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Diana Shipping Inc. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2021

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ATHENS, Greece, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today reported net income of $2.8 million and net income attributed to common stockholders of $1.4 million for the second quarter of 2021. This compares to a net loss of $10.8 million and net loss attributed to common stockholders of $12.2 million, including a $2.6 million impairment loss, reported in the second quarter of 2020.

Time charter revenues were $47.0 million for the second quarter of 2021, compared to $41.0 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 six months ended June 30, 2021 amounted to $1.5 million and net loss attributed to common stockholders amounted to $1.4 million. This compares to a net loss of $113.6 million and net loss attributed to common stockholders of $116.5 million, including a $95.7 million impairment loss and $1.1 million loss from sale of vessels, for the same period of 2020. Time charter revenues were $88.1 million for the first half of 2021, compared to $84.7 million for the same period of 2020.

Fleet Employment Profile (As of August 02, 2021)

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

10 Panamax Bulk Carriers

1

PROTEFS

A

$10,650

5.00

%

Reachy International (HK) Co., Limited

8-Feb-21

10-Mar-22 - 20-May-22

2004 73,630

2

CALIPSO

A

$10,400

5.00

%

Viterra Chartering B.V., Rotterdam

22-Jan-21

1-Oct-21 - 15-Dec-21

2005 73,691

-

NAIAS

A

$11,000

4.75

%

Cargill International S.A., Geneva

27-Jan-21

17-May-21

$25,000

5.00

%

Nasshipping Inc.

17-May-21

21-Jun-21

$23,250

5.00

%

AS Klaveness Chartering, Oslo

21-Jun-21

19-Jul-21

1

2006 73,546

3

MELIA

$10,000

5.00

%

Ausca Shipping Limited, Hong Kong

20-Aug-20

11-Jun-21

2

$25,750

5.00

%

Viterra Chartering B.V., Rotterdam

11-Jun-21

7-Apr-22 - 7-Jun-22

2005 76,225

4

ARTEMIS

$10,250

5.00

%

Glencore Agriculture B.V., Rotterdam

30-Nov-20

5-Jan-22 - 30-Mar-22

2006 76,942

5

LETO

$9,000

4.75

%

Cargill International S.A., Geneva

21-May-20

8-Aug-21 - 30-Sep-21

3

2010 81,297

6

SELINA

B

$11,000

5.00

%

ST Shipping and Transport Pte. Ltd., Singapore

5-Jul-20

7-Aug-21 - 7-Sep-21

3

2010 75,700

7

MAERA

B

$8,600

5.00

%

Ausca Shipping Limited, Hong Kong

11-Jun-20

8-Aug-21 - 3-Oct-21

3

2013 75,403

8

ISMENE

$16,500

5.00

%

Tongli Shipping Pte. Ltd.

11-Mar-21

15-Oct-21 - 15-Dec-21

2013 77,901

9

CRYSTALIA

C

$8,750

5.00

%

Glencore Agriculture B.V., Rotterdam

22-May-20

9-Aug-21 - 30-Sep-21

3

2014 77,525

10

ATALANDI

C

$9,300

5.00

%

Uniper Global Commodities SE, Düsseldorf

14-Jun-20

10-Aug-21 - 14-Oct-21

3

2014 77,529

6 Kamsarmax Bulk Carriers

11

MAIA

D

$11,200

5.00

%

Aquavita International S.A.

31-Jan-20

20-Jun-21

4

$25,000

5.00

%

Viterra Chartering B.V., Rotterdam

20-Jun-21

1-May-22 - 30-Jun-22

2009 82,193

12

MYRSINI

D

$11,500

5.00

%

Ausca Shipping Limited, Hong Kong

4-Dec-19

11-May-21

$27,750

5.00

%

Bocimar International N.V.

11-May-21

15-Oct-21 - 30-Nov-21

2010 82,117

13

MEDUSA

D

$11,000

4.75

%

Cargill International S.A., Geneva

19-Nov-20

10-Jan-22 - 20-Mar-22

2010 82,194

14

MYRTO

D

$10,000

4.75

%

Cargill International S.A., Geneva

3-Apr-20

11-Aug-21 - 15-Sep-21

3

2013 82,131

15

ASTARTE

$11,750

5.00

%

Aquavita International S.A.

18-Jan-20

20-May-21

$25,000

5.00

%

Mitsui O.S.K. Lines Ltd.

20-May-21

1-Nov-21 - 15-Dec-21

2013 81,513

16

MAGNOLIA

-

-

-

-

- - -

5

tbr. LEONIDAS P. C.

2011 82,165

5 Post-Panamax Bulk Carriers

17

ALCMENE

$8,500

4.75

%

Cargill International S.A., Geneva

2-Apr-20

28-Jul-21

6

$25,500

5.00

%

Refined Success Limited

28-Jul-21

30-Oct-21

2010 93,193

18

AMPHITRITE

E

$10,250

5.00

%

SwissMarine Pte. Ltd., Singapore

21-Mar-20

6-Jun-21

$30,000

5.00

%

Jera Global Markets Pte. Ltd.

