Diana Shipping Inc. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2020

Nachrichtenquelle: globenewswire
27.07.2020, 14:34  |  113   |   |   

ATHENS, Greece, July 27, 2020 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today reported a net loss of $10.8 million and a net loss attributed to common stockholders of $12.2 million for the second quarter of 2020, including a $2.6 million impairment loss. This compares to a net loss of $1.3 million and net loss attributed to common stockholders of $2.7 million reported in the second quarter of 2019.

Time charter revenues were $41.0 million for the second quarter of 2020, compared to $55.4 million for the same period of 2019. The decrease in time charter revenues was mainly due to decreased revenues due to the sale of six vessels in 2019 and one vessel in 2020 and also due to decreased average time charter rates that the Company achieved for its vessels during the quarter.

Net loss for the six months ended June 30, 2020 amounted to $113.6 million and net loss attributed to common stockholders amounted to $116.5 million, including a $95.7 million impairment loss and $1.1 million loss from sale of vessels. This compares to net income of $1.7 million and net loss attributed to common stockholders of $1.2 million for the first half of 2019. Time charter revenues were $84.7 million for the first half of 2020, compared to $115.7 million for the same period of 2019.

  Fleet Employment Profile (As of July 24, 2020)
  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
1 OCEANIS   $9,200 5.00 % Phaethon International Company AG 9-Jan-20 9-Jan-21 - 24-Mar-21  
  2001  75,211              
2 PROTEFS A $9,900 5.00 % Phaethon International Company AG 30-Nov-19 1-Jan-21 - 31-Mar-21 1,2
  2004  73,630              
3 CALIPSO A $4,750 5.00 % Uniper Global Commodities SE, Düsseldorf 13-Apr-20 28-May-20 3
      $8,250 5.00 % 28-May-20 15-Oct-20 - 31-Dec-20  
  2005  73,691              
4 NAIAS A $10,000 5.00 % Phaethon International Company AG 26-Jan-19 26-Dec-20 - 10-Apr-21  
  2006  73,546              
5 ARETHUSA A $9,150 5.00 % Ausca Shipping Limited, Hong Kong 2-May-19 26-May-20  
      $5,500 5.00 % Oldendorff  GmbH & Co. KG, Luebeck 1-Jun-20 26-Jul-20 4,5
  2007  73,593              
6 CORONIS   $8,000 5.00 % Koch Shipping Pte. Ltd., Singapore 20-Feb-20 5-Nov-20 - 4-Jan-21  
  2006  74,381              
7 MELIA   $10,750 4.75 % Cargill International S.A., Geneva 13-Feb-20 28-Apr-20 6,7,8
  2005  76,225              
8 ARTEMIS   $10,150 5.00 % Koch Shipping Pte. Ltd., Singapore 28-Nov-19 13-Aug-20 - 28-Oct-20  
  2006  76,942              
9 LETO   $13,000 5.00 % Uniper Global Commodities SE, Düsseldorf 31-May-19 21-May-20  
      $9,000 4.75 % Cargill International S.A., Geneva 21-May-20 15-Jul-21 - 30-Sep-21  
  2010  81,297              
10 SELINA B $4,750 4.75 % Cargill International S.A., Geneva 27-Mar-20 20-May-20 9
      $11,000 5.00 % ST Shipping and Transport Pte. Ltd., Singapore 5-Jul-20 5-Jul-21 - 5-Sep-21  
  2010  75,700              
11 MAERA B $9,450 5.00 % Glencore Agriculture B.V., Rotterdam 27-Mar-19 11-Jun-20  
      $8,600 5.00 % Ausca Shipping Limited, Hong Kong 11-Jun-20 1-Jul-21 - 30-Sep-21  
  2013  75,403              
12 ISMENE   $10,800 5.00 % Phaethon International Company AG 10-Jan-20 10-Feb-21 - 25-Apr-21  
  2013  77,901              
13 CRYSTALIA C $10,500 5.00 % Glencore Agriculture B.V., Rotterdam 2-Mar-19 22-May-20  
      $8,750 5.00 % 22-May-20 1-Jul-21 - 30-Sep-21  
  2014  77,525              
14 ATALANDI C $12,250 5.00 % Uniper Global Commodities SE, Düsseldorf 9-Jul-19 14-Jun-20  
      $9,300 5.00 % 14-Jun-20 14-Jul-21 - 14-Oct-21  
  2014  77,529              
  5 Kamsarmax Bulk Carriers
15 MAIA D $11,200 5.00 % Aquavita International S.A. 31-Jan-20 31-Mar-21 - 15-Jun-21  
  2009  82,193              
16 MYRSINI D $11,500 5.00 % Ausca Shipping Limited, Hong Kong 4-Dec-19 4-Jan-21 - 19-Mar-21 10
  2010  82,117              
17 MEDUSA D $11,000 4.75 % Cargill International S.A., Geneva 16-Nov-19 1-Oct-20 - 16-Dec-20  
  2010  82,194              
18 MYRTO D $14,000 4.75 % Cargill International S.A., Geneva 18-Jul-19 3-Apr-20  
      $10,000 4.75 % 3-Apr-20 1-Jul-21 - 15-Sep-21  
  2013  82,131              
19 ASTARTE   $11,750 5.00 % Aquavita International S.A. 18-Jan-20 18-Mar-21 - 2-Jun-21  
  2013  81,513              
  5 Post-Panamax Bulk Carriers
20 ALCMENE   $4,000 4.75 % Cargill International S.A., Geneva 2-Apr-20 1-Jun-20  
