DIANA SHIPPING INC.
|
||
(registrant)
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||
Dated: November 17, 2022
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By:
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/s/ Ioannis Zafirakis
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Ioannis Zafirakis
|
||
Chief Financial Officer
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||
Corporate Contact:
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Ioannis Zafirakis
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Director, Chief Financial Officer, Chief Strategy Officer,
Treasurer and Secretary
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Telephone: + 30-210-9470100
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Email: izafirakis@dianashippinginc.com
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Website: www.dianashippinginc.com
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Twitter: @Dianaship
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For Immediate Release
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Investor and Media Relations:
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Edward Nebb
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Comm-Counsellors, LLC
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Telephone: + 1-203-972-8350
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Email: enebb@optonline.net
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2022 Fleet Employment (As of November 15, 2022)
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||||||||
VESSEL
|
SISTER SHIPS*
|
GROSS RATE (USD PER DAY)
|
COM**
|
CHARTERERS
|
DELIVERY DATE TO CHARTERERS***
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REDELIVERY DATE TO OWNERS****
|
NOTES
|
|
BUILT DWT
|
||||||||
9 Ultramax Bulk Carriers
|
||||||||
1
|
DSI Phoenix
|
A
|
13,250
|
5.00%
|
ASL Bulk Marine Limited
|
04/Nov/2022
|
4/Mar/2024-4/May/2024
|
|
2017 60,456
|
||||||||
2
|
DSI Pollux
|
A
|
17,000
|
5.00%
|
Delta Corp Shipping Pte. Ltd.
|
27/Oct/2022
|
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/2022
|
16/Aug/2023-16/Oct/2023
|
|
2018 60,362
|
||||||||
4
|
DSI Polaris
|
A
|
13,100
|
5.00%
|
ASL Bulk Marine Limited
|
12/Nov/2022
|
12/May/2024-12/July/2024
|
|
2018 60,404
|
||||||||
5
|
STH ATHENS (tbr. DSI Pegasus)
|
A
|
-
|
-
|
-
|
-
|
-
|
1
|
2015 60,508
|
||||||||
6
|
STH KURE (tbr. DSI Aquarius)
|
B
|
-
|
-
|
-
|
-
|
-
|
1
|
2016 60,309
|
||||||||
7
|
DSI Aquila
|
B
|
-
|
-
|
-
|
-
|
-
|
|
2015 60,309
|
||||||||
8
|
STH SYDNEY (tbr. DSI Altair)
|
B
|
-
|
-
|
-
|
-
|
-
|
1
|
2016 60,309
|
||||||||
9
|
DSI Andromeda
|
B
|
-
|
-
|
-
|
-
|
-
|
|
2016 60,309
|
||||||||
8 Panamax Bulk Carriers
|
||||||||
10
|
MELIA
|
20,000
|
5.00%
|
Oldendorff GmbH & Co. KG
|
28/May/2022
|
28/Aug/2022
|
2
|
|
2005 76,225
|
15,000
|
5.00%
|
Oriental Pal Shipping Pte., Ltd.
|
26/Sep/2022
|
21/Oct/2022
|
|||
14,000
|
5.00%
|
21/Oct/2022
|
21/Nov/2022
|
3
|
||||
11
|
ARTEMIS
|
21,250
|
4.75%
|
Cargill International S.A., Geneva
|
21/Mar/2022
|
20/Jun/2023-20/Aug/2023
|
||
2006 76,942
|
||||||||
12
|
LETO
|
25,500
|
4.75%
|
Aquavita International S.A.
|
03/Oct/2021
|
1/Feb/2023 - 15/Apr/2023
|
||
2010 81,297
|
||||||||
13
|
SELINA
|
C
|
22,000
|
5.00%
|
Speed Logistics Marine Limited
|
18/Jun/2022
|
15/Apr/2023-20/Jun/2023
|
|
2010 75,700
|
||||||||
14
|
MAERA
|
C
|
26,000
|
5.00%
|
ASL Bulk Shipping HK Limited
|
18/Sep/2021
|
14/Oct/2022
|
|
2013 75,403
|
14,250
|
5.00%
|
Oriental Pal Shipping Pte., Ltd.
