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Diana Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2021

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ATHENS, Greece, Nov. 17, 2021 (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 $14.7 million and net income attributed to common stockholders of $13.3 million for the third quarter of 2021. This compares to a net loss of $13.2 million and a net loss attributed to common stockholders of $14.6 million, including a $6.8 million impairment loss, reported in the third quarter of 2020.

Time charter revenues were $57.3 million for the third quarter of 2021, compared to $42.3 million for the same quarter of 2020. The increase in time charter revenues was mainly due to increased average time charter rates that the Company achieved for its vessels during the quarter. This increase was partly offset by decreased revenues due to decreased ownership days compared to last year, resulting from the sale of vessels.

Net income for the nine months ended September 30, 2021 amounted to $16.3 million and net income attributed to common stockholders amounted to $11.9 million, including a $1.4 million gain on sale of vessels. This compares to a net loss of $126.8 million and net loss attributed to common stockholders of $131.1 million, including a $102.5 million impairment loss and $1.1 million loss on sale of vessels, for the same period of 2020. Time charter revenues were $145.4 million for the nine months ended September 30, 2021, compared to $127.1 million for the same period of 2020.

Fleet Employment Profile (As of November 16, 2021)

Diana Shipping Inc.’s fleet is employed as follows:

Vessel
BUILT DWT

Sister
Ships*

Gross Rate
(USD Per
Day)

Com**

Charterers

Delivery Date to
Charterers***

Redelivery Date to Owners****

Notes

10 Panamax Bulk Carriers

1

PROTEFS

A

$10,650

5.00%

Reachy International (HK) Co., Limited

8-Feb-21

10-Mar-22 - 20-May-22

2004 73,630

2

CALIPSO

A

$10,400

5.00%

Viterra Chartering B.V., Rotterdam

22-Jan-21

29-Nov-21 - 15-Dec-21

1

2005 73,691

-

NAIAS

A

$23,250

5.00%

AS Klaveness Chartering, Oslo

21-Jun-21

19-Jul-21

2

2006 73,546

3

MELIA

$25,750

5.00%

Viterra Chartering B.V., Rotterdam

11-Jun-21

7-Apr-22 - 7-Jun-22

2005 76,225

4

ARTEMIS

$10,250

5.00%

Glencore Agriculture B.V., Rotterdam

30-Nov-20

5-Jan-22 - 30-Mar-22

2006 76,942

5

LETO

$9,000

4.75%

Cargill International S.A., Geneva

21-May-20

3-Oct-21

$25,500

5.00%

Aquavita International S.A.

3-Oct-21

1-Feb-23 - 15-Apr-23

2010 81,297

6

SELINA

B

$11,000

5.00%

ST Shipping and Transport Pte. Ltd., Singapore

5-Jul-20

2-Sep-21

$26,500

5.00%

ASL Bulk Shipping HK Limited

2-Sep-21

15-Jun-22 - 15-Sep-22

2010 75,700

7

MAERA

B

$8,600

5.00%

Ausca Shipping Limited, Hong Kong

11-Jun-20

18-Sep-21

$26,000

5.00%

ASL Bulk Shipping HK Limited

18-Sep-21

1-Oct-22 - 15-Dec-22

2013 75,403

8

ISMENE

$16,500

5.00%

Tongli Shipping Pte. Ltd.

11-Mar-21

25-Nov-21 - 15-Dec-21

1

2013 77,901

9

CRYSTALIA

C

$8,750

5.00%

Glencore Agriculture B.V., Rotterdam

22-May-20

21-Sep-21

$26,100

5.00%

Uniper Global Commodities SE, Düsseldorf

21-Sep-21

1-Oct-22 - 15-Dec-22

2014 77,525

10

ATALANDI

C

$9,300

5.00%

Uniper Global Commodities SE, Düsseldorf

14-Jun-20

5-Oct-21

$24,500

4.75%

Aquavita International S.A.

