Diana Shipping returns to black

Diana

Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels, reported net income of $14.8 million and net income attributed to common stockholders of $13.3 million for the third quarter of 2018, compared to a net loss of $24.5 million and a net loss attributed to common stockholders of $25.9 million reported in the third quarter of 2017.

Time charter revenues were $61.5 million for the third quarter of 2018, compared to $43.9 million for the same period of 2017. The increase in time charter revenues was due to increased average time charter rates that the Company achieved for its vessels during the quarter.

Net income and net income attributed to common stockholders for the nine months ended September 30, 2018 amounted to $13.7 million and $9.3 million, respectively. This compares to a net loss and net loss attributed to common stockholders of $74.8 million and $79.1 million, respectively, for the same period of 2017. Time charter revenues were $163.3 million for the nine months ended September 30, 2018, compared to $113.0 million for the same period of 2017.

Fleet Employment Profile (As of November 23, 2018)
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
22 Panamax Bulk Carriers
1 DANAE A $10,000 5.00% Phaethon International

Company AG

22-Dec-17 22-Jan-19 – 7-May-19
2001  75,106
2 DIONE A $10,350 5.00% Ausca Shipping Limited, Hong

Kong

23-Jan-18 23-Mar-19 – 8-Jul-19
2001  75,172
3 NIREFS A $9,400 5.00% Jaldhi Overseas Pte. Ltd.,

Singapore

5-May-17 11-Aug-18
$10,750 3.75% Hudson Shipping Lines

Incorporated

11-Aug-18 11-Jul-19 – 11-Oct-19
2001  75,311
4 ALCYON A $8,800 5.00% Hudson Shipping Lines

Incorporated

20-Jul-17 29-Nov-18 – 18-Dec-18 1,2,3
2001  75,247
5 TRITON A $6,500 5.00% Ausca Shipping Limited, Hong

Kong

8-Jun-17 15-Oct-18 4
$11,000 5.00% Tongli Shipping Pte. Ltd. 4-Nov-18 26-Nov-18 1,3
2001  75,336
6 OCEANIS A $7,000 5.00% Ausca Shipping Limited, Hong

Kong

30-May-17 16-Nov-18
$10,350 5.00% 16-Nov-18 1-Jan-20 – 31-Mar-20
2001  75,211
7 THETIS B $8,350 5.00% Ausca Shipping Limited, Hong

Kong

14-Jul-17 19-Oct-18 5,6
$10,650 3.75% Hudson Shipping Lines

Incorporated

16-Nov-18 16-Jan-20 – 16-Apr-20
2004  73,583
8 PROTEFS B $7,900 5.00% Hudson Shipping Lines

Incorporated

24-Jun-17 19-Sep-18
$11,000 3.75% 19-Sep-18 4-Sep-19 – 19-Dec-19
2004  73,630
9 CALIPSO B $12,200 5.00% Glencore Agriculture B.V.,

Rotterdam

12-Mar-18 28-May-19 – 12-Sep-19
2005  73,691
10 CLIO B $8,550 5.00% Phaethon International

Company AG

9-Jul-17 10-Nov-18
$10,600 5.00% Ausca Shipping Limited, Hong

Kong

10-Nov-18 10-Sep-19 – 10-Dec-19
2005  73,691
11 NAIAS B $10,000 5.00% Phaethon International

Company AG

26-Nov-17 11-Feb-19 – 26-May-19
2006  73,546
12 ARETHUSA B $12,600 5.00% Glencore Agriculture B.V.,

Rotterdam

27-Apr-18 27-Apr-19 – 27-Jul-19
2007  73,593
13 ERATO C $10,500 5.00% Phaethon International

Company AG

30-Dec-17 2-Mar-19 – 30-May-19
2004  74,444
14 CORONIS C $9,000 5.00% Narina Maritime Ltd 16-May-17 11-Aug-18 7
$8,300 5.00% CJ International Italy Societa Per

Azioni

11-Aug-18 10-Oct-18
$11,300 5.00% 10-Oct-18 11-Aug-19 – 11-Nov-19
2006  74,381

15

MELIA $12,000 5.00% United Bulk Carriers

International S.A., Luxemburg

28-Apr-18 28-Sep-19 – 28-Dec-19 8
2005  76,225
16 ARTEMIS $9,000 5.00% Ausca Shipping Limited, Hong

Kong

8-Jul-17 17-Sep-18
$12,600 5.00% 17-Sep-18 17-Sep-19 – 17-Dec-19
2006  76,942
17 LETO $12,500 5.00% Glencore Agriculture B.V.,

Rotterdam

10-Jan-18 10-May-19 – 25-Aug-19
2010  81,297
18 SELINA D $12,250 5.00% BG Shipping Co., Limited, Hong

Kong

6-Feb-18 6-Jun-19 – 6-Sep-19
2010  75,700
19 MAERA D $11,900 5.00% Unico Logistics Co., Ltd., Seoul 19-Sep-17 4-Jul-18
$11,750 5.00% ST Shipping and Transport Pte.