|
15/Oct/2022
|
12/Nov/2022
|
4
|
||
15
|
ISMENE
|
18,500
|
4.75%
|
Cargill International S.A., Geneva
|
23/Nov/2021
|
15/Dec/2022 - 15/Feb/2023
|
||
2013 77,901
|
||||||||
16
|
CRYSTALIA
|
D
|
26,100
|
5.00%
|
Uniper Global Commodities SE, Dusseldorf
|
21/Sep/2021
|
12/Nov/2022
|
|
2014 77,525
|
12,500
|
5.00%
|
Reachy Shipping (SGP) Pte. Ltd.
|
12/Nov/2022
|
1/Sep/2023-15/Oct/2023
|
|||
17
|
ATALANDI
|
D
|
24,500
|
4.75%
|
Aquavita International S.A.
|
05/Oct/2021
|
15/Feb/2023 - 30/Apr/2023
|
|
2014 77,529
|
6 Kamsarmax Bulk Carriers
|
||||||||
18
|
MAIA
|
E
|
25,000
|
5.00%
|
Hyundai Glovis Co. Ltd.
|
24/May/2022
|
20/Sep/2023 - 20/Nov/2023
|
5,6
|
2009 82,193
|
||||||||
19
|
MYRSINI
|
E
|
22,000
|
4.75%
|
Cargill International S.A., Geneva
|
15/Nov/2021
|
1/Dec/2022 - 31/Jan/2023
|
|
2010 82,117
|
||||||||
20
|
MEDUSA
|
E
|
26,000
|
4.75%
|
Cargill International S.A., Geneva
|
09/Mar/2022
|
15/May/2023-15/Jul/2023
|
|
2010 82,194
|
||||||||
21
|
MYRTO
|
E
|
28,500
|
5.00%
|
Solebay Shipping Transocean Company Limited
|
10/Sep/2021
|
3/Aug/2022
|
7
|
2013 82,131
|
18,000
|
5.00%
|
Tata NYK Shipping Pte. Ltd.
|
03/Aug/2022
|
15/Jul/2023 - 15/Sep/2023
|
8
|
||
22
|
ASTARTE
|
21,500
|
5.00%
|
Tongli Shipping Pte. Ltd.
|
30/Jan/2022
|
15/Apr/2023 - 15/Jun/2023
|
||
2013 81,513
|
||||||||
23
|
LEONIDAS P. C.
|
24,500
|
4.75%
|
Cargill International S.A., Geneva
|
18/Feb/2022
|
1/Mar/2023-30/Apr/2023
|
||
2011 82,165
|
||||||||
5 Post-Panamax Bulk Carriers
|
||||||||
24
|
ALCMENE
|
17,100
|
5.00%
|
SwissMarine Pte. Ltd., Singapore
|
25/Nov/2021
|
20/Dec/2022 - 5/Mar/2023
|
||
2010 93,193
|
||||||||
25
|
AMPHITRITE
|
F
|
27,000
|
5.00%
|
BG Shipping Co., Limited, Hong Kong
|
13/Sep/2021
|
9/Nov/2022
|
|
2012 98,697
|
14,250
|
5.00%
|
Cobelfret S.A.
|
09/Nov/2022
|
1/Dec/2023-15/Feb/2024
|
|||
26
|
POLYMNIA
|
F
|
24,750
|
5.00%
|
CLdN Cobelfret SA, Luxembourg
|
04/Feb/2022
|
15/Jan/2023-15/Mar/2023
|
|
2012 98,704
|
||||||||
27
|
ELECTRA
|
G
|
17,500
|
5.00%
|
Refined Success Limited
|
02/Jul/2022
|
1/Apr/2023 - 30/May/2023
|
9
|
2013 87,150
|
||||||||
28
|
PHAIDRA
|
G
|
28,000
|
5.00%
|
Uniper Global Commodities SE, Düsseldorf
|
02/Sep/2021
|
29/Aug/2022
|
|
2013 87,146
|
11,250
|
5.00%
|
Element Maritime S.A.
|
20/Sep/2022
|
16/Nov/2022
|
10,11
|
||
11 Capesize Bulk Carriers
|
||||||||
29
|
ALIKI
|
24,500
|
5.00%
|
Koch Shipping Pte. Ltd., Singapore
|
21/Feb/2022
|
1/Feb/2023 - 15/Apr/2023
|
||
2005 180,235
|
||||||||
-
|
BALTIMORE
|
16,000
|
5.00%
|
Solebay Shipping Cape Company Limited, Hong Kong
|
08/Apr/2022
|
11/Jul/2022
|
12,13
|
|
2005 177,243
|
||||||||
30
|
SEMIRIO
|
H
|
19,700
|
5.00%
|
C Transport Maritime Ltd., Bermuda
|
15/Dec/2021
|
15/Aug/2023 - 15/Nov/2023
|
14
|
2007 174,261
|
||||||||
31
|
BOSTON
|
H
|
20,500
|
5.00%
|
Aquavita International S.A.
