ATHENS, Greece, Feb. 22, 2011 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in the transportation of dry bulk cargoes, today reported net income of $32.3 million for the fourth quarter of 2010, compared to net income of $27.6 million reported in the fourth quarter of 2009.
Time charter revenues were $73.0 million for the fourth quarter of 2010, compared to $58.6 million for the same period of 2009, mainly due to the addition to the Company's fleet of the vessels m/v Melite, m/v New York and m/v Alcmene, delivered in January, March and November 2010, respectively, and the participation of the Company in Diana Containerships Inc., which was a majority-owned subsidiary during the fourth quarter 2010.
Net income to Diana Shipping Inc. for 2010 amounted to $128.8 million, compared to net income of $121.5 million for 2009. Time charter revenues were $275.4 million for 2010, compared to $239.3 million for 2009.
| Fleet Employment Profile (As of February 22, 2011) ^ | |||||||
| Currently Diana's fleet is employed as follows: | |||||||
| Vessel | Sister Ships* |
Gross Rate (USD Per Day) |
Com** | Charterer |
Delivery Date to Charterer |
Redelivery Date to Owners*** | Notes |
| BUILT DWT | |||||||
| Panamax Vessels | |||||||
| CORONIS | C | $24,000 | 5.00% | Siba Ships Asia Pte. Ltd. | 6-Apr-10 | 6-Mar-12 - 21-Jun-12 | 1 |
| 2006 74,381 | |||||||
| ERATO | C | $20,500 | 5.00% | C Transport Panamax Ltd., Isle of Man | 4-Mar-10 | 4-Dec-11 - 4-Mar-12 | |
| 2004 74,444 | |||||||
| NAIAS | B | $19,750 | 5.00% | J. Aron & Company, New York | 24-Sep-10 | 24-Aug-12 - 24-Oct-12 | |
| 2006 73,546 | |||||||
| CLIO | B | $25,000 | 5.00% | Daelim Corporation, Seoul | 8-May-10 | 8-Apr-12 - 8-Jun-12 | |
| 2005 73,691 | |||||||
| CALIPSO | B | $23,000 | 5.00% | Cargill International S.A., Geneva | 4-Sep-10 | 20-Jul-11 - 19-Oct-11 | |
| 2005 73,691 | |||||||
| PROTEFS | B | $59,000 | 5.00% | Hanjin Shipping Co. Ltd., Seoul | 18-Sep-08 | 18-Aug-11 - 18-Nov-11 | |
| 2004 73,630 | |||||||
| THETIS | B | $23,000 | 5.00% | Glencore Grain BV, Rotterdam | 6-Mar-10 | 23-Feb-11 | 6 |
| $13,750 | 5.00% | Cargill International S.A., Geneva | 23-Feb-11 | 23-Jan-12 - 23-Apr-12 | |||
| 2004 73,583 | |||||||
| DIONE | A | $20,500 | 5.00% | Louis Dreyfus Commodities S.A., Geneva | 26-Sep-10 | 26-Jul-12 - 26-Nov-12 | |
| 2001 75,172 | |||||||
| DANAE | A | $12,000 | 5.00% | Augustea Oceanbulk Maritime Limitada, Madeira | 7-Apr-09 | 12-Apr-11 - 12-May-11 | 2,3,6 |
| 2001 75,106 | |||||||
| OCEANIS | A | $19,750 | 5.00% | China National Chartering Co. Ltd. (Sinochart), Beijing | 17-Sep-10 | 17-Aug-12 - 1-Nov-12 | |
| 2001 75,211 | |||||||
| TRITON | A | $17,000 | 5.00% | Intermare Transport GmbH, Hamburg, Germany | 10-Oct-09 | 20-Nov-10 | 4 |
| 2001 75,336 | $19,500 | 4.75% | Resource Marine Pte., Ltd, Singapore | 11-Dec-10 | 11-Nov-13 - 11-Feb-14 | 5 | |
| ALCYON | A | $34,500 | 4.75% | Cargill International S.A., Geneva | 21-Feb-08 | 21-Nov-12 - 21-Feb-13 | |
| 2001 75,247 | |||||||
| NIREFS | A | $21,000 | 5.00% | Louis Dreyfus Commodities Suisse S.A. | 12-Feb-10 | 28-Dec-11 - 27-Mar-12 | |
| 2001 75,311 | |||||||
| MELITE | $24,250 | 5.00% | J. Aron & Company, New York | 29-Jan-10 | 1-Feb-11 | ||
| $16,500 | 5.00% | Cargill International S.A., Geneva | 1-Feb-11 | 1-Jan-13 1-Mar-13 | |||
| 2004 76,436 | |||||||
| Post-Panamax Vessels | |||||||
| ALCMENE | $20,250 | 5.00% | Cargill International S.A., Geneva | 20-Nov-10 | 5-Oct-12 - 4-Jan-13 | ||
| 2010 93,193 | |||||||
| Capesize Vessels | |||||||
| NORFOLK | $74,750 | 3.75% | Corus UK Limited | 12-Feb-08 | 12-Jan-13 - 12-Mar-13 | ||
| 2002 164,218 | |||||||
| ALIKI | $45,000 | 4.75% | Cargill International S.A., Geneva | 1-May-09 | 1-Mar-11 | 6 | |
| 2005 180,235 | $26,500 | 5.00% | Minmetals Logistics Group Co. Ltd., Beijing | 1-Mar-11 | 1-Feb-16 - 1-Apr-16 | ||
