UK Markets closed

Diana Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2022; Declares Cash Dividend of $0.175 Per Share for the Third Quarter 2022 and Special Stock Distribution

ATHENS, Greece, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today reported net income of $31.7 million and net income attributed to common stockholders of $30.3 million for the third quarter of 2022. This compares to net income of $14.7 million and net income attributed to common stockholders of $13.3 million for the third quarter of 2021. Earnings per share for the third quarter of 2022 was $0.39 basic and $0.37 diluted, compared to earnings per share of $0.17 basic and $0.16 diluted in the same quarter in 2021.

Time charter revenues were $73.8 million for the third quarter of 2022, compared to $57.3 million for the same quarter of 2021. The increase in time charter revenues was 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 the decrease in the size of the fleet and increased off hire days during the quarter compared to the same quarter last year.

Net income for the nine months ended September 30, 2022, amounted to $93.4 million and net income attributed to common stockholders amounted to $89.1 million. This compares to a net income of $16.3 million and net income attributed to common stockholders of $11.9 million, for the same period of 2021. Time charter revenues were $214.3 million for the nine months ended September 30, 2022, compared to $145.4 million for the same period of 2021.

Cash and Special Stock Dividend Declaration

The Company has declared a cash dividend on its common stock of $0.175 per share, based on the Company’s results of operations during the third quarter ended September 30, 2022. The cash dividend will be payable on or about December 15, 2022 to all shareholders of record as of November 28, 2022. The Company currently has 98,687,233 common shares issued and outstanding.

The Company has also declared a special stock dividend to shareholders of record as of November 28, 2022 of all Series D Convertible Preferred Shares of OceanPal Inc. held by the Company. The dividend will be payable on or about December 15, 2022 (the “Stock Dividend”). Because no public market exists or is expected to develop for the Series D Convertible Preferred Shares, as an accommodation to common shareholders, the Company will automatically convert the Series D Convertible Preferred Shares into OceanPal Inc. common shares on or around the Stock Dividend payment date and distribute such common shares to each common shareholder. Common shareholders, in their sole discretion, may elect to opt out, in whole but not in part, of the conversion of the Series D Convertible Preferred Shares and instead receive Series D Convertible Preferred Shares in connection with the Stock Dividend.

Shareholders electing to receive Series D Convertible Preferred Shares by opting out of the automatic conversion will receive a number of Series D Convertible Preferred Shares equal to such common shareholder’s pro-rata portion of all Series D Convertible Preferred Shares, rounded down to the nearest whole number. Any fractional Series D Convertible Preferred Shares that would otherwise be distributed will be converted into OceanPal Inc. common shares at the applicable conversion rate and sold, and the net proceeds therefrom will be delivered to such common shareholder. Common Shareholders receiving OceanPal Inc. common shares will receive the pro-rata number of common shares to which they are entitled following conversion, rounded down to the nearest whole number, and any fractional shares shall be aggregated and sold and the net proceeds thereof will be delivered to common shareholders. All OceanPal Inc. fractional share calculations and the payment of cash in lieu thereof will be determined at the shareholder nominee level.

OceanPal Inc. has filed a registration statement with the SEC registering the OceanPal Inc. common shares and / or Series D Convertible Preferred Shares in the Stock Distribution. No distribution of the Series D Convertible Preferred Shares or OceanPal Inc. common shares will be made until such registration statement has been declared effective.

2022 Fleet Employment (As of November 15, 2022)

 

 

 

 

 

 

 

 

 

 

 

VESSEL
BUILT DWT

SISTER SHIPS*

GROSS RATE (USD
PER DAY)

COM**

CHARTERERS

DELIVERY DATE TO CHARTERERS***

REDELIVERY DATE TO
OWNERS****


NOTES

9 Ultramax Bulk Carriers 

1

DSI Phoenix

A

13,250

5.00%

ASL Bulk Marine Limited

04/Nov/2022

4/Mar/2024-4/May/2024

 

 

2017 60,456

 

 

 

 

 

 

 

2

DSI Pollux

A

17,000

5.00%

Delta Corp Shipping Pte. Ltd.

27/Oct/2022

27/Dec/2023-27/Feb/2024

 

 

2015 60,446

 

 

 

 

 

 

 

3

DSI Pyxis

A

17,100

4.75%

Cargill Ocean Transportation Singapore Pte. Ltd.

