DIANA SHIPPING INC.
|
||
(registrant)
|
||
Dated: February 22, 2023
|
By:
|
/s/ Ioannis Zafirakis
|
Ioannis Zafirakis
|
||
Chief Financial Officer
|
||
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
|
|
For Immediate Release
|
|
Investor and Media Relations:
|
|
Edward Nebb
|
|
Comm-Counsellors, LLC
|
|
Telephone: + 1-203-972-8350
|
|
Email: enebb@optonline.net
|
Fleet Employment (As of February 21, 2023)
|
||||||||
VESSEL
|
SISTER SHIPS*
|
GROSS RATE (USD PER DAY)
|
COM**
|
CHARTERERS
|
DELIVERY DATE
TO
CHARTERERS***
|
REDELIVERY DATE TO OWNERS****
|
NOTES
|
|
BUILT DWT
|
||||||||
9 Ultramax Bulk Carriers
|
||||||||
1
|
DSI Phoenix
|
A
|
13,250
|
5.00%
|
ASL Bulk Marine Limited
|
4-Nov-22
|
4/Mar/2024 - 4/May/2024
|
|
2017 60,456
|
||||||||
2
|
DSI Pollux
|
A
|
17,000
|
5.00%
|
Delta Corp Shipping Pte. Ltd.
|
27-Oct-22
|
27/Dec/2023 - 27/Feb/2024
|
|
2015 60,446
|
||||||||
3
|
DSI Pyxis
|
A
|
17,100
|
4.75%
|
Cargill Ocean Transportation Singapore
Pte. Ltd.
|
16-Oct-22
|
16/Aug/2023 - 16/Oct/2023
|
|
2018 60,362
|
||||||||
4
|
DSI Polaris
|
A
|
13,100
|
5.00%
|
ASL Bulk Marine Limited
|
12-Nov-22
|
12/May/2024 - 12/Jul/2024
|
|
2018 60,404
|
||||||||
5
|
DSI Pegasus
|
A
|
14,000
|
5.00%
|
Reachy Shipping (SGP) Pte. Ltd.
|
7-Dec-22
|
15/Jul/2024 - 15/Sep/2024
|
|
2015 60,508
|
||||||||
6
|
DSI Aquarius
|
B
|
14,200
|
5.00%
|
Engelhart CTP Freight (Switzerland) SA
|
1-Feb-23
|
10/Jan/2024 - 25/Mar/2024
|
|
2016 60,309
|
||||||||
7
|
DSI Aquila
|
B
|
13,300
|
5.00%
|
Western Bulk Carriers AS
|
22-Nov-22
|
15/Sep/2023 - 15/Nov/2023
|
|
2015 60,309
|
||||||||
8
|
DSI Altair
|
B
|
14,400
|
5.00%
|
Western Bulk Pte. Ltd.
|
28-Dec-22
|
25/Jun/2023 - 25/Aug/2023
|
|
2016 60,309
|
||||||||
9
|
DSI Andromeda
|
B
|
14,250
|
5.00%
|
Western Bulk Carriers AS
|
17-Nov-22
|
16/Oct/2023 - 16/Dec/2023
|
1, 2
|
2016 60,309
|
||||||||
10
|
Nord
Potomac(tbr)
|
-
|
-
|
-
|
-
|
-
|
3
|
|
2016 63,379
|
||||||||
8 Panamax Bulk Carriers
|
||||||||
11
|
MELIA
|
15,000
|
5.00%
|
Oriental Pal Shipping
Pte., Ltd.
|
26-Sep-22
|
21/Oct/2022
|
||
2005 76,225
|
14,000
|
5.00%
|
21-Oct-22
|
21/Nov/2022
|
||||
8,500
|
5.00%
|
21-Nov-22
|
9/Dec/2022
|
|||||
11,000
|
5.00%
|
Asahi Shipping Co., Ltd.
