DIANA SHIPPING INC.
|
||
(registrant)
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||
Dated: July 28, 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,
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Chief Strategy Officer, Treasurer and Secretary
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Telephone: + 30-210-9470-100
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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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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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Fleet Employment (As of July 27, 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****
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NOTES
|
|
BUILT DWT
|
||||||||
8 Panamax Bulk Carriers
|
||||||||
1
|
MELIA
|
25,750
|
5.00%
|
Viterra Chartering B.V., Rotterdam
|
11-Jun-21
|
28/May/2022
|
1
|
|
2005 76,225
|
20,000
|
5.00%
|
Oldendorff GmbH & Co. KG
|
28-May-22
|
23/Aug/2022
|
|||
2
|
ARTEMIS
|
21,250
|
4.75%
|
Cargill International S.A., Geneva
|
21-Mar-22
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20/Jun/2023-20/Aug/2023
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||
2006 76,942
|
||||||||
3
|
LETO
|
25,500
|
4.75%
|
Aquavita International S.A.
|
03-Oct-21
|
1/Feb/2023 - 15/Apr/2023
|
||
2010 81,297
|
||||||||
4
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SELINA
|
A
|
26,500
|
5.00%
|
ASL Bulk Shipping HK Limited
|
02-Sep-21
|
18/Jun/2022
|
|
2010 75,700
|
22,000
|
5.00%
|
Speed Logistics Marine Limited
|
18-Jun-22
|
15/Apr/2023-20/Jun/2023
|
|||
5
|
MAERA
|
A
|
26,000
|
5.00%
|
ASL Bulk Shipping HK Limited
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18-Sep-21
|
1/Oct/2022 - 15/Dec/2022
|
|
2013 75,403
|
||||||||
6
|
ISMENE
|
18,500
|
4.75%
|
Cargill International S.A., Geneva
|
23-Nov-21
|
15/Dec/2022 - 15/Feb/2023
|
||
2013 77,901
|
||||||||
7
|
CRYSTALIA
|
B
|
26,100
|
5.00%
|
Uniper Global Commodities SE, Dusseldorf
|
21-Sep-21
|
1/Oct/2022 - 15/Dec/2022
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|
2014 77,525
|
||||||||
8
|
ATALANDI
|
B
|
24,500
|
4.75%
|
Aquavita International S.A.
|
05-Oct-21
|
15/Feb/2023 - 30/Apr/2023
|
|
2014 77,529
|
||||||||
6 Kamsarmax Bulk Carriers
|
||||||||
9
|
MAIA
|
C
|
25,000
|
5.00%
|
Viterra Chartering B.V., Rotterdam
|
20-Jun-21
|
24/May/2022
|
|
2009 82,193
|
25,000
|
5.00%
|
Hyundai Glovis Co. Ltd.
|
24-May-22
|
20/Sep/2023 - 20/Nov/2023
|
|||
10
|
MYRSINI
|
C
|
22,000
|
4.75%
|
Cargill International S.A., Geneva
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15-Nov-21
|
1/Dec/2022 - 31/Jan/2023
|
|
2010 82,117
|
||||||||
11
|
MEDUSA
|
C
|
26,000
|
4.75%
|
Cargill International S.A., Geneva
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09-Mar-22
|
15/May/2023-15/Jul/2023
|
|
2010 82,194
|
||||||||
12
|
MYRTO
|
C
|
28,500
|
5.00%
|
Solebay Shipping Transocean Company Limited
|
10-Sep-21
|
15/Aug/2022 - 15/Oct/2022
|
|
2013 82,131
|
||||||||
13
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ASTARTE
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21,500
|
5.00%
|
Tongli Shipping Pte. Ltd.
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30-Jan-22
|
15/Apr/2023 - 15/Jun/2023
|
||
2013 81,513
|
||||||||
14
|
LEONIDAS P. C.
|
24,500
|
4.75%
|
Cargill International S.A., Geneva
|
18-Feb-22
|
1/Mar/2023-30/Apr/2023
|
||
2011 82,165
|
||||||||
5 Post-Panamax Bulk Carriers
|
||||||||
15
|
ALCMENE
|
17,100
|
5.00%
|
SwissMarine Pte. Ltd., Singapore
|
25-Nov-21
|
20/Dec/2022 - 5/Mar/2023
|
||
2010 93,193
|
||||||||
16
|
AMPHITRITE
|
D
|
27,000
|
5.00%
|
BG Shipping Co., Limited, Hong Kong
|
13-Sep-21
|
15/Oct/2022 - 15/Dec/2022
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|
2012 98,697
|
VESSEL BUILT DWT
|
SISTER SHIPS*
|
GROSS RATE (USD PER DAY)
|
COM**
|
CHARTERERS
|
DELIVERY DATE TO CHARTERERS***
|
REDELIVERY DATE TO OWNERS****
|
NOTES
|
|
17
|
POLYMNIA
|
D
|
24,750
|
5.00%
|
CLdN Cobelfret SA, Luxembourg
|
04-Feb-22
|
15/Jan/2023-15/Mar/2023
|
|
2012 98,704
|
||||||||
18
|
ELECTRA
|
E
|
21,000
|
5.00%
|
Tongli Shipping Pte. Ltd.
