Diana Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2023; Declares Stock Dividend of $0.15 per Share for the Third Quarter 2023

ATHENS, Greece, Nov. 15, 2023 (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 $7.4 million and net income attributed to common stockholders of $5.9 million for the third quarter of 2023. This compares to net income of $31.7 million and net income attributed to common stockholders of $30.3 million for the third quarter of 2022. Earnings per share for the third quarter of 2023 was $0.06 basic and diluted, compared to earnings per share of $0.39 basic and $0.37 diluted in the same quarter in 2022.

Mrs. Semiramis Paliou, Director and Chief Executive Officer of the Company, stated: “We are delighted to announce yet another profitable quarter and nine-month period for our company. Our unwavering commitment to our long-term strategy has yielded positive results. A testament to this success is the continuous distribution of dividends since November 2021. We have rewarded our shareholders since that time with a cash dividend of US$1.45 per share, for those that elected to take cash, amounting to US$130 million in total. In addition, our shareholders have received in kind dividends in the form of newly issued Diana Shipping Inc. common shares, as well as OceanPal Inc. common and preferred shares. We remain focused and committed to providing long term shareholder value.”

Time charter revenues were $62.1 million for the third quarter of 2023, compared to $73.8 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 nine months ended September 30, 2023 amounted to $40.5 million and net income attributed to common stockholders amounted to $36.1 million. This compares to net income of $93.4 million and net income attributed to common stockholders of $89.1 million, for the same period of 2022. Time charter revenues for the nine months ended September 30, 2023 were $202.1 million compared to $214.3 million in the same period of 2022. Earnings per share was $0.36 basic and diluted, compared to earnings per share of $1.15 basic and $1.10 diluted in the nine months ended September 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 September 30, 2023, in the amount of $0.15 per share, which will be paid in shares of the Company’s common stock on or about December 4, 2023, to all shareholders of record as of November 27, 2023. The Company has 108,233,948 common shares issued and outstanding.