      $8,500 4.75 % 1-Jun-20 17-Apr-21 - 2-Jul-21  
  2010  93,193              
21 AMPHITRITE E $10,250 5.00 % SwissMarine Pte. Ltd., Singapore 21-Mar-20 6-Apr-21 - 21-Jun-21  
  2012  98,697              
22 POLYMNIA E $11,000 4.75 % Cargill International S.A., Geneva 15-Nov-19 15-Oct-20 - 30-Dec-20  
  2012  98,704              
23 ELECTRA F $10,250 5.00 % Oldendorff Carriers GMBH & Co. KG, Lübeck 21-Nov-19 21-Oct-20 - 21-Dec-20  
  2013  87,150              
24 PHAIDRA F $10,800 5.00 % Uniper Global Commodities SE, Düsseldorf 11-Apr-19 29-May-20  
      $9,400 5.00 % 29-May-20 29-Apr-21 - 29-Jul-21 11
  2013  87,146              
  13 Capesize Bulk Carriers
25 ALIKI   $11,300 5.00 % Koch Shipping Pte. Ltd., Singapore 23-Apr-20 1-Jan-21 - 15-Mar-21 12
  2005  180,235              
26 BALTIMORE   $15,000 5.00 % Koch Shipping Pte. Ltd., Singapore 19-May-19 4-Dec-20 - 3-Apr-21 13
  2005  177,243              
27 SALT LAKE CITY   $9,750 4.75 % Cargill International S.A., Geneva 24-Mar-19 24-Nov-20 - 24-Feb-21 14
  2005  171,810              
28 SIDERIS GS G $12,700 5.00 % Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany 7-Mar-20 15-Oct-20 - 31-Dec-20  
  2006  174,186              
29 SEMIRIO G $16,000 4.75 % Cargill International S.A., Geneva 30-Jun-19 30-Sep-20 - 30-Dec-20  
  2007  174,261              
30 BOSTON G $15,300 5.00 % Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany 7-Jun-19 1-Apr-21 - 30-Jun-21  
  2007  177,828              
31 HOUSTON G $10,125 5.00 % Koch Shipping Pte. Ltd., Singapore 17-Feb-19 12-Apr-20  
      $6,250 5.00 % C Transport Maritime Ltd., Bermuda 13-Apr-20 13-May-20  
      $12,400 5.00 % 13-May-20 1-Jul-21 - 30-Sep-21  
  2009  177,729              
32 NEW YORK G $15,500 5.00 % Singapore Marine Pte. LTD., Singapore 7-Jun-19 7-Nov-20 - 22-Jan-21 15
  2010   177,773              
33 SEATTLE H $16,000 5.00 % SwissMarine Services S.A., Geneva 24-Dec-18 24-Apr-20  
      $12,300 5.00 % Pacbulk Shipping Pte. Ltd., Singapore 27-Apr-20 1-Oct-21 - 31-Dec-21  
  2011  179,362              
34 P. S. PALIOS H $6,000 5.00 % C Transport Maritime Ltd., Bermuda 24-Mar-20 28-Apr-20  
      $12,050 5.00 % 28-Apr-20 9-Apr-21 - 24-Jun-21  
  2013  179,134              
35 G. P. ZAFIRAKIS I $17,000 5.00 % SwissMarine Services S.A., Geneva 31-Dec-18 31-May-20  
      $13,200 5.00 % Koch Shipping Pte. Ltd., Singapore 31-May-20 1-Oct-21 - 31-Dec-21  
  2014  179,492              
36 SANTA BARBARA I $17,250 5.00 % Pacbulk Shipping Pte. Ltd., Singapore 28-Dec-19 28-Dec-20 - 28-Feb-21  
  2015  179,426              
37 NEW ORLEANS   $15,000 4.75 % Cargill International S.A., Geneva 10-Apr-19 10-Aug-20 - 25-Nov-20 16
  2015  180,960              
  4 Newcastlemax Bulk Carriers
38 LOS ANGELES J $13,250 5.00 % SwissMarine Services S.A., Geneva 6-Mar-19 6-Jun-20  
      $14,250 5.00 % Engelhart CTP Freight (Switzerland) SA 6-Jun-20 1-Oct-21 - 31-Dec-21  
  2012  206,104              
39 PHILADELPHIA J $14,500 5.00 % BHP Billiton Freight Singapore Pte. Ltd 5-Feb-20 5-Apr-21 - 5-Jul-21  
  2012  206,040              
40 SAN FRANCISCO K $16,000 5.00 % Koch Shipping Pte. Ltd., Singapore 5-Mar-19 5-Oct-20 - 20-Jan-21  
  2017  208,006              
41 NEWPORT NEWS K $16,500 5.00 % SwissMarine Services S.A., Geneva 25-Feb-19 15-Aug-20 - 25-Sep-20 16
  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.
**** 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 Vessel off hire for unscheduled maintenance from April 28, 2020 to May 6, 2020.
2 Vessel off hire from June 11, 2020 to July 10, 2020.
3 Vessel on scheduled drydocking from March 9, 2020 to April 13, 2020.
4 Redelivery date based on an estimated time charter trip duration of about 53 days.
5 Vessel sold and expected to be delivered to her new owners at the latest by August 31, 2020
6 Charter included a one-time gross ballast bonus payment of US$107,500.
7 Currently without an active charterparty.
8 Vessel on scheduled drydocking from April 28, 2020 to July 17, 2020.
9 Vessel on scheduled drydocking from May 20, 2020 to June 23, 2020.
10 Vessel off hire for drydocking from March 16, 2020 to May 17, 2020.
11 Vessel off hire for unscheduled maintenance from July 2, 2020 to July 4, 2020.
12 Vessel on scheduled drydocking from January 23, 2020 to April 15, 2020.
13 Vessel off hire for drydocking for about 40.8 days.
14 Vessel currently off hire for drydocking.
15 Vessel off hire for drydocking from February 18, 2020 to April 27, 2020.
16 Based on latest information.