6-Jun-21

2-Jul-21

7

$30,250

5.00

%

Jera Global Markets Pte. Ltd.

23-Jul-21

6-Sep-21

8

2012 98,697

19

POLYMNIA

E

$12,100

5.00

%

CLdN Cobelfret SA, Luxembourg

22-Nov-20

15-Oct-21 - 25-Dec-21

9

2012 98,704

20

ELECTRA

F

$23,500

5.00

%

Refined Success Limited

23-Mar-21

28-Apr-21

$21,000

5.00

%

Tongli Shipping Pte. Ltd.

28-Apr-21

10-Feb-22 - 10-Apr-22

2013 87,150

21

PHAIDRA

F

$9,400

5.00

%

Uniper Global Commodities SE, Düsseldorf

29-May-20

15-Jul-21

$27,000

5.00

%

Refined Success Limited

15-Jul-21

19-Aug-21

10

2013 87,146

12 Capesize Bulk Carriers

22

ALIKI

$20,500

5.00

%

Solebay Shipping Cape Company Limited, Hong Kong

18-Mar-21

15-Jan-22 - 15-Mar-22

2005 180,235

23

BALTIMORE

$13,000

5.00

%

Koch Shipping Pte. Ltd., Singapore

21-Dec-20

11-Aug-21 - 5-Oct-21

3

2005 177,243

24

SALT LAKE CITY

$13,000

5.00

%

C Transport Maritime Ltd., Bermuda

9-Jan-21

1-Apr-22 - 30-Jun-22

2005 171,810

25

SEMIRIO

G

$13,500

5.00

%

SwissMarine Pte. Ltd., Singapore

1-Jan-21

5-Oct-21 - 20-Dec-21

2007 174,261

26

BOSTON

G

$15,300

5.00

%

Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany

7-Jun-19

16-Jun-21

$25,500

5.00

%

C Transport Maritime Ltd., Bermuda

16-Jun-21

15-Apr-22 - 15-Jun-22

2007 177,828

27

HOUSTON

G

$12,400

5.00

%

C Transport Maritime Ltd., Bermuda

13-Apr-20

10-Aug-21 - 30-Sep-21

3

2009 177,729

28

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

29

SEATTLE

H

$12,300

5.00

%

Pacbulk Shipping Pte. Ltd., Singapore

27-Apr-20

1-Oct-21 - 20-Feb-22

11

2011 179,362

30

P. S. PALIOS

H

$12,050

5.00

%

C Transport Maritime Ltd., Bermuda

24-Mar-20

5-Jun-21

$26,500

4.75

%

Olam International Limited, Singapore

5-Jun-21

15-Feb-22 - 15-Apr-22

2013 179,134

31

G. P. ZAFIRAKIS

I

$13,200

5.00

%

Koch Shipping Pte. Ltd., Singapore

31-May-20

1-Oct-21 - 31-Dec-21

2014 179,492

32

SANTA BARBARA

I

$17,250

4.75

%

Cargill International S.A., Geneva

9-Jan-21

5-Jan-22 - 5-Mar-22

2015 179,426

33

NEW ORLEANS

$15,500

5.00

%

Nippon Yusen Kabushiki Kaisha

3-Dec-20

25-Jan-22 - 25-Mar-22

2015 180,960

4 Newcastlemax Bulk Carriers

34

LOS ANGELES

J

$14,250

5.00

%

Engelhart CTP Freight (Switzerland) SA

6-Jun-20

1-Oct-21 - 31-Dec-21

2012 206,104

35

PHILADELPHIA

J

$14,500

5.00

%

BHP Billiton Freight Singapore Pte. Ltd

5-Feb-20

22-Apr-21

$28,500

5.00

%

Classic Maritime Inc.

22-Apr-21

1-Mar-22 - 1-May-22

2012 206,040

36

SAN FRANCISCO

K

$17,750

5.00

%

Olam International Limited, Singapore

11-Feb-21

27-May-21

$24,700

5.00

%

27-May-21

15-Jan-22 - 15-Mar-22

2017 208,006

37

NEWPORT NEWS

K

$18,400

5.00

%

Koch Shipping Pte. Ltd., Singapore

8-Sep-20

16-Oct-21 - 30-Dec-21

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 sold delivered to her new owners on July 30, 2021.

2 Charter included a one time ballast bonus payment of US$500,000.

3 Based on latest information.

4 Charterers have agreed to pay US$30,664 per day, for the excess period commencing from June 15, 2021 till June 20, 2021.

5 Expected date of delivery to the Company on February 28, 2022.

6 Charterers have agreed to pay the weighted average of the Baltic Panamax 5 T/C routes, as published by the Baltic Exchange on July 2, 2021 for the excess period commencing from July 2, 2021 till July 28, 2021.

