Diana Shipping Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2019
ATHENS, Greece, Feb. 21, 2020 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today reported net loss of $14.0 million and net loss attributed to common stockholders of $15.4 million for the fourth quarter of 2019, including a $6.5 million impairment loss and $3.3 million loss from sale of vessels. This compares to net income of $2.9 million and net income attributed to common stockholders of $1.5 million reported in the fourth quarter of 2018.
Time charter revenues were $51.5 million for the fourth quarter of 2019, compared to $62.9 million for the same period of 2018. The decrease in time charter revenues was mainly due to decreased revenues due to the sale of two vessels in December 2018 and six vessels in 2019 and decreased average time charter rates that the Company achieved for its vessels during the quarter.
Net loss for 2019 amounted to $10.5 million and net loss attributed to common stockholders amounted to $16.3 million, including a $14.0 million impairment loss and $6.2 million loss from sale of vessels. This compares to net income and net income attributed to common stockholders of $16.6 million and $10.8 million, respectively, for 2018. Time charter revenues were $220.7 million for 2019, compared to $226.2 million for 2018.
| Fleet Employment Profile (As of February 20, 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 | $ | 10,350 | 5.00 | % | Ausca Shipping Limited, Hong Kong | 16-Nov-18 | 9-Jan-20 | 1 | |
| $ | 9,200 | 5.00 | % | Phaethon International Company AG | 9-Jan-20 | 9-Jan-21 - 24-Mar-21 | ||||
| 2001 75,211 | ||||||||||
| 2 | PROTEFS | A | $ | 11,000 | 3.75 | % | Hudson Shipping Lines Incorporated | 19-Sep-18 | 30-Nov-19 | |
| $ | 9,900 | 5.00 | % | Phaethon International Company AG | 30-Nov-19 | 1-Jan-21 - 31-Mar-21 | ||||
| 2004 73,630 | ||||||||||
| 3 | CALIPSO | A | $ | 15,400 | 5.00 | % | Crystal Sea Shipping Co., Limited | 1-Nov-19 | 25-Feb-20 | 2 |
| 2005 73,691 | ||||||||||
| - | CLIO | A | $ | 10,600 | 5.00 | % | Ausca Shipping Limited, Hong Kong | 10-Nov-18 | 5-Nov-19 | 3 |
| 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 | 2-May-20 - 2-Aug-20 | |
| 2007 73,593 | ||||||||||
| 6 | CORONIS | $ | 11,300 | 5.00 | % | CJ International Italy Societa Per Azioni | 10-Oct-18 | 10-Nov-19 | ||
| $ | 12,000 | 5.00 | % | Dampskibsselskabet Norden A/S, Copenhagen | 10-Nov-19 | 13-Dec-19 | ||||
| $ | 5,300 | 5.00 | % | Tongli Shipping Pte. Ltd. | 3-Jan-20 | 5-Feb-20 | 4 | |||
| $ | 8,000 | 5.00 | % | Koch Shipping Pte. Ltd., Singapore | 20-Feb-20 | 5-Nov-20 - 4-Jan-21 | ||||
| 2006 74,381 | ||||||||||
| 7 | MELIA | $ | 12,000 | 5.00 | % | United Bulk Carriers International S.A., Luxemburg | 28-Apr-18 | 22-Nov-19 | ||
| $ | 10,750 | 5.00 | % | Cargill International S.A., Geneva | 13-Feb-20 | 3-Apr-20 | 5,6 | |||
