Diana Shipping Reports $1.3 mln Net Loss in Q1

Diana

Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels, reported a net loss of $1.3 million and net loss attributed to common stockholders of $2.7 million for the first quarter of 2021.

This compares to a net loss of $102.8 million and net loss attributed to common stockholders of $104.3 million reported in the first quarter of 2020, including a $93.1 million impairment loss. Loss per share for the first quarter of 2021 was $0.03 compared to loss per share of $1.21 in the same quarter in 2020.

Time charter revenues were $41.1 million for the first quarter of 2021, compared to $43.8 million for the same quarter of 2020. The decrease in time charter revenues was due to the decreased ownership days compared to the prior year period, resulting from the sale of vessels. This decrease was partly offset by increased average time charter rates that the Company achieved for its vessels during the quarter and a better utilization rate.

Fleet Employment Profile (As of May 19, 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
11 Panamax Bulk Carriers
OCEANIS $9,200 5.00% Phaethon International Company AG 9-Jan-20 27-Feb-21 1
2001    75,211
1 PROTEFS A $9,900 5.00% Phaethon International Company AG 30-Nov-19 8-Feb-21
$10,650 5.00% Reachy International (HK) Co., Limited 8-Feb-21 10-Mar-22 – 20-May-22
2004    73,630
2 CALIPSO A $8,250 5.00% Uniper Global Commodities SE, Düsseldorf 13-Apr-20 22-Jan-21 2
$10,400 5.00% Viterra Chartering B.V., Rotterdam 22-Jan-21 1-Oct-21 – 15-Dec-21
2005    73,691
3 NAIAS A $10,000 5.00% Phaethon International Company AG 26-Jan-19 27-Jan-21
$11,000 4.75% Cargill International S.A., Geneva 27-Jan-21 17-May-21 3
$25,000 5.00% Nasshipping Inc. 17-May-21 6-Jun-21 – 16-Jun-21 4
2006    73,546
CORONIS $8,000 5.00% Koch Shipping Pte. Ltd., Singapore 20-Feb-20 31-Dec-20 5
2006    74,381
4 MELIA $10,000 5.00% Ausca Shipping Limited, Hong Kong 20-Aug-20 31-May-21 – 20-Jun-21 6,7
2005     76,225
5 ARTEMIS $10,250 5.00% Glencore Agriculture B.V., Rotterdam 30-Nov-20 5-Jan-22 – 30-Mar-22
2006     76,942
6 LETO $9,000 4.75% Cargill International S.A., Geneva 21-May-20 15-Jul-21 – 30-Sep-21
2010     81,297
7 SELINA B $11,000 5.00% ST Shipping and Transport Pte. Ltd., Singapore 5-Jul-20 5-Jul-21 – 5-Sep-21
2010     75,700
8 MAERA B $8,600 5.00% Ausca Shipping Limited, Hong Kong 11-Jun-20 1-Jul-21 – 30-Sep-21
2013     75,403
9 ISMENE $10,800 5.00% Phaethon International Company AG 10-Jan-20 11-Mar-21
$16,500 5.00% Tongli Shipping Pte. Ltd. 11-Mar-21 15-Oct-21 – 15-Dec-21
2013     77,901
10 CRYSTALIA C $8,750 5.00% Glencore Agriculture B.V., Rotterdam 22-May-20 1-Jul-21 – 30-Sep-21
2014    77,525
11 ATALANDI C $9,300 5.00% Uniper Global Commodities SE, Düsseldorf 14-Jun-20 14-Jul-21 – 14-Oct-21
2014    77,529
5 Kamsarmax Bulk Carriers
12 MAIA D $11,200 5.00% Aquavita International S.A. 31-Jan-20 31-May-21 – 15-Jun-21 7
2009     82,193
13 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
14 MEDUSA D $11,000 4.75% Cargill International S.A., Geneva 19-Nov-20 10-Jan-22 – 20-Mar-22
2010     82,194
15 MYRTO D $10,000 4.75% Cargill International S.A., Geneva 3-Apr-20 1-Jul-21 – 15-Sep-21
2013     82,131
16 ASTARTE $11,750 5.00% Aquavita International S.A. 18-Jan-20 20-May-21 8
$25,000 5.00% Mitsui O.S.K. Lines Ltd. 20-May-21 1-Nov-21 – 15-Dec-21 9
2013     81,513
5 Post-Panamax Bulk Carriers
17 ALCMENE $8,500 4.75% Cargill International S.A., Geneva 2-Apr-20 30-May-21 – 2-Jul-21 7
2010     93,193
18 AMPHITRITE E $10,250 5.00% SwissMarine Pte. Ltd., Singapore 21-Mar-20 1-Jun-21 – 21-Jun-21 7
2012     98,697
19 POLYMNIA E $12,100 5.00% CLdN Cobelfret SA, Luxembourg 22-Nov-20 15-Oct-21 – 25-Dec-21
2012    98,704
20 ELECTRA F $10,250 5.00% Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany 21-Nov-19 4-Jan-21 10
$12,500 5.00% SwissMarine Pte. Ltd., Singapore 4-Jan-21 23-Mar-21