16/Oct/2022

16/Aug/2023-16/Oct/2023

 

 

2018 60,362

 

 

 

 

 

 

4

DSI Polaris

A

13,100

5.00%

ASL Bulk Marine Limited

12/Nov/2022

12/May/2024-12/July/2024

 

 

2018 60,404

 

 

 

 

 

 

 

5

STH ATHENS (tbr. DSI Pegasus)

A

-

-

-

-

-

1

 

2015 60,508

 

 

 

 

 

 

 

6

STH KURE (tbr. DSI Aquarius)

B

-

-

-

-

-

1

 

2016 60,309

 

 

 

 

 

 

 

7

DSI Aquila

B

-

-

-

-

-

 

 

2015 60,309

 

 

 

 

 

 

 

8

STH SYDNEY (tbr. DSI Altair)

B

-

-

-

-

-

1

 

2016 60,309

 

 

 

 

 

 

 

9

DSI Andromeda

B

-

-

-

-

-

 

 

2016 60,309

 

 

 

 

 

 

 

8 Panamax Bulk Carriers

10

MELIA

 

20,000

5.00%

Oldendorff GmbH & Co. KG

28/May/2022

28/Aug/2022

2

 

2005 76,225

 

15,000

5.00%

Oriental Pal Shipping Pte., Ltd.

26/Sep/2022

21/Oct/2022

 

 

 

14,000

5.00%

21/Oct/2022

21/Nov/2022

3

11

ARTEMIS

 

21,250

4.75%

Cargill International S.A., Geneva

21/Mar/2022

20/Jun/2023-20/Aug/2023

 

 

2006 76,942

 

 

 

 

 

 

12

LETO

 

25,500

4.75%

Aquavita International S.A.

03/Oct/2021

1/Feb/2023 - 15/Apr/2023

 

 

2010 81,297

 

 

 

 

 

 

 

13

SELINA

C

22,000

5.00%

Speed Logistics Marine Limited

18/Jun/2022

15/Apr/2023-20/Jun/2023

 

 

2010 75,700

 

 

 

 

 

 

14

MAERA

C

26,000

5.00%

ASL Bulk Shipping HK Limited

18/Sep/2021

14/Oct/2022

 

 

2013 75,403

 

14,250

5.00%

Oriental Pal Shipping Pte., Ltd.

15/Oct/2022

12/Nov/2022

4

15

ISMENE

 

18,500

4.75%

Cargill International S.A., Geneva

23/Nov/2021

15/Dec/2022 - 15/Feb/2023

 

 

2013 77,901

 

 

 

 

 

 

16

CRYSTALIA

D

26,100

5.00%

Uniper Global Commodities SE, Dusseldorf

21/Sep/2021

12/Nov/2022

 

 

2014 77,525

 

12,500

5.00%

Reachy Shipping (SGP) Pte. Ltd.

12/Nov/2022

1/Sep/2023-15/Oct/2023

 

17

ATALANDI

D

24,500

4.75%

Aquavita International S.A.

05/Oct/2021

15/Feb/2023 - 30/Apr/2023

 

 

2014 77,529

 

 

 

 

 

 

 

6 Kamsarmax Bulk Carriers

18

MAIA

E

25,000

5.00%

Hyundai Glovis Co. Ltd.

24/May/2022

20/Sep/2023 - 20/Nov/2023

5,6

 

2009 82,193

 

 

 

 

 

 

 

19

MYRSINI

E

22,000

4.75%

Cargill International S.A., Geneva

15/Nov/2021

1/Dec/2022 - 31/Jan/2023

 

 

2010 82,117

 

 

 

 

 

 

20

MEDUSA

E

26,000

4.75%

Cargill International S.A., Geneva

09/Mar/2022

15/May/2023-15/Jul/2023

 

 

2010 82,194

 

 

 

 

 

 

21

MYRTO

E

28,500

5.00%

Solebay Shipping Transocean Company Limited

10/Sep/2021

3/Aug/2022

7

 

2013 82,131

 

18,000

5.00%

Tata NYK Shipping Pte. Ltd.

03/Aug/2022

15/Jul/2023 - 15/Sep/2023

8

22

ASTARTE

 

21,500

5.00%

Tongli Shipping Pte. Ltd.

30/Jan/2022

15/Apr/2023 - 15/Jun/2023

 

 

2013 81,513

 

 

 

 

 

 

 

23

LEONIDAS P. C.

