Diana Shipping Inc 6-K, filed Jul 31, 2024
Diana Shipping Inc. (DSX)
6-K
2024-07-31
For: 2024-07-31
View Original
Added on
July 04, 2026
About this 6-K
Diana Shipping Inc filed this 6-K on July 31, 2024.
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 July 2024
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 [ ]
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 July 31, 2024 of Diana Shipping Inc. (the "Company"), announcing the Company’s
financial results for the second quarter ended June 30, 2024.
The information contained in this Report on Form 6-K is hereby incorporated by reference into the Company's registration statements on Form F-3 (File Nos.
333-256791 and 333-266999) that were filed with the U.S. Securities and Exchange Commission and became effective on July 9, 2021 and September 16, 2022, respectively.
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.
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DIANA SHIPPING INC.
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(registrant)
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Dated: July 31, 2024
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By:
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/s/ Ioannis Zafirakis
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Ioannis Zafirakis
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Chief Financial Officer
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Exhibit 99.1
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Corporate Contact:
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Ioannis Zafirakis
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Director, Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary
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Telephone: + 30-210-9470100
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Email: izafirakis@dianashippinginc.com
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Website: www.dianashippinginc.com
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X: @Dianaship
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For Immediate Release
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Investor and Media Relations:
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Edward Nebb
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Comm-Counsellors, LLC
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Telephone: + 1-203-972-8350
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Email: enebb@optonline.net
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DIANA SHIPPING INC. REPORTS FINANCIAL RESULTS
FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2024; DECLARES CASH
DIVIDEND OF $0.075 PER COMMON SHARE FOR THE SECOND QUARTER 2024
ATHENS, GREECE, July 31, 2024 – 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 a net loss of $2.8 million and a net loss attributed to common stockholders of $4.2 million for the second quarter of 2024. This compares to net income of $10.4 million and net income attributed to common
stockholders of $8.9 million for the second quarter of 2023. Loss per share for the second quarter of 2024 was $0.04 basic and diluted, compared to earnings per share of $0.09 basic and diluted in the same quarter in 2023.
Time charter revenues were $56.0 million for the second quarter of 2024, compared to $67.4 million for the same quarter of 2023. The decrease in time charter
revenues, compared to the same quarter last year, was due to decreased average charter rates and ownership days.
Net loss for the six months ended June 30, 2024, amounted to $0.7 million and net loss attributed to common stockholders amounted to $3.6 million. This compares to
net income of $33.1 million and net income attributed to common stockholders of $30.2 million, for the same period in 2023. Time charter revenues for the six months ended June 30, 2024, were $113.6 million, compared to $140.0 million in the same period of 2023. Loss per share was $0.03 basic and diluted, compared to earnings per share of $0.31 basic and $0.30
diluted in the six months ended June 30, 2023.
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 second quarter ended June 30, 2024. The cash dividend will be payable on August 30, 2024 to all common shareholders of record as of August 15, 2024. The Company currently has 125,116,865 common shares issued and
outstanding. As of July 29, 2024, there were 6,339,423 warrants exercised.
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Fleet Employment (As of July 30, 2024)
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|||||||||
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VESSEL
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SISTER SHIPS*
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GROSS RATE (USD PER DAY)
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COM**
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CHARTERERS
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DELIVERY DATE TO CHARTERERS***
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REDELIVERY DATE TO OWNERS****
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NOTES
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BUILT DWT
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|||||||||
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9 Ultramax Bulk Carriers
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|||||||||
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1
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DSI Phoenix
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A
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13,250
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5.00%
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ASL Bulk Marine Limited
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4-Nov-22
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6-May-24
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||
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2017 60,456
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16,500
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5.00%
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Bulk Trading SA
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6-May-24
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1/Aug/2025 - 30/Sep/2025
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||||
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2
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DSI Pollux
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A
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14,000
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4.75%
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Cargill Ocean Transportation (Singapore) Pte. Ltd.
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28-Dec-23
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20/Aug/2025 - 20/Oct/2025
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2015 60,446
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|||||||||
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3
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DSI Pyxis
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A
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14,250
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5.00%
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ASL Bulk Marine Limited
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24-Sep-23
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10/Oct/2024 - 10/Dec/2024
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2018 60,362
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|||||||||
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4
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DSI Polaris
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A
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13,100
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5.00%
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ASL Bulk Marine Limited
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12-Nov-22
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20-Jul-24
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2018 60,404
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15,400
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5.00%
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Stone Shipping Ltd
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20-Jul-24
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1/Jun/2025 - 15/Aug/2025
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5
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DSI Pegasus
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A
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14,000
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5.00%
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Reachy Shipping (SGP) Pte. Ltd.