|
10-Dec-22
|
4/Feb/2023
|
4
|
|||
12
|
ARTEMIS
|
21,250
|
4.75%
|
Cargill International S.A., Geneva
|
21-Mar-22
|
20/Jun/2023 -20/Aug/2023
|
||
2006 76,942
|
||||||||
13
|
LETO
|
25,500
|
4.75%
|
Aquavita International S.A.
|
3-Oct-21
|
29/Jan/2023
|
5
|
|
2010 81,297
|
14,500
|
4.75%
|
Cargill International S.A., Geneva
|
29-Jan-23
|
1/Mar/2024 - 30/Apr/2024
|
|||
14
|
SELINA
|
C
|
22,000
|
5.00%
|
Speed Logistics Marine
Limited
|
18-Jun-22
|
15/Apr/2023 - 20/Jun/2023
|
|
2010 75,700
|
||||||||
15
|
MAERA
|
C
|
26,000
|
5.00%
|
ASL Bulk Shipping HK
Limited
|
18-Sep-21
|
14/Oct/2022
|
|
2013 75,403
|
14,250
|
5.00%
|
Oriental Pal Shipping
Pte., Ltd.
|
15-Oct-22
|
12/Nov/2022
|
6
|
||
12,000
|
4.75%
|
Cargill International S.A., Geneva
|
16-Dec-22
|
28/Oct/2023 - 28/Dec/2023
|
16
|
ISMENE
|
18,500
|
4.75%
|
Cargill International S.A., Geneva
|
23-Nov-21
|
10/Jan/2023
|
||
2013 77,901
|
14,000
|
5.00%
|
ST Shipping and
Transport Pte. Ltd.
|
10-Jan-23
|
20/Aug/2023 - 10/Oct/2023
|
|||
17
|
CRYSTALIA
|
D
|
26,100
|
5.00%
|
Uniper Global
Commodities SE,
Dusseldorf
|
21-Sep-21
|
12/Nov/2022
|
|
2014 77,525
|
12,500
|
5.00%
|
Reachy Shipping (SGP)
Pte. Ltd.
|
12-Nov-22
|
1/Sep/2023 - 15/Oct/2023
|
|||
18
|
ATALANDI
|
D
|
24,500
|
4.75%
|
Aquavita International
S.A.
|
5-Oct-21
|
15/Feb/2023
|
|
2014 77,529
|
13,250
|
4.75%
|
15-Feb-23
|
5/Mar/2024 - 5/May/2024
|
||||
6 Kamsarmax Bulk Carriers
|
||||||||
19
|
MAIA
|
E
|
25,000
|
5.00%
|
Hyundai Glovis Co. Ltd.
|
24-May-22
|
20/Sep/2023 -20/Nov/2023
|
7
|
2009 82,193
|
||||||||
20
|
MYRSINI
|
E
|
22,000
|
4.75%
|
Cargill International S.A., Geneva
|
15-Nov-21
|
22/Nov/2022
|
8
|
2010 82,117
|
15,000
|
5.00%
|
Salanc Pte. Ltd.
|
22-Nov-22
|
20/Apr/2024 - 28/Jun/2024
|
|||
21
|
MEDUSA
|
E
|
26,000
|
4.75%
|
Cargill International S.A., Geneva
|
9-Mar-22
|
15/May/2023 - 15/Jul/2023
|
|
2010 82,194
|
||||||||
22
|
MYRTO
|
E
|
18,000
|
5.00%
|
Tata NYK Shipping Pte. Ltd.
|
3-Aug-22
|
15/Jul/2023 - 15/Sep/2023
|
9
|
2013 82,131
|
||||||||
23
|
ASTARTE
|
21,500
|
5.00%
|
Tongli Shipping Pte. Ltd.
|
30-Jan-22
|
15/Apr/2023 - 15/Jun/2023
|
||
2013 81,513
|
||||||||
24
|
LEONIDAS P. C.
