Home HRCompany Profiles Diana Shipping Inc. Reports Financial Results for the 1Q22 Ended March 31, 2022; Declares Cash Dividend of 25 Cents per Share for the 1Q22

Diana Shipping Inc. Reports Financial Results for the 1Q22 Ended March 31, 2022; Declares Cash Dividend of 25 Cents per Share for the 1Q22

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ATHENS, GREECE, May 24, 2022 – Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today reported net income of $26.0 million and net income attributed to common stockholders of $24.6 million for the first quarter of 2022. This compares to a net loss of $1.3 million and net loss attributed to common stockholders of $2.7 million reported in the first quarter of 2021. Earnings per share for the first quarter of 2022 was $0.32 basic and $0.31 diluted, compared to loss per share of $0.03 basic and diluted in the same quarter in 2021.

Time charter revenues were $65.9 million for the first quarter of 2022, compared to $41.1 million for the same quarter of 2021. The increase in time charter revenues was due to increased average time charter rates that the Company achieved for its vessels during the quarter. This increase was partly offset by decreased ownership days compared to the same quarter of last year, which was due to vessel sales and a spin-off in November 2021.

Dividend Declaration

The Company has declared a cash dividend on its common stock of $0.25 per share, based on the Company’s results of operations during the first quarter ended March 31, 2022. The cash dividend will be payable on or about June 17, 2022 to all shareholders of record as of June 6, 2022. The Company currently has 86,142,258 common shares issued and outstanding.

 Fleet Employment Profile (As of May 23, 2022)
 Diana Shipping Inc.’s fleet is employed as follows:
 VesselSister Ships*Gross Rate (USD Per Day)Com**CharterersDelivery Date to Charterers***Redelivery Date to Owners****Notes
 BUILT    DWT
         
