Diana Shipping Inc 6-K, filed Feb 24, 2021
Diana Shipping Inc. (DSX)
6-K
2021-02-24
For: 2021-02-28
View Original
Added on
July 04, 2026
About this 6-K
Diana Shipping Inc filed this 6-K on February 24, 2021.
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2021
Commission File Number: 001-32458
DIANA SHIPPING INC.
(Translation of registrant's name into English)
Pendelis 16, 175 64 Palaio Faliro, Athens, Greece
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ].
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security
holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ].
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant
foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which
the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the
subject of a Form 6-K submission or other Commission filing on EDGAR.
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this Report on Form 6-K as Exhibit 99.1 is a press release dated February 22, 2021 of Diana Shipping Inc. (the "Company") announcing the Company’s
financial results for the fourth quarter and year ended December 31, 2020.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
DIANA SHIPPING INC.
|
||
|
(registrant)
|
||
|
Dated: February 24, 2021
|
By:
|
/s/ Ioannis Zafirakis
|
|
Ioannis Zafirakis
|
||
|
Interim Chief Financial Officer
|
||
Exhibit 99.1
|
Corporate Contact:
|
|
|
Ioannis Zafirakis
|
|
|
Director, Interim Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary
|
|
|
Telephone: + 30-210-9470100
|
|
|
Email: izafirakis@dianashippinginc.com
|
|
|
Website: www.dianashippinginc.com
|
|
|
Investor and Media Relations:
|
|
|
Edward Nebb
|
|
|
Comm-Counsellors, LLC
|
|
|
Telephone: + 1-203-972-8350
|
|
|
Email: enebb@optonline.net
|
DIANA SHIPPING INC. REPORTS FINANCIAL RESULTS
FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2020
ATHENS, GREECE, February 22, 2021 – Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today reported a net loss of $7.4 million and net
loss attributed to common stockholders of $8.9 million for the fourth quarter of 2020, including a $1.9 million impairment loss. This compares to a net loss of $14.0 million and net loss attributed to common stockholders of $15.4 million reported
in the fourth quarter of 2019, including a $6.5 million impairment loss and $3.3 million loss on sale of vessels.
Time charter revenues were $42.7 million for the fourth quarter of 2020, compared to $51.5 million for the same quarter of 2019. The decrease in time charter revenues was mainly due to the decrease in ownership
days resulting from the sale of two vessels in 2020 and also due to decreased average time charter rates that the Company achieved for its vessels during the quarter.
Net loss for 2020 amounted to $134.2 million and net loss attributed to common stockholders amounted to $140.0 million, including a $104.4 million impairment loss and $1.1 million loss on sale of vessels. This
compares to a net loss of $10.5 million and net loss attributed to common stockholders of $16.3 million for 2019, including a $14.0 million impairment loss and $6.2 million loss on sale of vessels. Time charter revenues were $169.7 million for