|
24,500
|
4.75%
|
Cargill International S.A., Geneva
|
18-Feb-22
|
1/Mar/2023 - 10/Mar/2023
|
10
|
|
2011 82,165
|
||||||||
5 Post-Panamax Bulk Carriers
|
||||||||
25
|
ALCMENE
|
17,100
|
5.00%
|
SwissMarine Pte. Ltd., Singapore
|
25-Nov-21
|
2/Jan/2023
|
||
2010 93,193
|
13,000
|
5.00%
|
2-Jan-23
|
10/Jan/2024 - 25/Mar/2024
|
||||
26
|
AMPHITRITE
|
F
|
27,000
|
5.00%
|
BG Shipping Co., Limited,
Hong Kong
|
13-Sep-21
|
9/Nov/2022
|
|
2012 98,697
|
14,250
|
5.00%
|
Cobelfret S.A.
|
9-Nov-22
|
1/Dec/2023 - 15/Feb/2024
|
|||
27
|
POLYMNIA
|
F
|
24,750
|
5.00%
|
CLdN Cobelfret SA, Luxembourg
|
4-Feb-22
|
14/Jan/2023
|
|
2012 98,704
|
15,000
|
5.00%
|
14-Jan-23
|
1/Apr/2024 - 31/May/2024
|
11
|
|||
28
|
ELECTRA
|
G
|
17,500
|
5.00%
|
Refined Success Limited
|
2-Jul-22
|
1/Apr/2023 - 30/May/2023
|
|
2013 87,150
|
||||||||
29
|
PHAIDRA
|
G
|
11,250
|
5.00%
|
Element Maritime S.A.
|
20-Sep-22
|
19/Nov/2022
|
12
|
2013 87,146
|
25,000
|
5.00%
|
Comerge Shipping Co.,
Limited
|
24-Nov-22
|
28/Feb/2023
|
13,14
|
||
11 Capesize Bulk Carriers
|
||||||||
30
|
ALIKI
|
24,500
|
5.00%
|
Koch Shipping Pte. Ltd., Singapore
|
21-Feb-22
|
2/Feb/2023
|
4
|
|
2005 180,235
|
||||||||
31
|
SEMIRIO
|
H
|
19,700
|
5.00%
|
C Transport Maritime
Ltd., Bermuda
|
15-Dec-21
|
15/Aug/2023 - 15/Nov/2023
|
|
2007 174,261
|
||||||||
32
|
BOSTON
|
H
|
20,500
|
5.00%
|
Aquavita International
S.A.
|
15-Jul-22
|
1/Apr/2023 - 31/May/2023
|
|
2007 177,828
|
33
|
HOUSTON
|
H
|
27,000
|
5.00%
|
Koch Shipping Pte. Ltd., Singapore
|
30-Aug-21
|
21/Nov/2022
|
15
|
2009 177,729
|
13,000
|
5.00%
|
EGPN Bulk Carrier Co.,
Limited
|
21-Nov-22
|
1/Jul/2024 - 31/Aug/2024
|
|||
34
|
NEW YORK
|
H
|
14,000
|
5.00%
|
EGPN Bulk Carrier Co.,
Limited, Hong Kong
|
29-Dec-20
|
2/Jul/2022
|
|
2010 177,773
|
||||||||
23,000
|
5.00%
|
C Transport Maritime
Ltd., Bermuda
|
2-Jul-22
|
10/Jun/2023 - 25/Aug/2023
|
||||
35
|
SEATTLE
|
I
|
26,500
|
5.00%
|
Solebay Shipping Cape Company Limited, Hong
Kong |
2-Mar-22
|
1/Oct/2023 - 15/Dec/2023
|
|
2011 179,362
|
||||||||
36
|
P. S. PALIOS
|
I
|
31,000
|
5.00%
|
Classic Maritime Inc.