|
15/Jul/2022
|
1/Apr/2023 - 31/May/2023
|
15
|
2007 177,828
|
||||||||
32
|
HOUSTON
|
H
|
27,000
|
5.00%
|
Koch Shipping Pte. Ltd., Singapore
|
30/Aug/2021
|
18/Nov/2022
|
16,17
|
2009 177,729
|
||||||||
33
|
NEW YORK
|
H
|
14,000
|
5.00%
|
EGPN Bulk Carrier Co., Limited, Hong Kong
|
29/Dec/2020
|
02/Jul/2022
|
|
2010 177,773
|
23,000
|
5.00%
|
C Transport Maritime Ltd., Bermuda
|
02/Jul/2022
|
10/Jun/2023 - 25/Aug/2023
|
|||
34
|
SEATTLE
|
I
|
26,500
|
5.00%
|
Solebay Shipping Cape Company Limited, Hong Kong
|
02/Mar/2022
|
1/Oct/2023-15/Dec/2023
|
|
2011 179,362
|
||||||||
35
|
P. S. PALIOS
|
I
|
31,000
|
5.00%
|
Classic Maritime Inc.
|
11/Jun/2022
|
15/Apr/2024-30/Jun/2024
|
|
2013 179,134
|
||||||||
36
|
G. P. ZAFIRAKIS
|
J
|
22,750
|
4.75%
|
Cargill International S.A., Geneva
|
01/Dec/2021
|
29/Nov/2022 - 31/Dec/2022
|
16
|
2014 179,492
|
||||||||
37
|
SANTA BARBARA
|
J
|
29,500
|
4.75%
|
Cargill International S.A., Geneva
|
19/Mar/2022
|
10/May/2023-10/Jul/2023
|
18
|
2015 179,426
|
38
|
NEW ORLEANS
|
32,000
|
5.00%
|
Engelhart CTP Freight (Switzerland) SA
|
25/Mar/2022
|
20/Nov/2023-31/Jan/2024
|
18
|
|||||||||||
2015 180,960
|
||||||||||||||||||
39
|
FLORIDA
|
25,900
|
5.00%
|
Bunge S.A., Geneva
|
29/Mar/2022
|
29/Jan/2027-29/May/2027
|
19
|
|||||||||||
2022 182,063
|
||||||||||||||||||
4 Newcastlemax Bulk Carriers
|
||||||||||||||||||
40
|
LOS ANGELES
|
K
|
26,250
|
5.00%
|
Koch Shipping Pte. Ltd., Singapore
|
30/Jan/2022
|
15/Jan/2023-15/Mar/2023
|
|||||||||||
2012 206,104
|
||||||||||||||||||
41
|
PHILADELPHIA
|
K
|
26,000
|
5.00%
|
C Transport Maritime Ltd., Bermuda
|
12/Apr/2022
|
1/Feb/2024-15/Apr/2024
|
|||||||||||
2012 206,040
|
||||||||||||||||||
42
|
SAN FRANCISCO
|
L
|
30,500
|
5.00%
|
Koch Shipping Pte. Ltd., Singapore
|
18/Feb/2022
|
1/Mar/2023-15/May/2023
|
|||||||||||
2017 208,006
|
||||||||||||||||||
43
|
NEWPORT NEWS
|
L
|
28,000
|
5.00%
|
Koch Shipping Pte. Ltd., Singapore
|
16/Dec/2021
|
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.
|
||||||||||||||||||
1Vessel expected to be delivered to the Company in the fourth quarter of 2022.
|
||||||||||||||||||
2Vessel on scheduled drydocking from August 28, 2022 to September 23, 2022.
|
||||||||||||||||||
3Redelivery date based on an estimated time charter trip duration of about 31 days.
|
||||||||||||||||||
4Currently without an active charterparty. Vessel on scheduled drydocking.
|
||||||||||||||||||
5Vessel on scheduled drydocking from September 16, 2022 to September 30, 2022.
|
||||||||||||||||||
6Vessel off hire for 3.93 days.
