Diana reports financial results for Q3 and nine months ended 30 Sept. 2019

Accountancy, Company Profiles, Dry Bulkcarriers, Markets, News, Shipmanagement, Statistics, Stock Markets — By on December 2, 2019 at 2:18 PM

.

DIANA SHIPPING INC. REPORTS FINANCIAL RESULTS  FOR THE third quarter AND nine months ended September 30, 2019

ATHENS, GREECE, December 2, 2019 – Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today reported net income of $1.8 million and net income attributed to common stockholders of $0.3 million for the third quarter of 2019. This compares to net income of $14.8 million and net income attributed to common stockholders of $13.3 million reported in the third quarter of 2018.

Time charter revenues were $53.5 million for the third quarter of 2019, compared to $61.5 million for the same period of 2018. The decrease in time charter revenues was mainly due to decreased revenues due to the sale of two vessels in December 2018 and five vessels during the nine months ended September 30, 2019 and decreased average time charter rates that the Company achieved for its vessels during the quarter.

Net income for the nine months ended September 30, 2019 amounted to $3.4 million and net loss attributed to common stockholders amounted to $0.9 million, including a $7.5 million impairment loss. This compares to net income and net income attributed to common stockholders of $13.7 million and $9.3 million, respectively, for the same period of 2018. Time charter revenues were $169.2 million for the nine months ended September 30, 2019, compared to $163.3 million for the same period of 2018.

