Diamond S Shipping Inc. (DSSI) Misses Q3 EPS by 3c, Revenue Beats

Diamond S Shipping Inc. (NYSE: DSSI) reported Q3 EPS of ($0.24), $0.03 worse than the analyst estimate of ($0.21). Revenue for the quarter came in at $112.6 million versus the consensus estimate of $109.58 million.

Outlook:

Tanker market conditions are expected to remain under pressure during the fourth quarter of 2020, driven by weak demand for crude oil and refined products as a result of the global pandemic. The typical seasonal market strength is expected to be muted as oil inventories continue to draw from onshore storage and demand has not materially recovered. Tanker supply remains balanced based on pre-pandemic demand levels, and the number of vessels on order nearly matches the number of vessels that might be expected to be scrapped, based on the average useful life of a vessel.

As of November 12, 2020, approximately 58% of Crude Fleet revenue days operating in the spot market in the fourth quarter have been fixed at an average rate of approximately $6,800 per day. In the Product Fleet, 59% of revenue days operating in the spot market have been fixed at an average rate of approximately $9,000 per day in the fourth quarter of 2020. The Product Fleet includes a weighted average blend of MR2 vessels, fixed on 60% of revenue days at an average rate of $9,400 per day, and MR1 vessels, fixed on 53% of fourth quarter revenue days at an average rate of $6,000 per day.

For earnings history and earnings-related data on Diamond S Shipping Inc. (DSSI) click here.

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