2020, compared to $220.7 million for 2019.
-1-
|
Fleet Employment Profile (As of February 19, 2021)
|
||||||||
|
Diana Shipping Inc.’s fleet is employed as follows:
|
||||||||
|
Vessel
|
Sister Ships*
|
Gross Rate (USD Per Day)
|
Com**
|
Charterers
|
Delivery Date to Charterers***
|
Redelivery Date to Owners****
|
Notes
|
|
|
BUILT DWT
|
||||||||
|
12 Panamax Bulk Carriers
|
||||||||
|
1
|
OCEANIS
|
$9,200
|
5.00%
|
Phaethon International Company AG
|
9-Jan-20
|
4-Mar-21 - 24-Mar-21
|
1,2
|
|
|
2001 75,211
|
||||||||
|
2
|
PROTEFS
|
A
|
$9,900
|
5.00%
|
Phaethon International Company AG
|
30-Nov-19
|
8-Feb-21
|
|
|
$10,650
|
5.00%
|
Reachy International (HK) Co., Limited
|
8-Feb-21
|
10-Mar-22 - 20-May-22
|
||||
|
2004 73,630
|
||||||||
|
3
|
CALIPSO
|
A
|
$8,250
|
5.00%
|
Uniper Global Commodities SE, Düsseldorf
|
13-Apr-20
|
22-Jan-21
|
3
|
|
$10,400
|
5.00%
|
Viterra Chartering B.V., Rotterdam
|
22-Jan-21
|
1-Oct-21 - 15-Dec-21
|
||||
|
2005 73,691
|
||||||||
|
4
|
NAIAS
|
A
|
$10,000
|
5.00%
|
Phaethon International Company AG
|
26-Jan-19
|
27-Jan-21
|
|
|
$11,000
|
4.75%
|
Cargill International S.A., Geneva
|
27-Jan-21
|
18-Mar-21
|
4
|
|||
|
2006 73,546
|
||||||||
|
-
|
CORONIS
|
$8,000
|
5.00%
|
Koch Shipping Pte. Ltd., Singapore
|
20-Feb-20
|
31-Dec-20
|
5
|
|
|
2006 74,381
|
||||||||
|
5
|
MELIA
|
$10,000
|
5.00%
|
Ausca Shipping Limited, Hong Kong
|
20-Aug-20
|
5-Apr-21 - 20-Jun-21
|
6
|
|
|
2005 76,225
|
||||||||
|
6
|
ARTEMIS
|
$10,150
|
5.00%
|
Koch Shipping Pte. Ltd., Singapore
|
28-Nov-19
|
24-Oct-20
|
7
|
|
|
$10,250
|
5.00%
|
Glencore Agriculture B.V., Rotterdam
|
30-Nov-20
|
5-Jan-22 - 30-Mar-22
|
||||
|
2006 76,942
|
||||||||
|
7
|
LETO
|
$9,000
|
4.75%
|
Cargill International S.A., Geneva
|
21-May-20
|
15-Jul-21 - 30-Sep-21
|
||
|
2010 81,297
|
||||||||
|
8
|
SELINA
|
B
|
$11,000
|
5.00%
|
ST Shipping and Transport Pte. Ltd., Singapore
|
5-Jul-20
|
5-Jul-21 - 5-Sep-21
|
|
|
2010 75,700
|
||||||||
|
9
|
MAERA
|
B
|
$8,600
|
5.00%
|
Ausca Shipping Limited, Hong Kong
|
11-Jun-20
|
1-Jul-21 - 30-Sep-21
|
|
|
2013 75,403
|
||||||||
|
10
|
ISMENE
|
$10,800
|
5.00%
|
Phaethon International Company AG
|
10-Jan-20
|
1-Mar-21 - 25-Apr-21
|
2
|
|
|
2013 77,901
|
||||||||
|
11
|
CRYSTALIA
|
C
|
$8,750
|
5.00%
|
Glencore Agriculture B.V., Rotterdam
|
22-May-20
|
1-Jul-21 - 30-Sep-21
|
|
|
2014 77,525
|
||||||||
|
12
|
ATALANDI
|
C
|
$9,300
|
5.00%
|
Uniper Global Commodities SE, Düsseldorf
|
14-Jun-20
|
14-Jul-21 - 14-Oct-21
|
|
|
2014 77,529
|
||||||||
-2-
|
5 Kamsarmax Bulk Carriers
|
||||||||
|
13
|
MAIA
|
D
|
$11,200
|
5.00%
|
Aquavita International S.A.
|
31-Jan-20
|
31-Mar-21 - 15-Jun-21
|
|
|
2009 82,193
|
||||||||
|
14
|
MYRSINI
|
D
|
$11,500
|
5.00%
|
Ausca Shipping Limited, Hong Kong
|
4-Dec-19
|
2-Mar-21 - 19-Mar-21
|
2
|
|
2010 82,117
|
||||||||
|
15
|
MEDUSA
|
D
|
$11,000
|
4.75%
|
Cargill International S.A., Geneva
|
16-Nov-19
|
19-Nov-20
|
|
|
$11,000
|
4.75%
|
19-Nov-20
|
10-Jan-22 - 20-Mar-22
|
|||||
|
2010 82,194
|
||||||||
|
16
|
MYRTO
|
D
|
$10,000
|
4.75%
|
Cargill International S.A., Geneva
|
3-Apr-20
|
1-Jul-21 - 15-Sep-21
|
|
|
2013 82,131
|
||||||||
|
17
|
ASTARTE
|
$11,750
|
5.00%
|
Aquavita International S.A.