 8 Panamax Bulk Carriers
1MELIA $25,7505.00%Viterra Chartering B.V., Rotterdam11-Jun-2128-May-221
 2005     76,225       
2ARTEMIS $10,2505.00%Glencore Agriculture B.V., Rotterdam30-Nov-2021-Mar-22 
   $21,2504.75%Cargill International S.A., Geneva21-Mar-2220-Jun-23 – 20-Aug-23 
 2006     76,942       
3LETO $25,5004.75%Aquavita International S.A.3-Oct-211-Feb-23 – 15-Apr-23 
 2010     81,297       
4SELINAA$26,5005.00%ASL Bulk Shipping HK Limited2-Sep-2115-Jun-22 – 15-Sep-22 
 2010     75,700       
5MAERAA$26,0005.00%ASL Bulk Shipping HK Limited18-Sep-211-Oct-22 – 15-Dec-22 
 2013     75,403       
6ISMENE $18,5004.75%Cargill International S.A., Geneva23-Nov-2115-Dec-22 – 15-Feb-23 
 2013     77,901       
7CRYSTALIAB$26,1005.00%Uniper Global Commodities SE, Düsseldorf21-Sep-211-Oct-22 – 15-Dec-22 
 2014    77,525       
8ATALANDIB$24,5004.75%Aquavita International S.A.5-Oct-2115-Feb-23 – 30-Apr-23 
 2014    77,529       
 6 Kamsarmax Bulk Carriers
9MAIAC$25,0005.00%Viterra Chartering B.V., Rotterdam20-Jun-2124-May-222
   $25,0005.00%Hyundai Glovis Co. Ltd.24-May-2220-Sep-23 – 20-Nov-233
 2009     82,193       
10MYRSINIC$22,0004.75%Cargill International S.A., Geneva15-Nov-211-Dec-22 – 31-Jan-23 
 2010     82,117       
11MEDUSAC$11,0004.75%Cargill International S.A., Geneva19-Nov-209-Mar-22 
   $26,0004.75%9-Mar-2215-May-23 – 15-Jul-23 
 2010     82,194       
12MYRTOC$28,5005.00%Solebay Shipping Transocean Company Limited10-Sep-2115-Aug-22 – 15-Oct-22 
 2013     82,131       
13ASTARTE $21,5005.00%Tongli Shipping Pte. Ltd.30-Jan-2215-Apr-23 – 15-Jun-234
 2013     81,513       
14LEONIDAS P. C. $24,5004.75%Cargill International S.A., Geneva18-Feb-221-Mar-23 – 30-Apr-235
 2011     82,165       
 5 Post-Panamax Bulk Carriers
15ALCMENE $17,1005.00%SwissMarine Pte. Ltd., Singapore25-Nov-2120-Dec-22 – 5-Mar-23 
 2010     93,193       
16AMPHITRITED$27,0005.00%BG Shipping Co., Limited, Hong Kong13-Sep-2115-Oct-22 – 15-Dec-22 
 2012     98,697       
17POLYMNIAD$12,1005.00%CLdN Cobelfret SA, Luxembourg22-Nov-204-Feb-226
   $24,7505.00%4-Feb-2215-Jan-23 – 15-Mar-23 
 2012    98,704       
18ELECTRAE$21,0005.00%Tongli Shipping Pte. Ltd.28-Apr-2113-Apr-227
   $16,5005.00%Raffles Shipping International Pte. Ltd.13-Apr-226-Jun-221,8
 2013    87,150       
19PHAIDRAE$28,0005.00%Uniper Global Commodities SE, Düsseldorf2-Sep-211-Jul-22 – 15-Sep-22 
 2013    87,146       
 12 Capesize Bulk Carriers
20ALIKI $20,5005.00%Solebay Shipping Cape Company Limited, Hong Kong18-Mar-2121-Feb-22 
   $24,5005.00%Koch Shipping Pte. Ltd., Singapore21-Feb-221-Feb-23 – 15-Apr-23 
 2005    180,235       
21BALTIMORE $10,5005.00%Trafigura Maritime Logistics Pte. Ltd.8-Feb-228-Apr-229
   $16,0005.00%Solebay Shipping Cape Company Limited, Hong Kong8-Apr-2227-Jun-22 – 17-Jul-2210
 2005    177,243       
22SEMIRIOF$19,7005.00%C Transport Maritime Ltd., Bermuda15-Dec-2115-Aug-23 – 15-Nov-23 
 2007    174,261       
23BOSTONF$25,5005.00%C Transport Maritime Ltd., Bermuda16-Jun-2120-Apr-22 
   $13,0005.00%Richland Bulk Pte. Ltd.20-Apr-2230-May-2211
 2007    177,828       
24HOUSTONF$27,0005.00%Koch Shipping Pte. Ltd., Singapore30-Aug-2115-Jul-22 – 15-Oct-22 
 2009    177,729       
25NEW YORKF$14,0005.00%EGPN Bulk Carrier Co., Limited, Hong Kong29-Dec-204-Jun-22 – 3-Jul-221
 2010    177,773       
26SEATTLEG$12,3005.00%Pacbulk Shipping Pte. Ltd., Singapore27-Apr-202-Mar-22 
   $26,5005.00%Solebay Shipping Cape Company Limited, Hong Kong2-Mar-221-Oct-23 – 15-Dec-23 
 2011     179,362       
27P. S. PALIOSG$26,5004.75%Olam International Limited, Singapore5-Jun-2123-Apr-2212,13
   $31,0005.00%Classic Maritime Inc.11-Jun-2215-Apr-24 – 30-Jun-243
 2013    179,134       
28G. P. ZAFIRAKISH$22,7504.75%Cargill International S.A., Geneva1-Dec-211-Nov-22 – 31-Dec-22 
 2014    179,492       
29SANTA BARBARAH$17,2504.75%Cargill International S.A., Geneva9-Jan-2119-Mar-2214
   $29,5004.75%19-Mar-2210-May-23 – 10-Jul-23 
 2015     179,426       
30NEW ORLEANS $15,5005.00%Nippon Yusen Kabushiki Kaisha3-Dec-2025-Mar-22 
   $32,0005.00%Engelhart CTP Freight (Switzerland) SA25-Mar-2220-Nov-23 – 31-Jan-24 
 2015    180,960       
31FLORIDA $25,9005.00%Bunge S.A., Geneva29-Mar-2229-Jan-27 – 29-May-2715
 2022   182,063       
 4 Newcastlemax Bulk Carriers
32LOS ANGELESI$26,2505.00%Koch Shipping Pte. Ltd., Singapore30-Jan-2215-Jan-23 – 15-Mar-2316
 2012    206,104       
33PHILADELPHIAI$28,5005.00%Classic Maritime Inc.22-Apr-217-Mar-2217
   $26,0005.00%C Transport Maritime Ltd., Bermuda12-Apr-221-Feb-24 – 15-Apr-24 
 2012    206,040       
34SAN FRANCISCOJ$24,7005.00%Olam International Limited, Singapore11-Feb-2118-Feb-2218
   $30,5005.00%Koch Shipping Pte. Ltd., Singapore18-Feb-221-Mar-23 – 15-May-23 
 2017   208,006       
35NEWPORT NEWSJ$28,0005.00%Koch Shipping Pte. Ltd., Singapore16-Dec-211-Jul-23  –  30-Sep-2319
 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.
 
