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Published: 2022-02-25 11:47:21 ET
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6-K 1 d9175979_6-k.htm
FORM 6-K

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2022
Commission File Number:  001-32458

DIANA SHIPPING INC.
(Translation of registrant's name into English)
Pendelis 16, 175 64 Palaio Faliro, Athens, Greece
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [X]       Form 40-F [  ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [  ].

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [  ].

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.






INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached to this Report on Form 6-K as Exhibit 99.1 is a press release dated February 25, 2022 of Diana Shipping Inc. (the "Company") announcing the Company’s financial results for the fourth quarter and year ended December 31, 2021.
The information contained in this Report on Form 6-K is hereby incorporated by reference into the Company's registration statement on Form F-3 (File No. 333-256791) that was filed with the U.S. Securities and Exchange Commission and became effective on July 9, 2021.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


 
DIANA SHIPPING INC.
 
(registrant)
   
   
Dated: February 25, 2022
By:
/s/ Ioannis Zafirakis
   
Ioannis Zafirakis
   
Chief Financial Officer
     
     




Exhibit 99.1

 
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


DIANA SHIPPING INC. REPORTS FINANCIAL RESULTS
FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2021
DECLARES CASH DIVIDEND OF 20 CENTS PER SHARE FOR THE FOURTH QUARTER OF 2021


ATHENS, GREECE, February 25, 2022 – Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today reported net income of $41.1 million and net income attributed to common stockholders of $39.7 million for the fourth quarter of 2021, including a gain of $15.3 million from the spin-off of OceanPal Inc. This compares to a net loss of $7.4 million and net loss attributed to common stockholders of $8.9 million, including a $1.9 million impairment loss, reported in the fourth quarter of 2020.

Time charter revenues were $68.8 million for the fourth quarter of 2021, compared to $42.7 million for the same quarter of 2020. The increase in time charter revenues was mainly due to increased average time charter rates that the Company achieved for its vessels during the quarter. This increase was partly offset by decreased revenues due to decreased ownership days compared to last year, resulting from the sale of vessels.

Net income for the year ended December 31, 2021 amounted to $57.4 million and net income attributed to common stockholders amounted to $51.6 million, including a $1.4 million gain on sale of vessels and $15.3 million gain from the spin-off of OceanPal Inc. This compares to a net loss of $134.2 million and net loss attributed to common stockholders of $140.0 million, including a $104.4 million impairment loss and $1.1 million loss on sale of vessels, for the same period of 2020. Time charter revenues were $214.2 million for the year ended December 31, 2021, compared to $169.7 million for the same period of 2020.

Dividend Declaration

The Company declared a cash dividend on its common stock of $0.20 per share, based on the Company’s results of operations during the fourth quarter ended December 31, 2021. The cash dividend will be payable on or about March 21, 2022 to all shareholders of record as of March 9, 2022. The Company has 84.67 million shares of common stock issued and outstanding.
-1-

 
Fleet Employment Profile (As of February 24, 2022)
 
Diana Shipping Inc.’s fleet is employed as follows:
 
Vessel
Sister Ships*
Gross Rate
(USD Per Day)
Com**
Charterers
Delivery Date to Charterers***
Redelivery Date to Owners****
Notes
 
BUILT    DWT
                 
 
8 Panamax Bulk Carriers
-
PROTEFS
A
$10,650
5.00%
Reachy International (HK) Co., Limited
8-Feb-21
29-Nov-21
1
 
2004    73,630
              
-
CALIPSO
A
$10,400
5.00%
Viterra Chartering B.V., Rotterdam
22-Jan-21
29-Nov-21
1
 
2005    73,691
              
1
MELIA
  
$25,750
5.00%
Viterra Chartering B.V., Rotterdam
11-Jun-21
7-Apr-22 - 7-Jun-22
  
 
2005     76,225
              
2
ARTEMIS
  
$10,250
5.00%
Glencore Agriculture B.V., Rotterdam
30-Nov-20
10-Mar-22 - 25-Mar-22
2
 