|
18-Jan-20
|
18-Mar-21 - 2-Jun-21
|
||
|
2013 81,513
|
||||||||
|
5 Post-Panamax Bulk Carriers
|
||||||||
|
18
|
ALCMENE
|
$8,500
|
4.75%
|
Cargill International S.A., Geneva
|
2-Apr-20
|
17-Apr-21 - 2-Jul-21
|
||
|
2010 93,193
|
||||||||
|
19
|
AMPHITRITE
|
E
|
$10,250
|
5.00%
|
SwissMarine Pte. Ltd., Singapore
|
21-Mar-20
|
6-Apr-21 - 21-Jun-21
|
|
|
2012 98,697
|
||||||||
|
20
|
POLYMNIA
|
E
|
$11,000
|
4.75%
|
Cargill International S.A., Geneva
|
15-Nov-19
|
22-Nov-20
|
|
|
$12,100
|
5.00%
|
CLdN Cobelfret SA, Luxembourg
|
22-Nov-20
|
15-Oct-21 - 25-Dec-21
|
||||
|
2012 98,704
|
||||||||
|
21
|
ELECTRA
|
F
|
$10,250
|
5.00%
|
Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany
|
21-Nov-19
|
4-Jan-21
|
8
|
|
$12,500
|
5.00%
|
SwissMarine Pte. Ltd., Singapore
|
||||||
|
2013 87,150
|
4-Jan-21
|
30-Mar-21
|
||||||
|
22
|
PHAIDRA
|
F
|
$9,400
|
5.00%
|
Uniper Global Commodities SE, Düsseldorf
|
29-May-20
|
29-Apr-21 - 29-Jul-21
|
|
|
2013 87,146
|
||||||||
|
12 Capesize Bulk Carriers
|
||||||||
|
23
|
ALIKI
|
$11,300
|
5.00%
|
Koch Shipping Pte. Ltd., Singapore
|
23-Apr-20
|
4-Mar-21 - 15-Mar-21
|
2
|
|
|
2005 180,235
|
||||||||
|
24
|
BALTIMORE
|
$15,000
|
5.00%
|
Koch Shipping Pte. Ltd., Singapore
|
19-May-19
|
21-Dec-20
|
||
|
$13,000
|
5.00%
|
21-Dec-20
|
20-Jul-21 - 5-Oct-21
|
|||||
|
2005 177,243
|
||||||||
|
25
|
SALT LAKE CITY
|
$9,750
|
4.75%
|
Cargill International S.A., Geneva
|
24-Mar-19
|
9-Jan-21
|
||
|
$13,000
|
5.00%
|
C Transport Maritime Ltd., Bermuda
|
9-Jan-21
|
1-Apr-22 - 30-Jun-22
|
||||
|
2005 171,810
|
||||||||
|
-
|
SIDERIS GS
|
G
|
$12,700
|
5.00%
|
Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany
|
7-Mar-20
|
15-Jan-21
|
9,10
|
|
2006 174,186
|
||||||||
|
26
|
SEMIRIO
|
G
|
$16,000
|
4.75%
|
Cargill International S.A., Geneva
|
30-Jun-19
|
1-Jan-21
|
|
|
$13,500
|
5.00%
|
SwissMarine Pte. Ltd., Singapore
|
1-Jan-21
|
5-Oct-21 - 20-Dec-21
|
||||
|
2007 174,261
|
||||||||
|
27
|
BOSTON
|
G
|
$15,300
|
5.00%
|
Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany
|
7-Jun-19
|
1-Apr-21 - 30-Jun-21
|
|
|
2007 177,828
|
||||||||
-3-
|
28
|
HOUSTON
|
G
|
$12,400
|
5.00%
|
C Transport Maritime Ltd., Bermuda
|
13-Apr-20
|
1-Jul-21 - 30-Sep-21
|
|
|
2009 177,729
|
||||||||
|
29
|
NEW YORK
|
G
|
$15,500
|
5.00%
|
Singapore Marine Pte. LTD., Singapore
|
7-Jun-19
|
29-Dec-20
|
|
|
$14,000
|
5.00%
|
EGPN Bulk Carrier Co., Limited, Hong Kong
|
29-Dec-20
|
16-Apr-22 - 30-Jun-22
|
||||
|
2010 177,773
|
||||||||
|
30
|
SEATTLE
|
H
|
$12,300
|
5.00%
|
Pacbulk Shipping Pte. Ltd., Singapore
|
27-Apr-20
|
1-Oct-21 - 31-Dec-21
|
|
|
2011 179,362
|
||||||||
|
31
|
P. S. PALIOS
|
H
|
$12,050
|
5.00%
|
C Transport Maritime Ltd., Bermuda
|
24-Mar-20
|
9-Apr-21 - 24-Jun-21
|
|
|