| 2005 76,225 | ||||||||||
| 8 | ARTEMIS | $ | 12,600 | 5.00 | % | Ausca Shipping Limited, Hong Kong | 17-Sep-18 | 28-Nov-19 | ||
| $ | 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 | 1-May-20 - 1-Jul-20 | 7 | |
| 2010 81,297 | ||||||||||
| 10 | SELINA | B | $ | 12,250 | 5.00 | % | BG Shipping Co., Limited, Hong Kong | 6-Feb-18 | 15-Jul-19 | |
| $ | 11,750 | 5.00 | % | Ausca Shipping Limited, Hong Kong | 15-Jul-19 | 15-Feb-20 | 8, 9 | |||
| 2010 75,700 | ||||||||||
| 11 | MAERA | B | $ | 9,450 | 5.00 | % | Glencore Agriculture B.V., Rotterdam | 27-Mar-19 | 10-Apr-20 - 10-Jul-20 | |
| 2013 75,403 | ||||||||||
| 12 | ISMENE | $ | 12,125 | 5.00 | % | Koch Shipping Pte. Ltd., Singapore | 12-Dec-18 | 10-Jan-20 | ||
| $ | 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 | 2-May-20 - 2-Aug-20 | |
| 2014 77,525 | ||||||||||
| 14 | ATALANDI | C | $ | 12,250 | 5.00 | % | Uniper Global Commodities SE, Düsseldorf | 9-Jul-19 | 9-Jun-20 - 24-Aug-20 | |
| 2014 77,529 | ||||||||||
| 5 Kamsarmax Bulk Carriers | ||||||||||
| 15 | MAIA | D | $ | 13,300 | 5.00 | % | Glencore Agriculture B.V., Rotterdam | 12-Nov-18 | 31-Jan-20 | 10 |
| $ | 11,200 | 5.00 | % | Aquavita International S.A. | 31-Jan-20 | 31-Mar-21 - 15-Jun-21 | ||||
| 2009 82,193 | ||||||||||
| 16 | MYRSINI | D | $ | 12,750 | 5.00 | % | Glencore Agriculture B.V., Rotterdam | 22-Dec-18 | 4-Dec-19 | |
| $ | 11,500 | 5.00 | % | Ausca Shipping Limited, Hong Kong | 4-Dec-19 | 4-Jan-21 - 19-Mar-21 | ||||
| 2010 82,117 | ||||||||||
| 17 | MEDUSA | D | $ | 14,000 | 4.75 | % | Cargill International S.A., Geneva | 3-Sep-18 | 15-Nov-19 | |
| $ | 11,000 | 4.75 | % | 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 - 18-Jun-20 | |
| 2013 82,131 | ||||||||||
| 19 | ASTARTE | $ | 14,250 | 5.00 | % | Glencore Agriculture B.V., Rotterdam | 16-Oct-18 | 18-Jan-20 | ||
| $ | 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 | $ | 11,500 | 5.00 | % | BG Shipping Co., Limited, Hong Kong | 21-Nov-18 | 16-Nov-19 | ||
| $ | 9,500 | 5.00 | % | Oriental Bulk Shipping PTE. LTD | 16-Nov-19 | 10-Jan-20 | 11 | |||
| 2010 93,193 | ||||||||||
| 21 | AMPHITRITE | E | $ | 12,750 | 5.00 | % | Uniper Global Commodities SE, Düsseldorf | 27-Jan-19 | 27-Mar-20 - 27-Jun-20 | |
| 2012 98,697 | ||||||||||
| 22 | POLYMNIA | E | $ | 16,000 | 4.75 | % | Cargill International S.A., Geneva | 9-Jul-18 | 15-Nov-19 | |
| $ | 11,000 | 4.75 | % | 15-Nov-19 | 15-Oct-20 - 30-Dec-20 | |||||
| 2012 98,704 | ||||||||||
| 23 | ELECTRA | F | $ | 13,500 | 5.00 | % | Uniper Global Commodities SE, Düsseldorf | 19-Oct-18 | 18-Nov-19 | |
| $ | 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 | 27-May-20 - 26-Aug-20 | |
| 2013 87,146 | ||||||||||
| 14 Capesize Bulk Carriers | ||||||||||
| 25 | NORFOLK | $ | 13,250 | 5.00 | % | SwissMarine Services S.A., Geneva | 1-Dec-17 | 2-Nov-19 | ||