2006     76,942
              
3
LETO
  
$9,000
4.75%
Cargill International S.A., Geneva
21-May-20
3-Oct-21
  
     
$25,500
4.75%
Aquavita International S.A.
3-Oct-21
1-Feb-23 - 15-Apr-23
  
 
2010     81,297
              
4
SELINA
B
$26,500
5.00%
ASL Bulk Shipping HK Limited
2-Sep-21
15-Jun-22 - 15-Sep-22
  
 
2010     75,700
              
5
MAERA
B
$26,000
5.00%
ASL Bulk Shipping HK Limited
18-Sep-21
1-Oct-22 - 15-Dec-22
  
 
2013     75,403
              
6
ISMENE
  
$16,500
5.00%
Tongli Shipping Pte. Ltd.
11-Mar-21
23-Nov-21
  
     
$18,500
4.75%
Cargill International S.A., Geneva
23-Nov-21
15-Dec-22 - 15-Feb-23
  
 
2013     77,901
              
7
CRYSTALIA
C
$26,100
5.00%
Uniper Global Commodities SE, Düsseldorf
21-Sep-21
1-Oct-22 - 15-Dec-22
  
 
2014    77,525
              
8
ATALANDI
C
$9,300
5.00%
Uniper Global Commodities SE, Düsseldorf
14-Jun-20
5-Oct-21
  
     
$24,500
4.75%
Aquavita International S.A.
5-Oct-21
15-Feb-23 - 30-Apr-23
  
 
2014    77,529
              
 
6 Kamsarmax Bulk Carriers
9
MAIA
D
$25,000
5.00%
Viterra Chartering B.V., Rotterdam
20-Jun-21
1-May-22 - 30-Jun-22
3
 
2009     82,193
              
10
MYRSINI
D
$27,750
5.00%
Bocimar International N.V.
11-May-21
15-Nov-21
  
     
$22,000
4.75%
Cargill International S.A., Geneva
15-Nov-21
1-Dec-22 - 31-Jan-23
  
 
2010     82,117
              
11
MEDUSA
D
$11,000
4.75%
Cargill International S.A., Geneva
19-Nov-20
3-Mar-22
2
 
2010     82,194
              
12
MYRTO
D
$28,500
5.00%
Solebay Shipping Transocean Company Limited
10-Sep-21
15-Aug-22 - 15-Oct-22
  
 
2013     82,131
              
13
ASTARTE
  
$25,000
5.00%
Mitsui O.S.K. Lines Ltd.
20-May-21
28-Dec-21
4,5
     
$21,500
5.00%
Tongli Shipping Pte. Ltd.
30-Jan-22
15-Apr-23 - 15-Jun-23
  
 
2013     81,513
              
-2-
14
LEONIDAS P. C.
  
$24,500
4.75%
Cargill International S.A., Geneva
18-Feb-22
1-Mar-23 - 30-Apr-23
6
 
2011     82,165
              
 
5 Post-Panamax Bulk Carriers
15
ALCMENE
  
$25,500
5.00%
Refined Success Limited
28-Jul-21
25-Nov-21
7
     
$17,100
5.00%
SwissMarine Pte. Ltd., Singapore
25-Nov-21
20-Dec-22 - 5-Mar-23
  
 
2010     93,193
              
16
AMPHITRITE
E
$27,000
5.00%
BG Shipping Co., Limited, Hong Kong
13-Sep-21
15-Oct-22 - 15-Dec-22
  
 
2012     98,697
              
17
POLYMNIA
E
$12,100
5.00%
CLdN Cobelfret SA, Luxembourg
22-Nov-20
4-Feb-22
8
     
$24,750
5.00%
4-Feb-22
15-Jan-23 - 15-Mar-23
  
 
2012    98,704
              
18
ELECTRA
F
$21,000
5.00%
Tongli Shipping Pte. Ltd.
28-Apr-21
10-Mar-22 - 10-Apr-22
2
 
2013    87,150
              
19
PHAIDRA
F
$28,000
5.00%
Uniper Global Commodities SE, Düsseldorf
2-Sep-21
1-Jul-22 - 15-Sep-22
  
 
2013    87,146
              
 
(11 + 1 TBD) Capesize Bulk Carriers
20
ALIKI
  
$20,500
5.00%
Solebay Shipping Cape Company Limited, Hong Kong
18-Mar-21
21-Feb-22
  