5-Oct-21

15-Feb-23 - 30-Apr-23

2014 77,529

6 Kamsarmax Bulk Carriers

11

MAIA

D

$25,000

5.00%

Viterra Chartering B.V., Rotterdam

20-Jun-21

1-May-22 - 30-Jun-22

3

2009 82,193

12

MYRSINI

D

$27,750

5.00%

Bocimar International N.V.

11-May-21

15-Nov-21

$22,000

4.75%

Cargill International S.A., Geneva

15-Nov-21

1-Dec-22 - 31-Jan-23

2010 82,117

13

MEDUSA

D

$11,000

4.75%

Cargill International S.A., Geneva

19-Nov-20

10-Jan-22 - 20-Mar-22

2010 82,194

14

MYRTO

D

$10,000

4.75%

Cargill International S.A., Geneva

3-Apr-20

10-Sep-21

$28,500

5.00%

Solebay Shipping Transocean Company Limited

2013 82,131

10-Sep-21

15-Aug-22 - 15-Oct-22

15

ASTARTE

$25,000

5.00%

Mitsui O.S.K. Lines Ltd.

20-May-21

29-Nov-21 - 15-Dec-21

1

2013 81,513

16

MAGNOLIA

-

-

-

-

- - -

4

tbr. LEONIDAS P. C.

2011 82,165

5 Post-Panamax Bulk Carriers

17

ALCMENE

$8,500

4.75%

Cargill International S.A., Geneva

2-Apr-20

28-Jul-21

5

$25,500

5.00%

Refined Success Limited

28-Jul-21

20-Nov-21

6,7

2010 93,193

18

AMPHITRITE

E

$30,000

5.00%

Jera Global Markets Pte. Ltd.

6-Jun-21

2-Jul-21

8

$30,250

5.00%

Jera Global Markets Pte. Ltd.

23-Jul-21

13-Sep-21

$27,000

5.00%

BG Shipping Co., Limited, Hong Kong

13-Sep-21

15-Oct-22 - 15-Dec-22

2012 98,697

19

POLYMNIA

E

$12,100

5.00%

CLdN Cobelfret SA, Luxembourg

22-Nov-20

28-Nov-21 - 25-Dec-21

1,9

2012 98,704

20

ELECTRA

F

$21,000

5.00%

Tongli Shipping Pte. Ltd.