Ltd., Singpore

4-Jul-18 20-Jan-19 – 4-Apr-19 9
2013  75,403
20 ISMENE $12,000 5.00% DHL Project & Chartering

Limited, Hong Kong

16-Sep-17 29-Nov-18 – 16-Dec-18 1
2013  77,901
21 CRYSTALIA E $11,100 5.00% Glencore Agriculture B.V.,

Rotterdam

3-Oct-17 30-Nov-18 – 18-Jan-19 1
2014  77,525
22 ATALANDI E $13,500 5.00% Uniper Global Commodities SE,

Düsseldorf

27-Apr-18 27-Jun-19 – 27-Sep-19
2014  77,529
5 Kamsarmax Bulk Carriers
23 MAIA F $10,125 5.00% Glencore Agriculture B.V.,

Rotterdam

27-Jul-17 5-Nov-18 10
$13,300 5.00% 12-Nov-18 1-Jan-20 – 31-Mar-20
2009  82,193
24 MYRSINI F $8,650 5.00% RWE Supply & Trading GmbH,

Essen

8-Jun-17 1-Dec-18 – 31-Dec-18 1
2010  82,117
25 MEDUSA F $10,000 4.75% Cargill International S.A.,

Geneva

6-Jul-17 3-Sep-18
$14,000 4.75% 3-Sep-18 3-Oct-19 – 3-Dec-19
2010  82,194
26 MYRTO F $14,000 4.75% Cargill International S.A.,

Geneva

25-Apr-18 25-May-19 – 25-Jul-19
2013  82,131
27 ASTARTE $9,000 5.00% Glencore Agriculture B.V.,

Rotterdam

12-Jun-17 16-Oct-18
$14,250 5.00% 16-Oct-18 16-Dec-19 – 16-Mar-20
2013  81,513
5 Post-Panamax Bulk Carriers
28 ALCMENE $8,000 4.75% Cargill International S.A.,

Geneva

8-Jun-17 6-Oct-18
$14,000 5.00% Smart Gain Shipping Co.,

Limited, Hong Kong

6-Oct-18 9-Nov-18
$11,500 5.00% BG Shipping Co., Limited, Hong

Kong

21-Nov-18 21-Oct-19 – 21-Jan-20
2010  93,193
29 AMPHITRITE G $11,150 4.75% Cargill International S.A.,

Geneva

28-Sep-17 1-Dec-18 – 28-Jan-19 1
2012  98,697
30 POLYMNIA G $10,100 4.75% Cargill International S.A.,

Geneva

15-Mar-17 9-Jul-18
$16,000 4.75% 9-Jul-18 9-Sep-19 – 9-Dec-19
2012  98,704
31 ELECTRA H $8,000 5.00% Uniper Global Commodities SE,

Düsseldorf

11-Jun-17 19-Oct-18
$13,500 5.00% 19-Oct-18 15-Sep-19 – 15-Dec-19
2013  87,150
32 PHAIDRA H $12,700 5.00% Uniper Global Commodities SE,

Düsseldorf

13-Jan-18 13-Jan-19 – 13-Apr-19
2013  87,146
14 Capesize Bulk Carriers
33 NORFOLK $13,250 5.00% SwissMarine Services S.A.,

Geneva

1-Dec-17 1-Sep-19 – 1-Dec-19
2002  164,218
34 ALIKI $18,000 5.00% SwissMarine Services S.A.,

Geneva

9-Apr-18 9-Dec-19 – 9-Feb-20
2005  180,235
35 BALTIMORE $18,050 5.00% Koch Shipping Pte.