2013 179,134
|
||||||||
|
32
|
G. P. ZAFIRAKIS
|
I
|
$13,200
|
5.00%
|
Koch Shipping Pte. Ltd., Singapore
|
31-May-20
|
1-Oct-21 - 31-Dec-21
|
|
|
2014 179,492
|
||||||||
|
33
|
SANTA BARBARA
|
I
|
$17,250
|
5.00%
|
Pacbulk Shipping Pte. Ltd., Singapore
|
28-Dec-19
|
9-Jan-21
|
|
|
$17,250
|
4.75%
|
Cargill International S.A., Geneva
|
9-Jan-21
|
5-Jan-22 - 5-Mar-22
|
||||
|
2015 179,426
|
||||||||
|
34
|
NEW ORLEANS
|
$15,000
|
4.75%
|
Cargill International S.A., Geneva
|
10-Apr-19
|
12-Nov-20
|
11
|
|
|
$15,500
|
5.00%
|
Nippon Yusen Kabushiki Kaisha
|
3-Dec-20
|
25-Jan-22 - 25-Mar-22
|
||||
|
2015 180,960
|
||||||||
|
4 Newcastlemax Bulk Carriers
|
||||||||
|
35
|
LOS ANGELES
|
J
|
$14,250
|
5.00%
|
Engelhart CTP Freight (Switzerland) SA
|
6-Jun-20
|
1-Oct-21 - 31-Dec-21
|
|
|
2012 206,104
|
||||||||
|
36
|
PHILADELPHIA
|
J
|
$14,500
|
5.00%
|
BHP Billiton Freight Singapore Pte. Ltd
|
5-Feb-20
|
5-Apr-21 - 5-Jul-21
|
|
|
2012 206,040
|
||||||||
|
37
|
SAN FRANCISCO
|
K
|
$16,000
|
5.00%
|
Koch Shipping Pte. Ltd., Singapore
|
5-Mar-19
|
11-Feb-21
|
12,13
|
|
2017 208,006
|
||||||||
|
38
|
NEWPORT NEWS
|
K
|
$18,400
|
5.00%
|
Koch Shipping Pte. Ltd., Singapore
|
8-Sep-20
|
16-Oct-21 - 30-Dec-21
|
|
|
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.
|
|
1 Vessel sold and expected to be delivered to her new Owners at the latest by April 16, 2021.
|
|
2 Based on latest information.
|
|
3 The compensation for the overlapping period from December 31, 2020 until January 22, 2021, which is beyond the maximum contractual period, is still pending to be agreed
between Owners and Uniper Global Commodities SE, Düsseldorf.
|
|
4 Redelivery date based on an estimated time charter trip duration of about 50 days.
|
|
5 "Coronis" sold and delivered to her new owners on January 13, 2021.
|
|
6 Charter includes a one time ballast bonus payment of US$500,000.
|
|
7 Vessel on scheduled drydocking from October 24, 2020 to November 30, 2020.
|
|
8 Charterers have agreed to pay the average of the daily published rates for p3a-82 route of the baltic panamax index for the days that index was published (i.e. 21/12-24/12
and 04/12) for the excess period commencing from December 21, 2020.
|
|
9 "Sideris GS" sold and delivered to her new owners on January 20, 2021.
|
|
10 The compensation for the overlapping period from December 31, 2020 until January 15, 2021, which is beyond the maximum contractual period, is still pending to be agreed
between Owners and Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany.
|
|
11 Vessel on scheduled drydocking from November 12, 2020 to December 3, 2020.
|
|
12 Charterers have agreed to pay US$18,000 per day, for the excess period commencing from January 20, 2021 till February 11, 2021.
