Diana Shipping Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2023; Declares Cash Dividend of $0.075 Per Share for the Fourth Quarter 2023; Announces the Sale of a Capesize Dry Bulk Vessel, the m/v Houston

ATHENS, Greece, Feb. 23, 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 $9.4 million and net income attributed to common stockholders of $7.9 million for the fourth quarter of 2023. This compares to net income of $25.7 million and net income attributed to common stockholders of $24.2 million for the fourth quarter of 2022. Earnings per share for the fourth quarter of 2023 was $0.08 basic and $0.06 diluted, compared to earnings per share of $0.28 basic and $0.27 diluted in the same quarter of 2022.

Time charter revenues were $60.0 million for the fourth quarter of 2023, compared to $75.7 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 that resulted from vessel acquisitions.

Net income for 2023, amounted to $49.8 million and net income attributed to common stockholders amounted to $44.1 million. This compares to net income of $119.1 million and net income attributed to common stockholders of $113.3 million, for 2022. Time charter revenues for 2023 were $262.1 million, compared to $290.0 million for 2022. Earnings per share was $0.44 basic and $0.42 diluted, compared to earnings per share of $1.42 basic and $1.36 diluted in 2022.

Dividend Declaration

The Company has declared a cash dividend on its common stock of $0.075 per share, based on the Company’s results of operations during the fourth quarter ended December 31, 2023. The cash dividend will be payable on or about March 12, 2024 to all shareholders of record as of March 5, 2024. The Company currently has 115,996,291 common shares issued and outstanding. As of February 16, 2024, there were 1,940,736 warrants exercised.

Sale of Capesize Dry Bulk Vessel, m/v Houston

The Company also announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party, the 2009-built vessel “Houston”, with delivery to the buyer latest by September 16, 2024, for a sale price of $23.3 million before commissions.

