Diana Shipping Inc. Reports Financial Results For the First Quarter Ended March 31, 2020
ATHENS, Greece, May 14, 2020 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today reported a net loss and net loss attributed to common stockholders of $102.8 million and $104.3 million for the first quarter of 2020, including a $93.1 million impairment loss. This compares to net income of $3.0 million and net income attributed to common stockholders of $1.5 million reported in the first quarter of 2019, including a $4.8 million impairment loss. Loss per share for the first quarter of 2020 was $1.21 compared to earnings per share of $0.02 for the same period in 2019. Adjusted loss per share, excluding impairment loss, was $0.13 for the quarter compared to adjusted earnings per share of $0.07 for the same quarter last year.
Time charter revenues were $43.8 million for the first quarter of 2020, compared to $60.3 million for the same period of 2019. The decrease in time charter revenues was due to decreased average time charter rates that the Company achieved for its vessels during the quarter and decreased revenues due to the sale of one vessel in the first quarter of 2020 and six vessels in 2019.
Fleet Employment Profile (As of May 13, 2020) | ||||||||||
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 | ||||||||||
14 Panamax Bulk Carriers | ||||||||||
1 | OCEANIS | $ | 10,350 | 5.00 | % | Ausca Shipping Limited, Hong Kong | 16-Nov-18 | 9-Jan-20 | ||
$ | 9,200 | 5.00 | % | Phaethon International Company AG | 9-Jan-20 | 9-Jan-21 - 24-Mar-21 | ||||
2001 75,211 | ||||||||||
2 | PROTEFS | A | $ | 9,900 | 5.00 | % | Phaethon International Company AG | 30-Nov-19 | 1-Jan-21 - 31-Mar-21 | 1 |
2004 73,630 | ||||||||||
3 | CALIPSO | A | $ | 15,400 | 5.00 | % | Crystal Sea Shipping Co., Limited | 1-Nov-19 | 2-Mar-20 | 2 |
$ | 4,750 | 5.00 | % | Uniper Global Commodities SE, Düsseldorf | 13-Apr-20 | 28-May-20 | ||||
$ | 8,250 | 5.00 | % | 28-May-20 | 15-Oct-20 - 31-Dec-20 | |||||
2005 73,691 | ||||||||||
4 | NAIAS | A | $ | 10,000 | 5.00 | % | Phaethon International Company AG | 26-Jan-19 | 26-Dec-20 - 10-Apr-21 | |
2006 73,546 | ||||||||||
5 | ARETHUSA | A | $ | 9,150 | 5.00 | % | Ausca Shipping Limited, Hong Kong | 2-May-19 | 20-May-20 - 1-Jun-20 | 3 |
2007 73,593 | ||||||||||
6 | CORONIS | $ | 5,300 | 5.00 | % | Tongli Shipping Pte. Ltd. | 3-Jan-20 | 5-Feb-20 | 4 | |
$ | 8,000 | 5.00 | % | Koch Shipping Pte. Ltd., Singapore | 20-Feb-20 | 5-Nov-20 - 4-Jan-21 | ||||
2006 74,381 | ||||||||||
7 | MELIA | $ | 10,750 | 5.00 | % | Cargill International S.A., Geneva | 13-Feb-20 | 28-Apr-20 | 5,6 | |
2005 76,225 | ||||||||||
8 | ARTEMIS | $ | 10,150 | 5.00 | % | Koch Shipping Pte. Ltd., Singapore | 28-Nov-19 | 13-Aug-20 - 28-Oct-20 | ||
2006 76,942 | ||||||||||
9 | LETO | $ | 13,000 | 5.00 | % | Uniper Global Commodities SE, Düsseldorf | 31-May-19 | 20-May-20 - 1-Jun-20 | 3,7 | |
2010 81,297 | ||||||||||
10 | SELINA | B | $ | 11,750 | 5.00 | % | Ausca Shipping Limited, Hong Kong | 15-Jul-19 | 15-Feb-20 | 8 |
$ | 6,500 | 5.00 | % | Daelim Corporation | 26-Feb-20 | 21-Mar-20 | ||||
$ | 4,750 | 4.75 | % | Cargill International S.A., Geneva | 27-Mar-20 | 21-May-20 | 9 | |||
2010 75,700 | ||||||||||
