Diana Shipping Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2018
ATHENS, Greece, Feb. 26, 2019 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today reported net income of $2.9 million and net income attributed to common stockholders of $1.5 million for the fourth quarter of 2018, compared to a net loss of $436.9 million and a net loss attributed to common stockholders of $438.4 million, including a $422.5 million impairment loss, reported in the fourth quarter of 2017.
Time charter revenues were $62.9 million for the fourth quarter of 2018, compared to $48.9 million for the same quarter 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 and was partly offset by decreased ownership days resulting from the sale of two vessels in December 2018.
Net income and net income attributed to common stockholders for the year ended December 31, 2018 amounted to $16.6 million and $10.8 million, respectively. This compares to a net loss and net loss attributed to common stockholders of $511.7 million and $517.5 million, respectively, including a $422.5 million impairment loss, for the same period of 2017. Time charter revenues were $226.2 million for the year ended December 31, 2018, compared to $161.9 million for the same period of 2017.
| Fleet Employment Profile (As of February 25, 2019) | ||||||||||
| Diana Shipping Inc.’s fleet is employed as follows: | ||||||||||
| VesselBUILT DWT | SisterShips* | Gross Rate(USD PerDay) | Com** | Charterers | Delivery DatetoCharterers*** | Redelivery Date to Owners**** | Notes | |||
| 20 Panamax Bulk Carriers | ||||||||||
| 1 | DANAE | A | $10,000 | 5.00 | % | Phaethon International Company AG | 22-Dec-17 | 7-Feb-19 | 1 | |
| $8,100 | 5.00 | % | 7-Feb-19 | 7-Jan-20 - 7-Apr-20 | 2 | |||||
| 2001 75,106 | ||||||||||
| 2 | DIONE | A | $10,350 | 5.00 | % | Ausca Shipping Limited, Hong Kong | 23-Jan-18 | 23-Mar-19 - 8-Jul-19 | 3,4 | |
| 2001 75,172 | ||||||||||
| 3 | NIREFS | A | $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 | 5-Dec-18 | 5 | |
| 2001 75,247 | ||||||||||
| 5 | TRITON | A | $6,500 | 5.00 | % | Ausca Shipping Limited, Hong Kong | 8-Jun-17 | 15-Oct-18 | 6 | |
| $11,000 | 5.00 | % | Tongli Shipping Pte. Ltd. | 4-Nov-18 | 8-Dec-18 | 7 | ||||
| 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 | 8,9 | |
| $10,650 | 3.75 | % | Hudson Shipping Lines Incorporated | 16-Nov-18 | 16-Jan-20 - 16-Apr-20 | |||||
| 2004 73,583 | ||||||||||
| 8 | PROTEFS | B | $11,000 | 3.75 | % | Hudson Shipping Lines Incorporated | 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 | 26-Jan-19 | ||
| $10,000 | 5.00 | % | 26-Jan-19 | 26-Dec-20 - 10-Apr-21 | ||||||
| 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 | $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., Luxembourg | 28-Apr-18 | 28-Sep-19 - 28-Dec-19 | 10 | ||
| 2005 76,225 | ||||||||||
| 16 | ARTEMIS | $12,600 | 5.00 | % | Ausca Shipping Limited, Hong Kong | 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 | $11,750 | 5.00 | % | ST Shipping and Transport Pte. Ltd., Singapore | 4-Jul-18 | 10-Feb-19 | ||
| $7,000 | 5.00 | % | Glencore Agriculture B.V., Rotterdam | 10-Feb-19 | 27-Mar-19 | |||||
| $9,450 | 5.00 | % | 27-Mar-19 | 10-Apr-20 - 10-Jul-20 | ||||||
| 2013 75,403 | ||||||||||
| 20 | ISMENE | $12,000 | 5.00 | % | DHL Project & Chartering Limited, Hong Kong | 16-Sep-17 | 24-Nov-18 | 11 | ||