| $ | 17,750 | 5.00 | % | Koch Shipping Pte. Ltd., Singapore | 2-Nov-19 | 20-Feb-20 | 8 | |||
| 2002 164,218 | ||||||||||
| 26 | ALIKI | $ | 18,000 | 5.00 | % | SwissMarine Services S.A., Geneva | 9-Apr-18 | 23-Jan-20 | 11 | |
| 2005 180,235 | ||||||||||
| 27 | BALTIMORE | $ | 15,000 | 5.00 | % | Koch Shipping Pte. Ltd., Singapore | 19-May-19 | 4-Dec-20 - 3-Apr-21 | 12 | |
| 2005 177,243 | ||||||||||
| 28 | SALT LAKE CITY | $ | 9,750 | 4.75 | % | Cargill International S.A., Geneva | 24-Mar-19 | 24-Nov-20 - 24-Feb-21 | ||
| 2005 171,810 | ||||||||||
| 29 | SIDERIS GS | G | $ | 15,350 | 5.00 | % | Berge Bulk Shipping Pte. Ltd., Singapore | 15-Dec-18 | 27-Feb-20 | 13 |
| 2006 174,186 | ||||||||||
| 30 | SEMIRIO | G | $ | 16,000 | 4.75 | % | Cargill International S.A., Geneva | 30-Jun-19 | 30-Sep-20 - 30-Dec-20 | |
| 2007 174,261 | ||||||||||
| 31 | 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 | ||||||||||
| 32 | HOUSTON | G | $ | 10,125 | 5.00 | % | Koch Shipping Pte. Ltd., Singapore | 17-Feb-19 | 17-Apr-20 - 1-Aug-20 | 14 |
| 2009 177,729 | ||||||||||
| 33 | 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 | ||||||||||
| 34 | SEATTLE | H | $ | 16,000 | 5.00 | % | SwissMarine Services S.A., Geneva | 24-Dec-18 | 24-Apr-20 - 24-Jul-20 | |
| 2011 179,362 | ||||||||||
| 35 | P. S. PALIOS | H | $ | 17,500 | 5.00 | % | SwissMarine Services S.A., Geneva | 5-Jun-19 | 25-Feb-20 - 20-Mar-20 | 13 |
| 2013 179,134 | ||||||||||
| 36 | G. P. ZAFIRAKIS | I | $ | 17,000 | 5.00 | % | SwissMarine Services S.A., Geneva | 31-Dec-18 | 31-May-20 - 31-Aug-20 | |
| 2014 179,492 | ||||||||||
| 37 | SANTA BARBARA | I | $ | 20,250 | 4.75 | % | Cargill International S.A., Geneva | 24-Apr-18 | 9-Dec-19 | 16 |
| $ | 17,250 | 5.00 | % | Pacbulk Shipping Pte. Ltd., Singapore | 28-Dec-19 | 28-Dec-20 - 28-Feb-21 | ||||
| 2015 179,426 | ||||||||||
| 38 | NEW ORLEANS | $ | 15,000 | 4.75 | % | Cargill International S.A., Geneva | 10-Apr-19 | 26-Jul-20 - 25-Nov-20 | ||
| 2015 180,960 | ||||||||||
| 4 Newcastlemax Bulk Carriers | ||||||||||
| 39 | LOS ANGELES | J | $ | 13,250 | 5.00 | % | SwissMarine Services S.A., Geneva | 6-Mar-19 | 6-Jun-20 - 6-Sep-20 | |
| 2012 206,104 | ||||||||||
| 40 | PHILADELPHIA | J | $ | 20,000 | 5.00 | % | Koch Shipping Pte. Ltd., Singapore | 18-Jun-18 | 3-Feb-20 | |
| $ | 14,500 | 5.00 | % | BHP Billiton Freight Singapore Pte. Ltd | 5-Feb-20 | 5-Apr-21 - 5-Jul-21 | ||||
| 2012 206,040 | ||||||||||
| 41 | SAN FRANCISCO | K | $ | 16,000 | 5.00 | % | Koch Shipping Pte. Ltd., Singapore | 5-Mar-19 | 5-Oct-20 - 20-Jan-21 | |
| 2017 208,006 | ||||||||||
| 42 | NEWPORT NEWS | K | $ | 16,500 | 5.00 | % | SwissMarine Services S.A., Geneva | 25-Feb-19 | 25-Jun-20 - 25-Sep-20 | |
| 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 May 27, 2019 to July 4, 2019. | ||||||||||