11 | MAERA | B | $ | 9,450 | 5.00 | % | Glencore Agriculture B.V., Rotterdam | 27-Mar-19 | 26-May-20 - 10-Jul-20 | 3 |
2013 75,403 | ||||||||||
12 | ISMENE | $ | 12,125 | 5.00 | % | Koch Shipping Pte. Ltd., Singapore | 12-Dec-18 | 10-Jan-20 | ||
$ | 10,800 | 5.00 | % | Phaethon International Company AG | 10-Jan-20 | 10-Feb-21 - 25-Apr-21 | ||||
2013 77,901 | ||||||||||
13 | CRYSTALIA | C | $ | 10,500 | 5.00 | % | Glencore Agriculture B.V., Rotterdam | 2-Mar-19 | 23-May-20 - 1-Jul-20 | 3 |
2014 77,525 | ||||||||||
14 | ATALANDI | C | $ | 12,250 | 5.00 | % | Uniper Global Commodities SE, Düsseldorf | 9-Jul-19 | 9-Jun-20 - 24-Aug-20 | |
2014 77,529 | ||||||||||
5 Kamsarmax Bulk Carriers | ||||||||||
15 | MAIA | D | $ | 13,300 | 5.00 | % | Glencore Agriculture B.V., Rotterdam | 12-Nov-18 | 31-Jan-20 | |
$ | 11,200 | 5.00 | % | Aquavita International S.A. | 31-Jan-20 | 31-Mar-21 - 15-Jun-21 | ||||
2009 82,193 | ||||||||||
16 | MYRSINI | D | $ | 11,500 | 5.00 | % | Ausca Shipping Limited, Hong Kong | 4-Dec-19 | 4-Jan-21 - 19-Mar-21 | 10 |
2010 82,117 | ||||||||||
17 | MEDUSA | D | $ | 11,000 | 4.75 | % | Cargill International S.A., Geneva | 16-Nov-19 | 1-Oct-20 - 16-Dec-20 | |
2010 82,194 | ||||||||||
18 | MYRTO | D | $ | 14,000 | 4.75 | % | Cargill International S.A., Geneva | 18-Jul-19 | 3-Apr-20 | |
$ | 10,000 | 4.75 | % | 3-Apr-20 | 1-Jul-21 - 15-Sep-21 | |||||
2013 82,131 | ||||||||||
19 | ASTARTE | $ | 14,250 | 5.00 | % | Glencore Agriculture B.V., Rotterdam | 16-Oct-18 | 18-Jan-20 | ||
$ | 11,750 | 5.00 | % | Aquavita International S.A. | 18-Jan-20 | 18-Mar-21 - 2-Jun-21 | ||||
2013 81,513 | ||||||||||
5 Post-Panamax Bulk Carriers | ||||||||||
20 | ALCMENE | $ | 9,500 | 5.00 | % | Oriental Bulk Shipping PTE. LTD | 16-Nov-19 | 10-Jan-20 | 11 | |
$ | 4,000 | 4.75 | % | Cargill International S.A., Geneva | 2-Apr-20 | 1-Jun-20 | ||||
$ | 8,500 | 4.75 | % | 1-Jun-20 | 17-Apr-21 - 2-Jul-21 | |||||
2010 93,193 | ||||||||||
21 | AMPHITRITE | E | $ | 12,750 | 5.00 | % | Uniper Global Commodities SE, Düsseldorf | 27-Jan-19 | 21-Mar-20 | |
$ | 10,250 | 5.00 | % | SwissMarine Pte. Ltd., Singapore | 21-Mar-20 | 6-Apr-21 - 21-Jun-21 | ||||
2012 98,697 | ||||||||||
22 | POLYMNIA | E | $ | 11,000 | 4.75 | % | Cargill International S.A., Geneva | 15-Nov-19 | 15-Oct-20 - 30-Dec-20 | |
2012 98,704 | ||||||||||
23 | ELECTRA | F | $ | 10,250 | 5.00 | % | Oldendorff Carriers GMBH & Co. KG, Lübeck | 21-Nov-19 | 21-Oct-20 - 21-Dec-20 | |
2013 87,150 | ||||||||||
24 | PHAIDRA | F | $ | 10,800 | 5.00 | % | Uniper Global Commodities SE, Düsseldorf | 11-Apr-19 | 27-May-20 - 26-Aug-20 | |
2013 87,146 | ||||||||||
13 Capesize Bulk Carriers | ||||||||||
- | NORFOLK | $ | 17,750 | 5.00 | % | Koch Shipping Pte. Ltd., Singapore | 2-Nov-19 | 20-Feb-20 | 12 | |
2002 164,218 | ||||||||||
25 | ALIKI | $ | 18,000 | 5.00 | % | SwissMarine Services S.A., Geneva | 9-Apr-18 | 23-Jan-20 | 13 | |
$ | 11,300 | 5.00 | % | Koch Shipping Pte. Ltd., Singapore | 23-Apr-20 | 1-Jan-21 - 15-Mar-21 | ||||
2005 180,235 | ||||||||||
26 | BALTIMORE | $ | 15,000 | 5.00 | % | Koch Shipping Pte. Ltd., Singapore | 19-May-19 | 4-Dec-20 - 3-Apr-21 | 14 | |
2005 177,243 | ||||||||||
27 | SALT LAKE CITY | $ | 9,750 | 4.75 | % | Cargill International S.A., Geneva | 24-Mar-19 | 24-Nov-20 - 24-Feb-21 | ||
2005 171,810 | ||||||||||