Fleet Employment (As of February 23, 2024)
9 Ultramax Bulk Carriers
1DSI Phoenix A13,2505.00%ASL Bulk Marine Limited4-Nov-224/Mar/2024 - 4/May/2024 
 2017 60,456       
2DSI Pollux A17,0005.00%Delta Corp Shipping Pte. Ltd.27-Oct-2228-Dec-23 
 2015 60,446  14,0004.75%Cargill Ocean Transportation (Singapore) Pte. Ltd.28-Dec-2320/Aug/2025 - 20/Oct/2025 
3DSI Pyxis A14,2505.00%ASL Bulk Marine Limited24-Sep-2310/Oct/2024 - 10/Dec/2024 
 2018 60,362       
4DSI Polaris A13,1005.00%ASL Bulk Marine Limited12-Nov-2212/May/2024 - 12/Jul/2024 
 2018 60,404       
5DSI Pegasus A14,0005.00%Reachy Shipping (SGP) Pte. Ltd.7-Dec-2215/Jul/2024 - 15/Sep/2024 
 2015 60,508       
6DSI Aquarius B14,2005.00%Engelhart CTP Freight (Switzerland) SA1-Feb-2318-Jan-24 
 2016 60,309  14,5005.00%Stone Shipping Ltd18-Jan-241/Dec/2024 - 1/Feb/2025 
7DSI Aquila B13,3005.00%Western Bulk Carriers AS22-Nov-2211-Nov-23 
 2015 60,309  12,500 11-Nov-2310/Nov/2024 - 10/Jan/2025 
8DSI Altair B13,8005.00%Western Bulk Carriers AS23-Jun-2310/Aug/2024 - 10/Oct/2024 
 2016 60,309       
9DSI Andromeda B14,2505.00%Western Bulk Carriers AS17-Nov-2227-Nov-23 
 2016 60,309  13,5005.00%Bunge SA, Geneva27-Nov-2320/Feb/2025 - 20/Apr/20251, 2
7 Panamax Bulk Carriers
10ARTEMIS  10,0005.00%ASL Bulk Shipping Limited17-Jun-236-Oct-233
 2006 76,942  12,0005.00%Jera Global Markets Pte. Ltd.14-Oct-2323-Feb-244, 5
11LETO  14,5004.75%Cargill International S.A., Geneva29-Jan-231/Mar/2024 - 30/Apr/2024 
 2010 81,297       
12SELINA C12,0004.75%Cargill International S.A., Geneva20-May-2315/Sep/2024 - 15/Nov/2024 
 2010 75,700       
13MAERA C12,0004.75%Cargill International S.A., Geneva16-Dec-2229-Jan-246
 2013 75,403  13,7505.00%ST Shipping and Transport Pte. Ltd.29-Jan-2420/Nov/2024 - 20/Jan/2025
14ISMENE  12,6505.00%Paralos Shipping Pte., Ltd.13-Sep-2315/Apr/2025 - 30/Jun/2025 
 2013 77,901       
15CRYSTALIA D11,2505.00%Reachy Shipping (SGP) Pte. Ltd.6-Sep-2329/Feb/2024 - 20/Apr/2024 
 2014 77,525       
16ATALANDI D13,2504.75%Aquavita International S.A.15-Feb-235/Mar/2024 - 5/May/2024 
 2014 77,529       
6 Kamsarmax Bulk Carriers
17MAIA E13,5005.00%ST Shipping and Transport Pte. Ltd.23-Sep-2315/Jun/2024 - 20/Aug/2024 
 2009 82,193       
18MYRSINI E15,0005.00%Salanc Pte. Ltd.22-Nov-2220/Apr/2024 - 28/Jun/2024 
 2010 82,117       
19MEDUSA E14,2505.00%ASL Bulk Shipping Limited14-May-2310/Feb/2025 - 15/Apr/2025 
 2010 82,194       
20MYRTO E12,6505.00%Cobelfret S.A., Luxemburg15-Jul-231/Nov/2024 - 15/Jan/2025 
 2013 82,131       
21ASTARTE  15,0005.00%Reachy Shipping (SGP) Pte. Ltd.29-Apr-231/Aug/2024 - 1/Oct/2024 
 2013 81,513       
22LEONIDAS P. C.  17,0004.75%Cargill International S.A., Geneva17-Mar-2322-Feb-247
 2011 82,165  17,0005.00%Ming Wah International Shipping Company Limited22-Feb-2420/Aug/2025 - 20/Oct/2025
5 Post-Panamax Bulk Carriers
23ALCMENE  13,0005.00%SwissMarine Pte. Ltd., Singapore2-Jan-2329/Feb/2024 - 25/Mar/20248
 2010 93,193       
24AMPHITRITE F14,2505.00%Cobelfret S.A., Luxembourg9-Nov-2213-Jan-24 
 2012 98,697  15,00013-Jan-2415/Nov/2024 - 15/Jan/20259
25POLYMNIA F15,0005.00%Cobelfret S.A., Luxemburg14-Jan-231/Apr/2024 - 31/May/202410
 2012 98,704       
26ELECTRA G14,5005.00%Cobelfret S.A., Luxemburg13-Apr-231/Jun/2024 - 1/Aug/2024 