Fleet Employment (As of November 14, 2023)
9 Ultramax Bulk Carriers
1DSI Phoenix A13,2505.00%ASL Bulk Marine Limited04/Nov/224/Mar/2024 - 4/May/2024 
 2017 60,456       
2DSI Pollux A17,0005.00%Delta Corp Shipping Pte. Ltd.27/Oct/2227/Dec/2023 - 27/Feb/2024 
 2015 60,446       
3DSI Pyxis A17,1004.75%Cargill Ocean Transportation Singapore Pte. Ltd.16/Oct/2228/Aug/20231
 2018 60,362  14,2505.00%ASL Bulk Marine Limited24/Sep/2310/Oct/2024 - 10/Dec/2024
4DSI Polaris A13,1005.00%ASL Bulk Marine Limited12/Nov/2212/May/2024 - 12/Jul/20242
 2018 60,404       
5DSI Pegasus A14,0005.00%Reachy Shipping (SGP) Pte. Ltd.07/Dec/2215/Jul/2024 - 15/Sep/2024 
 2015 60,508       
6DSI Aquarius B14,2005.00%Engelhart CTP Freight (Switzerland) SA01/Feb/2310/Jan/2024 - 25/Mar/2024 
 2016 60,309       
7DSI Aquila B13,3005.00%Western Bulk Carriers AS22/Nov/2212/Nov/20233
 2015 60,309  12,500 12/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/2224/Nov/20234, 5, 6
 2016 60,309       
7 Panamax Bulk Carriers
10ARTEMIS  10,0005.00%ASL Bulk Shipping Limited17/Jun/236/Oct/20237
 2006 76,942  12,0005.00%Jera Global Markets Pte. Ltd.14/Oct/2328/Nov/20238
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/2230/Nov/20234
 2013 75,403       
14ISMENE  14,0005.00%ST Shipping and Transport Pte. Ltd.10/Jan/2325/Aug/239
 2013 77,901  12,6505.00%Paralos Shipping Pte., Ltd.13/Sep/2315/Apr/2025 - 30/Jun/2025
15CRYSTALIA D12,5005.00%Reachy Shipping (SGP) Pte. Ltd.08/Nov/2206/Sep/23 
 2014 77,525  11,2505.00%06/Sep/2320/Feb/2024 - 20/Apr/2024 
16ATALANDI D13,2504.75%Aquavita International S.A.15/Feb/235/Mar/2024 - 5/May/2024 
 2014 77,529       
6 Kamsarmax Bulk Carriers
17MAIA E25,0005.00%Hyundai Glovis Co. Ltd.24/May/2223/Sep/202310
 2009 82,193  13,5005.00%ST Shipping and Transport Pte. Ltd.23/Sep/2315/Jun/2024 - 20/Aug/2024
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 E18,0005.00%Tata NYK Shipping Pte. Ltd.03/Aug/2215/Jul/23 
 2013 82,131  12,6505.00%Cobelfret S.A., Luxemburg15/Jul/231/Nov/2024 - 15/Jan/2025 
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/2317/Feb/2024 - 17/Apr/202411
 2011 82,165       
5 Post-Panamax Bulk Carriers
23ALCMENE  13,0005.00%SwissMarine Pte. Ltd., Singapore02/Jan/2310/Jan/2024 - 25/Mar/2024 
 2010 93,193       
24AMPHITRITE F14,2505.00%Cobelfret S.A., Luxemburg09/Nov/2215/Dec/2023 - 15/Feb/20244
 2012 98,697       
25POLYMNIA F15,0005.00%Cobelfret S.A., Luxemburg14/Jan/231/Apr/2024 - 31/May/202412
 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.09/May/231/Sep/2024 - 15/Nov/2024 
 2013 87,146       
10 Capesize Bulk Carriers
28SEMIRIO H19,7005.00%C Transport Maritime Ltd., Bermuda15/Dec/2118/Aug/23 
 2007 174,261  14,1505.00%Solebay Shipping Cape Company Limited, Hong Kong18/Aug/2320/Nov/2024 - 30/Jan/2025 
29BOSTON H17,0005.00%ST Shipping and Transport Pte. Ltd.06/May/2315/Jul/2024 - 15/Oct/202413
 2007 177,828       
30HOUSTON H13,0005.00%EGPN Bulk Carrier Co., Limited21/Nov/221/Jul/2024 - 31/Aug/2024 
 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 Kong02/Mar/2201/Oct/23 
 2011 179,362  17,500 01/Oct/2315/Jul/2025 - 15/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., Limited07/May/2310/Oct/2024 - 10/Dec/202414
 2015 179,426       
36NEW ORLEANS  32,0005.00%Engelhart CTP Freight (Switzerland) SA25/Mar/225/Dec/2023 - 31/Jan/20244, 14, 15,
 2015 180,960      
37FLORIDA  25,9005.00%Bunge S.A., Geneva29/Mar/2229/Jan/2027 - 29/May/20276
 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/221/Feb/2024 - 15/Apr/2024 
 2012 206,040       
40SAN FRANCISCO L22,0005.00%SwissMarine Pte. Ltd., Singapore18/Feb/235/Jan/2025 - 5/Mar/2025 
 2017 208,006       
41NEWPORT NEWS L28,0005.00%Koch Shipping Pte. Ltd., Singapore16/Dec/2101/Jul/23 
 2017 208,021  23,5005.00%1-Jul-2320-Sep-23 
   20,0005.00%Nippon Yusen Kabushiki Kaisha, Tokyo20-Sep-2310/Mar/2025 - 10/Jun/2025 
* 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.
1Vessel on scheduled drydocking from August 28, 2023 to September 24, 2023.
2Vessel on scheduled drydocking from June 18, 2023 to July 5, 2023.
3Estimated date.
4Based on latest information.
5The fixture includes the option for redelivery of vessel east of Suez against a gross ballast bonus of US$250,000.
6Bareboat chartered-in for a period of ten years.
7Vessel on scheduled drydocking from October 6, 2023 to October 14, 2023.
8Redelivery date based on an estimated time charter trip duration of about 45 days.
9Vessel on scheduled drydocking from August 25, 2023 to September 13, 2023.
10Vessel off hire for 3.93 days.
11Vessel off hire for 6.83 days.
12The charter rate was US$10,000 per day for the first 30 days of the charter period.
13Vessel has been sold and is expected to be delivered to her new Owners by December 20, 2023.
14Bareboat chartered-in for a period of eight years.
15Vessel off hire for 3.65 days.