$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 1-Jun-21 – 29-Jul-21 7
2013    87,146
12 Capesize Bulk Carriers
22 ALIKI $11,300 5.00% Koch Shipping Pte. Ltd., Singapore 23-Apr-20 18-Mar-21 11
$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 20-Jul-21 – 5-Oct-21
2005    177,243
24 SALT LAKE CITY $9,750 4.75% Cargill International S.A., Geneva 24-Mar-19 9-Jan-21
$13,000 5.00% C Transport Maritime Ltd., Bermuda 9-Jan-21 1-Apr-22 – 30-Jun-22
2005    171,810
SIDERIS GS G $12,700 5.00% Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany 7-Mar-20 15-Jan-21 12,13
2006    174,186
25 SEMIRIO G $16,000 4.75% Cargill International S.A., Geneva 30-Jun-19 1-Jan-21
$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 2-Jun-21 – 30-Jun-21 7
2007    177,828
27 HOUSTON G $12,400 5.00% C Transport Maritime Ltd., Bermuda 13-Apr-20 1-Jul-21 – 30-Sep-21
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 – 31-Dec-21 14
2011     179,362
30 P. S. PALIOS H $12,050 5.00% C Transport Maritime Ltd., Bermuda 24-Mar-20 2-Jun-21 – 24-Jun-21 7
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 5.00% Pacbulk Shipping Pte. Ltd., Singapore 28-Dec-19 9-Jan-21
$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 $16,000 5.00% Koch Shipping Pte. Ltd., Singapore 5-Mar-19 11-Feb-21 15
$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 “Oceanis” sold and delivered to her new owners on March 15, 2021.
2 The compensation for the overlapping period from December 31, 2020 until January 22, 2021, which is beyond the maximum contractual period, is still pending to be agreed between Owners and Uniper Global Commodities SE, Düsseldorf.
3 Vessel sold and expected to be delivered to her new owners at the latest by July 30, 2021.
4 Redelivery date based on an estimated time charter trip duration of about 20-30 days.
5 “Coronis” sold and delivered to her new owners on January 13, 2021.
6 Charter includes a one time ballast bonus payment of US$500,000.
7 Based on latest information.
8 Expected redelivery date from the charterers.
9 Expected delivery date to the charterers.
10 Charterers have agreed to pay the average of the daily published rates for p3a-82 route of the baltic panamax index for the days that index was published (i.e. 21/12-24/12 and 04/12) for the excess period commencing from December 21, 2020 till January 4, 2021.
11 The compensation for the overlapping period from March 15, 2021 until the actual redelivery date, which is beyond the maximum contractual period, is still pending to be agreed between Owners and Koch Shipping Pte. Ltd., Singapore.
12 “Sideris GS” sold and delivered to her new owners on January 20, 2021.
13 The compensation for the overlapping period from December 31, 2020 until January 15, 2021, which is beyond the maximum contractual period, is still pending to be agreed between Owners and Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany.
14 Vessel currently off-hire for drydocking.
15 Charterers have agreed to pay US$18,000 per day, for the excess period commencing from January 20, 2021 until February 11, 2021.
Summary of Selected Financial & Other Data (unaudited)
    Three months ended March 31,
    2021   2020
 
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
  Time charter revenues $ 41,051 $ 43,760
  Voyage expenses 1,780 3,734
  Vessel operating expenses 18,552 21,317
  Net loss (1,295 ) (102,823 )
  Net loss attributed to common stockholders (2,737 ) (104,265 )
FLEET DATA
Average number of vessels 38.2 41.8
Number of vessels 37.0 41.0
Weighted average age of vessels 10.1 9.5
Ownership days 3,434 3,801
Available days 3,434 3,518
Operating days 3,387 3,391
Fleet utilization 98.6 % 96.4 %
AVERAGE DAILY RESULTS
Time charter equivalent (TCE) rate (1) $ 11,436 $ 11,377
Daily vessel operating expenses (2) $ 5,402 $ 5,608

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.

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