1Based on latest information.
2Expected redelivery date from the charterers.
3Expected delivery date to the charterers.
4Vessel on scheduled drydocking from December 28, 2021 to January 30, 2022.
5Vessel was delivered to the Company on February 16, 2022.
6Charterers 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.
7Charterers agreed to compensate the owners, for all the days over and above the maximum redelivery date (April 10, 2022), with hire rate equal to the average of Baltic Panamax Index 5TC weighted time charter average minus 10% or vessel’s present Charter Party rate, whichever is higher.
8For two laden legs of maximum duration up to June 30, 2022.
9Charter included a one time ballast bonus payment of US$1,000,000.
10Redelivery date based on an estimated time charter trip duration of about 80-100 days.
11Redelivery date based on an estimated time charter trip duration of about 41 days.
12Charterers agreed to compensate the owners, for all the days over and above the maximum redelivery date (April 15, 2022), with hire rate equal to the average of Baltic Cape Index 5TC weighted time charter average plus 10% or vessel’s present Charter Party rate, whichever is higher.
13Currently without an active charterparty. Vessel on scheduled drydocking.
14Charterers 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.
15Bareboat chartered-in for a period of ten years at US$13,500 per day.
16Vessel on scheduled drydocking from December 23, 2021 to January 30, 2022.
17Vessel on scheduled drydocking from March 7, 2022 to April 12, 2022.
18The charter rate was US$17,750 per day for the first one hundred five (105) days of the charter period.
19Vessel on scheduled drydocking from February 4, 2022 to March 2, 2022.
Summary of Selected Financial & Other Data (unaudited)
   Three months ended March 31,
   2022 2021
      
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
 Revenues$65,933$41,051
 Voyage expenses 1,714 1,780
 Vessel operating expenses 16,428 18,552
 Net income/(loss) and Comprehensive Income/(Loss) 26,044 (1,295)
 Net Income/(Loss)  and Comprehensive Income/(Loss), Attributable to Common Shareholders 24,602 (2,737)
FLEET DATA
 Average number of vessels 33.5 38.2
 Number of vessels 35.0 37.0
 Weighted average age of vessels 10.2 10.1
 Ownership days 3,017 3,434
 Available days 2,906 3,434
 Operating days 2,860 3,387
 Fleet utilization 98.4% 98.6%
AVERAGE DAILY RESULTS
 Time charter equivalent (TCE) rate (1)$22,099$11,436
 Daily vessel operating expenses (2)$5,445$5,402

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, May 24, 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 13729890.

About the Company

Diana Shipping Inc. is a global provider of shipping transportation services through its ownership and bareboat charter-in 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.

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