| $12,125 | 5.00 | % | Koch Shipping Pte. Ltd., Singapore | 12-Dec-18 | 1-Jan-20 - 31-Mar-20 | |||||
| 2013 77,901 | ||||||||||
| 21 | CRYSTALIA | E | $11,100 | 5.00 | % | Glencore Agriculture B.V., Rotterdam | 3-Oct-17 | 28-Jan-19 | 12,13 | |
| $10,500 | 5.00 | % | 27-Feb-19 | 27-Apr-20 - 27-Jul-20 | 14 | |||||
| 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 | 15 | |
| $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 | 22-Dec-18 | ||
| $12,750 | 5.00 | % | Glencore Agriculture B.V., Rotterdam | 22-Dec-18 | 22-Oct-19 - 22-Dec-19 | |||||
| 2010 82,117 | ||||||||||
| 25 | MEDUSA | F | $14,000 | 4.75 | % | Cargill International S.A., Geneva | 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 | 27-Jan-19 | ||
| $12,750 | 5.00 | % | Uniper Global Commodities SE, Düsseldorf | 27-Jan-19 | 27-Mar-20 - 27-Jun-20 | 16 | ||||
| 2012 98,697 | ||||||||||
| 30 | POLYMNIA | G | $16,000 | 4.75 | % | Cargill International S.A., Geneva | 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 | 28-Feb-19 - 13-Apr-19 | 17 | |
| 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-Mar-19 | 17 | ||
| 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 | $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 | 17-Feb-19 | ||
| $10,125 | 5.00 | % | Koch Shipping Pte. Ltd., Singapore | 17-Feb-19 | 17-Apr-20 - 1-Aug-20 | |||||
| 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 | $24,000 | 5.00 | % | Koch Shipping Pte. Ltd., Singapore | 30-Jul-18 | 24-Dec-18 | ||
| $16,000 | 5.00 | % | SwissMarine Services S.A., Geneva | 24-Dec-18 | 24-Apr-20 - 24-Jul-20 | |||||
| 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 | 31-Dec-18 | ||
| $17,000 | 5.00 | % | SwissMarine Services S.A., Geneva | 31-Dec-18 | 31-May-20 - 31-Aug-20 | |||||
| 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 | 26-Feb-19 - 24-Apr-19 | 17 | ||
| 2015 180,960 | ||||||||||
| 4 Newcastlemax Bulk Carriers | ||||||||||
| 47 | LOS ANGELES | L | $19,150 | 5.00 | % | SwissMarine Services S.A., Geneva | 16-Apr-18 | 3-Mar-19 | 18 | |
| $13,250 | 5.00 | % | 3-Mar-19 | 3-Jun-20 - 3-Sep-20 | 14 | |||||
| 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 | 25-Feb-19 | 18 | |
| $16,500 | 5.00 | % | 25-Feb-19 | 25-Jun-20 - 25-Sep-20 | 14 | |||||
| 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 Vessel off hire for drydocking from November 26, 2018 to December 22, 2018. | ||||||||||
| 2 Vessel sold and expected to be delivered to her new Owners at the latest by June 28, 2019. | ||||||||||
| 3 Vessel off hire for drydocking from December 17, 2018 to January 12, 2019. | ||||||||||
| 4 Vessel sold and expected to be delivered to her new Owners at the latest by April 15, 2019. | ||||||||||
| 5 ''Alcyon'' sold and delivered to her new Owners on December 7, 2018. | ||||||||||
| 6 Vessel on scheduled drydocking from October 17, 2018 to November 1, 2018. | ||||||||||
| 7 ''Triton'' sold and delivered to her new Owners on December 10, 2018. | ||||||||||
| 8 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. | ||||||||||
| 9 Vessel on scheduled drydocking from October 22, 2018 to November 16, 2018. | ||||||||||
| 10 Vessel off hire from October 22, 2018 to October 25, 2018. | ||||||||||
| 11 Vessel on scheduled drydocking from November 26, 2018 to December 12, 2018. | ||||||||||