Summary of Selected Financial & Other Data (unaudited)
      Three months ended June 30,   Six months ended June 30,
      2020   2019   2020   2019
                   
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
  Time charter revenues $ 40,975   $ 55,385   $ 84,735   $ 115,686  
  Voyage expenses   3,827     2,966     7,561     5,739  
  Vessel operating expenses   20,806     22,892     42,123     45,251  
  Net income/(loss)   (10,794 )   (1,299 )   (113,617 )   1,676  
  Net loss attributed to common stockholders   (12,236 )   (2,741 )   (116,501 )   (1,208 )
FLEET DATA
  Average number of vessels   41.0     45.9     41.4     47.0  
  Number of vessels   41.0     45.0     41.0     45.0  
  Weighted average age of vessels   9.5     9.3     9.5     9.3  
  Ownership days   3,731     4,179     7,532     8,499  
  Available days   3,507     4,122     7,025     8,398  
  Operating days   3,446     4,054     6,838     8,317  
  Fleet utilization   98.3 %   98.4 %   97.3 %   99.0 %
AVERAGE DAILY RESULTS
  Time charter equivalent (TCE) rate (1) $ 10,593   $ 12,717   $ 10,986   $ 13,092  
  Daily vessel operating expenses (2) $ 5,577   $ 5,478   $ 5,593   $ 5,324  

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 Monday, July 27, 2020.