|
11-Jun-22
|
15/Apr/2024 - 30/Jun/2024
|
|
2013 179,134
|
||||||||
37
|
G. P. ZAFIRAKIS
|
J
|
22,750
|
4.75%
|
Cargill International S.A., Geneva
|
1-Dec-21
|
12/Jan/2023
|
16
|
2014 179,492
|
17,000
|
5.00%
|
Solebay Shipping Cape Company Limited, Hong
Kong
|
12-Jan-23
|
15/Jun/2024 - 15/Aug/2024
|
|||
38
|
SANTA BARBARA
|
J
|
29,500
|
4.75%
|
Cargill International S.A., Geneva
|
19-Mar-22
|
10/May/2023 - 10/Jul/2023
|
17
|
2015 179,426
|
||||||||
39
|
NEW ORLEANS
|
32,000
|
5.00%
|
Engelhart CTP Freight (Switzerland) SA
|
25-Mar-22
|
20/Nov/2023 - 31/Jan/2024
|
17
|
|
2015 180,960
|
||||||||
40
|
FLORIDA
|
25,900
|
5.00%
|
Bunge S.A., Geneva
|
29-Mar-22
|
29/Jan/2027 - 29/May/2027
|
2
|
|
2022 182,063
|
||||||||
4 Newcastlemax Bulk Carriers
|
||||||||
41
|
LOS ANGELES
|
K
|
26,250
|
5.00%
|
Koch Shipping Pte. Ltd., Singapore
|
30-Jan-22
|
15/Jan/2023
|
|
2012 206,104
|
17,700
|
5.00%
|
Nippon Yusen Kabushiki Kaisha, Tokyo
|
15-Jan-23
|
20/May/2024 - 5/Aug/2024
|
|||
42
|
PHILADELPHIA
|
K
|
26,000
|
5.00%
|
C Transport Maritime
Ltd., Bermuda
|
12-Apr-22
|
1/Feb/2024 - 15/Apr/2024
|
|
2012 206,040
|
||||||||
43
|
SAN FRANCISCO
|
L
|
30,500
|
5.00%
|
Koch Shipping Pte. Ltd., Singapore
|
18-Feb-22
|
18/Feb/2023
|
18
|
2017 208,006
|
22,000
|
5.00%
|
SwissMarine Pte. Ltd., Singapore
|
18-Feb-23
|
5/Jan/2025 - 5/Mar/2025
|
|||
44
|
NEWPORT NEWS
|
L
|
28,000
|
5.00%
|
Koch Shipping Pte. Ltd., Singapore
|
16-Dec-21
|
1/Jul/2023 - 30/Sep/2023
|
|
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.
|
||||||||
1The fixture includes the option for redelivery of vessel east of Suez against a gross ballast bonus of US$250,000.
|
||||||||
2Bareboat chartered-in for a period of ten years.
|
||||||||
3The Company expects to take delivery of the vessel by the beginning of April 2023.
|
4Vessel sold and delivered to her new Owners on February 8, 2023.
|
5Aquavita International S.A. has agreed to compensate the owners for the early redelivery of the vessel until the minimum agreed redelivery date, February 1, 2023.
|
6Vessel on scheduled drydocking from November 12, 2022 to December 16, 2022.
|
7Vessel off hire for 3.93 days.
|
8Charterers compensated the owners for the early redelivery of the vessel by paying the difference between the new rate and the previous rate, from the redelivery date
from the charterers to December 1, 2022.
|
9Vessel on scheduled drydocking from October 12, 2022 to November 7, 2022.
|
10Based on latest information.
|
11The charter rate was US$10,000 per day for the first 30 days of the charter period.
|
12Charter included a one time ballast bonus payment of US$250,000.
|
13Redelivery date based on an estimated time charter trip duration of about 91 days.
|
14Charter includes a one time ballast bonus payment of US$300,000.
|
15The Charterers have compensated the owners for the days over and above the maximum redelivery date.
|
16The Charterers will compensate the Owners for the excess of the charter party period at the rate of 123% of the average of the Baltic Cape Index 5TC average for the
days exceeding the period or the vessel’s present charter party rate whichever is higher.