 

24,500

4.75%

Cargill International S.A., Geneva

18/Feb/2022

1/Mar/2023-30/Apr/2023

 

 

2011 82,165

 

 

 

 

 

 

 

5 Post-Panamax Bulk Carriers

 

24

ALCMENE

 

17,100

5.00%

SwissMarine Pte. Ltd., Singapore

25/Nov/2021

20/Dec/2022 - 5/Mar/2023

 

 

2010 93,193

 

 

 

 

 

 

25

AMPHITRITE

F

27,000

5.00%

BG Shipping Co., Limited, Hong Kong

13/Sep/2021

9/Nov/2022

 

 

2012 98,697

 

14,250

5.00%

Cobelfret S.A.

09/Nov/2022

1/Dec/2023-15/Feb/2024

 

26

POLYMNIA

F

24,750

5.00%

CLdN Cobelfret SA, Luxembourg

04/Feb/2022

15/Jan/2023-15/Mar/2023

 

 

2012 98,704

 

 

 

 

 

 

27

ELECTRA

G

17,500

5.00%

Refined Success Limited

02/Jul/2022

1/Apr/2023 - 30/May/2023

9

 

2013 87,150

 

 

 

 

 

 

 

28

PHAIDRA

G

28,000

5.00%

Uniper Global Commodities SE, Düsseldorf

02/Sep/2021

29/Aug/2022

 

 

2013 87,146

 

11,250

5.00%

Element Maritime S.A.

20/Sep/2022

16/Nov/2022

10,11

11 Capesize Bulk Carriers

29

ALIKI

 

24,500

5.00%

Koch Shipping Pte. Ltd., Singapore

21/Feb/2022

1/Feb/2023 - 15/Apr/2023

 

 

2005 180,235

 

 

 

 

 

 

-

BALTIMORE

 

16,000

5.00%

Solebay Shipping Cape Company Limited, Hong Kong

08/Apr/2022

11/Jul/2022

12,13

 

2005 177,243

 

 

 

 

 

 

30

SEMIRIO

H

19,700

5.00%

C Transport Maritime Ltd., Bermuda

15/Dec/2021

15/Aug/2023 - 15/Nov/2023

14

 

2007 174,261

 

 

 

 

 

 

31

BOSTON

H

20,500

5.00%

Aquavita International S.A.

15/Jul/2022

1/Apr/2023 - 31/May/2023

15

 

2007 177,828

 

 

 

 

 

 

 

32

HOUSTON

H

27,000

5.00%

Koch Shipping Pte. Ltd., Singapore

30/Aug/2021

18/Nov/2022

16,17

 

2009 177,729

 

 

 

 

 

 

33

NEW YORK

H

14,000

5.00%

EGPN Bulk Carrier Co., Limited, Hong Kong

29/Dec/2020

02/Jul/2022

 

 

2010 177,773

 

23,000

5.00%

C Transport Maritime Ltd., Bermuda

02/Jul/2022

10/Jun/2023 - 25/Aug/2023

 

34

SEATTLE

I

26,500

5.00%

Solebay Shipping Cape Company Limited, Hong Kong

02/Mar/2022

1/Oct/2023-15/Dec/2023

 

 

2011 179,362

 

 

 

 

 

 

35

P. S. PALIOS

I

31,000

5.00%

Classic Maritime Inc.

11/Jun/2022

15/Apr/2024-30/Jun/2024

 

 

2013 179,134

 

 

 

 

 

 

 

36

G. P. ZAFIRAKIS

J

22,750

4.75%

Cargill International S.A., Geneva

01/Dec/2021

29/Nov/2022 - 31/Dec/2022

16

 

2014 179,492

 

 

 

 

 

 

37

SANTA BARBARA

J

29,500

4.75%

Cargill International S.A., Geneva

19/Mar/2022

10/May/2023-10/Jul/2023

18

 

2015 179,426

 

 

 

 

 

 


38

NEW ORLEANS

 

32,000

5.00%

Engelhart CTP Freight (Switzerland) SA

25/Mar/2022

20/Nov/2023-31/Jan/2024

18

 

2015 180,960

 

 

 

 

 

 

39

FLORIDA

 

25,900

5.00%

Bunge S.A., Geneva

29/Mar/2022

29/Jan/2027-29/May/2027

19

 

2022 182,063

 

 

 

 

 

 

 

4 Newcastlemax Bulk Carriers

40

LOS ANGELES

K

26,250

5.00%

Koch Shipping Pte. Ltd., Singapore

30/Jan/2022

15/Jan/2023-15/Mar/2023

 

 

2012 206,104

 

 

 

 

 

 

