Diana Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2024; Declares Cash Dividend of $0.01 Per Common Share for the Third Quarter 2024

In This Article:

ATHENS, Greece, Nov. 25, 2024 (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 $3.7 million and a net income attributed to common stockholders of $2.3 million for the third quarter of 2024. This compares to net income of $7.4 million and net income attributed to common stockholders of $5.9 million for the third quarter of 2023. Earnings per share for the third quarter of 2024 was $0.02 basic and $0.00 diluted, compared to earnings per share of $0.06 basic and diluted in the same quarter of 2023.

Time charter revenues were $57.5 million for the third quarter of 2024, compared to $62.1 million for the same quarter of 2023. The decrease in time charter revenues, compared to the same quarter last year, was due to decreased average charter rates and ownership days.

Net income for the nine months ended September 30, 2024, amounted to $3.0 million and net loss attributed to common stockholders amounted to $1.3 million. This compares to net income of $40.5 million and net income attributed to common stockholders of $36.1 million, for the same period of 2023. Time charter revenues for the nine months ended September 30, 2024 were $171.1 million, compared to $202.1 million in the same period of 2023. Loss per share was $0.01 basic and diluted, compared to earnings per share of $0.36 basic and diluted in the nine months ended September 30, 2023.

Dividend Declaration

The Company has declared a cash dividend on its common stock of $0.01 per share, based on the Company’s results of operations during the third quarter ended September 30, 2024. The cash dividend will be payable on December 18, 2024 to all common shareholders of record as of December 11, 2024. The Company currently has 125,185,706 common shares issued and outstanding. As of November 19, 2024, there were 6,381,900 warrants exercised.

Fleet Employment (As of November 22, 2024)

VESSEL

SISTER SHIPS*

GROSS RATE (USD PER DAY)

COM**

CHARTERERS

DELIVERY DATE TO CHARTERERS***

REDELIVERY DATE TO OWNERS****

NOTES

BUILT DWT

9 Ultramax Bulk Carriers

1

DSI Phoenix

A

16,500

5.00

%

Bulk Trading SA

6-May-24

1/Aug/2025 - 30/Sep/2025

2017 60,456

2

DSI Pollux

A

14,000

4.75

%

Cargill Ocean Transportation (Singapore) Pte. Ltd.

28-Dec-23

20/Aug/2025 - 20/Oct/2025

2015 60,446

3

DSI Pyxis

A

14,250

5.00

%

ASL Bulk Marine Limited

24-Sep-23

8-Nov-24

2018 60,362

13,100

5.00

%

Stone Shipping Ltd

8-Nov-24

20/Feb/2026 - 20/Apr/2026

4

DSI Polaris

A

13,100

5.00

%

ASL Bulk Marine Limited

12-Nov-22

20-Jul-24

2018 60,404

15,400

5.00

%

Stone Shipping Ltd

20-Jul-24

1/Jun/2025 - 15/Aug/2025

5

DSI Pegasus

A

14,000

5.00

%

Reachy Shipping (SGP) Pte. Ltd.

7-Dec-22

5-Sep-24

2015 60,508

15,250

4.75

%

Cargill Ocean Transportation (Singapore) Pte. Ltd

5-Sep-24

1/Jun/2025 - 1/Aug/2025

6

DSI Aquarius

B

14,500

5.00

%

Stone Shipping Ltd

18-Jan-24

5/Dec/2024 - 1/Feb/2025

1

2016 60,309

7

DSI Aquila

B

12,500

5.00

%

Western Bulk Carriers AS

11-Nov-23

30/Nov/2024 - 10/Jan/2025

1

2015 60,309

8

DSI Altair

B

13,800

5.00

%

Western Bulk Carriers AS

23-Jun-23

28-Sep-24

2016 60,309

15,750

5.00

%

Propel Shipping Pte. Ltd.

28-Sep-24

1/Nov/2025 - 31/Dec/2025

9

DSI Andromeda

B

13,500

5.00

%

Bunge SA, Geneva

27-Nov-23

20/Feb/2025 - 20/Apr/2025

2

2016 60,309

6 Panamax Bulk Carriers

10

LETO

16,000

5.00

%

ASL Bulk Shipping Limited

3-May-24

1/Mar/2025 - 30/Apr/2025

2010 81,297

11

SELINA

C

12,000

4.75

%

Cargill International S.A., Geneva

20-May-23

17-Oct-24

2010 75,700

10,500

5.00

%

Raffles Shipping International Pte. Ltd.