Fleet Employment Profile (As of November 28, 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
14 Panamax Bulk Carriers
NIREFS A $10,750 3.75% Hudson Shipping Lines Incorporated 11-Aug-18 29-Aug-19 1
2001    75,311
1 OCEANIS A $10,350 5.00% Ausca Shipping Limited, Hong Kong 16-Nov-18 1-Jan-20 – 31-Mar-20 2
2001    75,211
2 PROTEFS B $11,000 3.75% Hudson Shipping Lines Incorporated 19-Sep-18 29-Nov-19 3
$9,900 5.00% Phaethon International Company AG 29-Nov-19 1-Jan-21 – 31-Mar-21 4
2004    73,630
3 CALIPSO B $12,200 5.00% Glencore Agriculture B.V., Rotterdam 12-Mar-18 23-Sep-19 5
$15,400 5.00% Crystal Sea Shipping Co., Limited 1-Nov-19 26-Dec-19 6
2005    73,691
CLIO B $10,600 5.00% Ausca Shipping Limited, Hong Kong 10-Nov-18 5-Nov-19 7
2005    73,691
4 NAIAS B $10,000 5.00% Phaethon International Company AG 26-Jan-19 26-Dec-20 – 10-Apr-21
2006    73,546
5 ARETHUSA B $9,150 5.00% Ausca Shipping Limited, Hong Kong 2-May-19 2-May-20 – 2-Aug-20
2007     73,593
6 CORONIS $11,300 5.00% CJ International Italy Societa Per Azioni 10-Oct-18 10-Nov-19
$12,000 5.00% Dampskibsselskabet Norden A/S, Copenhagen 10-Nov-19 10-Dec-19 8
2006    74,381
7 MELIA $12,000 5.00% United Bulk Carriers International S.A., Luxemburg 28-Apr-18 22-Nov-19 9
2005     76,225
8 ARTEMIS $12,600 5.00% Ausca Shipping Limited, Hong Kong 17-Sep-18 28-Nov-19 10
2006     76,942
9 LETO $13,000 5.00% Uniper Global Commodities SE, Düsseldorf 31-May-19 1-May-20 – 1-Jul-20
2010     81,297
10 SELINA C $12,250 5.00% BG Shipping Co., Limited, Hong Kong 6-Feb-18 15-Jul-19
$11,750 5.00% Ausca Shipping Limited, Hong Kong 15-Jul-19 15-Feb-20 – 15-Apr-20
2010     75,700
11 MAERA C $9,450 5.00% Glencore Agriculture B.V., Rotterdam 27-Mar-19 10-Apr-20 – 10-Jul-20
2013     75,403
12 ISMENE $12,125 5.00% Koch Shipping Pte. Ltd., Singapore 12-Dec-18 1-Jan-20 – 31-Mar-20
2013     77,901
13 CRYSTALIA D $10,500 5.00% Glencore Agriculture B.V., Rotterdam 2-Mar-19 2-May-20 – 2-Aug-20
2014    77,525
14 ATALANDI D $13,500 5.00% Uniper Global Commodities SE, Düsseldorf 27-Apr-18 9-Jul-19 11
$12,250 5.00% 9-Jul-19 9-Jun-20 – 24-Aug-20
2014    77,529
5 Kamsarmax Bulk Carriers
15 MAIA E $13,300 5.00% Glencore Agriculture B.V., Rotterdam 12-Nov-18 1-Jan-20 – 31-Mar-20 12
2009     82,193
16 MYRSINI E $12,750 5.00% Glencore Agriculture B.V., Rotterdam 22-Dec-18 6-Dec-19 10
2010     82,117
17 MEDUSA E $14,000 4.75% Cargill International S.A., Geneva 3-Sep-18 15-Nov-19
$11,000 4.75% 16-Nov-19 1-Oct-20 – 16-Dec-20
2010     82,194
18 MYRTO E $14,000 4.75% Cargill International S.A., Geneva 25-Apr-18 18-Jul-19
$14,000 4.75% 18-Jul-19 3-Apr-20 – 18-Jun-20
2013     82,131
19 ASTARTE $14,250 5.00% Glencore Agriculture B.V., Rotterdam 16-Oct-18 16-Dec-19 – 16-Mar-20
2013     81,513
5 Post-Panamax Bulk Carriers
20 ALCMENE $11,500 5.00% BG Shipping Co., Limited, Hong Kong 21-Nov-18 16-Nov-19
$9,500 5.00% Oriental Bulk Shipping PTE. LTD 16-Nov-19 26-Dec-19 13
2010     93,193
21 AMPHITRITE F $12,750 5.00% Uniper Global Commodities SE, Düsseldorf 27-Jan-19 27-Mar-20 – 27-Jun-20
2012     98,697
22 POLYMNIA F $16,000 4.75% Cargill International S.A., Geneva 9-Jul-18 15-Nov-19
$11,000 4.75% 15-Nov-19 15-Oct-20 – 30-Dec-20
2012    98,704