| 12 Charterers have agreed to pay the average value between ''P2A_03 Skaw - Gibraltar trip to Taiwan - Japan'' and ''P3A_03 Japan - South Korea transpacific round voyage'', as published by the Baltic Exchange on January 18, 2019, for the excess period commencing from January 18, 2019. | ||||||||||
| 13 Vessel on scheduled drydocking. | ||||||||||
| 14 Estimated delivery date to the charterers. | ||||||||||
| 15 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. | ||||||||||
| 16 The charter rate was US$5,000 per day for the first 5 days of the charter period. | ||||||||||
| 17 Based on latest information. | ||||||||||
| 18 Estimated redelivery date from the charterers. | ||||||||||
| Summary of Selected Financial & Other Data (unaudited) | |||||||||||||||||
| Three months ended December 31, | Year ended December 31, | ||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | ||||||||||||||
| STATEMENT OF OPERATIONS DATA (in thousands of US Dollars) | |||||||||||||||||
| Time charter revenues | $ | 62,874 | $ | 48,936 | $ | 226,189 | $ | 161,897 | |||||||||
| Voyage expenses | 2,747 | 3,020 | 7,405 | 8,617 | |||||||||||||
| Vessel operating expenses | 25,210 | 24,021 | 95,510 | 90,358 | |||||||||||||
| Net income/(loss) | 2,908 | (436,932 | ) | 16,580 | (511,714 | ) | |||||||||||
| Net income/(loss) attributed to common stockholders | 1,466 | (438,374 | ) | 10,811 | (517,483 | ) | |||||||||||
| FLEET DATA | |||||||||||||||||
| Average number of vessels | 49.5 | 50.3 | 49.9 | 49.6 | |||||||||||||
| Number of vessels | 48.0 | 50.0 | 48.0 | 50.0 | |||||||||||||
| Weighted average age of vessels | 9.1 | 8.4 | 9.1 | 8.4 | |||||||||||||
| Ownership days | 4,554 | 4,624 | 18,204 | 18,119 | |||||||||||||
| Available days | 4,445 | 4,615 | 17,964 | 17,890 | |||||||||||||
| Operating days | 4,405 | 4,562 | 17,799 | 17,566 | |||||||||||||
| Fleet utilization | 99.1 | % | 98.9 | % | 99.1 | % | 98.2 | % | |||||||||
| AVERAGE DAILY RESULTS | |||||||||||||||||
| Time charter equivalent (TCE) rate (1) | $ | 13,527 | $ | 9,949 | $ | 12,179 | $ | 8,568 | |||||||||
| Daily vessel operating expenses (2) | $ | 5,536 | $ | 5,195 | $ | 5,247 | $ | 4,987 | |||||||||
| ______________ | ||
| (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, February 26, 2019.
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 13687408.
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 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 December 31, | Year ended December 31, | ||||||||||||
| 2018 | 2017 | 2018 | 2017 | ||||||||||
| (audited) | |||||||||||||
| REVENUES: | |||||||||||||
| Time charter revenues | $ | 62,874 | $ | 48,936 | $ | 226,189 | $ | 161,897 | |||||
| Voyage expenses | 2,747 | 3,020 | 7,405 | 8,617 | |||||||||
| Vessel operating expenses | 25,210 | 24,021 | 95,510 | 90,358 | |||||||||
| Depreciation and amortization of deferred charges | 13,001 | 21,920 | 52,206 | 87,003 | |||||||||
| General and administrative expenses | 8,995 | 8,157 | 29,518 | 26,332 | |||||||||
| Management fees to related party | 594 | 542 | 2,394 | 1,883 | |||||||||
| Impairment loss | - | 422,466 | - | 442,274 | |||||||||
| Loss from sale of vessels | 1,448 | 482 | 1,448 | - | |||||||||
| Insurance recoveries, net of other loss | - | - | - | (10,879 | ) | ||||||||