17-Oct-24

1/Mar/2025 - 20/Apr/2025

12

MAERA

C

13,750

5.00

%

ST Shipping and Transport Pte. Ltd.

29-Jan-24

14/Dec/2024 - 20/Jan/2025

1

2013 75,403

13

ISMENE

12,650

5.00

%

Paralos Shipping Pte., Ltd.

13-Sep-23

15/Apr/2025 - 30/Jun/2025

2013 77,901

14

CRYSTALIA

D

13,900

5.00

%

Louis Dreyfus Company Freight Asia Pte. Ltd.

4-May-24

4/Feb/2026 - 4/Jun/2026

2014 77,525

15

ATALANDI

D

15,800

5.00

%

Quadra Commodities SA

28-May-24

20-Jul-24

2014 77,529

14,600

4.75

%

Cargill International SA, Geveva

20-Jul-24

1/Jun/2025 - 31/Jul/2025

6 Kamsarmax Bulk Carriers

16

MAIA

E

13,500

5.00

%

ST Shipping and Transport Pte. Ltd.

23-Sep-23

30-Aug-24

3,4

2009 82,193

13,000

5.00

%

Viterra Chartering B.V.

16-Sep-24

12-Dec-24

5

17

MYRSINI

E

17,100

5.00

%

Cobelfret S.A. Luxembourg

25-Jun-24

1/Feb/2025 - 25/Mar/2025

2010 82,117

18

MEDUSA

E

14,250

5.00

%

ASL Bulk Shipping Limited

14-May-23

10/Feb/2025 - 15/Apr/2025

2010 82,194

19

MYRTO

E

12,650

5.00

%

Cobelfret S.A., Luxemburg

15-Jul-23

24/Dec/2024 - 15/Jan/2025

1

2013 82,131

20

ASTARTE

15,000

5.00

%

Reachy Shipping (SGP) Pte. Ltd.

29-Apr-23

19-Aug-24

2013 81,513

14,000

5.00

%

Paralos Shipping Pte. Ltd.

19-Aug-24

15/Jul/2025 - 15/Sep/2025

21

LEONIDAS P. C.

17,000

5.00

%

Ming Wah International Shipping Company Limited

22-Feb-24

20/Aug/2025 - 20/Oct/2025

2011 82,165

5 Post-Panamax Bulk Carriers

22

ALCMENE

13,150

5.00

%

China Steel Express Corporation

1-Jun-24

11-Aug-24

13,350

5.00

%

11-Aug-24

30-Sep-24

2010 93,193

12,000

5.00

%

30-Sep-24

19-Nov-24

6

23

AMPHITRITE

F

15,000

5.00

%

Cobelfret S.A., Luxembourg

13-Jan-24

30/Nov/2024 - 15/Jan/2025

7,1

2012 98,697

24

POLYMNIA

F

17,500

5.00

%

Reachy Shipping (SGP) Pte. Ltd.

8-Jun-24

1/Aug/2025 - 30/Sept/2025

2012 98,704

25

ELECTRA

G

14,000

4.75

%

Aquavita International S.A.

3-Jun-24

15/Oct/2025 - 31/Dec/2025

2013 87,150

26

PHAIDRA

G

12,250

4.75

%

Aquavita International S.A.