41

PHILADELPHIA

K

26,000

5.00%

C Transport Maritime Ltd., Bermuda

12/Apr/2022

1/Feb/2024-15/Apr/2024

 

 

2012 206,040

 

 

 

 

 

 

42

SAN FRANCISCO

L

30,500

5.00%

Koch Shipping Pte. Ltd., Singapore

18/Feb/2022

1/Mar/2023-15/May/2023

 

 

2017 208,006

 

 

 

 

 

 

43

NEWPORT NEWS

L

28,000

5.00%

Koch Shipping Pte. Ltd., Singapore

16/Dec/2021

1/Jul/2023 - 30/Sep/2023

 

 

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 expected to be delivered to the Company in the fourth quarter of 2022.

2 Vessel on scheduled drydocking from August 28, 2022 to September 23, 2022.

3 Redelivery date based on an estimated time charter trip duration of about 31 days.

4 Currently without an active charterparty. Vessel on scheduled drydocking.

5 Vessel on scheduled drydocking from September 16, 2022 to September 30, 2022.

6 Vessel off hire for 3.93 days.

7 Solebay Shipping Transocean Company Limited has agreed to compensate the owners with the difference between the previous and the current charter rate for the early redelivery of the vessel on August 3, 2022, till the minimum agreed redelivery date, August 15, 2022.

8 Vessel on scheduled drydocking from October 12, 2022 to November 7, 2022.

9 Vessel on scheduled drydocking from June 7, 2022 to July 2, 2022.

10 Charter includes a one time ballast bonus payment of US$250,000.

11 Redelivery date based on an estimated time charter trip duration of about 57 days.

12 Vessel on scheduled drydocking from July 11, 2022 to September 21, 2022.

13 Vessel was delivered to her new owners on September 21, 2022.

14 Vessel on scheduled drydocking from July 14, 2022 to September 15, 2022.

15 Vessel on scheduled drydocking from May 28, 2022 to July 15, 2022.

16 Based on latest information.

17 The charterers have compensated the owners for the days over and above the maximum redelivery date.

18 Bareboat chartered-in for a period of eight years.

19 Bareboat chartered-in for a period of ten years at US$13,500 per day.


Summary of Selected Financial & Other Data (unaudited)

 

 

 

Three months ended September 30,

 

For the nine months ended September 30,

 

 

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

 

 

STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)

 

Time Charter Revenues

$

73,811

 

$

57,284

 

$

214,267

 

$

145,358

 

 

Voyage Expenses

 

3,432

 

 

677

 

 

4,095

 

 

4,749

 

 

Vessel Operating Expenses

 

17,685

 

 

18,832

 

 

52,507

 

 

56,563

 

 

Net income

 

31,731

 

 

14,733

 

 

93,381

 

 

16,254

 

 

Net Income Attributable to Common Stockholders

 

30,289

 

 

13,291

 

 

89,054

 

 

11,927

 

FLEET DATA

 

Average number of vessels

 

34.9

 

 

36.3

 

 

34.5

 

 

37.2

 

 

Number of vessels

 

34.0

 

 

36.0

 

 

34.0

 

 

36.0

 

 

Weighted average age of vessels

 

10.4

 

 

10.5

 

 

10.4

 

 

10.5

 

 

Ownership days

 

3,210

 

 

3,342

 

 

9,412

 

 

10,143

 

 

Available days

 

3,022

 

 

3,302

 

 

8,996

 

 

10,055

 

 

Operating days

 

2,994

 

 

3,253

 

 

8,913

 

 

9,945

 

 

Fleet utilization

 

99.1%

 

 

98.5%

 

 

99.1%

 

 

98.9%

 

AVERAGE DAILY RESULTS

 

Time charter equivalent (TCE) rate (1)

$

23,289

 

$

17,143

 

$

23,363

 

$

13,984

 

 

Daily vessel operating expenses (2)

$

5,509

 

$

5,635

 

$

5,579

 

$

5,577

 

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 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 Thursday, November 17, 2022.

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 13733971.