Summary of Selected Financial & Other Data (unaudited)
   Three months ended September 30, Nine months ended September 30,
   2023 2022 2023 2022
STATEMENT OF INCOME DATA (in thousands of US Dollars)
 Time charter revenues$62,062 $73,811 $202,082 $214,267 
 Voyage expenses 2,931  3,432  10,295  4,095 
 Vessel operating expenses 21,202  17,685  63,965  52,507 
 Net income 7,386  31,731  40,463  93,381 
 Net income attributable to common stockholders 5,944  30,289  36,136  89,054 
 Average number of vessels 41.0  34.9  41.2  34.5 
 Number of vessels 41.0  34.0  41.0  34.0 
 Weighted average age of vessels 10.5  10.4  10.5  10.4 
 Ownership days 3,772  3,210  11,240  9,412 
 Available days 3,721  3,022  11,128  8,996 
 Operating days 3,720  2,994  11,097  8,913 
 Fleet utilization 100.0%  99.1%  99.7%  99.1% 
 Time charter equivalent (TCE) rate (1)$15,891 $23,289 $17,235 $23,363 
 Daily vessel operating expenses (2)$5,621 $5,509 $5,691 $5,579 

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 Wednesday, November 15, 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 13742402.

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 September 30, Nine months ended September 30,
   2023 2022 2023 2022
 Time charter revenues$62,062 $73,811 $202,082 $214,267 
 Voyage expenses 2,931  3,432  10,295  4,095 
 Vessel operating expenses 21,202  17,685  63,965  52,507 
 Depreciation and amortization of deferred charges 11,617  10,641  38,278  31,099 
 General and administrative expenses 8,909  7,013  24,604  21,960 
 Management fees to related party 333  222  980  450 
 Gain on sale of vessels -  (2,841) (4,995) (2,841)
 Insurance recoveries -  -  -  (1,789)
 Other operating income (703) (132) (894) (474)
 Operating income, total$17,773 $37,791 $69,849 $109,260 
 Interest expense and finance costs (12,837) (6,415) (36,682) (17,623)
 Interest and other income 2,295  630  6,040  1,252 
 Gain from derivatives 153  -  153  - 
 Loss on extinguishment of debt -  (212) (748) (212)
 Gain on deconsolidation of subsidiary -  -  844  - 
 Gain on dividend distribution -  -  761  - 
 Gain from equity method investments 2  (63) 246  704 
 Total other expenses, net$(10,387)$(6,060)$(29,386)$(15,879)
Net income$7,386 $31,731 $40,463 $93,381 
Dividends on series B preferred shares (1,442) (1,442) (4,327) (4,327)
Net income attributable to common stockholders 5,944  30,289  36,136  89,054 
Earnings per common share, basic$0.06 $0.39 $0.36 $1.15 
Earnings per common share, diluted$0.06 $0.37 $0.36 $1.10 
Weighted average number of common shares outstanding, basic 100,721,952  78,390,909  99,241,903  77,696,706 
Weighted average number of common shares outstanding, diluted 102,481,766  82,225,404  100,672,119  80,934,858 
   Three months ended September 30, Nine months ended September 30,
   2023 2022 2023 2022
Net Income$7,386 $31,731 $40,463 $93,381 
Other comprehensive income (Defined benefit plan) -  -  -  1 
Comprehensive Income$7,386 $31,731 $40,463 $93,382 

(in thousands of U.S. Dollars)
   September 30, 2023
 December 31, 2022*
ASSETS (unaudited)   
Cash, cash equivalents, restricted cash and time deposits$173,552** $143,928** 
Other current assets 18,992  17,636 
Fixed assets 950,186  996,702 
Investments in related parties 13,015  8,250 
Other noncurrent assets 18,542  16,403 
 Total assets$1,174,287 $1,182,919 
Long-term debt and finance liabilities, net of deferred financing costs$657,366 $663,442 
Other liabilities 30,534  32,149 
Total stockholders' equity 486,387  487,328 
 Total liabilities and stockholders' equity$1,174,287 $1,182,919 
*The balance sheet data have been derived from the audited consolidated financial statements at that date.
**Includes time deposits of $64 million and $46.5 million as of September 30, 2023 and December 31, 2022, respectively

  Three months ended September 30, Nine months ended September 30,
  2023 2022 2023 2022
Net cash provided by operating activities$20,060 $43,277 $72,615 $124,114 
Net cash used in investing activities (11,980) (35,610) (6,108) (54,379)
Net cash used in financing activities$(42,145)$(8,334)$(54,383)$(66,848)



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