| SALT LAKE CITY | $55,800 | 5.00% | Refined Success Limited | 28-Sep-07 | 28-Aug-12 - 28-Oct-12 | ||
| 2005 171,810 | |||||||
| SIDERIS GS | D | $36,000 | 5.00% | BHP Billiton Marketing AG | 30-Nov-09 | 16-Oct-10 | |
| 2006 174,186 | $30,500 | 16-Oct-10 | 16-Feb-13 - 16-Jun-13 | ||||
| SEMIRIO | D | $31,000 | 5.00% | BHP Billiton Marketing AG | 15-Jun-09 | 30-Apr-11 - 30-Jul-11 | |
| 2007 174,261 | |||||||
| BOSTON | D | $52,000 | 5.00% | BHP Billiton Marketing AG | 13-Nov-07 | 28-Sep-11 - 28-Dec-11 | 7 |
| 2007 177,828 | |||||||
| HOUSTON | D | $55,000 | 4.75% | Shagang Shipping Co. | 3-Nov-09 | 3-Oct-14 - 3-Jan-15 | 8 |
| 2009 177,729 | |||||||
| NEW YORK | D | $48,000 | 3.75% | Nippon Yusen Kaisha, Tokyo (NYK) | 3-Mar-10 | 3-Jan-15 - 3-May-15 | |
| 2010 177,773 | |||||||
| Vessels Under Construction | |||||||
| LOS ANGELES | E | N/A | N/A | N/A | N/A | N/A N/A | 9,10 |
| 2012 206,000 | |||||||
| PHILADELPHIA | E | N/A | N/A | N/A | N/A | N/A N/A | 9,11 |
| 2012 206,000 | |||||||
| * 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. | |||||||
| *** Charterers' optional period to redeliver the vessel to owners. Charterers have the right to add the off hire days, if any, and therefore the optional period may be extended. | |||||||
| 1 Vessel off-hire for drydocking from November 11, 2010 to November 23, 2010. | |||||||
| 2 Augustea Oceanbulk Maritime Limitada, Madeira is a guaranteed nominee of Augustea Atlantica Srl, Naples. | |||||||
| 3 Vessel off-hire for drydocking from November 18, 2010 to December 8, 2010. | |||||||
| 4 Vessel off-hire for drydocking from November 20, 2010 to December 11, 2010. | |||||||
| 5 Resource Marine Pte., Ltd, Singapore is a guaranteed nominee of Macquarie Bank Limited. | |||||||
| 6 Based on latest information received from charterers. | |||||||
| 7 The charterer has the option to employ the vessel for a further 11-13 month period. The optional period, if exercised, must be declared on or before the end of the 42nd month of employment and can only commence at the end of the 48th month, at the daily time charter rate of $52,000. | |||||||
| 8 Shagang Shipping Co. is a guaranteed nominee of the Jiangsu Shagang Shipping Group Co. | |||||||
| 9 Year of delivery and dwt based on shipbuilding contracts. | |||||||
| 10 Hull H1234 | |||||||
| 11 Hull H1235 | |||||||
| ^ Fleet employment data excludes employment information with respect to vessels owned by Diana Containerships Inc., a majority-owned subsidiary as of December 31, 2010. | |||||||
| Summary of Selected Financial & Other Data | ||||
| Three Months Ended December 31, | Years Ended December 31, | |||
| 2010 | 2009 | 2010 | 2009 | |
| (unaudited) | (unaudited) | |||
| INCOME STATEMENT DATA (in thousands of US Dollars): | ||||
| Time charter revenues | $ 72,976 | $ 58,640 | $ 275,448 | $ 239,342 |
| Voyage expenses | 3,514 | 2,896 | 12,392 | 11,965 |
| Vessel operating expenses | 14,927 | 11,310 | 52,585 | 41,369 |
| Net income attributed to Diana Shipping Inc. | 32,321 | 27,589 | 128,779 | 121,498 |
| FLEET DATA | ||||
| Average number of vessels | 24.5 | 19.7 | 22.9 | 19.2 |
| Number of vessels | 25.0 | 20.0 | 25.0 | 20.0 |
| Weighted average age of drybulk fleet (in years) | 5.4 | 4.9 | 5.4 | 4.9 |
| Weighted average age of containerships (in years) | 0.6 | -- | 0.6 | -- |
| Ownership days | 2,251 | 1,813 | 8,348 | 7,000 |
| Available days | 2,198 | 1,798 | 8,208 | 6,930 |
| Operating days | 2,188 | 1,779 | 8,180 | 6,857 |
| Fleet utilization | 99.5% | 98.9% | 99.7% | 98.9% |
| AVERAGE DAILY RESULTS | ||||
| Time charter equivalent (TCE) rate (1) | $ 31,602 | $ 31,003 | $ 32,049 | $ 32,811 |
| Daily vessel operating expenses (2) | $ 6,631 | $ 6,238 | $ 6,299 | $ 5,910 |
| (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
Diana Shipping Inc. will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Time) on Tuesday, February 22, 2011.