About the Company

Diana Shipping Inc. is a global provider of shipping transportation services through its ownership and bareboat charter-in 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, including risks associated with the continuing conflict between Russia and Ukraine and related sanctions, 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

 

 

 

Three months ended September 30,

 

For the nine months ended September 30,

 

 

 

2022

 

2021

 

2022

 

2021

REVENUES:

 

 

 

 

 

 

 

 

 

Time Charter Revenues

$

73,811

 

$

57,284

 

$

214,267

 

$

145,358

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

Voyage Expenses

 

3,432

 

 

677

 

 

4,095

 

 

4,749

 

 

Vessel Operating Expenses

 

17,685

 

 

18,832

 

 

52,507

 

 

56,563

 

 

Depreciation and Amortization of Deferred Charges

 

10,641

 

 

10,263

 

 

31,099

 

 

30,403

 

 

General and Administrative Expenses

 

7,013

 

 

7,153

 

 

21,960

 

 

21,062

 

 

Management Fees to Related Party

 

222

 

 

340

 

 

450

 

 

1,194

 

 

Gain on Sale of Vessels

 

(2,841

)

 

(1,564

)

 

(2,841

)

 

(1,360

)

 

Insurance Recoveries

 

-

 

 

-

 

 

(1,789

)

 

-

 

 

Other Operating (Income)/Loss

 

(132

)

 

304

 

 

(474

)

 

300

 

 

Operating Income, Total

$

37,791

 

$

21,279

 

$

109,260

 

$

32,447

 

 

 

 

 

 

 

 

 

 

 

OTHER INCOME / (EXPENSES):

 

 

 

 

 

 

 

 

 

Interest Expense and Finance Costs

 

(6,415

)

 

(5,681

)

 

(17,623

)

 

(15,022

)

 

Interest and Other Income

 

630

 

 

29

 

 

1,252

 

 

79

 

 

Loss on Extinguishment of Debt

 

(212

)

 

(822

)

 

(212

)

 

(980

)

 

Gain/(Loss) from Equity Method Investments

 

(63

)

 

(72

)

 

704

 

 

(270

)

 

Total Other Expenses, Net

$

(6,060

)

$

(6,546

)

$

(15,879

)

$

(16,193

)

 

 

 

 

 

 

 

 

 

 

Net Income

$

31,731

 

$

14,733

 

$

93,381

 

$

16,254

 

Dividends on series B preferred shares

 

(1,442

)

 

(1,442

)

 

(4,327

)

 

(4,327

)

Net Income Attributable to Common Stockholders

 

30,289

 

 

13,291

 

 

89,054

 

 

11,927

 

Earnings Per Common Share, Basic

$

0.39

 

$

0.17

 

$

1.15

 

$

0.15

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Common Share, Diluted

$

0.37

 

$

0.16

 

$

1.10

 

$

0.14

 

Weighted Average Number of Common Shares Outstanding, Basic

 

78,390,909

 

 

78,687,020

 

 

77,696,706

 

 

81,408,637

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Number of Common Shares Outstanding, Diluted

 

82,225,404

 

 

83,329,718

 

 

80,934,858

 

 

84,633,560

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30,

 

For the nine months ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

Net Income

$

31,731

 

$

14,733

 

$

93,381

 

$

16,254

 

Other comprehensive income (Actuarial income)

 

-

 

 

-

 

 

1

 

 

-

 

Comprehensive Income

$

31,731

 

$

14,733

 

$

93,382

 

$

16,254

 

 

 

 

 

 

 

 

 

 

 

 

 

 


CONDENSED CONSOLIDATED BALANCE SHEET DATA

 

 

(in thousands of U.S. Dollars)

 

 

 

 

 

 

 

 

 

 

 

September 30, 2022

 

December 31, 2021*

ASSETS

 

(unaudited)

 

 

 

 

 

 

 

 

Cash and Cash Equivalents and Restricted Cash

$

129,675

$

126,788

Other Current Assets

 

15,085

 

15,357

Fixed Assets

 

746,844

 

682,579

Investments in Related Parties

 

25,708

 

7,644

Deferred and Other Noncurrent Assets

 

18,402

 

9,582

 

Total assets

$

935,714

$

841,950

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

Long-Term Debt and Finance Liabilities, net of Deferred Financing Costs

$

471,786

$

423,675

Other Liabilities

 

35,586

 

25,080

Total Stockholders' Equity

 

428,342

 

393,195

 

Total Liabilities and Stockholders' Equity

$

935,714

$

841,950

 

 

 

 

 

 

*

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,

 

For the nine months ended September 30,

 

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

$

43,277

 

$

30,047

 

$

124,114

 

$

57,489

 

Net cash provided by/(used in) investing activities

 

(35,610

)

 

5,990

 

 

(54,379

)

 

28,065

 

Net cash used in financing activities

$

(8,334

)

$

(44,783

)

$

(66,848

)

$

(22,214

)

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 Twitter: @Dianaship       Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: enebb@optonline.net