Diana Shipping Inc. Reports Financial Results for the First Quarter Ended March 31, 2022; Declares Cash Dividend of 25 Cents Per Share for the First Quarter of 2022

ATHENS, Greece, May 24, 2022 (GLOBE NEWSWIRE) -- Diana Shipping Inc. DSX, (the "Company"), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today reported net income of $26.0 million and net income attributed to common stockholders of $24.6 million for the first quarter of 2022. This compares to a net loss of $1.3 million and net loss attributed to common stockholders of $2.7 million reported in the first quarter of 2021. Earnings per share for the first quarter of 2022 was $0.32 basic and $0.31 diluted, compared to loss per share of $0.03 basic and diluted in the same quarter in 2021.

Time charter revenues were $65.9 million for the first quarter of 2022, compared to $41.1 million for the same quarter of 2021. The increase in time charter revenues was due to increased average time charter rates that the Company achieved for its vessels during the quarter. This increase was partly offset by decreased ownership days compared to the same quarter of last year, which was due to vessel sales and a spin-off in November 2021.

Dividend Declaration

The Company has declared a cash dividend on its common stock of $0.25 per share, based on the Company's results of operations during the first quarter ended March 31, 2022. The cash dividend will be payable on or about June 17, 2022 to all shareholders of record as of June 6, 2022. The Company currently has 86,142,258 common shares issued and outstanding.

  Fleet Employment Profile (As of May 23, 2022)
  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
          
  8 Panamax Bulk Carriers
1 MELIA $25,7505.00%Viterra Chartering B.V., Rotterdam11-Jun-2128-May-221
  2005   76,225       
2 ARTEMIS $10,2505.00%Glencore Agriculture B.V., Rotterdam30-Nov-2021-Mar-22 
    $21,2504.75%Cargill International S.A., Geneva21-Mar-2220-Jun-23 - 20-Aug-23 
  2006   76,942       
3 LETO $25,5004.75%Aquavita International S.A.3-Oct-211-Feb-23 - 15-Apr-23 
  2010   81,297       
4 SELINAA$26,5005.00%ASL Bulk Shipping HK Limited2-Sep-2115-Jun-22 - 15-Sep-22 
  2010   75,700       
5 MAERAA$26,0005.00%ASL Bulk Shipping HK Limited18-Sep-211-Oct-22 - 15-Dec-22 
  2013   75,403       
6 ISMENE $18,5004.75%Cargill International S.A., Geneva23-Nov-2115-Dec-22 - 15-Feb-23 
  2013   77,901       
7 CRYSTALIAB$26,1005.00%Uniper Global Commodities SE, Düsseldorf21-Sep-211-Oct-22 - 15-Dec-22 
  2014   77,525       
8 ATALANDIB$24,5004.75%Aquavita International S.A.5-Oct-2115-Feb-23 - 30-Apr-23 
  2014   77,529       
  6 Kamsarmax Bulk Carriers
9 MAIAC$25,0005.00%Viterra Chartering B.V., Rotterdam20-Jun-2124-May-222
    $25,0005.00%Hyundai Glovis Co. Ltd.24-May-2220-Sep-23 - 20-Nov-233
  2009   82,193       
10 MYRSINIC$22,0004.75%Cargill International S.A., Geneva15-Nov-211-Dec-22 - 31-Jan-23 
  2010   82,117       
11 MEDUSAC$11,0004.75%Cargill International S.A., Geneva

19-Nov-209-Mar-22 
    $26,0004.75%9-Mar-2215-May-23 - 15-Jul-23 
  2010   82,194       
12 MYRTOC$28,5005.00%Solebay Shipping Transocean Company Limited10-Sep-2115-Aug-22 - 15-Oct-22 
  2013   82,131       
13 ASTARTE $21,5005.00%Tongli Shipping Pte. Ltd.30-Jan-2215-Apr-23 - 15-Jun-234
  2013   81,513       
14 LEONIDAS P. C. $24,5004.75%Cargill International S.A., Geneva18-Feb-221-Mar-23 - 30-Apr-235
  2011   82,165       
  5 Post-Panamax Bulk Carriers
15 ALCMENE $17,1005.00%SwissMarine Pte. Ltd., Singapore25-Nov-2120-Dec-22 - 5-Mar-23 
  2010   93,193       
16 AMPHITRITED$27,0005.00%BG Shipping Co., Limited, Hong Kong13-Sep-2115-Oct-22 - 15-Dec-22 
  2012   98,697       
17 POLYMNIAD$12,1005.00%CLdN Cobelfret SA, Luxembourg

22-Nov-204-Feb-226
    $24,7505.00%4-Feb-2215-Jan-23 - 15-Mar-23 
  2012   98,704       