 2013 87,150       
27PHAIDRA G12,2504.75%Aquavita International S.A.9-May-231/Sep/2024 - 15/Nov/2024 
 2013 87,146       
9 Capesize Bulk Carriers
28SEMIRIO H14,1505.00%Solebay Shipping Cape Company Limited, Hong Kong18-Aug-2320/Nov/2024 - 30/Jan/2025 
 2007 174,261       
29BOSTON  17,0005.00%ST Shipping and Transport Pte. Ltd.6-May-2315/Jul/2024 - 15/Oct/202411
 2007 177,828       
30HOUSTON H13,0005.00%EGPN Bulk Carrier Co., Limited21-Nov-221/Jul/2024 - 31/Aug/202412
 2009 177,729       
31NEW YORK H16,0005.00%SwissMarine Pte. Ltd., Singapore11-Jun-231/Oct/2024 - 7/Dec/2024 
 2010 177,773       
32SEATTLE I26,5005.00%Solebay Shipping Cape Company Limited, Hong Kong2-Mar-221-Oct-23 
 2011 179,362  17,500 1-Oct-2315/Jul/2025 - 30/Sep/2025 
33P. S. PALIOS I31,0005.00%Classic Maritime Inc.11-Jun-2215/Apr/2024 - 30/Jun/2024 
 2013 179,134       
34G. P. ZAFIRAKIS J17,0005.00%Solebay Shipping Cape Company Limited, Hong Kong12-Jan-2315/Jun/2024 - 15/Aug/2024 
 2014 179,492       
35SANTA BARBARA J21,2505.00%Smart Gain Shipping Co., Limited7-May-2310/Oct/2024 - 10/Dec/202413
 2015 179,426       
36NEW ORLEANS  32,0005.00%Engelhart CTP Freight (Switzerland) SA25-Mar-227-Dec-2313,
 2015 180,960  20,0005.00%Kawasaki Kisen Kaisha, Ltd.7-Dec-2315/Aug/2025 - 31/Oct/202514
37FLORIDA  25,9005.00%Bunge S.A., Geneva29-Mar-2229/Jan/2027 - 29/May/20272
 2022 182,063       
4 Newcastlemax Bulk Carriers
38LOS ANGELES K17,7005.00%Nippon Yusen Kabushiki Kaisha, Tokyo15-Jan-2320/May/2024 - 5/Aug/2024 
 2012 206,104       
39PHILADELPHIA K26,0005.00%C Transport Maritime Ltd., Bermuda12-Apr-224-Feb-24 
 2012 206,040  22,5005.00%Nippon Yusen Kabushiki Kaisha, Tokyo4-Feb-2420/Apr/2025 - 20/Jul/2025 
40SAN FRANCISCO L22,0005.00%SwissMarine Pte. Ltd., Singapore18-Feb-235/Jan/2025 - 5/Mar/2025 
 2017 208,006       
41NEWPORT NEWS L20,0005.00%Nippon Yusen Kabushiki Kaisha, Tokyo20-Sep-2310/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.
1The fixture includes the option for redelivery of vessel east of Suez against a gross ballast bonus of US$250,000.
2Bareboat chartered-in for a period of ten years.
3Vessel on scheduled drydocking from October 6, 2023 to October 14, 2023.
4Redelivery date based on an estimated time charter trip duration of about 131 days.
5Vessel has been sold and it is expected to be delivered to her new Owners by latest March 8, 2024.
6Charterers will compensate the Owners at a rate of 105% of the Baltic Panamax Index 5 TC average as published by the Baltic Exchange on a daily basis or the vessel’s present charter party rate, whichever is higher, for the excess period commencing from December 29, 2023 until the actual redelivery date.
7Vessel off hire for 6.83 days.
8Based on latest information.
9The charter rate will be US$12,250 per day for the first 30 days of the charter period.
10The charter rate was US$10,000 per day for the first 30 days of the charter period.
11Vessel has been sold and delivered to her new Owners on December 6, 2023.
12Vessel has been sold and it is expected to be delivered to her new Owners by latest September 16, 2024.
13Bareboat chartered-in for a period of eight years.
14Vessel off hire for 3.65 days.