23 ELECTRA G $13,500 5.00% Uniper Global Commodities SE, Düsseldorf 19-Oct-18 18-Nov-19
$10,250 5.00% Oldendorff Carriers GMBH & Co. KG, Lübeck 21-Nov-19 21-Oct-20 – 21-Dec-20
2013    87,150
24 PHAIDRA G $10,800 5.00% Uniper Global Commodities SE, Düsseldorf 11-Apr-19 27-May-20 – 26-Aug-20
2013    87,146
14 Capesize Bulk Carriers
25 NORFOLK $13,250 5.00% SwissMarine Services S.A., Geneva 1-Dec-17 2-Nov-19
$17,750 5.00% Koch Shipping Pte. Ltd., Singapore 2-Nov-19 20-Feb-20 – 20-Apr-20
2002    164,218
26 ALIKI $18,000 5.00% SwissMarine Services S.A., Geneva 9-Apr-18 9-Dec-19 – 9-Feb-20
2005    180,235
27 BALTIMORE $15,000 5.00% Koch Shipping Pte. Ltd., Singapore 19-May-19 4-Dec-20 – 3-Apr-21
2005    177,243
28 SALT LAKE CITY $9,750 4.75% Cargill International S.A., Geneva 24-Mar-19 24-Nov-20 – 24-Feb-21
2005    171,810
29 SIDERIS GS H $15,350 5.00% Berge Bulk Shipping Pte. Ltd., Singapore 15-Dec-18 15-Dec-19 – 30-Mar-20
2006    174,186
30 SEMIRIO H $16,000 4.75% Cargill International S.A., Geneva 30-Jun-19 30-Sep-20 – 30-Dec-20
2007    174,261
31 BOSTON H $15,300 5.00% Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany 7-Jun-19 1-Apr-21 – 30-Jun-21
2007    177,828
32 HOUSTON H $10,125 5.00% Koch Shipping Pte. Ltd., Singapore 17-Feb-19 17-Apr-20 – 1-Aug-20 14
2009    177,729
33 NEW YORK H $15,500 5.00% Singapore Marine Pte. LTD., Singapore 7-Jun-19 7-Nov-20 – 22-Jan-21
2010    177,773
34 SEATTLE I $16,000 5.00% SwissMarine Services S.A., Geneva 24-Dec-18 24-Apr-20 – 24-Jul-20
2011     179,362
35 P. S. PALIOS I $17,500 5.00% SwissMarine Services S.A., Geneva 5-Jun-19 21-Jan-20 – 20-Mar-20
2013    179,134
36 G. P. ZAFIRAKIS J $17,000 5.00% SwissMarine Services S.A., Geneva 31-Dec-18 31-May-20 – 31-Aug-20 15
2014    179,492
37 SANTA BARBARA J $20,250 4.75% Cargill International S.A., Geneva 24-Apr-18 7-Dec-19 10
2015     179,426
38 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
39 LOS ANGELES K $13,250 5.00% SwissMarine Services S.A., Geneva 6-Mar-19 6-Jun-20 – 6-Sep-20
2012    206,104
40 PHILADELPHIA K $20,000 5.00% Koch Shipping Pte. Ltd., Singapore 18-Jun-18 3-Feb-20 – 18-May-20
2012    206,040
41 SAN FRANCISCO L $16,000 5.00% Koch Shipping Pte. Ltd., Singapore 5-Mar-19 5-Oct-20 – 20-Jan-21
2017   208,006
42 NEWPORT NEWS L $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 ”Nirefs” sold and delivered to her new owners on September 5, 2019.
2 Vessel off hire for drydocking from May 27, 2019 to July 4, 2019.
3 Estimated redelivery date from the charterers.
4 Estimated delivery date to the charterers.
5 Vessel off hire from September 23, 2019 to November 1, 2019.
6 Redelivery date based on an estimated time charter trip duration of about 55 days.
7 “Clio” sold and delivered to her new owners on November 21, 2019.
8 Redelivery date based on an estimated time charter trip duration of about 30 days.
9 Currently without an active charterparty.
10 Based on latest information.
11 Vessel off hire for drydocking  from June 8, 2019 to July 9, 2019
12 Vessel off hire for drydocking from August 27, 2019 to October 6, 2019.
13 Redelivery date based on an estimated time charter trip duration of about 40 days.
14 Vessel currently off hire for drydocking.
15 Vessel off hire for drydocking from August 21, 2019 to September 12, 2019.

