09/05/2019 13:40:00

Diana Shipping Inc. Reports Financial Results for the First Quarter Ended March 31, 2019

ATHENS, Greece, May 09, 2019 (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 $3.0 million and net income attributed to common stockholders of $1.5 million for the first quarter of 2019, including a $4.8 million impairment loss. This compares to a net loss of $3.1 million and net loss attributed to common stockholders of $4.5 million reported in the first quarter of 2018.

Time charter revenues were $60.3 million for the first quarter of 2019, compared to $48.4 million for the same period of 2018. The increase in time charter revenues was due to increased average time charter rates that the Company achieved for its vessels during the quarter and was partly offset by decreased revenues due to the sale of two vessels in December 2018.

 

Fleet Employment Profile (As of May 08, 2019)

 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

 

18 Panamax Bulk Carriers

1DANAEA$10,0005.00%Phaethon International Company AG22-Dec-177-Feb-19 
   $8,1005.00%7-Feb-191-Apr-191
 2001  75,106       
2DIONEA$10,3505.00%Ausca Shipping Limited, Hong Kong23-Jan-1816-Apr-192,3
 2001  75,172       
3NIREFSA$10,7503.75%Hudson Shipping Lines Incorporated11-Aug-1811-Jul-19 - 11-Oct-19 
 2001  75,311       
4OCEANISA$10,3505.00%Ausca Shipping Limited, Hong Kong16-Nov-181-Jan-20 - 31-Mar-20 
 2001  75,211       
5THETISB$10,6503.75%Hudson Shipping Lines Incorporated16-Nov-1816-Jan-20 - 16-Apr-20 
 2004  73,583       
6PROTEFSB$11,0003.75%Hudson Shipping Lines Incorporated19-Sep-184-Sep-19 - 19-Dec-19 
 2004  73,630      
7CALIPSOB$12,2005.00%Glencore Agriculture B.V., Rotterdam12-Mar-1828-May-19 - 12-Sep-194
 2005  73,691       
8CLIOB$10,6005.00%Ausca Shipping Limited, Hong Kong10-Nov-1810-Sep-19 - 10-Dec-19 
 2005  73,691       
9NAIASB$10,0005.00%Phaethon International Company AG26-Nov-1726-Jan-19 
   $10,0005.00%26-Jan-1926-Dec-20 - 10-Apr-21 
 2006  73,546       
10ARETHUSAB$12,6005.00%Glencore Agriculture B.V., Rotterdam27-Apr-182-May-19 
   $9,1505.00%Ausca Shipping Limited, Hong Kong2-May-192-May-20 - 2-Aug-20 
 2007  73,593       
11ERATOC$10,5005.00%Phaethon International Company AG30-Dec-1727-Mar-19 
   $7,2505.00%Ausca Shipping Limited, Hong Kong27-Mar-1918-Apr-195,6
   $5,5005.00%Tongli Shipping Pte. Ltd.18-Apr-1912-May-19 - 17-May-197,8
 2004  74,444       
12CORONISC$11,3005.00%CJ International Italy Societa Per Azioni10-Oct-1811-Aug-19 - 11-Nov-19 
 2006  74,381       
13MELIA $12,0005.00%United Bulk Carriers International S.A., Luxemburg28-Apr-1828-Sep-19 - 28-Dec-19 
 2005  76,225       
14ARTEMIS $12,6005.00%Ausca Shipping Limited, Hong Kong17-Sep-1817-Sep-19  17-Dec-19 
 2006  76,942       
15LETO $12,5005.00%Glencore Agriculture B.V., Rotterdam10-Jan-1816-May-19 - 25-Aug-198
 2010  81,297       
16SELINAD$12,2505.00%BG Shipping Co., Limited, Hong Kong6-Feb-186-Jun-19 - 6-Sep-19 
 2010  75,700       
17MAERAD$11,7505.00%ST Shipping and Transport Pte. Ltd., Singpore4-Jul-1810-Feb-19 
   $7,0005.00%Glencore Agriculture B.V., Rotterdam10-Feb-1927-Mar-19 
   $9,4505.00%27-Mar-1910-Apr-20 - 10-Jul-20 
 2013  75,403       
18ISMENE $12,1255.00%Koch Shipping Pte. Ltd., Singapore12-Dec-181-Jan-20 - 31-Mar-20 
 2013  77,901       
19CRYSTALIAE$11,1005.00%Glencore Agriculture B.V., Rotterdam3-Oct-1728-Jan-199,10
   $10,5005.00%2-Mar-192-May-20 - 2-Aug-20 
 2014  77,525       
20ATALANDIE$13,5005.00%Uniper Global Commodities SE, Düsseldorf27-Apr-1827-Jun-19 - 27-Sep-19 
 2014  77,529       
 

