DSX Diana Shipping Inc

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 $10.4 million and net income attributed to common stockholders of $8.9 million for the second quarter of 2023. This compares to net income of $35.6 million and net income attributed to common stockholders of $34.2 million for the second quarter of 2022. Earnings per share for the second quarter of 2023 was $0.09 basic and diluted, compared to earnings per share of $0.44 basic and $0.42 diluted in the same quarter in 2022.

Time charter revenues were $67.4 million for the second quarter of 2023, compared to $74.5 million for the same quarter of 2022. The decrease in time charter revenues, compared to the same quarter of last year, was due to decreased average charter rates. This decrease was partly offset by increased ownership days resulting from vessel acquisitions.

Net income for the six months ended June 30, 2023, amounted to $33.1 million and net income attributed to common stockholders amounted to $30.2 million. This compares to net income of $61.6 million and net income attributed to common stockholders of $58.8 million, for the same period of 2022. Time charter revenues for the six months ended June 30, 2023, were $140.0 million compared to $140.5 million in the same period of 2022. Earnings per share was $0.31 basic and $0.30 diluted, compared to earnings per share of $0.76 basic and $0.73 diluted in the six months ended June 30, 2022.

Dividend Declaration

The Company has declared a dividend on its common stock based on the Company’s results of operations during the quarter ended June 30, 2023, in the amount of $0.15 per share, which will be paid in shares of the Company’s common stock or, upon the election of common shareholders, in cash. The dividend will be payable on or about September 8, 2023, to all shareholders of record as of August 14, 2023. The Company has 107,402,276 common shares issued and outstanding.

The Company is also re-affirming its previously announced dividend guidance that it intends to declare and pay a quarterly dividend with respect to the next quarter of 2023 in an amount of not less than $0.15 per share. The actual declaration of future dividends, the establishment of record and payment dates and the determination to pay future dividends in cash, in stock, or in a combination of cash and shares of common stock is subject to final determination by the Company’s board of directors each quarter after its review of the Company’s financial performance.