     
$24,500
5.00%
Koch Shipping Pte. Ltd., Singapore
21-Feb-22
1-Feb-23 - 15-Apr-23
  
 
2005    180,235
              
21
BALTIMORE
  
$56,000
4.75%
Olam International Limited, Singapore
27-Sep-21
27-Dec-21
  
     
$10,500
5.00%
Trafigura Maritime Logistics Pte. Ltd.
8-Feb-22
4-Apr-22
9,10
 
2005    177,243
              
-
SALT LAKE CITY
  
$13,000
5.00%
C Transport Maritime Ltd., Bermuda
9-Jan-21
29-Nov-21
1
 
2005    171,810
              
22
SEMIRIO
G
$13,500
5.00%
SwissMarine Pte. Ltd., Singapore
1-Jan-21
15-Dec-21
  
     
$19,700
5.00%
C Transport Maritime Ltd., Bermuda
15-Dec-21
15-Aug-23 - 15-Nov-23
  
 
2007    174,261
              
23
BOSTON
G
$25,500
5.00%
C Transport Maritime Ltd., Bermuda
16-Jun-21
15-Apr-22 - 15-Jun-22
  
 
2007    177,828
              
24
HOUSTON
G
$27,000
5.00%
Koch Shipping Pte. Ltd., Singapore
30-Aug-21
15-Jul-22 - 15-Oct-22
  
 
2009    177,729
              
25
NEW YORK
G
$14,000
5.00%
EGPN Bulk Carrier Co., Limited, Hong Kong
29-Dec-20
16-Apr-22 - 30-Jun-22
  
 
2010    177,773
              
26
SEATTLE
H
$12,300
5.00%
Pacbulk Shipping Pte. Ltd., Singapore
27-Apr-20
27-Feb-22
11
     
$26,500
5.00%
Solebay Shipping Cape Company Limited, Hong Kong
27-Feb-22
1-Oct-23 - 15-Dec-23
12
 
2011     179,362
              
-3-
27
P. S. PALIOS
H
$26,500
4.75%
Olam International Limited, Singapore
5-Jun-21
7-Mar-22 - 15-Apr-22
2
 
2013    179,134
              
28
G. P. ZAFIRAKIS
I
$13,200
5.00%
Koch Shipping Pte. Ltd., Singapore
31-May-20
1-Dec-21
  
     
$22,750
4.75%
Cargill International S.A., Geneva
1-Dec-21
1-Nov-22 - 31-Dec-22
  
 
2014    179,492
              
29
SANTA BARBARA
I
$17,250
4.75%
Cargill International S.A., Geneva
9-Jan-21
6-Mar-22 - 12-Mar-22
2,13
 
2015     179,426
              
30
NEW ORLEANS
  
$15,500
5.00%
Nippon Yusen Kabushiki Kaisha
3-Dec-20
8-Mar-22 - 25-Mar-22
2
 
2015    180,960
              
31
(tbn. FLORIDA)
  