28-Apr-21

10-Feb-22 - 10-Apr-22

2013 87,150

21

PHAIDRA

F

$9,400

5.00%

Uniper Global Commodities SE, Düsseldorf

29-May-20

15-Jul-21

$27,000

5.00%

Refined Success Limited

15-Jul-21

2-Sep-21

$28,000

5.00%

Uniper Global Commodities SE, Düsseldorf

2-Sep-21

1-Jul-22 - 15-Sep-22

2013 87,146

12 Capesize Bulk Carriers

22

ALIKI

$20,500

5.00%

Solebay Shipping Cape Company Limited, Hong Kong

18-Mar-21

15-Jan-22 - 15-Mar-22

2005 180,235

23

BALTIMORE

$13,000

5.00%

Koch Shipping Pte. Ltd., Singapore

21-Dec-20

27-Sep-21

$56,000

4.75%

Olam International Limited, Singapore

27-Sep-21

27-Dec-21

10

2005 177,243

24

SALT LAKE CITY

$13,000

5.00%

C Transport Maritime Ltd., Bermuda

9-Jan-21

1-Apr-22 - 30-Jun-22

2005 171,810

25

SEMIRIO

G

$13,500

5.00%

SwissMarine Pte. Ltd., Singapore

1-Jan-21

30-Nov-21 - 20-Dec-21

1

2007 174,261

26

BOSTON

G

$25,500

5.00%

C Transport Maritime Ltd., Bermuda

16-Jun-21

15-Apr-22 - 15-Jun-22

2007 177,828

27

HOUSTON

G

$6,250

5.00%

C Transport Maritime Ltd., Bermuda

13-Apr-20

13-May-20

$12,400

5.00%

13-May-20

30-Aug-21

2009 177,729

$27,000

5.00%

Koch Shipping Pte. Ltd., Singapore

30-Aug-21

15-Jul-22 - 15-Oct-22

28

NEW YORK

G

$14,000

5.00%

EGPN Bulk Carrier Co., Limited, Hong Kong

29-Dec-20

16-Apr-22 - 30-Jun-22

2010 177,773

29

SEATTLE

H

$12,300

5.00%

Pacbulk Shipping Pte. Ltd., Singapore

27-Apr-20

1-Dec-21 - 31-Dec-21

1

2011 179,362

30

P. S. PALIOS

H

$26,500

4.75%

Olam International Limited, Singapore

5-Jun-21

15-Feb-22 - 15-Apr-22

2013 179,134

31

G. P. ZAFIRAKIS

I

$13,200

5.00%

Koch Shipping Pte. Ltd., Singapore

31-May-20

28-Nov-21 - 31-Dec-21

1

2014 179,492

32

SANTA BARBARA

I

$17,250

4.75%

Cargill International S.A., Geneva

9-Jan-21

5-Jan-22 - 5-Mar-22

2015 179,426

33

NEW ORLEANS

$15,500

5.00%

Nippon Yusen Kabushiki Kaisha

3-Dec-20

25-Jan-22 - 25-Mar-22

2015 180,960

4 Newcastlemax Bulk Carriers

34

LOS ANGELES

J

$14,250

5.00%

Engelhart CTP Freight (Switzerland) SA

6-Jun-20

27-Nov-21 - 31-Dec-21

1

2012 206,104

35

PHILADELPHIA

J

$28,500

5.00%

Classic Maritime Inc.

22-Apr-21

1-Mar-22 - 1-May-22

2012 206,040

36

SAN FRANCISCO

K

$17,750

5.00%

Olam International Limited, Singapore

11-Feb-21

27-May-21

$24,700

5.00%

27-May-21

15-Jan-22 - 15-Mar-22

11

2017 208,006

37

NEWPORT NEWS

K

$18,400

5.00%

Koch Shipping Pte. Ltd., Singapore

8-Sep-20

25-Nov-21 - 30-Dec-21

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 sold and delivered to her new owners on July 30, 2021.

3 Vessel off-hire for about 29 days.

4 Expected date of delivery to the Company on February 28, 2022.

5 Charterers have agreed to pay the weighted average of the Baltic Panamax 5 T/C routes, as published by the Baltic Exchange on July 2, 2021 for the excess period commencing from July 2, 2021 till July 28, 2021.

6 Redelivery date based on an estimated time charter trip duration of about 115 days.

7 Charterers will compensate owners with hire equal to the average of BPI P3A_82 route for the overrun days and paid pro rata until the actual redelivery date and time of the vessel back to owners and only in case the BPI P3A_82 route for the overrun days is higher than current hire rate i.e. USD25,500 otherwise current hire rate to remain for that day.

8 Vessel on scheduled drydocking from July 2, 2021 to July 23, 2021.

9 Vessel on scheduled drydocking from July 15, 2021 to August 3, 2021.

10 Redelivery date based on an estimated time charter trip duration of about 90 days.

11 Vessel currently off hire for drydocking.


Summary of Selected Financial & Other Data (unaudited)

Three months ended
September 30,

Nine months ended
September 30,

2021

2020

2021

2020

STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)

Time charter revenues

$

57,284

$

42,341

$

145,358

$

127,076

Voyage expenses

677

2,944

4,749

10,505

Vessel operating expenses

18,832

21,318

56,563

63,441

Net income/(loss)

14,733

(13,151

)

16,254

(126,767

)

Net income/(loss) attributed to common stockholders

13,291

(14,593

)

11,927

(131,094

)

FLEET DATA

Average number of vessels

36.3

40.4

37.2

41.1

Number of vessels

36.0

40.0

36.0

40.0

Weighted average age of vessels

10.5

10.0

10.5

10.0

Ownership days

3,342

3,719

10,143

11,251

Available days

3,302

3,670

10,055

10,695

Operating days

3,253

3,572

9,945

10,410

Fleet utilization

98.5

%

97.3

%

98.9

%

97.3

%

AVERAGE DAILY RESULTS

Time charter equivalent (TCE) rate (1)

$

17,143

$

10,735

$

13,984

$

10,900

Daily vessel operating expenses (2)

$

5,635

$

5,732

$

5,577

$

5,639


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 Wednesday, November 17, 2021.