|
||||||||||||||||||
7Solebay Shipping Transocean Company Limited has agreed to compensate the owners with the difference between the previous and the current charter rate for
the early redelivery of the vessel on August 3, 2022, till the minimum agreed redelivery date, August 15, 2022.
|
||||||||||||||||||
8Vessel on scheduled drydocking from October 12, 2022 to November 7, 2022.
|
||||||||||||||||||
9Vessel on scheduled drydocking from June 7, 2022 to July 2, 2022.
|
||||||||||||||||||
10Charter includes a one time ballast bonus payment of US$250,000.
|
||||||||||||||||||
11Redelivery date based on an estimated time charter trip duration of about 57 days.
|
||||||||||||||||||
12Vessel on scheduled drydocking from July 11, 2022 to September 21, 2022.
|
||||||||||||||||||
13Vessel was delivered to her new owners on September 21, 2022.
|
||||||||||||||||||
14Vessel on scheduled drydocking from July 14, 2022 to September 15, 2022.
|
||||||||||||||||||
15Vessel on scheduled drydocking from May 28, 2022 to July 15, 2022.
|
||||||||||||||||||
16Based on latest information.
|
||||||||||||||||||
17The charterers have compensated the owners for the days over and above the maximum redelivery date.
|
||||||||||||||||||
18Bareboat chartered-in for a period of eight years.
|
||||||||||||||||||
19Bareboat chartered-in for a period of ten years at US$13,500 per day.
|
||||||||||||||||||
Summary of Selected Financial & Other Data (unaudited)
|
||||||||||||||||
Three months ended September 30,
|
For the nine months ended September 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
|
||||||||||||||||
Time Charter Revenues
|
$
|
73,811
|
$
|
57,284
|
$
|
214,267
|
$
|
145,358
|
||||||||
Voyage Expenses
|
3,432
|
677
|
4,095
|
4,749
|
||||||||||||
Vessel Operating Expenses
|
17,685
|
18,832
|
52,507
|
56,563
|
||||||||||||
Net income
|
31,731
|
14,733
|
93,381
|
16,254
|
||||||||||||
Net Income Attributable to Common Stockholders
|
30,289
|
13,291
|
89,054
|
11,927
|
||||||||||||
FLEET DATA
|
||||||||||||||||
Average number of vessels
|
34.9
|
36.3
|
34.5
|
37.2
|
||||||||||||
Number of vessels
|
34.0
|
36.0
|
34.0
|
36.0
|
||||||||||||
Weighted average age of vessels
|
10.4
|
10.5
|
10.4
|
10.5
|
||||||||||||
Ownership days
|
3,210
|
3,342
|
9,412
|
10,143
|
||||||||||||
Available days
|
3,022
|
3,302
|
8,996
|
10,055
|
||||||||||||
Operating days
|
2,994
|
3,253
|
8,913
|
9,945
|
||||||||||||
Fleet utilization
|
99.1
|
%
|
98.5
|
%
|
99.1
|
%
|
98.9
|
%
|
||||||||
AVERAGE DAILY RESULTS
|
||||||||||||||||
Time charter equivalent (TCE) rate (1)
|
$
|
23,289
|
$
|
17,143
|
$
|
23,363
|
$
|
13,984
|
||||||||
Daily vessel operating expenses (2)
|
$
|
5,509
|
$
|
5,635
|
$
|
5,579
|
$
|
5,577
|
(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 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.