-
-
-
-
-
14,15
   
 
2022   181,500
              
 
4 Newcastlemax Bulk Carriers
32
LOS ANGELES
J
$14,250
5.00%
Engelhart CTP Freight (Switzerland) SA
6-Jun-20
23-Dec-21
16
     
$26,250
5.00%
Koch Shipping Pte. Ltd., Singapore
30-Jan-22
15-Jan-23 - 15-Mar-23
  
 
2012    206,104
              
33
PHILADELPHIA
J
$28,500
5.00%
Classic Maritime Inc.
22-Apr-21
7-Mar-22 - 16-Mar-22
2
 
2012    206,040
              
34
SAN FRANCISCO
K
$24,700
5.00%
Olam International Limited, Singapore
11-Feb-21
18-Feb-22
17,18
     
$30,500
5.00%
Koch Shipping Pte. Ltd., Singapore
18-Feb-22
1-Mar-23 - 15-May-23
  
 
2017   208,006
              
35
NEWPORT NEWS
K
$18,400
5.00%
Koch Shipping Pte. Ltd., Singapore
8-Sep-20
16-Dec-21
  
     
$28,000
5.00%
16-Dec-21
1-Jul-23  -  30/Sep/2023
19
 
2017   208,021
              

** 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 Vessel was delivered to her new owners on November 29, 2021.
2 Based on latest information.
3 Vessel off-hire for about 29 days.
4 The charterers agreed to compensate the owners, for all the days over and above the maximum redelivery date (December 15, 2021), with hire rate equal to the average of Baltic Panamax 82 Index 5TC weighted time charter average or the vessel’s present Charter Party rate, whichever is higher.
5 Vessel on scheduled drydocking from December 28, 2021 to January 30, 2022.
6 Vessel was delivered to the Company on February 16, 2022.
7 Charterers compensated owners with hire equal to the average of BPI P3A_82 route for the overrun days starting on October 30, 2021 and paid pro rata until the actual redelivery date and time of the vessel back to owners and only in case the BPI P3A_82 route for the overrun days was higher than current hire rate i.e. USD25,500 otherwise current hire rate to remain for that day.
8 Charterers have 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.
9 Redelivery date based on an estimated time charter trip duration of about 55 days.
10 Charter included a one time ballast bonus payment of US$1,000,000.
11 Expected redelivery date from the charterers.
12 Expected delivery date to the charterers.
13 Charterers have 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.
14 The dwt is based on shipbuilding contract.
15 Expected date of delivery to the Company by the end of the first quarter of 2022.
16 Vessel on scheduled drydocking from December 23, 2021 to January 30, 2022.
17 The charter rate was US$17,750 per day for the first one hundred five (105) days of the charter period.
18 Vessel on scheduled drydocking from November 2, 2021 to November 20, 2021.
19 Vessel currently off hire for drydocking.
-4-
Summary of Selected Financial & Other Data (unaudited)
  
   
Three months ended December 31,
    
Year ended December 31,
  
   
2021
    
2020
    
2021
    
2020
  
                         
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
  
Time charter revenues
  
$
68,845
    
$
42,657
    
$
214,203
    
$
169,733
  
Voyage expenses
    
821
      
3,020
      
5,570
      
13,525
  
Vessel operating expenses
    
18,194
      
22,407
      
74,756
      
85,847
  
Net income/(loss)
    
41,140
      
(7,430
)
    
57,394
      
(134,197
)
Net income/(loss) attributed to common stockholders
    
39,698
      
(8,872
)
    
51,625
      
(139,966
)
FLEET DATA
  
Average number of vessels
    
35.0
      
40.0
      
36.6
      
40.8
  
Number of vessels
    
33.0
      
40.0
      
33.0
      
40.0
  
Weighted average age of vessels
    
10.4
      
10.2
      
10.4
      
10.2
  
Ownership days
    
3,216
      
3,680
      
13,359
      
14,931
  
Available days
    
3,184
      
3,623
      
13,239
      
14,318
  
Operating days
    
3,171
      
3,610
      
13,116
      
14,020
  
Fleet utilization
    
99.6
%
    
99.6
%
    
99.1
%
    
97.9
%
AVERAGE DAILY RESULTS
  
Time charter equivalent (TCE) rate (1)
  
$
21,364
    
$
10,940
    
$
15,759
    
$
10,910
  
Daily vessel operating expenses (2)
  
$
5,657
    
$
6,089
    
$
5,596
    
$
5,750
  

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.
-5-
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, February 25, 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 13726800.

About the Company

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 short to medium-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.