Ltd., Singapore

6-Jun-18 22-May-19 – 21-Aug-19
2005  177,243
36 SALT LAKE CITY $16,250 4.75% Cargill International S.A.,

Geneva

1-May-18 1-Jan-19 – 1-Mar-19
2005  171,810
37 SIDERIS GS I $13,000 5.00% Rio Tinto Shipping (Asia) Pte.,

Ltd., Singapore

21-Jun-17 15-Nov-18
$8,500 5.00% Berge Bulk Shipping Pte. Ltd.,

Singapore

15-Nov-18 15-Dec-18
$15,350 5.00% 15-Dec-18 15-Dec-19 – 30-Mar-20
2006  174,186
38 SEMIRIO I $14,150 5.00% Koch Shipping Pte. Ltd.,

Singapore

21-May-17 1-Sep-18
$20,050 5.00% Pacific Bulk Cape Company

Limited, Hong Kong

1-Sep-18 1-Jul-19 – 16-Sep-19
2007  174,261
39 BOSTON I $17,000 5.00% EGPN Bulk Carrier Co., Limited,

Hong Kong

6-Dec-17 6-Apr-19 – 6-Jul-19
2007  177,828
40 HOUSTON I $19,000 5.00% SwissMarine Services S.A.,

Geneva

9-May-18 25-Jan-19 – 24-Apr-19
2009  177,729
41 NEW YORK I $16,000 5.00% DHL Project & Chartering

Limited, Hong Kong

2-Feb-18 2-Jun-19 – 2-Sep-19
2010  177,773
42 SEATTLE J $11,700 5.00% Koch Shipping Pte. Ltd.,

Singapore

8-Feb-17 30-Jul-18 11
$24,000 5.00% 30-Jul-18 30-Nov-18 – 30-Jan-19
2011  179,362
43 P. S. PALIOS J $17,350 5.00% Koch Shipping Pte. Ltd.,

Singapore

24-May-18 9-Jun-19 – 24-Aug-19
2013  179,134
44 G. P. ZAFIRAKIS K $15,000 5.00% RWE Supply & Trading GmbH,

Essen

14-Aug-17 30-Nov-18 – 14-Jan-19 1
2014  179,492
45 SANTA BARBARA K $20,250 4.75% Cargill International S.A.,

Geneva

24-Apr-18 9-Oct-19 – 9-Dec-19
2015  179,426
46 NEW ORLEANS $21,000 5.00% SwissMarine Services S.A.,

Geneva

24-Mar-18 24-Feb-19 – 24-Apr-19
2015  180,960
4 Newcastlemax Bulk Carriers
47 LOS ANGELES L $19,150 5.00% SwissMarine Services S.A.,

Geneva

16-Apr-18 1-Jan-19 – 16-Apr-19
2012  206,104
48 PHILADELPHIA L $20,000 5.00% Koch Shipping Pte. Ltd.,

Singapore

18-Jun-18 3-Feb-20 – 18-May-20
2012  206,040
49 SAN FRANCISCO M $24,000 5.00% Koch Shipping Pte. Ltd.,

Singapore

14-May-18 4-Mar-19 – 24-May-19
2017  208,006
50 NEWPORT NEWS M BCI_2014

5TCs AVG

+ 24%

5.00% SwissMarine Services S.A.,

Geneva

10-Jan-17 1-Dec-18 – 10-Mar-19 1
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 Based on latest information.
2 Vessel off hire for unscheduled maintenance from May 30, 2018 to July 10, 2018.
3 Vessel sold and expected to be delivered to her new Owners at the latest by January 7, 2019.
4 Vessel on scheduled drydocking from October 17, 2018 to November 1, 2018.
5 Charterers have agreed to pay the weighted average of the Baltic Panamax 4 T/C routes, as published by the Baltic Exchange on October 15, 2018, for the excess period commencing from October 14, 2018.
6 Vessel on scheduled drydocking from October 22, 2018 to November 16, 2018.
7 Charterers have agreed to pay the weighted average of the Baltic Panamax 4 T/C routes, as published by the Baltic Exchange on August 6, 2018, for the excess period commencing from August 5, 2018, in case it is higher than the current rate of US$ 9,000.
8 Vessel off hire from October 22, 2018 to October 25, 2018.
9 Vessel off hire from August 9, 2018 to August 12, 2018.
10 Charterers have agreed to pay the weighted average of the Baltic Panamax 4 T/C routes, as published by the Baltic Exchange on October 26, 2018 plus 18%, only in case it is higher than the existing rate of US$10,125 which otherwise will continue to apply, for the excess period commencing from October 27, 2018.
11 Charterers have agreed to pay the weighted average of the Baltic Capesize 5 T/C routes, as published by the Baltic Exchange on July 23, 2018 plus 5%, for the excess period commencing from July 23, 2018.