|
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 September 30,
|
For the nine months ended September 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
REVENUES:
|
||||||||||||||||
Time Charter Revenues
|
$
|
73,811
|
$
|
57,284
|
$
|
214,267
|
$
|
145,358
|
||||||||
OPERATING EXPENSES
|
||||||||||||||||
Voyage Expenses
|
3,432
|
677
|
4,095
|
4,749
|
||||||||||||
Vessel Operating Expenses
|
17,685
|
18,832
|
52,507
|
56,563
|
||||||||||||
Depreciation and Amortization of Deferred Charges
|
10,641
|
10,263
|
31,099
|
30,403
|
||||||||||||
General and Administrative Expenses
|
7,013
|
7,153
|
21,960
|
21,062
|
||||||||||||
Management Fees to Related Party
|
222
|
340
|
450
|
1,194
|
||||||||||||
Gain on Sale of Vessels
|
(2,841
|
)
|
(1,564
|
)
|
(2,841
|
)
|
(1,360
|
)
|
||||||||
Insurance Recoveries
|
-
|
-
|
(1,789
|
)
|
-
|
|||||||||||
Other Operating (Income)/Loss
|
(132
|
)
|
304
|
(474
|
)
|
300
|
||||||||||
Operating Income, Total
|
$
|
37,791
|
$
|
21,279
|
$
|
109,260
|
$
|
32,447
|
||||||||
OTHER INCOME / (EXPENSES):
|
||||||||||||||||
Interest Expense and Finance Costs
|
(6,415
|
)
|
(5,681
|
)
|
(17,623
|
)
|
(15,022
|
)
|
||||||||
Interest and Other Income
|
630
|
29
|
1,252
|
79
|
||||||||||||
Loss on Extinguishment of Debt
|
(212
|
)
|
(822
|
)
|
(212
|
)
|
(980
|
)
|
||||||||
Gain/(Loss) from Equity Method Investments
|
(63
|
)
|
(72
|
)
|
704
|
(270
|
)
|
|||||||||
Total Other Expenses, Net
|
$
|
(6,060
|
)
|
$
|
(6,546
|
)
|
$
|
(15,879
|
)
|
$
|
(16,193
|
)
|
||||
Net Income
|
$
|
31,731
|
$
|
14,733
|
$
|
93,381
|
$
|
16,254
|
||||||||
Dividends on series B preferred shares
|
(1,442
|
)
|
(1,442
|
)
|
(4,327
|
)
|
(4,327
|
)
|
||||||||
Net Income Attributable to Common Stockholders
|
30,289
|
13,291
|
89,054
|
11,927
|
||||||||||||
Earnings Per Common Share, Basic
|
$
|
0.39
|
$
|
0.17
|
$
|
1.15
|
$
|
0.15
|
||||||||
Earnings Per Common Share, Diluted
|
$
|
0.37
|
$
|
0.16
|
$
|
1.10
|
$
|
0.14
|
||||||||
Weighted Average Number of Common Shares Outstanding, Basic
|
78,390,909
|
78,687,020
|
77,696,706
|
81,408,637
|
||||||||||||
Weighted Average Number of Common Shares Outstanding, Diluted
|
82,225,404
|
83,329,718
|
80,934,858
|
84,633,560
|
||||||||||||
Three months ended September 30,
|
For the nine months ended September 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Net Income
|
$
|
31,731
|
$
|
14,733
|
$
|
93,381
|
$
|
16,254
|
||||||||
Other comprehensive income (Actuarial income)
|
-
|
-
|
1
|
-
|
||||||||||||
Comprehensive Income
|
$
|
31,731
|
$
|
14,733
|
$
|
93,382
|
$
|
16,254
|
||||||||
|
CONDENSED CONSOLIDATED BALANCE SHEET DATA
|
||||||||
(in thousands of U.S. Dollars)
|
||||||||
September 30, 2022
|
December 31, 2021*
|
|||||||
ASSETS
|
(unaudited)
|
|||||||
Cash and Cash Equivalents and Restricted Cash
|
$
|
129,675
|
$
|
126,788
|
||||
Other Current Assets
|
15,085
|
15,357
|
||||||
Fixed Assets
|
746,844
|
682,579
|
||||||
Investments in Related Parties
|
25,708
|
7,644
|
||||||
Deferred and Other Noncurrent Assets
|
18,402
|
9,582
|
||||||
Total assets
|
$
|
935,714
|
$
|
841,950
|
||||
LIABILITIES AND EQUITY
|
||||||||
Long-Term Debt and Finance Liabilities, net of Deferred Financing Costs
|
$
|
471,786
|
$
|
423,675
|
||||
Other Liabilities
|
35,586
|
25,080
|
||||||
Total Stockholders' Equity
|
428,342
|
393,195
|
||||||
Total Liabilities and Stockholders' Equity
|
$
|
935,714
|
$
|
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 September 30,
|
For the nine months ended September 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Net cash provided by operating activities
|
$
|
43,277
|
$
|
30,047
|
$
|
124,114
|
$
|
57,489
|
||||||||
Net cash provided by/(used in) investing activities
|
(35,610
|
)
|
5,990
|
(54,379
|
)
|
28,065
|
||||||||||
Net cash used in financing activities
|
$
|
(8,334
|
)
|
$
|
(44,783
|
)
|
$
|
(66,848
|
)
|
$
|
(22,214
|
)
|