5 Kamsarmax Bulk Carriers

21MAIAF$13,3005.00%Glencore Agriculture B.V., Rotterdam12-Nov-181-Jan-20 - 31-Mar-20 
 2009  82,193       
22MYRSINIF$12,7505.00%Glencore Agriculture B.V., Rotterdam22-Dec-1822-Oct-19 - 22-Dec-19 
 2010  82,117       
23MEDUSAF$14,0004.75%Cargill International S.A., Geneva3-Sep-183-Oct-19 - 3-Dec-19 
 2010  82,194       
24MYRTOF$14,0004.75%Cargill International S.A., Geneva25-Apr-1825-May-19 - 25-Jul-19 
 2013  82,131       
25ASTARTE $14,2505.00%Glencore Agriculture B.V., Rotterdam16-Oct-1816-Dec-19 - 16-Mar-20 
 2013   81,513       
 

5 Post-Panamax Bulk Carriers

26ALCMENE $11,5005.00%BG Shipping Co., Limited, Hong Kong21-Nov-1821-Oct-19 - 21-Jan-20 
 2010  93,193       
27AMPHITRITEG$11,1504.75%Cargill International S.A., Geneva28-Sep-1727-Jan-19 
   $12,7505.00%Uniper Global Commodities SE, Düsseldorf27-Jan-1927-Mar-20 - 27-Jun-2011,12
 2012  98,697       
28POLYMNIAG$16,0004.75%Cargill International S.A., Geneva9-Jul-189-Sep-19 - 9-Dec-19 
 2012  98,704       
29ELECTRAH$13,5005.00%Uniper Global Commodities SE, Düsseldorf19-Oct-1815-Sep-19 - 15-Dec-19 
 2013  87,150       
30PHAIDRAH$12,7005.00%Uniper Global Commodities SE, Düsseldorf13-Jan-1811-Apr-19 
   $10,8005.00%11-Apr-1927-May-20 - 26-Aug-20 
 2013  87,146       
 