Fleet Employment (As of July 31, 2023)
	VESSELBUILT 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	4-Nov-22	4/Mar/2024 - 4/May/2024
	2017 60,456
2	DSI Pollux		A	17,000	5.00%	Delta Corp Shipping Pte. Ltd.	27-Oct-22	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-22	16/Aug/2023 - 10/Sept/2023	1
	2018 60,362
4	DSI Polaris		A	13,100	5.00%	ASL Bulk Marine Limited	12-Nov-22	12/May/2024 - 12/Jul/2024	2
	2018 60,404
5	DSI Pegasus		A	14,000	5.00%	Reachy Shipping (SGP) Pte. Ltd.	7-Dec-22	15/Jul/2024 - 15/Sep/2024
	2015 60,508
6	DSI Aquarius		B	14,200	5.00%	Engelhart CTP Freight (Switzerland) SA	1-Feb-23	10/Jan/2024 - 25/Mar/2024
	2016 60,309
7	DSI Aquila		B	13,300	5.00%	Western Bulk Carriers AS	22-Nov-22	15/Sep/2023 - 15/Nov/2023
	2015 60,309
8	DSI Altair		B	14,400	5.00%	Western Bulk Pte. Ltd.	28-Dec-22	23/Jun/2023
	2016 60,309			13,800	5.00%	Western Bulk Carriers AS	23-Jun-23	10/Aug/2024 - 10/Oct/2024
9	DSI Andromeda		B	14,250	5.00%	Western Bulk Carriers AS	17-Nov-22	16/Oct/2023 - 16/Dec/2023	3, 4
	2016 60,309
7 Panamax Bulk Carriers
10	ARTEMIS			21,250	4.75%	Cargill International S.A., Geneva	21-Mar-22	17/Jun/2023	5
	2006 76,942			10,000	5.00%	ASL Bulk Shipping Limited	17-Jun-23	5/Sep/2023 - 15/Oct/2023
11	LETO			14,500	4.75%	Cargill International S.A., Geneva	29-Jan-23	1/Mar/2024 - 30/Apr/2024
	2010 81,297
12	SELINA		C	22,000	5.00%	Speed Logistics Marine Limited	18-Jun-22	12/May/2023	6
	2010 75,700			12,000	4.75%	Cargill International S.A., Geneva	20-May-23	15/Sept/2024 - 15/Nov/2024
13	MAERA		C	12,000	4.75%	Cargill International S.A., Geneva	16-Dec-22	28/Oct/2023 - 28/Dec/2023
	2013 75,403
14	ISMENE			14,000	5.00%	ST Shipping and Transport Pte. Ltd.	10-Jan-23	20/Aug/2023 - 10/Sept/2023	1
	2013 77,901
15	CRYSTALIA		D	12,500	5.00%	Reachy Shipping (SGP) Pte. Ltd.	12-Nov-22	1/Sep/2023 - 15/Sep/2023	1
	2014 77,525
16	ATALANDI		D	13,250	4.75%	Aquavita International S.A.	15-Feb-23	5/Mar/2024 - 5/May/2024
	2014 77,529
6 Kamsarmax Bulk Carriers
17	MAIA		E	25,000	5.00%	Hyundai Glovis Co. Ltd.	24-May-22	20/Sep/2023 -20/Nov/2023	7
	2009 82,193
18	MYRSINI		E	15,000	5.00%	Salanc Pte. Ltd.	22-Nov-22	20/Apr/2024 - 28/Jun/2024
	2010 82,117
19	MEDUSA		E	26,000	4.75%	Cargill International S.A., Geneva	9-Mar-22	14/May/2023
	2010 82,194			14,250	5.00%	ASL Bulk Shipping Limited	14-May-23	10/Feb/2025 - 15/Apr/2025
20	MYRTO		E	18,000	5.00%	Tata NYK Shipping Pte. Ltd.	3-Aug-22	15/Jul/2023
	2013 82,131			12,650	5.00%	Cobelfret S.A., Luxemburg	15-Jul-23	1/Nov/2024 - 15/Jan/2025
21	ASTARTE			21,500	5.00%	Tongli Shipping Pte. Ltd.	30-Jan-22	29/Apr/2023
	2013 81,513			15,000	5.00%	Reachy Shipping (SGP) Pte. Ltd.	29-Apr-23	1/Aug/2024 - 1/Oct/2024
22	LEONIDAS P. C.			17,000	4.75%	Cargill International S.A., Geneva	17-Mar-23	17/Feb/2024 - 17/Apr/2024	8
	2011 82,165
5 Post-Panamax Bulk Carriers
23	ALCMENE			13,000	5.00%	SwissMarine Pte. Ltd., Singapore	2-Jan-23	10/Jan/2024 - 25/Mar/2024
	2010 93,193
24	AMPHITRITE		F	14,250	5.00%	Cobelfret S.A., Luxemburg	9-Nov-22	1/Dec/2023 - 15/Feb/2024
	2012 98,697
25	POLYMNIA		F	15,000	5.00%	Cobelfret S.A., Luxemburg	14-Jan-23	1/Apr/2024 - 31/May/2024	9
	2012 98,704
26	ELECTRA		G	17,500	5.00%	Refined Success Limited	2-Jul-22	13/Apr/2023
	2013 87,150			14,500	5.00%	Cobelfret S.A., Luxemburg	13-Apr-23	1/Jun/2024 - 1/Aug/2024