|
|
13 Currently without an active charterparty.
|
-4-
|
Summary of Selected Financial & Other Data (unaudited)
|
||||||||||||||||
|
Three months ended December 31,
|
Year ended December 31,
|
|||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
|||||||||||||
|
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
|
||||||||||||||||
|
Time charter revenues
|
$
|
42,657
|
$
|
51,508
|
$
|
169,733
|
$
|
220,728
|
||||||||
|
Voyage expenses
|
3,020
|
4,488
|
13,525
|
13,542
|
||||||||||||
|
Vessel operating expenses
|
22,407
|
23,368
|
85,847
|
90,600
|
||||||||||||
|
Net income/(loss)
|
(7,430
|
)
|
(13,981
|
)
|
(134,197
|
)
|
(10,535
|
)
|
||||||||
|
Net income/(loss) attributed to common stockholders
|
(8,872
|
)
|
(15,423
|
)
|
(139,966
|
)
|
(16,304
|
)
|
||||||||
|
FLEET DATA
|
||||||||||||||||
|
Average number of vessels
|
40.0
|
42.6
|
40.8
|
45.0
|
||||||||||||
|
Number of vessels
|
40.0
|
42.0
|
40.0
|
42.0
|
||||||||||||
|
Weighted average age of vessels
|
10.2
|
9.5
|
10.2
|
9.5
|
||||||||||||
|
Ownership days
|
3,680
|
3,915
|
14,931
|
16,442
|
||||||||||||
|
Available days
|
3,623
|
3,834
|
14,318
|
16,192
|
||||||||||||
|
Operating days
|
3,610
|
3,716
|
14,020
|
15,971
|
||||||||||||
|
Fleet utilization
|
99.6
|
%
|
96.9
|
%
|
97.9
|
%
|
98.6
|
%
|
||||||||
|
AVERAGE DAILY RESULTS
|
||||||||||||||||
|
Time charter equivalent (TCE) rate (1)
|
$
|
10,940
|
$
|
12,264
|
$
|
10,910
|
$
|
12,796
|
||||||||
|
Daily vessel operating expenses (2)
|
$
|
6,089
|
$
|
5,969
|
$
|
5,750
|
$
|
5,510
|
||||||||
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 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
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, February 22, 2021.
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 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 13715849.
-5-
About the Company
Diana Shipping Inc. is a global provider of shipping transportation services through its ownership 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 severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses’ and governments’ responses to the pandemic on our operations, personnel, and on the demand for seaborne
transportation of bulk products; 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, 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)
-6-
|
DIANA SHIPPING INC.
|
||||||||||||||||
|
FINANCIAL TABLES
|
||||||||||||||||
|
Expressed in thousands of U.S. Dollars, except share and per share data
|
||||||||||||||||
|
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)
|
||||||||||||||||
|
Three months ended December 31,
|
Year ended December 31,
|
|||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
|||||||||||||
|
REVENUES:
|
(audited)
|
|||||||||||||||
|
Time charter revenues
|
$
|
42,657
|
$
|
51,508
|
$
|
169,733
|
$
|
220,728
|
||||||||
|
EXPENSES:
|
||||||||||||||||
|
Voyage expenses
|
3,020
|
4,488
|
13,525
|
13,542
|
||||||||||||
|
Vessel operating expenses
|
22,407
|
23,368
|
85,847
|
90,600
|
||||||||||||
|
Depreciation and amortization of deferred charges
|
10,309
|
12,063
|
42,991
|
48,904
|
||||||||||||
|
General and administrative expenses
|
7,030
|
7,819
|
32,778
|
28,601
|
||||||||||||
|
Management fees to related party
|
506
|
589
|
2,017
|
2,155
|
||||||||||||
|
Vessel impairment charges
|
1,869
|
6,467