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7-Dec-22
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10/Aug/2024 - 15/Sep/2024
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1
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2015 60,508
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6
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DSI Aquarius
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B
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14,500
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5.00%
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Stone Shipping Ltd
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18-Jan-24
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1/Dec/2024 - 1/Feb/2025
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2016 60,309
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|||||||||
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7
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DSI Aquila
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B
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12,500
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5.00%
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Western Bulk Carriers AS
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11-Nov-23
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10/Nov/2024 - 10/Jan/2025
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2015 60,309
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8
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DSI Altair
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B
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13,800
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5.00%
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Western Bulk Carriers AS
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23-Jun-23
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10/Aug/2024 - 10/Oct/2024
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2016 60,309
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9
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DSI Andromeda
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B
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13,500
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5.00%
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Bunge SA, Geneva
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27-Nov-23
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20/Feb/2025 - 20/Apr/2025
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2
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2016 60,309
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|||||||||
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6 Panamax Bulk Carriers
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10
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LETO
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14,500
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4.75%
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Cargill International S.A., Geneva
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29-Jan-23
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3-May-24
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2010 81,297
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16,000
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5.00%
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ASL Bulk Shipping Limited
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3-May-24
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1/Mar/2025 - 30/Apr/2025
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11
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SELINA
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C
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12,000
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4.75%
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Cargill International S.A., Geneva
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20-May-23
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15/Sep/2024 - 15/Nov/2024
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2010 75,700
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12
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MAERA
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C
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13,750
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5.00%
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ST Shipping and Transport Pte. Ltd.
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29-Jan-24
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20/Nov/2024 - 20/Jan/2025
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2013 75,403
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13
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ISMENE
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12,650
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5.00%
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Paralos Shipping Pte., Ltd.
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13-Sep-23
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10/Mar/2025 - 10/Jun/2025
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2013 77,901
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14
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CRYSTALIA
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D
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11,250
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5.00%
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Reachy Shipping (SGP) Pte. Ltd.
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6-Sep-23
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13-Apr-24
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3
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2014 77,525
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13,900
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5.00%
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Louis Dreyfus Company Freight Asia Pte. Ltd.
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4-May-24
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4/Feb/2026 - 4/Jun/2026
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15
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ATALANDI
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D
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13,250
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4.75%
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Aquavita International S.A.
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15-Feb-23
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29-Apr-24
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15,800
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5.00%
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Quadra Commodities SA
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28-May-24
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20-Jul-24
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4,5
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2014 77,529
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14,600
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4.75%
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Cargill International SA, Geveva
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20-Jul-24
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1/Jun/2025 - 31/Jul/2025
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6 Kamsarmax Bulk Carriers
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16
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MAIA
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E
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13,500
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5.00%
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ST Shipping and Transport Pte. Ltd.
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23-Sep-23
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10/Aug/2024 - 20/Aug/2024
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1
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2009 82,193
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17
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MYRSINI
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E
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15,000
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5.00%
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Salanc Pte. Ltd.
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22-Nov-22
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25-Jun-24
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2010 82,117
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17,100
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5.00%
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Cobelfret S.A. Luxembourg
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25-Jun-24
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1/Feb/2025 - 25/Mar/2025
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18
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MEDUSA
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E
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14,250
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5.00%
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ASL Bulk Shipping Limited
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14-May-23
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10/Feb/2025 - 15/Apr/2025
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2010 82,194
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19
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MYRTO
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E
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12,650
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5.00%
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Cobelfret S.A., Luxemburg
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15-Jul-23
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1/Nov/2024 - 15/Jan/2025
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2013 82,131
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20
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ASTARTE
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15,000
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5.00%
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Reachy Shipping (SGP) Pte. Ltd.
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29-Apr-23
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1/Aug/2024 - 1/Oct/2024
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2013 81,513
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21
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LEONIDAS P. C.
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17,000
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5.00%
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Ming Wah International Shipping Company Limited
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22-Feb-24
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20/Aug/2025 - 20/Oct/2025
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2011 82,165
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|||||||||
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5 Post-Panamax Bulk Carriers
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22
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ALCMENE
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16,000
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5.00%
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Triangle Merchant Maritime Co., Limited
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24-Mar-24
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1-Jun-24
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|||
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13,150
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1-Jun-24
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27-Jul-24
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6
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||||||
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2010 93,193
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13,350
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5.00%
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China Steel Express Corporation
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27-Jul-24
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10-Sep-24
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7,8
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23
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AMPHITRITE
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F
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15,000
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5.00%
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Cobelfret S.A., Luxembourg
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13-Jan-24
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15/Nov/2024 - 15/Jan/2025
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9
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2012 98,697
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|||||||||
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24
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POLYMNIA
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F
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15,000
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5.00%
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Cobelfret S.A., Luxemburg
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14-Jan-23
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8-Jun-24
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10,11
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2012 98,704
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17,500
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5.00%
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Reachy Shipping (SGP) Pte. Ltd.