| 2 Redelivery date based on an estimated time charter trip duration of about 116 days. | ||||||||||
| 3 "Clio" sold and delivered to her new Owners on November 21, 2019. | ||||||||||
| 4 Charter included a one time gross ballast bonus payment of US$56,000. | ||||||||||
| 5 Charter includes a one time gross ballast bonus payment of US$107,500. | ||||||||||
| 6 Relivery date based on an estimated time charter trip duration of about 50 days. | ||||||||||
| 7 Vessel off hire for drydocking from December 16, 2019 to February 10, 2020. | ||||||||||
| 8 Currently without an active charterparty. | ||||||||||
| 9 Ausca Shipping Limited has agreed to compensate the owners for the early redelivery of the vessel until the minimum agreed redelivery date, February 15, 2020. | ||||||||||
| 10 Vessel off hire for drydocking from August 27, 2019 to October 6, 2019. | ||||||||||
| 11 Currently without an active charterparty. Vessel on scheduled drydocking. | ||||||||||
| 12 Vessel off hire for drydocking for about 40.8 days. | ||||||||||
| 13 Based on latest information. | ||||||||||
| 14 Vessel off hire for drydocking from November 14, 2019 to December 10, 2019. | ||||||||||
| 15 Vessel currently off hire for drydocking. | ||||||||||
| 16 Vessel for scheduled drydocking from December 12, 2019 to December 28, 2019. | ||||||||||
| Summary of Selected Financial & Other Data (unaudited) | |||||||||||||
| Three months ended December 31, | Year ended December 31, | ||||||||||||
| 2019 | 2018 | 2019 | 2018 | ||||||||||
| STATEMENT OF OPERATIONS DATA (in thousands of US Dollars) | |||||||||||||
| Time charter revenues | $ | 51,508 | $ | 62,874 | $ | 220,728 | $ | 226,189 | |||||
| Voyage expenses | 4,488 | 2,747 | 13,542 | 7,405 | |||||||||
| Vessel operating expenses | 23,368 | 25,210 | 90,600 | 95,510 | |||||||||
| Net income/(loss) | (13,981 | ) | 2,908 | (10,535 | ) | 16,580 | |||||||
| Net income/(loss) attributed to common stockholders | (15,423 | ) | 1,466 | (16,304 | ) | 10,811 | |||||||
| FLEET DATA | |||||||||||||
| Average number of vessels | 42.6 | 49.5 | 45.0 | 49.9 | |||||||||
| Number of vessels | 42.0 | 48.0 | 42.0 | 48.0 | |||||||||
| Weighted average age of vessels | 9.5 | 9.1 | 9.5 | 9.1 | |||||||||
| Ownership days | 3,915 | 4,554 | 16,442 | 18,204 | |||||||||
| Available days | 3,834 | 4,445 | 16,192 | 17,964 | |||||||||
| Operating days | 3,716 | 4,405 | 15,971 | 17,799 | |||||||||
| Fleet utilization | 96.9 | % | 99.1 | % | 98.6 | % | 99.1 | % | |||||
| AVERAGE DAILY RESULTS | |||||||||||||
| Time charter equivalent (TCE) rate (1) | $ | 12,264 | $ | 13,527 | $ | 12,796 | $ | 12,179 | |||||
| Daily vessel operating expenses (2) | $ | 5,969 | $ | 5,536 | $ | 5,510 | $ | 5,247 | |||||
_____________________
(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 Friday, February 21, 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 13698627.