|
104,395
|
13,987
|
||||||||||||
|
Loss on sale of vessels
|
-
|
3,336
|
1,085
|
6,171
|
||||||||||||
|
Other income
|
(359
|
)
|
(298
|
)
|
(230
|
)
|
(854
|
)
|
||||||||
|
Operating income/(loss)
|
$
|
(2,125
|
)
|
$
|
(6,324
|
)
|
$
|
(112,675
|
)
|
$
|
17,622
|
|||||
|
OTHER INCOME / (EXPENSES):
|
||||||||||||||||
|
Interest expense and finance costs
|
(4,632
|
)
|
(6,722
|
)
|
(21,514
|
)
|
(29,432
|
)
|
||||||||
|
Interest and other income
|
35
|
602
|
728
|
2,858
|
||||||||||||
|
Gain on extinguishment of debt
|
-
|
-
|
374
|
-
|
||||||||||||
|
Loss from related party investments
|
(708
|
)
|
(1,537
|
)
|
(1,110
|
)
|
(1,583
|
)
|
||||||||
|
Total other expenses, net
|
$
|
(5,305
|
)
|
$
|
(7,657
|
)
|
$
|
(21,522
|
)
|
$
|
(28,157
|
)
|
||||
|
Net loss
|
$
|
(7,430
|
)
|
$
|
(13,981
|
)
|
$
|
(134,197
|
)
|
$
|
(10,535
|
)
|
||||
|
Dividends on series B preferred shares
|
(1,442
|
)
|
(1,442
|
)
|
(5,769
|
)
|
(5,769
|
)
|
||||||||
|
Net loss attributed to common stockholders
|
(8,872
|
)
|
(15,423
|
)
|
(139,966
|
)
|
(16,304
|
)
|
||||||||
|
Loss per common share, basic and diluted
|
$
|
(0.10
|
)
|
$
|
(0.17
|
)
|
$
|
(1.62
|
)
|
$
|
(0.17
|
)
|
||||
|
Weighted average number of common shares, basic and diluted
|
86,799,922
|
90,017,536
|
86,143,556
|
95,191,116
|
||||||||||||
|
Three months ended December 31,
|
Year ended December 31,
|
|||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
|||||||||||||
|
(audited)
|
||||||||||||||||
|
Net loss
|
$
|
(7,430
|
)
|
$
|
(13,981
|
)
|
$
|
(134,197
|
)
|
$
|
(10,535
|
)
|
||||
|
Other comprehensive loss (Actuarial loss)
|
(20
|
)
|
(151
|
)
|
(40
|
)
|
(178
|
)
|
||||||||
|
Comprehensive loss
|
$
|
(7,450
|
)
|
$
|
(14,132
|
)
|
$
|
(134,237
|
)
|
$
|
(10,713
|
)
|
||||
-7-
|
CONDENSED CONSOLIDATED BALANCE SHEET DATA
|
||||||||
|
(in thousands of U.S. Dollars)
|
||||||||
|
December 31, 2020
|
December 31, 2019*
|
|||||||
|
ASSETS
|
(unaudited)
|
|||||||
|
Cash, cash equivalents and restricted cash
|
$
|
82,909
|
$
|
128,288
|
||||
|
Other current assets
|
41,752
|
29,751
|
||||||
|
Vessels, net
|
716,178
|
882,297
|
||||||
|
Other fixed assets, net
|
21,704
|
22,077
|
||||||
|
Investments in related parties
|
-
|
1,680
|
||||||
|
Other non-current assets
|
9,867
|
7,187
|
||||||
|
Total assets
|
$
|
872,410
|
$
|
1,071,280
|
||||
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
|
Long-term debt, net of deferred financing costs
|
$
|
420,314
|
$
|
474,951
|
||||
|
Other liabilities
|
23,526
|
26,265
|
||||||
|
Total stockholders' equity
|
428,570
|
570,064
|
||||||
|
Total liabilities and stockholders' equity
|
$
|
872,410
|
$
|
1,071,280
|
||||
|
*
|
The balance sheet data have been derived from the audited consolidated financial statements at that date.
|
|
OTHER FINANCIAL DATA (unaudited)
|
||||||||||||||||
|
Three months ended December 31,
|
Year ended December 31,
|
|||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
|||||||||||||
|
(audited)
|
||||||||||||||||
|
Net cash provided by operating activities
|
$
|
5,927
|
$
|
5,407
|
$
|
17,234
|
$
|
49,882
|
||||||||
|
Net cash provided by/(used in) investing activities
|
(1,114
|
)
|
6,013
|
10,484
|
38,397
|
|||||||||||
|
Net cash used in financing activities
|
$
|
(12,290
|
)
|
$
|
(32,486
|
)
|
$
|
(73,097
|
)
|
$
|
(111,398
|
)
|
||||
-8-