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8-Jun-24
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1/Aug/2025 - 30/Sept/2025
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25
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ELECTRA
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G
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14,500
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5.00%
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Cobelfret S.A., Luxemburg
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13-Apr-23
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3-Jun-24
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2013 87,150
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14,000
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4.75%
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Aquavita International S.A.
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3-Jun-24
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15/Oct/2025 - 31/Dec/2025
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||||
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26
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PHAIDRA
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G
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12,250
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4.75%
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Aquavita International S.A.
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9-May-23
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1/Sep/2024 - 15/Nov/2024
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2013 87,146
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|||||||||
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9 Capesize Bulk Carriers
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|||||||||
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27
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SEMIRIO
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H
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14,150
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5.00%
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Solebay Shipping Cape Company Limited, Hong Kong
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18-Aug-23
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20/Nov/2024 - 30/Jan/2025
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2007 174,261
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|||||||||
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28
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HOUSTON
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H
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13,000
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5.00%
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EGPN Bulk Carrier Co., Limited
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21-Nov-22
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10/Aug/2024 - 31/Aug/2024
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1,12
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2009 177,729
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|||||||||
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29
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NEW YORK
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H
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16,000
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5.00%
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SwissMarine Pte. Ltd., Singapore
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11-Jun-23
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1/Oct/2024 - 7/Dec/2024
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||
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2010 177,773
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|||||||||
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30
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SEATTLE
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I
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17,500
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5.00%
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Solebay Shipping Cape Company Limited, Hong Kong
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1-Oct-23
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15/Jul/2025 - 30/Sep/2025
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||
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2011 179,362
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|||||||||
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31
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P. S. PALIOS
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I
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31,000
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5.00%
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Classic Maritime Inc.
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11-Jun-22
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7-May-24
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||
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2013 179,134
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27,150
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5.00%
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Bohai Shipping (HEBEI) Co., Ltd
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7-May-24
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1/Nov/2025 - 31/Dec/2025
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||||
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32
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G. P. ZAFIRAKIS
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J
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17,000
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5.00%
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Solebay Shipping Cape Company Limited, Hong Kong
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12-Jan-23
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7-Aug-24
|
1
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|
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2014 179,492
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|||||||||
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33
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SANTA BARBARA
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J
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21,250
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5.00%
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Smart Gain Shipping Co., Limited
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7-May-23
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10/Oct/2024 - 10/Dec/2024
|
13
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|
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2015 179,426
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|||||||||
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34
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NEW ORLEANS
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20,000
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5.00%
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Kawasaki Kisen Kaisha, Ltd.
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7-Dec-23
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15/Aug/2025 - 31/Oct/2025
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13,14
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||
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2015 180,960
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|||||||||
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35
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FLORIDA
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25,900
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5.00%
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Bunge S.A., Geneva
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29-Mar-22
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29/Jan/2027 - 29/May/2027
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2
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||
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2022 182,063
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|||||||||
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4 Newcastlemax Bulk Carriers
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|||||||||
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36
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LOS ANGELES
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K
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17,700
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5.00%
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Nippon Yusen Kabushiki Kaisha, Tokyo
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21-Jan-23
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20-Jul-24
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||
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2012 206,104
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28,700
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20-Jul-24
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1/Oct/2025 - 15/Dec/2025
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||||||
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37
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PHILADELPHIA
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K
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22,500
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5.00%
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Nippon Yusen Kabushiki Kaisha, Tokyo
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4-Feb-24
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20/Apr/2025 - 20/Jul/2025
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2012 206,040
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|||||||||
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38
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SAN FRANCISCO
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L
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22,000
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5.00%
|
SwissMarine Pte. Ltd., Singapore
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18-Feb-23
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5/Jan/2025 - 5/Mar/2025
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||
|
2017 208,006
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|||||||||
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39
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NEWPORT NEWS
|
L
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20,000
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5.00%
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Nippon Yusen Kabushiki Kaisha, Tokyo
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20-Sep-23
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10/Mar/2025 - 10/Jun/2025
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2017 208,021
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|||||||||
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Each dry bulk carrier is a “sister ship”, or closely similar, to other dry bulk carriers that have the same letter.
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** Total commission percentage paid to third parties.
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*** 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.
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**** 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.
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1Based on latest information.