9-May-23

12-Oct-24

2013 87,146

12,000

4.75

%

12-Oct-24

1/May/2025 - 15/Jul/2025

8 Capesize Bulk Carriers

27

SEMIRIO

H

14,150

5.00

%

Solebay Shipping Cape Company Limited, Hong Kong

18-Aug-23

30/Nov/2024 - 30/Jan/2025

1

2007 174,261

28

HOUSTON

H

13,000

5.00

%

EGPN Bulk Carrier Co., Limited

21-Nov-22

2-Sep-24

8

2009 177,729

29

NEW YORK

H

16,000

5.00

%

SwissMarine Pte. Ltd., Singapore

11-Jun-23

29/Nov/2024 - 7/Dec/2024

1

2010 177,773

30

SEATTLE

I

17,500

5.00

%

Solebay Shipping Cape Company Limited, Hong Kong

1-Oct-23

15/Jul/2025 - 30/Sep/2025

2011 179,362

31

P. S. PALIOS

I

27,150

5.00

%

Bohai Shipping (HEBEI) Co., Ltd

7-May-24

1/Nov/2025 - 31/Dec/2025

2013 179,134

32

G. P. ZAFIRAKIS

J

17,000

5.00

%

Solebay Shipping Cape Company Limited, Hong Kong

12-Jan-23

14-Aug-24

9

2014 179,492

26,800

5.00

%

Nippon Yusen Kabushiki Kaisha, Tokyo

16-Sep-24

16/Aug/2026 - 16/Nov/2026

33

SANTA BARBARA

J

21,250

5.00

%

Smart Gain Shipping Co., Limited

7-May-23

29/Nov/2024 - 10/Dec/2024

10,1

2015 179,426

34

NEW ORLEANS

20,000

5.00

%

Kawasaki Kisen Kaisha, Ltd.

7-Dec-23

15/Aug/2025 - 31/Oct/2025

10

2015 180,960

35

FLORIDA

25,900

5.00

%

Bunge S.A., Geneva

29-Mar-22

29/Jan/2027 - 29/May/2027

2

2022 182,063

4 Newcastlemax Bulk Carriers

36

LOS ANGELES

K

17,700

5.00

%

Nippon Yusen Kabushiki Kaisha, Tokyo

15-Jan-23

20-Jul-24

2012 206,104

28,700

20-Jul-24

1/Oct/2025 - 15/Dec/2025

37

PHILADELPHIA

K

22,500

5.00

%

Nippon Yusen Kabushiki Kaisha, Tokyo

4-Feb-24

20/Apr/2025 - 20/Jul/2025

2012 206,040

38

SAN FRANCISCO

L

22,000

5.00

%

SwissMarine Pte. Ltd., Singapore

18-Feb-23

5/Jan/2025 - 5/Mar/2025

2017 208,006

39

NEWPORT NEWS

L

20,000

5.00

%

Nippon Yusen Kabushiki Kaisha, Tokyo

20-Sep-23

10/Mar/2025 - 10/Jun/2025

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.

1Based on latest information.

2Bareboat chartered-in for a period of ten years.

3Charterers have agreed for any time in excess of the charter party period to pay the rate of 105% of the Baltic Panamax Index 5 TC average as published by the Baltic Exchange on a daily basis during the excess period commencing from August 20, 2024 or the vessel’s present charter party rate, whichever is higher.

4Vessel was on scheduled drydocking from August 30, 2024 until September 16, 2024.

5Redelivery date based on an estimated time charter trip duration of about 86 days.

6Currently without an active charterparty. Vessel on scheduled drydocking.

7The charter rate will be US$12,250 per day for the first 30 days of the charter period.

8Vessel has been sold and delivered to her new Owners on September 4, 2024.

9Vessel was on scheduled drydocking from August 14, 2024 until September 16, 2024.

10Bareboat chartered-in for a period of eight years.


Summary of Selected Financial & Other Data (unaudited)

Three months ended September 30,

Nine months ended September 30,

2024

2023

2024

2023

STATEMENT OF INCOME DATA (in thousands of US Dollars)

Time charter revenues

$

57,488

$

62,062

$

171,136

$

202,082

Voyage expenses

3,654

2,931

10,067

10,295

Vessel operating expenses

21,239

21,202

63,372

63,965

Net income

3,715

7,386

3,009

40,463

Net income/(loss) attributable to common stockholders

2,272

5,944

(1,318

)

36,136

FLEET DATA

Average number of vessels

38.7

41.0

39.1

41.2

Number of vessels

38.0

41.0

38.0

41.0

Weighted average age of vessels

11.0

10.5

11.0

10.5

Ownership days

3,561

3,772

10,723

11,240

Available days

3,511

3,721

10,623

11,128

Operating days

3,508

3,720

10,586

11,097

Fleet utilization

99.9

%

100.0

%

99.7

%

99.7

%

AVERAGE DAILY RESULTS

Time charter equivalent (TCE) rate (1)

$

15,333

$

15,891

$

15,162

$

17,235

Daily vessel operating expenses (2)

$

5,964

$

5,621

$

5,910

$

5,691

Non-GAAP Measures

(1)

Time charter equivalent rate, or TCE, is 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. TCE is a non-GAAP measure, and management believes it is useful to investors because it 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. TCE is used by management to assess and compare the vessels’ profitability.

(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 Monday, November 25, 2024.


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