14 Capesize Bulk Carriers

31NORFOLK $13,2505.00%SwissMarine Services S.A., Geneva1-Dec-171-Sep-19 - 1-Dec-19 
 2002  164,218       
32ALIKI $18,0005.00%SwissMarine Services S.A., Geneva9-Apr-189-Dec-19 - 9-Feb-20 
 2005  180,235       
33BALTIMORE $18,0505.00%Koch Shipping Pte. Ltd., Singapore6-Jun-1822-May-19 - 21-Aug-19 
 2005  177,243       
34SALT LAKE CITY $16,2504.75%Cargill International S.A., Geneva1-May-1824-Mar-1913
   $9,7504.75%24-Mar-1924-Nov-20 - 24-Feb-21 
 2005  171,810       
35SIDERIS GSI$15,3505.00%Berge Bulk Shipping Pte. Ltd., Singapore15-Dec-1815-Dec-19 - 30-Mar-20 
 2006  174,186       
36SEMIRIOI$20,0505.00%Pacific Bulk Cape Company Limited, Hong Kong1-Sep-181-Jul-19 - 16-Sep-19 
 2007  174,261       
37BOSTONI$17,0005.00%EGPN Bulk Carrier Co., Limited, Hong Kong6-Dec-1716-May-19 - 6-Jul-198
 2007  177,828       
38HOUSTONI$19,0005.00%SwissMarine Services S.A., Geneva9-May-1817-Feb-19 
   $10,1255.00%Koch Shipping Pte. Ltd., Singapore17-Feb-1917-Apr-20 - 1-Aug-20 
 2009  177,729       
39NEW YORKI$16,0005.00%DHL Project & Chartering Limited, Hong Kong2-Feb-182-Jun-19 - 2-Sep-19 
 2010  177,773       
40SEATTLEJ$16,0005.00%SwissMarine Services S.A., Geneva24-Dec-1824-Apr-20 - 24-Jul-20 
 2011  179,362       
41P. S. PALIOSJ$17,3505.00%Koch Shipping Pte. Ltd., Singapore24-May-189-Jun-19 - 24-Aug-19 
 2013  179,134       
42G. P. ZAFIRAKISK$17,0005.00%SwissMarine Services S.A., Geneva31-Dec-1831-May-20 - 31-Aug-20 
 2014  179,492       
43SANTA BARBARAK$20,2504.75%Cargill International S.A., Geneva24-Apr-189-Oct-19 - 9-Dec-19 
 2015  179,426       
44NEW ORLEANS $21,0005.00%SwissMarine Services S.A., Geneva24-Mar-1810-Apr-19 
   $15,0004.75%Cargill International S.A., Geneva10-Apr-1926-Jul-20 - 25-Nov-20 
 2015  180,960       
 

4 Newcastlemax Bulk Carriers

45LOS ANGELESL$19,1505.00%SwissMarine Services S.A., Geneva16-Apr-186-Mar-19 
   $13,2505.00%6-Mar-196-Jun-20 - 6-Sep-20 
 2012  206,104       
46PHILADELPHIAL$20,0005.00%Koch Shipping Pte. Ltd., Singapore18-Jun-183-Feb-20 - 18-May-20 
 2012  206,040       
47SAN FRANCISCOM$24,0005.00%Koch Shipping Pte. Ltd., Singapore14-May-185-Mar-19 
   $16,0005.00%5-Mar-195-Oct-20 - 20-Jan-21 
 2017  208,006       
48NEWPORT NEWSMBCI_2014 5TCs AVG + 24%5.00%SwissMarine Services S.A., Geneva10-Jan-1725-Feb-19 
   $16,5005.00%25-Feb-1925-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 ''Danae'' sold and delivered to her new Owners on April 1, 2019.
2 Vessel off hire for drydocking from December 17, 2018 to January 12, 2019.
3 ''Dione'' sold and delivered to her new Owners on April 18, 2019.
4 Vessel currently off hire.
5 Redelivery date based on an estimated time charter trip duration of about 22 days.
6 Vessel sold and expected to be delivered to her new Owners at the latest by June 10, 2019.
7 Charterers have the option to redeliver the vessel until June 2, 2019, for a charter rate of US$7,000, in case it exceeds the first twenty-nine (29) days.
8 Based on latest information.
9 Charterers have agreed to pay the average value between ''P2A_03 Skaw - Gibraltar trip to Taiwan - Japan'' and ''P3A_03 Japan - South Korea transpacific round voyage'', as published by the Baltic Exchange on January 18, 2019, for the excess period commencing from January 18, 2019.
10 Vessel on scheduled drydocking from January 30, 2019 to March 2, 2019.
11 The charter rate was US$5,000 per day for the first 5 days of the charter period.
12 Vessel currently off hire for unscheduled maintenance.
13 Charterers have agreed to pay Owners as daily hire, for the period from March 1, 2019 until the actual redelivery date and time, the current charterparty agreed hire rate.