|
28-Apr-21
|
13/Apr/2022
|
2
|
2013 87,150
|
16,500
|
5.00%
|
Raffles Shipping International Pte. Ltd.
|
13-Apr-22
|
7/Jun/2022
|
3
|
||
17,500
|
5.00%
|
Refined Success Limited
|
02-Jul-22
|
1/Apr/2023 - 30/May/2023
|
||||
19
|
PHAIDRA
|
E
|
28,000
|
5.00%
|
Uniper Global Commodities SE, Düsseldorf
|
02-Sep-21
|
1/Aug/2022 - 25/Aug/2022
|
4
|
2013 87,146
|
||||||||
12 Capesize Bulk Carriers
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||||||||
20
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ALIKI
|
24,500
|
5.00%
|
Koch Shipping Pte. Ltd., Singapore
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21-Feb-22
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1/Feb/2023 - 15/Apr/2023
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||
2005 180,235
|
||||||||
21
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BALTIMORE
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10,500
|
5.00%
|
Trafigura Maritime Logistics Pte. Ltd.
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08-Feb-22
|
8/Apr/2022
|
5
|
|
2005 177,243
|
16,000
|
5.00%
|
Solebay Shipping Cape Company Limited, Hong Kong
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08-Apr-22
|
11/Jul/2022
|
6,7
|
||
22
|
SEMIRIO
|
F
|
19,700
|
5.00%
|
C Transport Maritime Ltd., Bermuda
|
15-Dec-21
|
15/Aug/2023 - 15/Nov/2023
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8
|
2007 174,261
|
||||||||
23
|
BOSTON
|
F
|
25,500
|
5.00%
|
C Transport Maritime Ltd., Bermuda
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16-Jun-21
|
20/Apr/2022
|
9
|
2007 177,828
|
13,000
|
5.00%
|
Richland Bulk Pte. Ltd.
|
20-Apr-22
|
28/May/2022
|
|||
20,500
|
5.00%
|
Aquavita International S.A.
|
15-Jul-22
|
1/Apr/2023 - 31/May/2023
|
||||
24
|
HOUSTON
|
F
|
27,000
|
5.00%
|
Koch Shipping Pte. Ltd., Singapore
|
30-Aug-21
|
5/Aug/2022 - 15/Oct/2022
|
4
|
2009 177,729
|
||||||||
25
|
NEW YORK
|
F
|
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
|
02-Jul-22
|
10/Jun/2023 - 25/Aug/2023
|
|||
26
|
SEATTLE
|
G
|
26,500
|
5.00%
|
Solebay Shipping Cape Company Limited, Hong Kong
|
02-Mar-22
|
1/Oct/2023-15/Dec/2023
|
|
2011 179,362
|
||||||||
27
|
P. S. PALIOS
|
G
|
26,500
|
4.75%
|
Olam International Limited, Singapore
|
05-Jun-21
|
23/Apr/2022
|
10
|
2013 179,134
|
31,000
|
5.00%
|
Classic Maritime Inc.