|
17Bareboat chartered-in for a period of eight years.
|
18Koch Shipping Pte. Ltd. has agreed to compensate the owners for the early redelivery of the vessel by paying the difference between the new rate and the previous rate,
from the redelivery date from the Charterers, to March 1, 2023.
|
Summary of Selected Financial & Other Data (unaudited)
|
||||||||||||||||
Three months ended December 31,
|
For the years ended December 31,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
|
||||||||||||||||
Time charter revenues
|
$
|
75,705
|
$
|
68,845
|
$
|
289,972
|
$
|
214,203
|
||||||||
Voyage expenses
|
2,846
|
821
|
6,942
|
5,570
|
||||||||||||
Vessel operating expenses
|
19,527
|
18,194
|
72,033
|
74,756
|
||||||||||||
Net income
|
25,682
|
41,140
|
119,063
|
57,394
|
||||||||||||
Net income attributable to common stockholders
|
24,240
|
39,698
|
113,294
|
51,625
|
||||||||||||
FLEET DATA
|
||||||||||||||||
Average number of vessels
|
38.2
|
35.0
|
35.4
|
36.6
|
||||||||||||
Number of vessels
|
42.0
|
33.0
|
42.0
|
33.0
|
||||||||||||
Weighted average age of vessels
|
10.2
|
10.4
|
10.2
|
10.4
|
||||||||||||
Ownership days
|
3,512
|
3,216
|
12,924
|
13,359
|
||||||||||||
Available days
|
3,453
|
3,184
|
12,449
|
13,239
|
||||||||||||
Operating days
|
3,393
|
3,171
|
12,306
|
13,116
|
||||||||||||
Fleet utilization
|
98.3
|
%
|
99.6
|
%
|
98.9
|
%
|
99.1
|
%
|
||||||||
AVERAGE DAILY RESULTS
|
||||||||||||||||
Time charter equivalent (TCE) rate (1)
|
$
|
21,100
|
$
|
21,364
|
$
|
22,735
|
$
|
15,759
|
||||||||
Daily vessel operating expenses (2)
|
$
|
5,560
|
$
|
5,657
|
$
|
5,574
|
$
|
5,596
|
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
|
||||||||||||||||
Three months ended December 31,
|
For the years ended December 31,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
REVENUES:
|
||||||||||||||||
Time charter revenues
|
$
|
75,705
|
$
|
68,845
|
$
|
289,972
|
$
|
214,203
|
||||||||
OPERATING EXPENSES
|
||||||||||||||||
Voyage expenses
|
2,846
|
821
|
6,942
|
5,570
|
||||||||||||
Vessel operating expenses
|
19,527
|
18,194
|
72,033
|
74,756
|
||||||||||||
Depreciation and amortization of deferred charges
|
12,228
|
10,089
|
43,326
|
40,492
|
||||||||||||
General and administrative expenses
|
7,407
|
8,130
|
29,367
|
29,192
|
||||||||||||
Management fees to related party
|
61
|
238
|
511
|
1,432
|
||||||||||||
Gain on Sale of Vessels
|
(9
|
)
|
-
|
(2,850
|
)
|
(1,360
|
)
|
|||||||||
Insurance recoveries
|
-
|
-
|
(1,789
|
)
|
-
|
|||||||||||
Other Operating (Income)/Loss
|
209
|
303
|
(265
|
)
|
603
|
|||||||||||
Operating income, total
|
$
|
33,436
|
$
|
31,070
|
$
|
142,697
|
$
|
63,518
|
||||||||
OTHER INCOME / (EXPENSES):
|
||||||||||||||||
Interest expense and finance costs
|
(9,795
|
)
|
(5,216
|
)
|
(27,419
|
)
|
(20,239
|
)
|
||||||||
Interest and other income
|
1,484
|
97
|
2,737
|
176
|
||||||||||||
Loss on extinguishment of debt
|
(222
|
)
|
-
|
(435
|
)
|
(980
|
)
|
|||||||||
Gain on spin-off of OceanPal Inc.