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, | ||||||||||||
| 2019 | 2018 | 2019 | 2018 | ||||||||||
| (audited) | |||||||||||||
| REVENUES: | |||||||||||||
| Time charter revenues | $ | 51,508 | $ | 62,874 | $ | 220,728 | $ | 226,189 | |||||
| EXPENSES: | |||||||||||||
| Voyage expenses | 4,488 | 2,747 | 13,542 | 7,405 | |||||||||
| Vessel operating expenses | 23,368 | 25,210 | 90,600 | 95,510 | |||||||||
| Depreciation and amortization of deferred charges | 12,063 | 13,001 | 48,904 | 52,206 | |||||||||
| General and administrative expenses | 7,819 | 8,995 | 28,601 | 29,518 | |||||||||
| Management fees to related party | 589 | 594 | 2,155 | 2,394 | |||||||||
| Impairment loss | 6,467 | - | 13,987 | - | |||||||||
| Loss from sale of vessels | 3,336 | 1,448 | 6,171 | 1,448 | |||||||||
| Other gain | (298 | ) | (245 | ) | (854 | ) | (542 | ) | |||||
| Operating income/(loss) | $ | (6,324 | ) | $ | 11,124 | $ | 17,622 | $ | 38,250 | ||||
| OTHER INCOME / (EXPENSES): | |||||||||||||
| Interest and finance costs | (6,722 | ) | (9,039 | ) | (29,432 | ) | (30,506 | ) | |||||
| Interest and other income | 602 | 839 | 2,858 | 8,822 | |||||||||
| Gain/(loss) from investments | (1,537 | ) | (16 | ) | (1,583 | ) | 14 | ||||||
| Total other expenses, net | $ | (7,657 | ) | $ | (8,216 | ) | $ | (28,157 | ) | $ | (21,670 | ) | |
| Net income/(loss) | $ | (13,981 | ) | $ | 2,908 | $ | (10,535 | ) | $ | 16,580 | |||
| Dividends on series B preferred shares | (1,442 | ) | (1,442 | ) | (5,769 | ) | (5,769 | ) | |||||
| Net income/(loss) attributed to common stockholders | (15,423 | ) | 1,466 | (16,304 | ) | 10,811 | |||||||
| Earnings/(loss) per common share, basic and diluted | $ | (0.17 | ) | $ | 0.01 | $ | (0.17 | ) | $ | 0.10 | |||
| Weighted average number of common shares, basic | 90,017,536 | 103,892,507 | 95,191,116 | 103,736,742 | |||||||||
| Weighted average number of common shares, diluted | 90,017,536 | 105,150,906 | 95,191,116 | 104,715,883 | |||||||||
| Three months ended December 31, | Year ended December 31, | ||||||||||||
| 2019 | 2018 | 2019 | 2018 | ||||||||||
| Net income/(loss) | $ | (13,981 | ) | $ | 2,908 | $ | (10,535 | ) | $ | 16,580 | |||
| Other comprehensive income/(loss) (Actuarial income/(loss)) | (151 | ) | 17 | (178 | ) | (7 | ) | ||||||
| Comprehensive income/(loss) | $ | (14,132 | ) | $ | 2,925 | $ | (10,713 | ) | $ | 16,573 | |||
| CONDENSED CONSOLIDATED BALANCE SHEET DATA | |||||
| (in thousands of U.S. Dollars) | |||||
| 2019 | 2018 * | ||||
| ASSETS | (unaudited) | ||||
| Cash and cash equivalents | $ | 107,288 | $ | 126,825 | |
| Other current assets | 29,751 | 15,147 | |||
| Vessels, net | 882,297 | 991,403 | |||
| Other fixed assets, net | 22,077 | 22,425 | |||
| Restricted cash, non-current | 21,000 | 24,582 | |||
| Investments in related parties | 1,680 | 3,263 | |||
| Other non-current assets | 7,187 | 4,151 | |||
| Total assets | $ | 1,071,280 | $ | 1,187,796 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
| Long-term debt, net of deferred financing costs | $ | 474,951 | $ | 530,547 | |
| Other liabilities | 26,265 | 29,565 | |||
| Total stockholders' equity | 570,064 | 627,684 | |||
| Total liabilities and stockholders' equity | $ | 1,071,280 | $ | 1,187,796 | |
| * | 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, | ||||||||||||
| 2019 | 2018 | 2019 | 2018 | ||||||||||
| (audited) | |||||||||||||
| Net cash provided by operating activities | $ | 5,407 | $ | 27,959 | $ | 49,882 | $ | 79,930 | |||||
| Net cash provided by investment activities | 6,013 | 13,482 | 38,397 | 99,370 | |||||||||
| Net cash used in financing activities | $ | (32,486 | ) | $ | (92,140 | ) | $ | (111,398 | ) | $ | (93,702 | ) | |
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.