27	PHAIDRA		G	10,000	5.00%	Salanc Pte. Ltd.	4-Mar-23	16/Apr/2023	10
	2013 87,146			12,250	4.75%	Aquavita International S.A.	9-May-23	1/Sep/2024 - 15/Nov/2024
10 Capesize Bulk Carriers
28	SEMIRIO		H	19,700	5.00%	C Transport Maritime Ltd., Bermuda	15-Dec-21	15/Aug/2023 - 10/Sep/2023	1
	2007 174,261
29	BOSTON		H	20,500	5.00%	Aquavita International S.A.	15-Jul-22	6/May/2023
	2007 177,828			17,000	5.00%	ST Shipping and Transport Pte. Ltd.	6-May-23	15/Jul/2024 - 15/Oct/2024
30	HOUSTON		H	13,000	5.00%	EGPN Bulk Carrier Co., Limited	21-Nov-22	1/Jul/2024 - 31/Aug/2024
	2009 177,729
31	NEW YORK		H	23,000	5.00%	C Transport Maritime Ltd., Bermuda	2-Jul-22	11/Jun/2023
	2010 177,773			16,000	5.00%	SwissMarine Pte. Ltd., Singapore	11-Jun-23	1/Oct/2024 - 7/Dec/2024
32	SEATTLE		I	26,500	5.00%	Solebay Shipping Cape Company Limited, Hong Kong	2-Mar-22	1/Oct/2023 - 15/Dec/2023
	2011 179,362
33	P. S. PALIOS		I	31,000	5.00%	Classic Maritime Inc.	11-Jun-22	15/Apr/2024 - 30/Jun/2024
	2013 179,134
34	G. P. ZAFIRAKIS		J	22,750	4.75%	Cargill International S.A., Geneva	1-Dec-21	12/Jan/2023	11
	2014 179,492			17,000	5.00%	Solebay Shipping Cape Company Limited, Hong Kong	12-Jan-23	15/Jun/2024 - 15/Aug/2024
35	SANTA BARBARA		J	29,500	4.75%	Cargill International S.A., Geneva	19-Mar-22	7/May/2023	12
	2015 179,426			21,250	5.00%	Smart Gain Shipping Co., Limited	7-May-23	10/Oct/2024 - 10/Dec/2024
36	NEW ORLEANS			32,000	5.00%	Engelhart CTP Freight (Switzerland) SA	25-Mar-22	20/Nov/2023 - 31/Jan/2024	12
	2015 180,960
37	FLORIDA			25,900	5.00%	Bunge S.A., Geneva	29-Mar-22	29/Jan/2027 - 29/May/2027	4
	2022 182,063
4 Newcastlemax Bulk Carriers
38	LOS ANGELES		K	17,700	5.00%	Nippon Yusen Kabushiki Kaisha, Tokyo	15-Jan-23	20/May/2024 - 5/Aug/2024
	2012 206,104
39	PHILADELPHIA		K	26,000	5.00%	C Transport Maritime Ltd., Bermuda	12-Apr-22	1/Feb/2024 - 15/Apr/2024
	2012 206,040
40	SAN FRANCISCO		L	22,000	5.00%	SwissMarine Pte. Ltd., Singapore	18-Feb-23	5/Jan/2025 - 5/Mar/2025
	2017 208,006
41	NEWPORT NEWS		L	28,000	5.00%	Koch Shipping Pte. Ltd., Singapore	16-Dec-21	1/Jul/2023
	2017 208,021			23,500	5.00%		1-Jul-23	19/Sep/2023 - 24/Oct/2023
* 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.
2Vessel on scheduled drydocking from June 18, 2023 to July 5, 2023.
3The fixture includes the option for redelivery of vessel east of Suez against a gross ballast bonus of US$250,000.
4Bareboat chartered-in for a period of ten years.
5Cargill International SA, have agreed to compensate the owners with the difference between the previous and the current charter rate for the early redelivery of the vessel on June 17, 2023, till the minimum agreed redelivery date, June 20, 2023.
6Vessel on scheduled drydocking from May 12, 2023 to May 20, 2023.
7Vessel off hire for 3.93 days.
8Vessel off hire for 6.83 days.
9The charter rate was US$10,000 per day for the first 30 days of the charter period.
10Vessel on scheduled drydocking from April 16, 2023 to May 9, 2023.
11The Charterers will compensate the Owners for the excess of the charter party period at the rate of 123% of the average of the Baltic Cape Index 5TC average for the days exceeding the period or the vessel’s present charter party rate whichever is higher.
12Bareboat chartered-in for a period of eight years.