28 | SIDERIS GS | G | $ | 15,350 | 5.00 | % | Berge Bulk Shipping Pte. Ltd., Singapore | 15-Dec-18 | 7-Mar-20 | |
$ | 12,700 | 5.00 | % | Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany | 7-Mar-20 | 15-Oct-20 - 31-Dec-20 | ||||
2006 174,186 | ||||||||||
29 | SEMIRIO | G | $ | 16,000 | 4.75 | % | Cargill International S.A., Geneva | 30-Jun-19 | 30-Sep-20 - 30-Dec-20 | |
2007 174,261 | ||||||||||
30 | BOSTON | G | $ | 15,300 | 5.00 | % | Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany | 7-Jun-19 | 1-Apr-21 - 30-Jun-21 | |
2007 177,828 | ||||||||||
31 | HOUSTON | G | $ | 10,125 | 5.00 | % | Koch Shipping Pte. Ltd., Singapore | 17-Feb-19 | 12-Apr-20 | |
$ | 6,250 | 5.00 | % | C Transport Maritime Ltd., Bermuda | 13-Apr-20 | 13-May-20 | ||||
$ | 12,400 | 5.00 | % | 13-May-20 | 1-Jul-21 - 30-Sep-21 | |||||
2009 177,729 | ||||||||||
32 | NEW YORK | G | $ | 15,500 | 5.00 | % | Singapore Marine Pte. LTD., Singapore | 7-Jun-19 | 7-Nov-20 - 22-Jan-21 | 15 |
2010 177,773 | ||||||||||
33 | SEATTLE | H | $ | 16,000 | 5.00 | % | SwissMarine Services S.A., Geneva | 24-Dec-18 | 24-Apr-20 | |
$ | 12,300 | 5.00 | % | Pacbulk Shipping Pte. Ltd., Singapore | 27-Apr-20 | 1-Oct-21 - 31-Dec-21 | ||||
2011 179,362 | ||||||||||
34 | P. S. PALIOS | H | $ | 17,500 | 5.00 | % | SwissMarine Services S.A., Geneva | 5-Jun-19 | 24-Mar-20 | |
$ | 6,000 | 5.00 | % | C Transport Maritime Ltd., Bermuda | 24-Mar-20 | 28-Apr-20 | ||||
$ | 12,050 | 5.00 | % | 28-Apr-20 | 9-Apr-21 - 24-Jun-21 | |||||
2013 179,134 | ||||||||||
35 | G. P. ZAFIRAKIS | I | $ | 17,000 | 5.00 | % | SwissMarine Services S.A., Geneva | 31-Dec-18 | 31-May-20 - 31-Aug-20 | |
2014 179,492 | ||||||||||
36 | SANTA BARBARA | I | $ | 17,250 | 5.00 | % | Pacbulk Shipping Pte. Ltd., Singapore | 28-Dec-19 | 28-Dec-20 - 28-Feb-21 | |
2015 179,426 | ||||||||||
37 | NEW ORLEANS | $ | 15,000 | 4.75 | % | Cargill International S.A., Geneva | 10-Apr-19 | 26-Jul-20 - 25-Nov-20 | ||
2015 180,960 | ||||||||||
4 Newcastlemax Bulk Carriers | ||||||||||
38 | LOS ANGELES | J | $ | 13,250 | 5.00 | % | SwissMarine Services S.A., Geneva | 6-Mar-19 | 6-Jun-20 - 15-Jun-20 | 3 |
2012 206,104 | ||||||||||
39 | PHILADELPHIA | J | $ | 20,000 | 5.00 | % | Koch Shipping Pte. Ltd., Singapore | 18-Jun-18 | 3-Feb-20 | |
$ | 14,500 | 5.00 | % | BHP Billiton Freight Singapore Pte. Ltd | 5-Feb-20 | 5-Apr-21 - 5-Jul-21 | ||||
2012 206,040 | ||||||||||
40 | SAN FRANCISCO | K | $ | 16,000 | 5.00 | % | Koch Shipping Pte. Ltd., Singapore | 5-Mar-19 | 5-Oct-20 - 20-Jan-21 | |
2017 208,006 | ||||||||||
41 | NEWPORT NEWS | K | $ | 16,500 | 5.00 | % | SwissMarine Services S.A., Geneva | 25-Feb-19 | 25-Jun-20 - 25-Sep-20 | |
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 Vessel off hire for unscheduled maintenance from April 28, 2020 to May 6, 2020. | ||||||||||
2 Vessel on scheduled drydocking from March 9, 2020 to April 13, 2020. | ||||||||||
3 Based on latest information. | ||||||||||
4 Charter included a one time gross ballast bonus payment of US$56,000. | ||||||||||
5 Charter included a one time gross ballast bonus payment of US$107,500. | ||||||||||
6 Currently without an active charterparty. Vessel on scheduled drydocking. | ||||||||||
7 Vessel off hire for drydocking from December 16, 2019 to February 10, 2020. | ||||||||||