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2Bareboat chartered-in for a period of ten years.
|
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3Vessel on scheduled drydocking during the period from April 13, 2024 to May 4, 2024.
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4Vessel on scheduled drydocking during the period from April 29, 2024 to May 28, 2024.
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5Redelivery date based on an estimated time charter trip duration of about 63 days.
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6Redelivery date based on an estimated time charter trip duration of about 70 days.
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7Estimated delivery date.
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8Redelivery date based on an estimated time charter trip duration of about 45 days.
|
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9The charter rate will be US$12,250 per day for the first 30 days of the charter period.
|
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10The charter rate was US$10,000 per day for the first 30 days of the charter period.
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11Charterers will compensate the Owners at a rate of US$20,000 per day for the excess period commencing from May 31, 2024 until the actual redelivery date.
|
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12Vessel has been sold and it is expected to be delivered to her new Owners by latest September 16, 2024.
|
|||||||||
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13Bareboat chartered-in for a period of eight years.
|
|||||||||
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14Vessel off hire for 7.43 days.
|
|||||||||
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Summary of Selected Financial & Other Data (unaudited)
|
||||||||||||||||
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Three months ended June 30,
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Six months ended June 30,
|
|||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||
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STATEMENT OF INCOME DATA (in thousands of US Dollars)
|
||||||||||||||||
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Time charter revenues
|
$
|
56,000
|
$
|
67,379
|
$
|
113,648
|
$
|
140,021
|
||||||||
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Voyage expenses
|
3,145
|
3,553
|
6,413
|
7,364
|
||||||||||||
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Vessel operating expenses
|
21,269
|
22,599
|
42,133
|
42,763
|
||||||||||||
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Net income/(loss)
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(2,764
|
)
|
10,364
|
(706
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)
|
33,077
|
||||||||||
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Net income/(loss) attributable to common stockholders
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(4,206
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)
|
8,922
|
(3,590
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)
|
30,193
|
||||||||||
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FLEET DATA
|
||||||||||||||||
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Average number of vessels
|
39.0
|
41.0
|
39.4
|
41.3
|
||||||||||||
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Number of vessels
|
39.0
|
41.0
|
39.0
|
41.0
|
||||||||||||
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Weighted average age of vessels
|
10.9
|
10.2
|
10.9
|
10.2
|
||||||||||||
|
Ownership days
|
3,549
|
3,731
|
7,162
|
7,468
|
||||||||||||
|
Available days
|
3,499
|
3,687
|
7,112
|
7,407
|
||||||||||||
|
Operating days
|
3,496
|
3,678
|
7,078
|
7,377
|
||||||||||||
|
Fleet utilization
|
99.9
|
%
|
99.8
|
%
|
99.5
|
%
|
99.6
|
%
|
||||||||
|
AVERAGE DAILY RESULTS
|
||||||||||||||||
|
Time charter equivalent (TCE) rate (1)
|
$
|
15,106
|
$
|
17,311
|
$
|
15,078
|
$
|
17,910
|
||||||||
|
Daily vessel operating expenses (2)
|
$
|
5,993
|
$
|
6,057
|
$
|
5,883
|
$
|
5,726
|
||||||||
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, July
31, 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 13747673.
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 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)
|
DIANA SHIPPING INC.
