently off-hire for drydocking.
15 Charterers have agreed to pay US$18,000 per day, for the excess period commencing from January 20, 2021 until February 11, 2021.


Summary of Selected Financial & Other Data (unaudited)
   Three months ended March 31,
   2021   2020 
       
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
 Time charter revenues$41,051  $43,760 
 Voyage expenses 1,780   3,734 
 Vessel operating expenses 18,552   21,317 
 Net loss (1,295)  (102,823)
 Net loss attributed to common stockholders (2,737)  (104,265)
FLEET DATA
 Average number of vessels 38.2   41.8 
 Number of vessels 37.0   41.0 
 Weighted average age of vessels 10.1   9.5 
 Ownership days 3,434   3,801 
 Available days 3,434   3,518 
 Operating days 3,387   3,391 
 Fleet utilization 98.6%  96.4%
AVERAGE DAILY RESULTS
 Time charter equivalent (TCE) rate (1)$11,436  $11,377 
 Daily vessel operating expenses (2)$5,402  $5,608 

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 Friday, May 21, 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 13719492.

About the Company

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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 March 31,
   2021   2020 
REVENUES:     
 Time charter revenues$41,051  $43,760 
       
EXPENSES:     
 Voyage expenses 1,780   3,734 
 Vessel operating expenses 18,552   21,317 
 Depreciation and amortization of deferred charges 10,049   11,547 
 General and administrative expenses 6,697   9,546 
 Management fees to related party 449   517 
 Vessel impairment charges -   93,137 
 Loss on sale of vessels 206   1,078 
 Other income (106)  (241)
 Operating income/(loss)$3,424  $(96,875)
       
OTHER INCOME / (EXPENSES):     
 Interest expense and finance costs (4,636)  (6,354)
 Interest income 28   436 
 Loss from equity method investment (111)  (30)
 Total other expenses, net$(4,719) $(5,948)
       
Net loss$(1,295) $(102,823)
Dividends on series B preferred shares (1,442)  (1,442)
Net loss attributed to common stockholders (2,737)  (104,265)
Loss per common share, basic and diluted$(0.03) $(1.21)
Weighted average number of common shares, basic and diluted 83,572,221   86,473,606 
       
    
   Three months ended March 31,
   2021   2020 
       
Net loss$(1,295) $(102,823)
Other comprehensive loss (Actuarial loss) -   (7)
Comprehensive loss$(1,295) $(102,830)


CONDENSED CONSOLIDATED BALANCE SHEET DATA
(in thousands of U.S. Dollars)
         
   March 31, 2021   December 31, 2020* 
ASSETS (unaudited)     
         
Cash, cash equivalents and restricted cash$86,035  $82,909 
Other current assets 27,383   41,752 
Vessels, net 698,693   716,178 
Other fixed assets, net 21,700   21,704 
Other non-current assets 8,893   9,867 
 Total assets $842,704  $872,410 
         
LIABILITIES AND STOCKHOLDERS' EQUITY       
         
Long-term debt, net of deferred financing costs$411,445  $420,314 
Other liabilities 19,162   23,526 
Total stockholders' equity 412,097   428,570 
 Total liabilities and stockholders' equity $842,704  $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 March 31,
   2021   2020 
       
Net cash provided by operating activities$6,419  $7,290 
Net cash provided by/(used in) investing activities 22,558   (1,164)
Net cash used in financing activities$(25,851) $(23,214)
        

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
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