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 on www.dianashippinginc.com. A telephone replay will be available by dialing 1-877-660-6853 (for U.S.-based callers) or 1-201-612-7415 (for international callers), and providing the Account number 362 and Replay ID number 365940.
About the Company
Diana Shipping Inc. (NYSE:DSX) is a global provider of shipping transportation services. The Company specializes in transporting 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, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our 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 our operating expenses, including bunker prices, drydocking and insurance costs, the market for our 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, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
| DIANA SHIPPING INC. | ||||
| FINANCIAL TABLES | ||||
| Expressed in thousands of U.S. Dollars, except share and per share data | ||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||
|
For the three months ended December 31, |
For the years ended December 31, |
|||
| 2010 | 2009 | 2010 | 2009 | |
| (unaudited) | (unaudited) | |||
| REVENUES: | ||||
| Time charter revenues | $ 72,976 | $ 58,640 | $ 275,448 | $ 239,342 |
| EXPENSES: | ||||
| Voyage expenses | 3,514 | 2,896 | 12,392 | 11,965 |
| Vessel operating expenses | 14,927 | 11,310 | 52,585 | 41,369 |
| Depreciation and amortization of deferred charges | 14,254 | 11,655 | 53,083 | 44,686 |
| General and administrative expenses | 7,136 | 4,781 | 25,347 | 17,464 |
| Foreign currency gains | (94) | (92) | (1,598) | (478) |
| Operating income | 33,239 | 28,090 | 133,639 | 124,336 |
| OTHER INCOME / (EXPENSES): | ||||
| Interest and finance costs | (1,452) | (856) | (5,213) | (3,284) |
| Interest Income | 218 | 240 | 920 | 951 |
| Gain / (loss) from derivative instruments | 308 | 115 | (1,477) | (505) |
| Total other expenses, net | (926) | (501) | (5,770) | (2,838) |
| Net Income | $ 32,313 | $ 27,589 | $ 127,869 | $ 121,498 |
| Loss assumed by non-controlling interests | 8 | -- | 910 | -- |
| Net income attributed to Diana Shipping Inc. | 32,321 | 27,589 | 128,779 | 121,498 |
| Earnings per common share, basic | $ 0.40 | $ 0.34 | $ 1.60 | $ 1.55 |
| Earnings per common share, diluted | $ 0.40 | $ 0.34 | $ 1.59 | $ 1.55 |
| Weighted average number of common shares, basic | 80,767,241 | 80,516,863 | 80,682,770 | 78,282,775 |
| Weighted average number of common shares, diluted | 80,984,846 | 80,695,378 | 80,808,232 | 78,385,464 |
| CONDENSED CONSOLIDATED BALANCE SHEET DATA | ||
| (in thousands of US Dollars) | ||
| December 31, | ||
| 2010 | 2009 | |
| ASSETS | ||
| Cash and cash equivalents | $ 345,414 | $ 282,438 |
| Other current assets | 9,235 | 14,718 |
| Advances for vessels under construction and acquisitions and other vessel costs | 35,280 | 29,630 |
| Vessels' net book value | 1,160,850 | 979,343 |
| Other fixed assets, net | 21,842 | 200 |
| Other non-current assets | 12,768 | 14,096 |
| Total assets | $ 1,585,389 | $ 1,320,425 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities, including current portion of long-term debt | $ 32,510 | $ 32,386 |
| Long-term debt, net of current portion | 376,303 | 276,081 |
| Other non-current liabilities | 6,646 | 12,633 |
| Total stockholders' equity | 1,169,930 | 999,325 |
| Total liabilities and stockholders' equity | $ 1,585,389 | $ 1,320,425 |
| OTHER FINANCIAL DATA | ||||
|
Three Months Ended December 31, |
Years Ended December 31, | |||
| 2010 | 2009 | 2010 | 2009 | |
| (unaudited) | (unaudited) | |||
| Net Cash provided by Operating Activities | $ 50,351 | $ 40,473 | $ 178,292 | $ 151,903 |
| Net Cash used in Investing Activities | (54,595) | (22,645) | (252,313) | (73,081) |
| Net Cash provided by Financing Activities | 38,463 | 12,972 | 136,997 | 141,583 |