|
11-Jun-22
|
15/Apr/2024-30/Jun/2024
|
|||
28
|
G. P. ZAFIRAKIS
|
H
|
22,750
|
4.75%
|
Cargill International S.A., Geneva
|
01-Dec-21
|
1/Nov/2022 - 31/Dec/2022
|
|
2014 179,492
|
||||||||
29
|
SANTA BARBARA
|
H
|
29,500
|
4.75%
|
Cargill International S.A., Geneva
|
19-Mar-22
|
10/May/2023-10/Jul/2023
|
|
2015 179,426
|
||||||||
30
|
NEW ORLEANS
|
32,000
|
5.00%
|
Engelhart CTP Freight (Switzerland) SA
|
25-Mar-22
|
20/Nov/2023-31/Jan/2024
|
||
2015 180,960
|
||||||||
31
|
FLORIDA
|
25,900
|
5.00%
|
Bunge S.A., Geneva
|
29-Mar-22
|
29/Jan/2027-29/May/2027
|
11
|
|
2022 182,063
|
||||||||
4 Newcastlemax Bulk Carriers
|
||||||||
32
|
LOS ANGELES
|
I
|
26,250
|
5.00%
|
Koch Shipping Pte. Ltd., Singapore
|
30-Jan-22
|
15/Jan/2023-15/Mar/2023
|
|
2012 206,104
|
||||||||
33
|
PHILADELPHIA
|
I
|
26,000
|
5.00%
|
C Transport Maritime Ltd., Bermuda
|
12-Apr-22
|
1/Feb/2024-15/Apr/2024
|
12
|
2012 206,040
|
||||||||
34
|
SAN FRANCISCO
|
J
|
30,500
|
5.00%
|
Koch Shipping Pte. Ltd., Singapore
|
18-Feb-22
|
1/Mar/2023-15/May/2023
|
|
2017 208,006
|
||||||||
35
|
NEWPORT NEWS
|
J
|
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.
|
1 Redelivery date based on an estimated time charter trip duration of about 87 days.
|
2 Charterers 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.
|
3 Vessel on scheduled drydocking from June 7, 2022 to July 2, 2022.
|
4 Based on latest information.
|
5 Charter included a one time ballast bonus payment of US$1,000,000.
|
6 Currently without an active charterparty. Vessel on scheduled drydocking.
|
7 Vessel sold and expected to be delivered to her new owners in the third quarter of 2022.
|
8 Vessel currently off hire for drydocking.
|
9 Vessel on scheduled drydocking from May 28, 2022 to July 15, 2022.
|
10 Charterers 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.
|
11 Bareboat chartered-in for a period of ten years at US$13,500 per day.
|
12 Vessel on scheduled drydocking from March 7, 2022 to April 12, 2022.
|
Summary of Selected Financial & Other Data (unaudited)
|
||||||||||||||||
Three months ended June 30,
|
For the six months ended June 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
|
||||||||||||||||
Time Charter Revenues
|
$
|
74,522
|
$
|
47,023
|
$
|
140,456
|
$
|
88,074
|
||||||||
Voyage Expenses
|
(1,051
|
)
|
2,292
|
663
|
4,072
|
|||||||||||
Vessel Operating Expenses
|
18,394
|
19,179
|
34,822
|
37,731
|
||||||||||||
Net Income
|
35,606
|
2,815
|
61,649
|
1,520
|
||||||||||||
Net Income/(Loss) Attributable to Common Stockholders
|
34,164
|
1,373
|
58,765
|
(1,364
|
)
|
|||||||||||
FLEET DATA
|
||||||||||||||||
Average number of vessels
|
35.0
|
37.0
|
34.3
|
37.6
|
||||||||||||
Number of vessels
|
35.0
|
37.0
|
35.0
|
37.0
|
||||||||||||
Weighted average age of vessels
|
10.4
|
10.4
|
10.4
|
10.4
|
||||||||||||
Ownership days
|
3,185
|
3,367
|
6,202
|
6,801
|
||||||||||||
Available days
|
3,068
|
3,319
|
5,974
|
6,753
|
||||||||||||
Operating days
|
3,059
|
3,305
|
5,919
|
6,692
|
||||||||||||
Fleet utilization
|
99.7
|
%
|
99.6
|
%
|
99.1
|
%
|
99.1
|
%
|
||||||||
AVERAGE DAILY RESULTS
|
||||||||||||||||
Time charter equivalent (TCE) rate (1)
|
$
|
24,633
|
$
|
13,477
|
$
|
23,400
|
$
|
12,439
|
||||||||
Daily vessel operating expenses (2)
|
$
|
5,775
|
$
|
5,696
|
$
|
5,615
|
$
|
5,548
|
(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 June 30,
|
For the six months ended June 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
REVENUES:
|
||||||||||||||||
Time Charter Revenues
|
$
|
74,522
|
$
|
47,023
|
$
|
140,456
|
$
|
88,074
|