|
||||||||||||||||
|
FINANCIAL TABLES
|
||||||||||||||||
|
Expressed in thousands of U.S. Dollars, except share and per share data
|
||||||||||||||||
|
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
|
||||||||||||||||
|
Three months ended June 30,
|
Six months June 30,
|
|||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||
|
REVENUES:
|
||||||||||||||||
|
Time charter revenues
|
$
|
56,000
|
$
|
67,379
|
$
|
113,648
|
$
|
140,021
|
||||||||
|
OPERATING EXPENSES
|
||||||||||||||||
|
Voyage expenses
|
3,145
|
3,553
|
6,413
|
7,364
|
||||||||||||
|
Vessel operating expenses
|
21,269
|
22,599
|
42,133
|
42,763
|
||||||||||||
|
Depreciation and amortization of deferred charges
|
11,004
|
13,407
|
22,106
|
26,661
|
||||||||||||
|
General and administrative expenses
|
8,197
|
8,013
|
16,729
|
15,695
|
||||||||||||
|
Management fees to a related party
|
333
|
333
|
666
|
647
|
||||||||||||
|
Gain on sale of vessels
|
-
|
-
|
(1,572
|
)
|
(4,995
|
)
|
||||||||||
|
Other operating income/ (loss)
|
(104
|
)
|
20
|
(389
|
)
|
(189
|
)
|
|||||||||
|
Operating income, total
|
$
|
12,156
|
$
|
19,454
|
$
|
27,562
|
$
|
52,075
|
||||||||
|
OTHER INCOME / (EXPENSES):
|
||||||||||||||||
|
Interest expense and finance costs
|
(11,594
|
)
|
(12,187
|
)
|
(23,650
|
)
|
(23,845
|
)
|
||||||||
|
Interest and other income
|
2,041
|
1,972
|
3,776
|
3,746
|
||||||||||||
|
Gain on derivative instruments
|
23
|
-
|
361
|
-
|
||||||||||||
|
Loss on extinguishment of debt
|
-
|
(704
|
)
|
-
|
(748
|
)
|
||||||||||
|
Gain on deconsolidation of subsidiary
|
-
|
844
|
-
|
844
|
||||||||||||
|
Gain/(loss) on investments
|
(3,467
|
)
|
761
|
(1,751
|
)
|
761
|
||||||||||
|
Loss on warrants
|
(2,090
|
)
|
-
|
(6,773
|
)
|
-
|
||||||||||
|
Gain/(loss) from equity method investments
|
167
|
224
|
(231
|
)
|
244
|
|||||||||||
|
Total other expenses, net
|
$
|
(14,920
|
)
|
$
|
(9,090
|
)
|
$
|
(28,268
|
)
|
$
|
(18,998
|
)
|
||||
|
Net comprehensive income/(loss)
|
$
|
(2,764
|
)
|
$
|
10,364
|
$
|
(706
|
)
|
$
|
33,077
|
||||||
|
Dividends on series B preferred shares
|
(1,442
|
)
|
(1,442
|
)
|
(2,884
|
)
|
(2,884
|
)
|
||||||||
|
Net comprehensive income/(loss) attributable to common stockholders
|
(4,206
|
)
|
8,922
|
(3,590
|
)
|
30,193
|
||||||||||
|
Earnings/(loss) per common share, basic
|
$
|
(0.04
|
)
|
$
|
0.09
|
$
|
(0.03
|
)
|
$
|
0.31
|
||||||
|
Earnings/(loss) per common share, diluted
|
$
|
(0.04
|
)
|
$
|
0.09
|
$
|
(0.03
|
)
|
$
|
0.30
|
||||||
|
Weighted average number of common shares outstanding, basic
|
115,236,048
|
99,643,396
|
112,818,414
|
98,489,613
|
||||||||||||
|
Weighted average number of common shares outstanding, diluted
|
115,236,048
|
101,058,849
|
112,818,414
|
99,762,411
|
||||||||||||
|
CONDENSED CONSOLIDATED BALANCE SHEET DATA
|
||||||||
|
(in thousands of U.S. Dollars)
|
||||||||
|
June 30, 2024
|
December 31, 2023*
|
|||||||
|
ASSETS
|
(unaudited)
|
|||||||
|
Cash, cash equivalents, restricted cash and time deposits
|
$
|
140,041
|
**
|
$
|
161,592
|
**
|
||
|
Investments in equity securities
|
-
|
20,729
|
||||||
|
Other current assets
|
49,194
|
19,900
|
||||||
|
Fixed assets
|
895,139
|
924,474
|
||||||
|
Investments in related parties and equity method investments
|
49,177
|
24,087
|
||||||
|
Other noncurrent assets
|
14,948
|
15,628
|
||||||
|
Total assets
|
$
|
1,148,499
|
$
|
1,166,410
|
||||
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
|
Long-term debt and finance liabilities, net of deferred financing costs
|
$
|
613,487
|
$
|
642,772
|
||||
|
Other liabilities
|
35,150
|
34,617
|
||||||
|
Total stockholders' equity
|
499,862
|
489,021
|
||||||
|
Total liabilities and stockholders' equity
|
$
|
1,148,499
|
$
|
1,166,410
|
||||
|
*
|
The balance sheet data has been derived from the audited consolidated financial statements at that date.
|
|
**
|
Includes time deposits of $20 million and $40 million as of June 30, 2024 and December 31, 2023, respectively.
|
|
OTHER FINANCIAL DATA (unaudited)
|
||||||||||||||||
|
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||
|
Net cash provided by operating activities
|
$
|
11,218
|
$
|
19,359
|
$
|
49,183
|
$
|
52,555
|
||||||||
|
Net cash provided by/(used in) investing activities
|
7,425
|
16,517
|
(13,624
|
)
|
5,872
|
|||||||||||
|
Net cash provided by/(used in) financing activities
|
$
|
(20,576
|
)
|
$
|
38,561
|
$
|
(37,110
|
)
|
$
|
(12,238
|
)
|
|||||