7 Vessel on scheduled drydocking from July 2, 2021 to July 23, 2021.

8 Redelivery date based on an estimated time charter trip duration of about 45 days.

9 Vessel currently off hire for drydocking.

10 Redelivery date based on an estimated time charter trip duration of about 35 days.

11 Vessel on scheduled drydocking from April 10, 2021 to May 30, 2021.


Summary of Selected Financial & Other Data (unaudited)

Three months ended June 30,

Six months ended June 30,

2021

2020

2021

2020

STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)

Time charter revenues

$

47,023

$

40,975

$

88,074

$

84,735

Voyage expenses

2,292

3,827

4,072

7,561

Vessel operating expenses

19,179

20,806

37,731

42,123

Net income/(loss)

2,815

(10,794

)

1,520

(113,617

)

Net income/(loss) attributed to common stockholders

1,373

(12,236

)

(1,364

)

(116,501

)

FLEET DATA

Average number of vessels

37.0

41.0

37.6

41.4

Number of vessels

37.0

41.0

37.0

41.0

Weighted average age of vessels

10.4

9.5

10.4

9.5

Ownership days

3,367

3,731

6,801

7,532

Available days

3,319

3,507

6,753

7,025

Operating days

3,305

3,446

6,692

6,838

Fleet utilization

99.6

%

98.3

%

99.1

%

97.3

%

AVERAGE DAILY RESULTS

Time charter equivalent (TCE) rate (1)

$

13,477

$

10,593

$

12,439

$

10,986

Daily vessel operating expenses (2)

$

5,696

$

5,577

$

5,548

$

5,593

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.

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 Tuesday, August 3, 2021.

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 13721321.

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 LOSS

Three months ended June 30,

Six months ended June 30,

2021

2020

2021

2020

REVENUES:

Time charter revenues

$

47,023

$

40,975

$

88,074

$

84,735

EXPENSES:

Voyage expenses

2,292

3,827

4,072

7,561

Vessel operating expenses

19,179

20,806

37,731

42,123

Depreciation and amortization of deferred charges

10,092

11,737

20,141

23,284

General and administrative expenses

7,211

6,739

13,909

16,285

Management fees to related party

405

497

854

1,014

Vessel impairment charges

-

2,556

-

95,693

Loss on sale of vessels

(2

)

-

203

1,078

Other loss/(income)

102

99

(4

)

(142

)

Operating income/(loss)

$

7,744

$

(5,286

)

$

11,168

$

(102,161

)

OTHER INCOME / (EXPENSES):

Interest expense and finance costs

(4,706

)

(5,655

)

(9,342

)

(12,009

)

Interest income

22

203

50

639

Loss on extinguishment of debt

(158

)

-

(158

)

-

Loss from equity method investment

(87

)

(56

)

(198

)

(86

)

Total other expenses, net

$

(4,929

)

$

(5,508

)

$

(9,648

)

$

(11,456

)

Net income/(loss)

$

2,815

$

(10,794

)

$

1,520

$

(113,617

)

Dividends on series B preferred shares

(1,442

)

(1,442

)

(2,884

)

(2,884

)

Net income/(loss) attributed to common stockholders

1,373

(12,236

)

(1,364

)

(116,501

)

Earnings/(loss) per common share, basic and diluted

$

0.02

$

(0.14

)

$

(0.02

)

$

(1.35

)

Weighted average number of common shares, basic

82,020,353

85,552,271

82,792,000

86,012,939

Weighted average number of common shares, diluted

85,576,754

85,552,271

82,792,000

86,012,939

Three months ended June 30,

Six months ended June 30,

2021

2020

2021

2020

Net income/(loss)

$

2,815

$

(10,794

)

$

1,520

$

(113,617

)

Other comprehensive loss (Actuarial loss)

-

(6

)

-

(13

)

Comprehensive income/(loss)

$

2,815

$

(10,800

)

$

1,520

$

(113,630

)


CONDENSED CONSOLIDATED BALANCE SHEET DATA

(in thousands of U.S. Dollars)

June 30, 2021

December 31, 2020*

ASSETS

(unaudited)

Cash, cash equivalents and restricted cash

$

154,995

$

82,909

Other current assets

23,597

41,752

Vessels, net

690,819

716,178

Other fixed assets, net

21,629

21,704

Other non-current assets

8,594

9,867

Total assets

$

899,634

$

872,410

LIABILITIES AND STOCKHOLDERS' EQUITY

Long-term debt, net of deferred financing costs

$

461,515

$

420,314

Other liabilities

22,386

23,526

Total stockholders' equity

415,733

428,570

Total liabilities and stockholders' equity

$

899,634

$

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 June 30,

Six months ended June 30,

2021

2020

2021

2020

Net cash provided by operating activities

$

21,023

$

4,447

$

27,442

$

11,737

Net cash provided by/(used in) investing activities

(483

)

(1,100

)

22,075

(2,264

)

Net cash provided by/(used in) financing activities

$

48,420

$

(12,857

)

$

22,569

$

(36,071

)


CONTACT: 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 Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: enebb@optonline.net