18 ELECTRAE$21,0005.00%Tongli Shipping Pte. Ltd.28-Apr-2113-Apr-227
    $16,5005.00%Raffles Shipping International Pte. Ltd.13-Apr-226-Jun-221,8
  2013   87,150       
19 PHAIDRAE$28,0005.00%Uniper Global Commodities SE, Düsseldorf2-Sep-211-Jul-22 - 15-Sep-22 
  2013   87,146       
  12 Capesize Bulk Carriers
20 ALIKI $20,5005.00%Solebay Shipping Cape Company Limited, Hong Kong18-Mar-2121-Feb-22 
    $24,5005.00%Koch Shipping Pte. Ltd., Singapore21-Feb-221-Feb-23 - 15-Apr-23 
  2005   180,235       
21 BALTIMORE $10,5005.00%Trafigura Maritime Logistics Pte. Ltd.8-Feb-228-Apr-229
    $16,0005.00%Solebay Shipping Cape Company Limited, Hong Kong8-Apr-2227-Jun-22 - 17-Jul-2210
  2005   177,243       
22 SEMIRIOF$19,7005.00%C Transport Maritime Ltd., Bermuda15-Dec-2115-Aug-23 - 15-Nov-23 
  2007   174,261       
23 BOSTONF$25,5005.00%C Transport Maritime Ltd., Bermuda16-Jun-2120-Apr-22 
    $13,0005.00%Richland Bulk Pte. Ltd.20-Apr-2230-May-2211
  2007   177,828       
24 HOUSTONF$27,0005.00%Koch Shipping Pte. Ltd., Singapore30-Aug-2115-Jul-22 - 15-Oct-22 
  2009   177,729       
25 NEW YORKF$14,0005.00%EGPN Bulk Carrier Co., Limited, Hong Kong29-Dec-204-Jun-22 - 3-Jul-221
  2010   177,773       
26 SEATTLEG$12,3005.00%Pacbulk Shipping Pte. Ltd., Singapore27-Apr-202-Mar-22 
    $26,5005.00%Solebay Shipping Cape Company Limited, Hong Kong2-Mar-221-Oct-23 - 15-Dec-23 
  2011   179,362       
27 P. S. PALIOSG$26,5004.75%Olam International Limited, Singapore5-Jun-2123-Apr-2212,13
    $31,0005.00%Classic Maritime Inc.11-Jun-2215-Apr-24 - 30-Jun-243
  2013   179,134       
28 G. P. ZAFIRAKISH$22,7504.75%Cargill International S.A., Geneva1-Dec-211-Nov-22 - 31-Dec-22 
  2014   179,492       
29 SANTA BARBARAH$17,2504.75%Cargill International S.A., Geneva

9-Jan-2119-Mar-2214
    $29,5004.75%19-Mar-2210-May-23 - 10-Jul-23 
  2015   179,426       
30 NEW ORLEANS $15,5005.00%Nippon Yusen Kabushiki Kaisha3-Dec-2025-Mar-22 
    $32,0005.00%Engelhart CTP Freight (Switzerland) SA25-Mar-2220-Nov-23 - 31-Jan-24 
  2015   180,960       
31 FLORIDA $25,9005.00%Bunge S.A., Geneva29-Mar-2229-Jan-27 - 29-May-2715
  2022   182,063       


  4 Newcastlemax Bulk Carriers
32 LOS ANGELESI$26,2505.00%Koch Shipping Pte. Ltd., Singapore30-Jan-2215-Jan-23 - 15-Mar-2316
  2012   206,104       
33 PHILADELPHIAI$28,5005.00%Classic Maritime Inc.22-Apr-217-Mar-2217
    $26,0005.00%C Transport Maritime Ltd., Bermuda12-Apr-221-Feb-24 - 15-Apr-24 
  2012   206,040       
34 SAN FRANCISCOJ$24,7005.00%Olam International Limited, Singapore11-Feb-2118-Feb-2218
    $30,5005.00%Koch Shipping Pte. Ltd., Singapore18-Feb-221-Mar-23 - 15-May-23 
  2017   208,006       
35 NEWPORT NEWSJ$28,0005.00%Koch Shipping Pte. Ltd., Singapore16-Dec-211-Jul-23 - 30-Sep-2319
  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.
2Expected redelivery date from the charterers.
3Expected delivery date to the charterers.
4Vessel on scheduled drydocking from December 28, 2021 to January 30, 2022.
5Vessel was delivered to the Company on February 16, 2022.
6Charterers agreed to compensate the owners, for all the days over and above the new maximum redelivery date (January 13, 2022), with hire rate equal to the average of Baltic Panamax 82 Index 5TC weighted time charter average plus 15% or vessel's present Charter Party rate, whichever is higher.
7Charterers agreed to compensate the owners, for all the days over and above the maximum redelivery date (April 10, 2022), with hire rate equal to the average of Baltic Panamax Index 5TC weighted time charter average minus 10% or vessel's present Charter Party rate, whichever is higher.
8For two laden legs of maximum duration up to June 30, 2022.
9Charter included a one time ballast bonus payment of US$1,000,000.
10Redelivery date based on an estimated time charter trip duration of about 80-100 days.
11Redelivery date based on an estimated time charter trip duration of about 41 days.
12Charterers agreed to compensate the owners, for all the days over and above the maximum redelivery date (April 15, 2022), with hire rate equal to the average of Baltic Cape Index 5TC weighted time charter average plus 10% or vessel's present Charter Party rate, whichever is higher.
13Currently without an active charterparty. Vessel on scheduled drydocking.
14Charterers agreed to compensate the owners, for all the days over and above the maximum redelivery date (March 5, 2022), with hire rate equal to the average of Baltic Cape Index 5TC weighted time charter average plus 23% or vessel's present Charter Party rate, whichever is higher.
15Bareboat chartered-in for a period of ten years at US$13,500 per day.
16Vessel on scheduled drydocking from December 23, 2021 to January 30, 2022.
17Vessel on scheduled drydocking from March 7, 2022 to April 12, 2022.
18The charter rate was US$17,750 per day for the first one hundred five (105) days of the charter period.
19Vessel on scheduled drydocking from February 4, 2022 to March 2, 2022.