-6-

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)
-7-

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 December 31,
    
Year ended December 31,
  
   
2021
    
2020
    
2021
    
2020
  
REVENUES:
                        
Time charter revenues
  
$
68,845
    
$
42,657
    
$
214,203
    
$
169,733
  
EXPENSES:
                                
Voyage expenses
    
821
      
3,020
      
5,570
      
13,525
  
Vessel operating expenses
    
18,194
      
22,407
      
74,756
      
85,847
  
Depreciation and amortization of deferred charges
    
10,089
      
10,309
      
40,492
      
42,991
  
General and administrative expenses
    
8,130
      
7,030
      
29,192
      
32,778
  
Management fees to related party
    
238
      
506
      
1,432
      
2,017
  
Vessel impairment charges
    
-
      
1,869
      
-
      
104,395
  
(Gain)/loss on sale of vessels
    
-
      
-
      
(1,360
)
    
1,085
  
Other expense/(gain)
    
303
      
(359
)
    
603
      
(230
)
Operating income/(loss)
  
$
31,070
    
$
(2,125
)
  
$
63,518
    
$
(112,675
)
                                 
OTHER INCOME / (EXPENSES):
                                
Interest expense and finance costs
    
(5,216
)
    
(4,632
)
    
(20,239
)
    
(21,514
)
Interest and other income
    
97
      
35
      
176
      
728
  
(Loss)/gain on extinguishment of debt
    
-
      
-
      
(980
)
    
374
  
(Loss)/gain on related party investments
    
15,189
      
(708
)
    
14,919
      
(1,110
)
Total other income/(expenses), net
  
$
10,070
    
$
(5,305
)
  
$
(6,124
)
  
$
(21,522
)
                                 
Net income/(loss)
  
$
41,140
    
$
(7,430
)
  
$
57,394
    
$
(134,197
)
Dividends on series B preferred shares
    
(1,442
)
    
(1,442
)
    
(5,769
)
    
(5,769
)
Net income/(loss) attributed to common stockholders
    
39,698
      
(8,872
)
    
51,625
      
(139,966
)
Earnings/(loss) per common share, basic
  
$
0.51
    
$
(0.10
)
  
$
0.64
    
$
(1.62
)
                                 
Earnings/(loss) per common share, diluted
  
$
0.48
    
$
(0.10
)
  
$
0.61
    
$
(1.62
)
Weighted average number of common shares, basic
    
78,495,204
      
86,799,922
      
81,121,781
      
86,143,556
  
                                 
Weighted average number of common shares, diluted
    
83,432,834
      
86,799,922
      
84,856,840
      
86,143,556
  
                                 
   
Three months ended December 31,
    
Year ended December 31,
  
     
2021
      
2020
      
2021
      
2020
  
                                 
Net income/(loss)
  
$
41,140
    
$
(7,430
)
  
$
57,394
    
$
(134,197
)
Other comprehensive income/(loss) (Actuarial income/(loss))
    
2
      
(20
)
    
2
      
(40
)
Comprehensive income/(loss)
  
$
41,142
    
$
(7,450
)
  
$
57,396
    
$
(134,237
)

-8-
CONDENSED CONSOLIDATED BALANCE SHEET DATA
        
(in thousands of U.S. Dollars)
        
             
   
December 31, 2021
    
December 31, 2020*
  
ASSETS
  
(unaudited)
        
             
Cash, cash equivalents and restricted cash
  
$
126,788
    
$
82,909
  
Other current assets
    
15,566
      
41,752
  
Vessels, net
    
643,450
      
716,178
  
Other fixed assets, net
    
39,129
      
21,704
  
Investments in related parties
    
7,644
      
-
  
Other non-current assets
    
9,582
      
9,867
  
Total assets
  
$
842,159
    
$
872,410
  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                
                 
Long-term debt, net of deferred financing costs
  
$
423,675
    
$
420,314
  
Other liabilities
    
25,080
      
23,526
  
Total stockholders' equity
    
393,404
      
428,570
  
Total liabilities and stockholders' equity
  
$
842,159
    
$
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 December 31,
    
Year ended December 31,
  
   
2021
    
2020
    
2021
    
2020
  
                         
Net cash provided by operating activities
  
$
32,216
    
$
5,927
    
$
89,705
    
$
17,234
  
Net cash provided by/(used in) investing activities
    
(14,702
)
    
(1,114
)
    
13,363
      
10,484
  
Net cash used in financing activities
  
$
(36,975
)
  
$
(12,290
)
  
$
(59,189
)
  
$
(73,097
)

-9-