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 13706603.

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 severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses’ and governments’ responses to the pandemic on our operations, personnel, and on the demand for seaborne transportation of bulk products; 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 June 30,   Six months ended June 30,
      2020     2019     2020     2019  
REVENUES:                
  Time charter revenues $ 40,975   $ 55,385   $ 84,735   $ 115,686  
EXPENSES:                
  Voyage expenses   3,827     2,966     7,561     5,739  
  Vessel operating expenses   20,806     22,892     42,123     45,251  
  Depreciation and amortization of deferred charges   11,737     12,279     23,284     24,728  
  General and administrative expenses   6,739     6,110     16,285     13,645  
  Management fees to related party   497     518     1,014     1,030  
  Impairment loss   2,556     2,769     95,693     7,519  
  Loss from sale of vessels   -     2,118     1,078     2,118  
  Other loss/(gain)   99     (7 )   (142 )   (67 )
  Operating income/(loss) $ (5,286 ) $ 5,740   $ (102,161 ) $ 15,723  
                   
OTHER INCOME / (EXPENSES):                
  Interest and finance costs   (5,655 )   (7,799 )   (12,009 )   (15,503 )
  Interest income   203     785     639     1,501  
  Loss from equity method investment   (56 )   (25 )   (86 )   (45 )
  Total other expenses, net $ (5,508 ) $ (7,039 ) $ (11,456 ) $ (14,047 )
                   
Net income/(loss) $ (10,794 ) $ (1,299 ) $ (113,617 ) $ 1,676  
Dividends on series B preferred shares   (1,442 )   (1,442 )   (2,884 )   (2,884 )
Net loss attributed to common stockholders   (12,236 )   (2,741 )   (116,501 )   (1,208 )
Loss per common share, basic and diluted $ (0.14 ) $ (0.03 ) $ (1.35 ) $ (0.01 )
Weighted average number of common shares, basic and diluted   85,552,271     96,870,527     86,012,939     98,751,900  
                   
           
      Three months ended June 30,   Six months ended June 30,
      2020     2019     2020     2019  
                   
Net income/(loss) $ (10,794 ) $ (1,299 ) $ (113,617 ) $ 1,676  
Other comprehensive loss (Actuarial loss)   (6 )   (9 )   (13 )   (18 )
Comprehensive income/(loss) $ (10,800 ) $ (1,308 ) $ (113,630 ) $ 1,658  



CONDENSED CONSOLIDATED BALANCE SHEET DATA    
(in thousands of U.S. Dollars)    
           
      June 30, 2020   December 31, 2019*
ASSETS   (unaudited)    
           
Cash, cash equivalents and restricted cash $ 101,690 $ 128,288
Other current assets   28,535   29,751
Vessels, net   763,533   882,297
Other fixed assets, net   21,908   22,077
Investments in related parties   94   1,680
Other non-current assets   9,403   7,187
  Total assets $ 925,163 $ 1,071,280
           
LIABILITIES AND STOCKHOLDERS' EQUITY        
           
Long-term debt, net of deferred financing costs $ 454,275 $ 474,951
Other liabilities   23,834   26,265
Total stockholders' equity   447,054   570,064
  Total liabilities and stockholders' equity $ 925,163 $ 1,071,280
           
* The balance sheet data have been derived from the audited consolidated financial statements at that date.



OTHER FINANCIAL DATA (unaudited)
    Three months ended June 30,   Six months ended June 30,
    2020     2019     2020     2019  
                 
Net cash provided by operating activities $ 4,447   $ 14,830   $ 11,737   $ 32,952  
Net cash provided by/(used in) investment activities   (1,100 )   17,140     (2,264 )   20,140  
Net cash used in financing activities $ (12,857 ) $ (23,925 ) $ (36,071 ) $ (59,998 )
                         
                         
CONTACT: Corporate Contact:
Ioannis Zafirakis
Director, Interim Chief Financial Officer, Chief Strategy Officer, Treasurer 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

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