Investors may access the webcast by visiting the Company’s website at www.dianashippinginc.com, and clicking on the webcast link. An accompanying investor presentation also will be available via the webcast link and on the Company’s website. 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 13724413.

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
September 30,

Nine months ended
September 30,

2021

2020

2021

2020

REVENUES:

Time charter revenues

$

57,284

$

42,341

$

145,358

$

127,076

EXPENSES:

Voyage expenses

677

2,944

4,749

10,505

Vessel operating expenses

18,832

21,318

56,563

63,441

Depreciation and amortization of deferred charges

10,263

9,399

30,403

32,682

General and administrative expenses

7,153

9,463

21,062

25,748

Management fees to related party

340

497

1,194

1,511

Vessel impairment charges

-

6,832

-

102,525

(Gain)/loss on sale of vessels

(1,564

)

7

(1,360

)

1,085

Other loss

304

271

300

129

Operating income/(loss)

$

21,279

$

(8,390

)

$

32,447

$

(110,550

)

OTHER INCOME / (EXPENSES):

Interest expense and finance costs

(5,681

)

(4,874

)

(15,022

)

(16,883

)

Interest income

29

55

79

694

(Loss)/gain on extinguishment of debt

(822

)

374

(980

)

374

Loss from equity method investment

(72

)

(316

)

(270

)

(402

)

Total other expenses, net

$

(6,546

)

$

(4,761

)

$

(16,193

)

$

(16,217

)

Net income/(loss)

$

14,733

$

(13,151

)

$

16,254

$

(126,767

)

Dividends on series B preferred shares

(1,442

)

(1,442

)

(4,327

)

(4,327

)

Net income/(loss) attributed to common stockholders

13,291

(14,593

)

11,927

(131,094

)

Earnings/(loss) per common share, basic

$

0.17

$

(0.17

)

$

0.15

$

(1.53

)

Earnings/(loss) per common share, diluted

$

0.16

$

(0.17

)

$

0.14

$

(1.53

)

Weighted average number of common shares, basic

78,687,020

85,745,586

81,408,637

85,923,171

Weighted average number of common shares, diluted

83,329,718

85,745,586

84,633,560

85,923,171

Three months ended
September 30,

Nine months ended
September 30,

2021

2020

2021

2020

Net income/(loss)

$

14,733

$

(13,151

)

$

16,254

$

(126,767

)

Other comprehensive loss (Actuarial loss)

-

(6

)

-

(20

)

Comprehensive income/(loss)

$

14,733

$

(13,157

)

$

16,254

$

(126,787

)


CONDENSED CONSOLIDATED BALANCE SHEET DATA

(in thousands of U.S. Dollars)

September 30, 2021

December 31, 2020*

ASSETS

(unaudited)

Cash, cash equivalents and restricted cash

$

146,249

$

82,909

Other current assets

14,737

41,752

Vessels, net

682,133

716,178

Other fixed assets, net

25,940

21,704

Other non-current assets

9,753

9,867

Total assets

$

878,812

$

872,410

LIABILITIES AND STOCKHOLDERS' EQUITY

Long-term debt, net of deferred financing costs

$

434,728

$

420,314

Other liabilities

28,183

23,526

Total stockholders' equity

415,901

428,570

Total liabilities and stockholders' equity

$

878,812

$

872,410

* 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,

2021

2020

2021

2020

Net cash provided by/(used in) operating activities

$

30,047

$

(430

)

$

57,489

$

11,307

Net cash provided by investing activities

5,990

13,862

28,065

11,598

Net cash used in financing activities

$

(44,783

)

$

(24,736

)

$

(22,214

)

$

(60,807

)

CONTACT: Corporate Contact: Ioannis Zafirakis Director, 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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