8 Ausca Shipping Limited has agreed to compensate the owners for the early redelivery of the vessel until the minimum agreed redelivery date, February 15, 2020. | ||||||||||
9 Redelivery date based on an estimated time charter trip duration of about 55 days. | ||||||||||
10 Vessel currently off hire for drydocking. | ||||||||||
11 Vessel on scheduled drydocking from January 10, 2020 to March 19, 2020. | ||||||||||
12 'Norfolk' sold and delivered to her new Owners on March 11, 2020. | ||||||||||
13 Vessel on scheduled drydocking from January 23, 2020 to April 15, 2020. | ||||||||||
14 Vessel off hire for drydocking for about 40.8 days. | ||||||||||
15 Vessel off hire for drydocking from February 18, 2020 to April 27, 2020. | ||||||||||
Summary of Selected Financial & Other Data (unaudited)
Three months ended March 31, | ||||||
2020 | 2019 | |||||
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars) | ||||||
Time charter revenues | $ | 43,760 | $ | 60,301 | ||
Voyage expenses | 3,734 | 2,774 | ||||
Vessel operating expenses | 21,317 | 22,358 | ||||
Net income/(loss) | (102,823 | ) | 2,976 | |||
Net income/(loss) attributed to common stockholders | (104,265 | ) | 1,534 | |||
FLEET DATA | ||||||
Average number of vessels | 41.8 | 48.0 | ||||
Number of vessels | 41.0 | 48.0 | ||||
Weighted average age of vessels | 9.5 | 9.4 | ||||
Ownership days | 3,801 | 4,320 | ||||
Available days | 3,518 | 4,276 | ||||
Operating days | 3,391 | 4,263 | ||||
Fleet utilization | 96.4 | % | 99.7 | % | ||
AVERAGE DAILY RESULTS | ||||||
Time charter equivalent (TCE) rate (1) | $ | 11,377 | $ | 13,453 | ||
Daily vessel operating expenses (2) | $ | 5,608 | $ | 5,175 | ||
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.
This press release includes a discussion of net income/(loss) and income/(loss) per share adjusted for impairment loss as identified in the reconciliations provided below. The Company believes that discussion of these additional non-GAAP measures provides investors with meaningful comparisons of current results to prior periods’ results by excluding items that the Company does not believe reflect its fundamental business performance. The following shows the difference between net loss to adjusted net loss, and loss per share to adjusted loss per share for the three months ended March 31, 2020 and net income to adjusted net income, and earnings per share to adjusted earnings per share for the three months ended March 31, 2019 (in thousands, except per share amounts):
Three months ended March 31, | ||||||
2020 | 2019 | |||||
Adjusted net income/(loss) and net income/(loss) attributed to common stockholders | ||||||
Net income/(loss) | $ | (102,823 | ) | $ | 2,976 | |
Impairment loss | 93,137 | 4,750 | ||||
Adjusted net income/(loss) | $ | (9,686 | ) | $ | 7,726 | |
Dividends on series B preferred shares | (1,442 | ) | (1,442 | ) | ||
Adjusted net income/(loss) attributed to common stockholders | $ | (11,128 | ) | $ | 6,284 | |
Adjusted income/(loss) per share | ||||||
Income/(loss) per common share, basic and diluted | $ | (1.21 | ) | $ | 0.02 | |
Impairment loss per share | 1.08 | 0.05 | ||||
Adjusted income/(loss) per share, basic and diluted | $ | (0.13 | ) | $ | 0.07 | |
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 Thursday, May 14, 2020.