Summary of Selected Financial & Other Data (unaudited)
		Three months ended June 30,						Six months ended June 30,
		2023			2022			2023			2022
STATEMENT OF INCOME DATA (in thousands of US Dollars)
Time charter revenues	$	67,379		$	74,522		$	140,021		$	140,456
Voyage expenses		3,553			(1,051	)		7,364			663
Vessel operating expenses		22,599			18,394			42,763			34,822
Net income		10,364			35,606			33,077			61,649
Net income attributable to common stockholders		8,922			34,164			30,193			58,765
FLEET DATA
Average number of vessels		41.0			35.0			41.3			34.3
Number of vessels		41.0			35.0			41.0			35.0
Weighted average age of vessels		10.2			10.4			10.2			10.4
Ownership days		3,731			3,185			7,468			6,202
Available days		3,687			3,068			7,407			5,974
Operating days		3,678			3,059			7,377			5,919
Fleet utilization		99.8	%		99.7	%		99.6	%		99.1	%
AVERAGE DAILY RESULTS
Time charter equivalent (TCE) rate (1)	$	17,311		$	24,633		$	17,910		$	23,400
Daily vessel operating expenses (2)	$	6,057		$	5,775		$	5,726		$	5,615

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 or gain, 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, August 1, 2023.

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 13740159.

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 continuing impacts of the COVID-19 pandemic; 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 INCOME AND COMPREHENSIVE INCOME
		Three months ended June 30,						Six months ended June 30,
		2023			2022			2023			2022
REVENUES:
Time charter revenues	$	67,379		$	74,522		$	140,021		$	140,456
OPERATING EXPENSES
Voyage expenses		3,553			(1,051	)		7,364			663
Vessel operating expenses		22,599			18,394			42,763			34,822
Depreciation and amortization of deferred charges		13,407			10,665			26,661			20,457
General and administrative expenses		8,013			7,888			15,695			14,947
Management fees to related party		333			111			647			228
Gain on Sale of Vessels		-			-			(4,995	)		-
Insurance recoveries		-			(1,471	)		-			(1,789	)
Other operating (income)/loss		20			(420	)		(189	)		(341	)
Operating income, total	$	19,454		$	40,406		$	52,075		$	71,469
OTHER INCOME / (EXPENSES):
Interest expense and finance costs		(12,187	)		(5,986	)		(23,845	)		(11,209	)
Interest and other income		1,972			385			3,746			622
Loss on extinguishment of debt		(704	)		-			(748	)		-
Gain on deconsolidation of subsidiary		844			-			844			-
Gain on dividend distribution		761			-			761			-
Gain from equity method investments		224			801			244			767
Total other expenses, net	$	(9,090	)	$	(4,800	)	$	(18,998	)	$	(9,820	)
Net income	$	10,364		$	35,606		$	33,077		$	61,649
Dividends on series B preferred shares		(1,442	)		(1,442	)		(2,884	)		(2,884	)
Net income attributable to common stockholders		8,922			34,164			30,193			58,765
Earnings per common share, basic	$	0.09		$	0.44		$	0.31		$	0.76
Earnings per common share, diluted	$	0.09		$	0.42		$	0.30		$	0.73
Weighted average number of common shares outstanding, basic		99,643,396			78,339,851			98,489,613			77,343,851
Weighted average number of common shares outstanding, diluted		101,058,849			81,918,389			99,762,411			80,308,679
		Three months ended June 30,						Six months ended June 30,
		2023			2022			2023			2022
Net Income	$	10,364		$	35,606		$	33,077		$	61,649
Other comprehensive income (Defined benefit plan)		-			-			-			1
Comprehensive Income	$	10,364		$	35,606		$	33,077		$	61,650

CONDENSED CONSOLIDATED BALANCE SHEET DATA
(in thousands of U.S. Dollars)
			June 30, 2023			December 31, 2022*
ASSETS			(unaudited)
Cash, cash equivalents, restricted cash and time deposits		$	197,617**		$	143,928**
Other current assets			17,697			17,636
Fixed assets			958,612			996,702
Investments in related parties			13,013			8,250
Other noncurrent assets			16,944			16,403
Total assets		$	1,203,883		$	1,182,919
LIABILITIES AND STOCKHOLDERS' EQUITY
Long-term debt and finance liabilities, net of deferred financing costs		$	671,934		$	663,442
Other liabilities			44,561			32,149
Total stockholders' equity			487,388			487,328
Total liabilities and stockholders' equity		$	1,203,883		$	1,182,919
*	The balance sheet data have been derived from the audited consolidated financial statements at that date.
**	Includes time deposits of $54.0 million and $46.5 million as of June 30, 2023 and December 31, 2022, respectively

OTHER FINANCIAL DATA (unaudited)
		Three months ended June 30,							Six months ended June 30,
		2023			2022				2023				2022
Net cash provided by operating activities	$	19,359		$	43,737			$	52,555			$	80,837
Net cash provided by/(used in) investing activities		16,517			2,533				5,872				(18,769	)
Net cash provided by/(used in) financing activities	$	38,561		$	(31,610	)		$	(12,238	)		$	(58,514	)

 

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