|
-
|
15,252
|
-
|
15,252
|
||||||||||||
Gain on dividend distribution
|
589
|
-
|
589
|
-
|
||||||||||||
Gain/(loss) from equity method investments
|
190
|
(63
|
)
|
894
|
(333
|
)
|
||||||||||
Total other (expenses)/income, net
|
$
|
(7,754
|
)
|
$
|
10,070
|
$
|
(23,634
|
)
|
$
|
(6,124
|
)
|
|||||
Net income
|
$
|
25,682
|
$
|
41,140
|
$
|
119,063
|
$
|
57,394
|
||||||||
Dividends on series B preferred shares
|
(1,442
|
)
|
(1,442
|
)
|
(5,769
|
)
|
(5,769
|
)
|
||||||||
Net income attributable to common stockholders
|
24,240
|
39,698
|
113,294
|
51,625
|
||||||||||||
Earnings per common share, basic
|
$
|
0.28
|
$
|
0.51
|
$
|
1.42
|
$
|
0.64
|
||||||||
Earnings per common share, diluted
|
$
|
0.27
|
$
|
0.48
|
$
|
1.36
|
$
|
0.61
|
||||||||
Weighted average number of common shares outstanding, basic
|
87,076,947
|
78,495,204
|
80,061,040
|
81,121,781
|
||||||||||||
Weighted average number of common shares outstanding, diluted
|
90,474,943
|
83,432,834
|
83,318,901
|
84,856,840
|
||||||||||||
Three months ended December 31,
|
For the years ended December 31,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Net Income
|
$
|
25,682
|
$
|
41,140
|
$
|
119,063
|
$
|
57,394
|
||||||||
Other comprehensive income (Defined benefit plan)
|
181
|
2
|
182
|
2
|
||||||||||||
Comprehensive Income
|
$
|
25,863
|
$
|
41,142
|
$
|
119,245
|
$
|
57,396
|
CONDENSED CONSOLIDATED BALANCE SHEET DATA
|
||||||||
(in thousands of U.S. Dollars)
|
||||||||
2022
|
2021**
|
|
||||||
ASSETS
|
(unaudited)
|
|||||||
Cash, cash equivalents, restricted cash and time deposits
|
$
|
143,928
|
*
|
$
|
126,788
|
|||
Other current assets
|
17,636
|
15,357
|
||||||
Fixed assets
|
996,702
|
682,579
|
||||||
Investments in related parties
|
8,250
|
7,644
|
||||||
Other noncurrent assets
|
16,403
|
9,582
|
||||||
Total assets
|
$
|
1,182,919
|
$
|
841,950
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Long-term debt and finance liabilities, net of deferred financing costs
|
$
|
663,442
|
$
|
423,675
|
||||
Other liabilities
|
32,149
|
25,080
|
||||||
Total stockholders' equity
|
487,328
|
393,195
|
||||||
Total liabilities and stockholders' equity
|
$
|
1,182,919
|
$
|
841,950
|
*
|
Includes time deposits of $46.5 million
|
||||
**
|
The balance sheet data have been derived from the audited consolidated financial statements at that date.
|
OTHER FINANCIAL DATA (unaudited)
|
||||||||||||||||
Three months ended December 31,
|
For the years ended December 31,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Net cash provided by operating activities
|
$
|
34,745
|
$
|
32,216
|
$
|
158,859
|
$
|
89,705
|
||||||||
Net cash provided by/(used in) investing activities
|
(218,718
|
)
|
(14,702
|
)
|
(273,097
|
)
|
13,363
|
|||||||||
Net cash provided by/(used in) financing activities
|
$
|
151,726
|
$
|
(36,975
|
)
|
$
|
84,878
|
$
|
(59,189
|
)
|