Investors may access the webcast by visiting the Company’s website at www.dianashippinginc.com, and clicking on the webcast link. 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 13702465.
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 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, 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, | ||||||
2020 | 2019 | |||||
REVENUES: | ||||||
Time charter revenues | $ | 43,760 | $ | 60,301 | ||
EXPENSES: | ||||||
Voyage expenses | 3,734 | 2,774 | ||||
Vessel operating expenses | 21,317 | 22,358 | ||||
Depreciation and amortization of deferred charges | 11,547 | 12,449 | ||||
General and administrative expenses | 9,546 | 7,535 | ||||
Management fees to related party | 517 | 512 | ||||
Impairment loss | 93,137 | 4,750 | ||||
Loss from sale of vessels | 1,078 | - | ||||
Other gain | (241 | ) | (60 | ) | ||
Operating income/(loss) | $ | (96,875 | ) | $ | 9,983 | |
OTHER INCOME / (EXPENSES): | ||||||
Interest and finance costs | (6,354 | ) | (7,704 | ) | ||
Interest income | 436 | 716 | ||||
Loss from equity method investment | (30 | ) | (19 | ) | ||
Total other expenses, net | $ | (5,948 | ) | $ | (7,007 | ) |
Net income/(loss) | $ | (102,823 | ) | $ | 2,976 | |
Dividends on series B preferred shares | (1,442 | ) | (1,442 | ) | ||
Net income/(loss) attributed to common stockholders | (104,265 | ) | 1,534 | |||
Earnings/(loss) per common share, basic and diluted | $ | (1.21 | ) | $ | 0.02 | |
Weighted average number of common shares, basic | 86,473,606 | 100,654,177 | ||||
Weighted average number of common shares, diluted | 86,473,606 | 100,685,910 | ||||
Three months ended March 31, | ||||||
2020 | 2019 | |||||
Net income/(loss) | $ | (102,823 | ) | $ | 2,976 | |
Other comprehensive loss (Actuarial loss) | (7 | ) | (9 | ) | ||
Comprehensive income/(loss) | $ | (102,830 | ) | $ | 2,967 | |
CONDENSED CONSOLIDATED BALANCE SHEET DATA | ||||
(in thousands of U.S. Dollars) | ||||
March 31, 2020 | December 31, 2019* | |||
ASSETS | (unaudited) | |||
Cash and cash equivalents | $ | 90,700 | $ | 107,288 |
Other current assets | 23,544 | 29,751 | ||
Vessels, net | 781,968 | 882,297 | ||
Other fixed assets, net | 21,989 | 22,077 | ||
Restricted cash, non-current | 20,500 | 21,000 | ||
Investments in related parties | 150 | 1,680 | ||
Other non-current assets | 5,377 | 7,187 | ||
Total assets | $ | 944,228 | $ | 1,071,280 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Long-term debt, net of deferred financing costs | $ | 465,441 | $ | 474,951 |
Other liabilities | 21,088 | 26,265 | ||
Total stockholders' equity | 457,699 | 570,064 | ||
Total liabilities and stockholders' equity | $ | 944,228 | $ | 1,071,280 |
* 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, | ||||||
2020 | 2019 | |||||
Net cash provided by operating activities | $ | 7,290 | $ | 18,122 | ||
Net cash provided by/(used in) investment activities | (1,164 | ) | 3,000 | |||
Net cash used in financing activities | $ | (23,214 | ) | $ | (36,073 | ) |
Corporate Contact:
Ioannis Zafirakis
Director, Interim Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary
Telephone: + 30-210-9470100
Email: izafirakis@dianashippinginc.com
Website: www.dianashippinginc.com
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