Summary of Selected Financial & Other Data (unaudited)

 

 

 

Three months ended March 31,

 

 

 

2019

 

 

2018

 

 

     

STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)

 

Time charter revenues$60,301 $48,365 

 

Voyage expenses 2,774  2,077 

 

Vessel operating expenses 22,358  22,930 

 

Net income/(loss) 2,976  (3,052)

 

Net income/(loss) attributed to common stockholders 1,534  (4,494)

FLEET DATA

 Average number of vessels 48.0  50.0 
 Number of vessels 48.0  50.0 
 Weighted average age of vessels 9.4  8.6 
 Ownership days 4,320  4,500 
 Available days 4,276  4,444 
 Operating days 4,263  4,435 
 Fleet utilization 99.7%  99.8% 

AVERAGE DAILY RESULTS

 Time charter equivalent (TCE) rate (1)$13,453 $10,416 
 Daily vessel operating expenses (2)$5,175 $5,096 

_____________________

(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 Thursday, May 9, 2019.

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 13689902.

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 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,

 

 

 

2019

 

 

2018

 

 

     

REVENUES:

 

 

 

 

 Time charter revenues$60,301 $48,365 
 Voyage expenses 2,774  2,077 
 Vessel operating expenses 22,358  22,930 
 Depreciation and amortization of deferred charges 12,449  12,977 
 General and administrative expenses  7,535  6,989 

 

Management fees to related party 512  600 

 

Impairment loss 4,750  - 
 Other loss/(gain) (60) 324 
 

Operating income

$9,983  2,468 
      

OTHER INCOME / (EXPENSES):

    
 Interest and finance costs (7,704) (6,947)
 Interest and other income 716  1,412 
 Gain/(loss) from equity method investment (19) 15 

 

Total other expenses, net

$(7,007) (5,520)

 

     

Net income/(loss)

$2,976 $(3,052)
Dividends on series B preferred shares (1,442) (1,442)

Net income/(loss) attributed to common stockholders

 1,534  (4,494)

 

 

    

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

$0.02 $(0.04)

 

     

Weighted average number of common shares, basic

 100,654,177  103,124,133 

 

     

Weighted average number of common shares, diluted

 100,685,910  103,124,133 
      
   

Three months ended March 31,

   

2019

 

 

2018

 
   

 

 

 

Net income/(loss)

$2,976 $(3,052)
Other comprehensive loss (Actuarial loss) (9) (7)

Comprehensive income/(loss)

$2,967 $(3,059)

CONDENSED CONSOLIDATED BALANCE SHEET DATA

 

  
(in thousands of U.S. Dollars)

 

 

 
   

 

 

 

 

 

 

  

2019

  

2018 *

 

ASSETS

  (unaudited)    

 

 

 

 

 

 

 

 
Cash and cash equivalents$111,874 $126,825 
Other current assets 28,225  15,147 
Vessels, net of depreciation

 

961,596 

 

991,403 
Other fixed assets, net

 

22,359 

 

22,425 
Restricted cash

 

24,582 

 

24,582 
Investments in related parties

 

3,244 

 

3,263 
Other non-current assets 3,695  4,151 
 

Total assets

$1,155,575 $1,187,796 
 

 

      

LIABILITIES AND STOCKHOLDERS' EQUITY

 

  

 

  
  

 

  

 

  
Long-term debt, net of deferred financing costs$506,246 $530,547 
Other liabilities 28,314  29,565 
Total stockholders' equity 621,015  627,684 
 

Total liabilities and stockholders' equity

$1,155,575 $1,187,796 
        
*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,

 

 

 

2019

 

 

2018

 
      
Net cash provided by operating activities$18,122 $9,805 
Net cash provided by investment activities 3,000  30,190 
Net cash used in financing activities$(36,073)$(15,939)

Corporate Contact:

Ioannis Zafirakis

Director, Chief Strategy Officer 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

Del

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