 

Summary of Selected Financial & Other Data (unaudited)
Three months ended

September 30,

Nine months ended

September 30,

2018 2017 2018 2017
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
Time charter revenues $ 61,505 $ 43,920 $ 163,315 $ 112,960
Voyage expenses 1,818 2,478 4,658 5,597
Vessel operating expenses 22,809 22,697 70,300 66,337
Net income/(loss) 14,767 (24,493) 13,672 (74,782)
Net income/(loss) attributed to common stockholders 13,325 (25,936) 9,345 (79,109)
FLEET DATA
Average number of vessels 50.0 51.0 50.0 49.4
Number of vessels 50.0 51.0 50.0 51.0
Weighted average age of vessels 9.1 8.2 9.1 8.2
Ownership days 4,600 4,692 13,650 13,495
Available days 4,600 4,632 13,519 13,275
Operating days 4,576 4,533 13,394 13,005
Fleet utilization 99.5% 97.9% 99.1% 98.0%
AVERAGE DAILY RESULTS
Time charter equivalent (TCE) rate (1) $ 12,975 $ 8,947 $ 11,736 $ 8,088
Daily vessel operating expenses (2) $ 4,958 $ 4,837 $ 5,150 $ 4,916

_____________________

(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.

 

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,
2018 2017 2018 2017
REVENUES:
Time charter revenues $ 61,505 $ 43,920 $ 163,315 $ 112,960
EXPENSES:
Voyage expenses 1,818 2,478 4,658 5,597
Vessel operating expenses 22,809 22,697 70,300 66,337
Depreciation and amortization of deferred charges 13,177 22,363 39,204 65,083
General and administrative expenses 6,805 5,737 20,522 18,175
Management fees to related party 600 480 1,800 1,341
Impairment loss 8,446 8,446
Other loss/(gain) (118 ) 43 (296 ) 287
Operating income/(loss) 16,414 (18,324 ) 27,127 (52,306 )
OTHER INCOME / (EXPENSES):
Interest and finance costs (7,175 ) (6,799 ) (21,468 ) (19,874 )
Interest and other income 5,508 1,460 7,982 3,028
Gain/(loss) from equity method investments 20 (830 ) 31 (5,630 )
Total other expenses, net (1,647 ) (6,169 ) (13,455 ) (22,476 )
Net income / (loss) $ 14,767 $ (24,493 ) $ 13,672 $ (74,782 )
Dividends on series B preferred shares (1,442 ) (1,443 ) (4,327 ) (4,327 )
Net income / (loss) attributed to common stockholders 13,325 (25,936 ) 9,345 (79,109 )
Earnings / (loss) per common share, basic and diluted $ 0.13 $ (0.25 ) $ 0.09 $ (0.85 )
Weighted average number of common shares, basic and diluted 103,959,717 102,280,234 103,684,250 93,485,656
Weighted average number of common shares, diluted 105,234,812 102,280,234 104,567,959 93,485,656
Three months ended September 30, Nine months ended September 30,
2018 2017 2018 2017
Net income/(loss) $ 14,767 $ (24,493 ) $ 13,672 $ (74,782 )
Other comprehensive loss (Actuarial loss) (8 ) (7 ) (24 ) (21 )
Comprehensive income/(loss) $ 14,759 $ (24,500 ) $ 13,648 $ (74,803 )

 

CONDENSED CONSOLIDATED BALANCE SHEET DATA
(in thousands of U.S. Dollars)
September 30, 2018 December 31, 2017*
ASSETS  (unaudited)
Cash and cash equivalents $ 176,524 $ 40,227
Due from related parties 19 82,660
Other current assets 17,393 15,874
Vessels, net of depreciation 1,018,266 1,053,578
Other fixed assets, net 22,418 22,650
Restricted cash 25,582 25,582
Investments in related parties 3,279 3,249
Other non-current assets 3,379 2,902
Total assets $ 1,266,860 $ 1,246,722
LIABILITIES AND STOCKHOLDERS’ EQUITY
Long-term debt, net of deferred financing costs $ 605,106 $ 601,384
Other liabilities 22,205 20,580
Total stockholders’ equity 639,549 624,758
Total liabilities and stockholders’ equity $ 1,266,860 $ 1,246,722
* 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,
2018 2017 2018 2017
Net Cash provided by operating activities $ 24,180 $ 8,251 $ 51,971 $ 11,172
Net Cash provided by / (used in) investing activities 38,563 28 85,888 (165,684 )
Net Cash provided by / (used in) financing activities $ 31,436 $ (13,351 ) $ (1,562 ) $ 96,071

 

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