| Other loss/(gain) | (245 | ) | 9 | (542 | ) | 296 | |||||||
| Operating income/(loss) | 11,124 | (431,681 | ) | 38,250 | (483,987 | ) | |||||||
| OTHER INCOME / (EXPENSES): | |||||||||||||
| Interest and finance costs | (9,039 | ) | (6,754 | ) | (30,506 | ) | (26,628 | ) | |||||
| Interest and other income | 839 | 1,480 | 8,822 | 4,508 | |||||||||
| Gain/(loss) from equity method investments | (16 | ) | 23 | 14 | (5,607 | ) | |||||||
| Total other expenses, net | (8,216 | ) | (5,251 | ) | (21,670 | ) | (27,727 | ) | |||||
| Net income / (loss) | $ | 2,908 | $ | (436,932 | ) | $ | 16,580 | $ | (511,714 | ) | |||
| Dividends on series B preferred shares | (1,442 | ) | (1,442 | ) | (5,769 | ) | (5,769 | ) | |||||
| Net income / (loss) attributed to common stockholders | 1,466 | (438,374 | ) | 10,811 | (517,483 | ) | |||||||
| Earnings / (loss) per common share, basic and diluted | $ | 0.01 | $ | (4.28 | ) | $ | 0.10 | $ | (5.41 | ) | |||
| Weighted average number of common shares, basic | 103,892,507 | 102,394,183 | 103,736,742 | 95,731,093 | |||||||||
| Weighted average number of common shares, diluted | 105,150,906 | 102,394,183 | 104,715,883 | 95,731,093 | |||||||||
| Three months ended December 31, | Year ended December 31, | ||||||||||||
| 2018 | 2017 | 2018 | 2017 | ||||||||||
| (audited) | |||||||||||||
| Net income/(loss) | $ | 2,908 | $ | (436,932 | ) | $ | 16,580 | $ | (511,714 | ) | |||
| Other comprehensive income/(loss) (Actuarial gain/(loss)) | 17 | 130 | (7 | ) | 109 | ||||||||
| Comprehensive income/(loss) | $ | 2,925 | $ | (436,802 | ) | $ | 16,573 | $ | (511,605 | ) | |||
| CONDENSED CONSOLIDATED BALANCE SHEET DATA | |||||
| (in thousands of U.S. Dollars) | |||||
| 2018 | 2017 * | ||||
| ASSETS | (unaudited) | ||||
| Cash and cash equivalents | $ | 126,825 | $ | 40,227 | |
| Due from related parties | - | 82,660 | |||
| Other current assets | 15,147 | 15,874 | |||
| Vessels, net of depreciation | 991,403 | 1,053,578 | |||
| Other fixed assets, net | 22,425 | 22,650 | |||
| Restricted cash | 24,582 | 25,582 | |||
| Investments in related parties | 3,263 | 3,249 | |||
| Other non-current assets | 4,151 | 2,902 | |||
| Total assets | $ | 1,187,796 | $ | 1,246,722 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
| Long-term debt, net of deferred financing costs | $ | 530,547 | $ | 601,384 | |
| Other liabilities | 29,565 | 20,580 | |||
| Total stockholders' equity | 627,684 | 624,758 | |||
| Total liabilities and stockholders' equity | $ | 1,187,796 | $ | 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 December 31, | Year ended December 31, | |||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||
| (audited) | ||||||||||||
| Net Cash provided by / (used in) operating activities | $ | 27,959 | $ | 12,241 | $ | 79,930 | $ | 23,413 | ||||
| Net Cash provided by / (used in) investing activities | 13,482 | 13,351 | 99,370 | (152,333 | ) | |||||||
| Net Cash provided by / (used in) financing activities | $ | (92,140 | ) | $ | (22,484 | ) | $ | (93,702 | ) | $ | 73,587 | |
Corporate Contact: Ioannis Zafirakis Director, Chief Strategy Officer and Secretary Telephone: + 30-210-9470100 Email: [email protected] Website: www.dianashippinginc.com Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: [email protected]Source: Diana Shipping Inc. c/o Diana Shipping Services S.A.