 

Summary of Selected Financial & Other Data (unaudited)
    Three months ended September 30,   Nine months ended September 30,
    2019   2018   2019   2018
 
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
  Time charter revenues $ 53,534 $ 61,505 $ 169,220 $ 163,315
  Voyage expenses 3,315 1,818 9,054 4,658
  Vessel operating expenses 21,981 22,809 67,232 70,300
  Net income/(loss) 1,770 14,767 3,446 13,672
  Net income/(loss) attributed to common stockholders 328 13,325 (880) 9,345
FLEET DATA
Average number of vessels 43.8 50.0 45.9 50.0
Number of vessels 43.0 50.0 43.0 50.0
Weighted average age of vessels 9.4 9.1 9.4 9.1
Ownership days 4,027 4,600 12,526 13,650
Available days 3,960 4,600 12,358 13,519
Operating days 3,938 4,576 12,255 13,394
Fleet utilization 99.4% 99.5% 99.2% 99.1%
AVERAGE DAILY RESULTS
Time charter equivalent (TCE) rate (1) $ 12,682 $ 12,975 $ 12,961 $ 11,736
Daily vessel operating expenses (2) $ 5,458 $ 4,958 $ 5,367 $ 5,150

_____________________

(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 Monday, December 2, 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 13696449.

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 September 30,   Nine months ended September 30,
    2019   2018   2019   2018
 
REVENUES:      
Time charter revenues $ 53,534 $ 61,505 $ 169,220 $ 163,315
EXPENSES:
Voyage expenses 3,315 1,818 9,054 4,658
Vessel operating expenses 21,981 22,809 67,232 70,300
Depreciation and amortization of deferred charges 12,113 13,177 36,841 39,204
General and administrative expenses 7,137 6,805 20,782 20,522
  Management fees to related party 537 600 1,567 1,800
  Impairment loss 7,519
Loss from sale of vessels 716 2,835
Other gain (489) (118) (556) (296)
Operating income $ 8,224 16,414 23,946 27,127
OTHER INCOME / (EXPENSES):
Interest and finance costs (7,206) (7,175) (22,709) (21,468)
Interest and other income 754 5,508 2,255 7,982
Gain/(loss) from equity method investment (2) 20 (46) 31
  Total other expenses, net $ (6,454) (1,647) (20,500) (13,455)
 
Net income $ 1,770 $ 14,767 $ 3,446 $ 13,672
Dividends on series B preferred shares (1,442) (1,442) (4,326) (4,327)
Net income/(loss) attributed to common stockholders 328 13,325 (880) 9,345
Earnings/(loss) per common share, basic and diluted $ $ 0.13 $ (0.01) $ 0.09
Weighted average number of common shares, basic 93,359,239 103,959,717 96,934,593 103,684,250
 
Weighted average number of common shares, diluted 94,274,398 105,234,812 96,934,593 104,567,959
Three months ended September 30, Nine months ended September 30,
2019   2018   2019   2018
           
Net income/(loss) $ 1,770 $ 14,767 $ 3,446 $ 13,672
Other comprehensive loss (Actuarial loss) (9) (8) (27) (24)
Comprehensive income/(loss) $ 1,761 $ 14,759 $ 3,419 $ 13,648

 

CONDENSED CONSOLIDATED BALANCE SHEET DATA  
(in thousands of U.S. Dollars)    
     
  September 30, 2019 December 31, 2018*
ASSETS    (unaudited)
           
Cash and cash equivalents $ 127,272 $ 126,825
Other current assets 16,929 15,147
Vessels, net   915,383   991,403
Other fixed assets, net   22,162   22,425
Restricted cash, non-current   21,500   24,582
Investments in related parties   3,217   3,263
Other non-current assets 5,642 4,151
Total assets $ 1,112,105 $ 1,187,796
 
LIABILITIES AND STOCKHOLDERS’ EQUITY    
   
Long-term debt, net of deferred financing costs $ 485,527 $ 530,547
Other liabilities 22,659 29,565
Total stockholders’ equity 603,919 627,684
Total liabilities and stockholders’ equity $ 1,112,105 $ 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 September 30,   Nine months ended September 30,
    2019   2018   2019   2018
Net cash provided by operating activities $ 11,523 $ 24,180 $ 44,475 $ 51,971
Net cash provided by investment activities 12,244 38,563 32,384 85,888
Net cash provided by/(used in) financing activities $ (18,914) $ 31,436 $ (78,912) $ (1,562)
Tags:

Leave a Reply

IMPORTANT! To be able to proceed, you need to solve the following simple math (so we know that you are a human) :-)

What is 14 + 13 ?
Please leave these two fields as-is:

Trackbacks

Leave a Trackback