||||||||
OPERATING EXPENSES
|
||||||||||||||||
Voyage Expenses
|
(1,051
|
)
|
2,292
|
663
|
4,072
|
|||||||||||
Vessel Operating Expenses
|
18,394
|
19,179
|
34,822
|
37,731
|
||||||||||||
Depreciation and Amortization of Deferred Charges
|
10,665
|
10,092
|
20,457
|
20,141
|
||||||||||||
General and Administrative Expenses
|
7,888
|
7,211
|
14,947
|
13,909
|
||||||||||||
Management Fees to Related Party
|
111
|
405
|
228
|
854
|
||||||||||||
Loss/(Gain) on Sale of Vessels
|
-
|
(2
|
)
|
-
|
203
|
|||||||||||
Insurance Recoveries
|
(1,471
|
)
|
-
|
(1,789
|
)
|
-
|
||||||||||
Other Operating (Income)/Loss
|
(420
|
)
|
102
|
(341
|
)
|
(4
|
)
|
|||||||||
Operating Income, Total
|
$
|
40,406
|
$
|
7,744
|
$
|
71,469
|
$
|
11,168
|
||||||||
OTHER INCOME / (EXPENSES):
|
||||||||||||||||
Interest Expense and Finance Costs
|
(5,986
|
)
|
(4,706
|
)
|
(11,209
|
)
|
(9,342
|
)
|
||||||||
Interest and Other Income
|
385
|
22
|
622
|
50
|
||||||||||||
Loss on Extinguishment of Debt
|
-
|
(158
|
)
|
-
|
(158
|
)
|
||||||||||
Gain/(Loss) from Equity Method Investments
|
801
|
(87
|
)
|
767
|
(198
|
)
|
||||||||||
Total Other Expenses, Net
|
$
|
(4,800
|
)
|
$
|
(4,929
|
)
|
$
|
(9,820
|
)
|
$
|
(9,648
|
)
|
||||
Net Income
|
$
|
35,606
|
$
|
2,815
|
$
|
61,649
|
$
|
1,520
|
||||||||
Dividends on series B preferred shares
|
(1,442
|
)
|
(1,442
|
)
|
(2,884
|
)
|
(2,884
|
)
|
||||||||
Net Income/(Loss) Attributable to Common Stockholders
|
34,164
|
1,373
|
58,765
|
(1,364
|
)
|
|||||||||||
Earnings/(Loss) Per Common Share, Basic
|
$
|
0.44
|
$
|
0.02
|
$
|
0.76
|
$
|
(0.02
|
)
|
|||||||
Earnings/(Loss) Per Common Share, Diluted
|
$
|
0.42
|
$
|
0.02
|
$
|
0.73
|
$
|
(0.02
|
)
|
|||||||
Weighted Average Number of Common Shares Outstanding, Basic
|
78,339,851
|
82,020,353
|
77,343,851
|
82,792,000
|
||||||||||||
Weighted Average Number of Common Shares Outstanding, Diluted
|
81,918,389
|
85,576,754
|
80,308,679
|
82,792,000
|
||||||||||||
Three months ended June 30,
|
For the six months ended June 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Net Income
|
$
|
35,606
|
$
|
2,815
|
$
|
61,649
|
$
|
1,520
|
||||||||
Other comprehensive income (Actuarial income)
|
-
|
-
|
1
|
-
|
||||||||||||
Comprehensive Income
|
$
|
35,606
|
$
|
2,815
|
$
|
61,650
|
$
|
1,520
|
CONDENSED CONSOLIDATED BALANCE SHEET DATA
|
||||||||
(in thousands of U.S. Dollars)
|
||||||||
June 30, 2022
|
December 31, 2021*
|
|||||||
ASSETS
|
(unaudited)
|
|||||||
Cash and Cash Equivalents and Restricted Cash
|
$
|
130,342
|
$
|
126,788
|
||||
Other Current Assets
|
34,797
|
15,357
|
||||||
Fixed Assets
|
720,347
|
682,579
|
||||||
Investments in Related Parties
|
8,122
|
7,644
|
||||||
Other Noncurrent Assets
|
15,309
|
9,582
|
||||||
Total assets
|
$
|
908,917
|
$
|
841,950
|
||||
LIABILITIES AND EQUITY
|
||||||||
Long-Term Debt and Lease Obligation, net of Deferred Financing Costs
|
$
|
451,718
|
$
|
423,675
|
||||
Other Liabilities
|
35,094
|
25,080
|
||||||
Total Stockholders' Equity
|
422,105
|
393,195
|
||||||
Total Liabilities and Stockholders' Equity
|
$
|
908,917
|
$
|
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 June 30,
|
For the six months ended June 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Net cash provided by operating activities
|
$
|
43,737
|
$
|
21,023
|
$
|
80,837
|
$
|
27,442
|
||||||||
Net cash provided by/(used in) investing activities
|
2,533
|
(483
|
)
|
(18,769
|
)
|
22,075
|
||||||||||
Net cash provided by/(used in) financing activities
|
$
|
(31,610
|
)
|
$
|
48,420
|
$
|
(58,514
|
)
|
$
|
22,569
|