Summary of Selected Financial & Other Data (unaudited)
   Three months ended March 31,
   2022  2021 
      
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
 Revenues$65,933 $41,051 
 Voyage expenses 1,714  1,780 
 Vessel operating expenses 16,428  18,552 
 Net income/(loss) and Comprehensive Income/(Loss) 26,044  (1,295)
 Net Income/(Loss) and Comprehensive Income/(Loss), Attributable to Common Shareholders 24,602  (2,737)
FLEET DATA
 Average number of vessels 33.5  38.2 
 Number of vessels 35.0  37.0 
 Weighted average age of vessels 10.2  10.1 
 Ownership days 3,017  3,434 
 Available days 2,906  3,434 
 Operating days 2,860  3,387 
 Fleet utilization 98.4% 98.6%
AVERAGE DAILY RESULTS
 Time charter equivalent (TCE) rate (1)$22,099 $11,436 
 Daily vessel operating expenses (2)$5,445 $5,402 

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, May 24, 2022.

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 13729890.

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 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, 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, 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 March 31,
   2022  2021 
REVENUES:    
 Revenues$65,933 $41,051 
      
OPERATING EXPENSES    
 Voyage Expenses 1,714  1,780 
 Vessel Operating Expenses 16,428  18,552 
 Depreciation and Amortization of Deferred Charges 9,792  10,049 
 General and Administrative Expenses 7,059  6,697 
 Management Fees to Related Party 117  449 
 Loss on Sale of Vessels -  206 
 Other Operating Income (240) (106)
 Operating Income, Total$31,063 $3,424 
      
OTHER INCOME / (EXPENSES):    
 Interest Expense and Finance Costs (5,222) (4,636)
 Interest and Other Income 238  28 
 Loss from Equity Method Investments (35) (111)
 Total Other Expenses, Net$(5,019)$(4,719)
      
Net income/(loss) and Comprehensive Income/(Loss)$26,044 $(1,295)
Dividends on series B preferred shares (1,442) (1,442)
Net Income/(Loss) and Comprehensive Income/(Loss), Attributable to Common Shareholders 24,602  (2,737)
Earnings/(Loss) Per Common Share, Basic$0.32 $(0.03)
      
Earnings/(Loss) Per Common Share, Diluted$0.31 $(0.03)
Weighted Average Number of Common Shares Outstanding, Basic 76,336,785  83,572,221 
      
Weighted Average Number of Common Shares Outstanding, Diluted 78,786,949  83,572,221 


CONDENSED CONSOLIDATED BALANCE SHEET DATA  
(in thousands of U.S. Dollars)  
      
   March 31, 2022 December 31, 2021*
ASSETS (unaudited)  
      
Cash and Cash Equivalents and Restricted Cash$115,682$126,788
Other current assets 19,036 15,357
Total Fixed Assets 744,395 682,579
Investments in Related Parties 7,744 7,644
Other Noncurrent Assets 11,149 9,582
 Total assets $898,006$841,950
      
LIABILITIES AND EQUITY    
      
Long-Term Debt and Lease Obligation, net of Deferred Financing Costs$463,411$423,675
Other Liabilities 31,991 25,080
Total Stockholders' Equity 402,604 393,195
  Total Liabilities and Equity$898,006$841,950
      
*  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,
   2022  2021 
      
Net cash provided by operating activities$37,100 $6,419 
Net cash provided by/(used in) investing activities (21,302) 22,558 
Net cash used in financing activities$(26,904)$(25,851)

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
Twitter: @Dianaship

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

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