Summary of Selected Financial & Other Data (unaudited)
  Three months ended December 31,  Year ended December 31,
  2023  2022  2023  2022
STATEMENT OF INCOME DATA (in thousands of US Dollars)
Time charter revenues$60,016  $75,705  $262,098  $289,972 
Voyage expenses 3,326   2,846   13,621   6,942 
Vessel operating expenses 21,520   19,527   85,486   72,033 
Net income 9,382   25,682   49,844   119,063 
Net income attributable to common stockholders 7,940   24,240   44,075   113,294 
Average number of vessels 40.7   38.2   41.1   35.4 
Number of vessels 40.0   42.0   40.0   42.0 
Weighted average age of vessels 10.5   10.2   10.5   10.2 
Ownership days 3,746   3,512   14,986   12,924 
Available days 3,739   3,453   14,867   12,449 
Operating days 3,727   3,393   14,824   12,306 
Fleet utilization 99.7%  98.3%  99.7%  98.9%
Time charter equivalent (TCE) rate (1)$15,162  $21,100  $16,713  $22,735 
Daily vessel operating expenses (2)$5,745  $5,560  $5,704  $5,574 

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 Friday, February 23, 2024.

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 13744214.

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 short to medium-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, including the escalation of the conflict in the Middle East, 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)

Expressed in thousands of U.S. Dollars, except share and per share data
  Three months ended December 31,  Year ended December 31,
  2023  2022  2023  2022
Time charter revenues$60,016  $75,705  $262,098  $289,972 
Voyage expenses 3,326   2,846   13,621   6,942 
Vessel operating expenses 21,520   19,527   85,486   72,033 
Depreciation and amortization of deferred charges 11,508   12,228   49,785   43,326 
General and administrative expenses 8,364   7,407   32,968   29,367 
Management fees to a related party 333   61   1,313   511 
Gain on sale of vessels (329)  (9)  (5,323)  (2,850)
Insurance recoveries -   -   -   (1,789)
Other operating (income)/loss (572)  209   (1,464)  (265)
Operating income, total$15,866  $33,436  $85,712  $142,697 
Interest expense and finance costs (12,649)  (9,795)  (49,331)  (27,419)
Interest and other income 2,129   1,484   8,170   2,737 
Loss on derivative instruments (592)  -   (439)  - 
Loss on extinguishment of debt -   (222)  (748)  (435)
Gain on deconsolidation of subsidiary -   -   844   - 
Gain on related party investments 740   589   1,502   589 
Unrealized gain on equity investments 2,813   -   2,813   - 
Gain on warrants 1,583   -   1,583   - 
Gain/(loss) from equity method investments (508)  190   (262)  894 
Total other expenses, net$(6,484) $(7,754) $(35,868) $(23,634)
Net income$9,382  $25,682  $49,844  $119,063 
Dividends on series B preferred shares (1,442)  (1,442)  (5,769)  (5,769)
Net income attributable to common stockholders 7,940   24,240   44,075   113,294 
Earnings per common share, basic$0.08  $0.28  $0.44  $1.42 
Earnings per common share, diluted$0.06  $0.27  $0.42  $1.36 
Weighted average number of common shares outstanding, basic 102,910,653   87,076,947   100,166,629   80,061,040 
Weighted average number of common shares outstanding, diluted 105,488,012   90,474,943   101,877,142   83,318,901 
  Three months ended December 31,  Year ended December 31,
  2023  2022  2023  2022
Net Income$9,382  $25,682  $49,844  $119,063 
Other comprehensive income (Defined benefit plan) 55   181   55   182 
Comprehensive Income$9,437  $25,863  $49,899  $119,245 

(in thousands of U.S. Dollars)   
   2023   2022 *
ASSETS  (unaudited)   
Cash, cash equivalents, restricted cash and time deposits$161,592** $143,928**
Investments in equity securities 20,729  -
Other current assets 19,900  17,636
Fixed assets 924,474  996,702
Investments in related parties and equity method investments 24,087  8,250
Other noncurrent assets 15,628  16,403
Total assets $1,166,410 $1,182,919
Long-term debt and finance liabilities, net of deferred financing costs$642,772 $663,442
Other liabilities 34,617  32,149
Total stockholders' equity 489,021  487,328
 Total liabilities and stockholders' equity$1,166,410 $1,182,919
*The balance sheet data have been derived from the audited consolidated financial statements at that date.
**Includes time deposits of $40 million and $46.5 million as of December 31, 2023 and 2022, respectively

  Three months ended December 31,   For the years ended December 31,
  2023  2022  2023  2022
Net cash provided by/(used in) operating activities$(2,235) $34,745  $70,380  $158,859 
Net cash provided by/(used in) investing activities 31,037   (218,718)  24,929   (273,097)
Net cash provided by/(used in) financing activities$(16,762) $151,726  $(71,145) $84,878 



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