Diana Shipping Inc 6-K, filed Nov 20, 2025
Diana Shipping Inc. (DSX)
6-K
2025-11-20
For: 2025-11-30
View Original
Added on
July 04, 2026
About this 6-K
Diana Shipping Inc filed this 6-K on November 20, 2025.
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 November 2025
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 November 20, 2025, of Diana Shipping Inc. (the "Company"), announcing the Company’s financial results for the third quarter and nine months ended September 30, 2025.
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.
333-266999 and 333-280693) that were filed with the U.S. Securities and Exchange Commission and became effective on September 16, 2022, and September 9, 2024, 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: November 20, 2025
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By:
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/s/ Ioannis Zafirakis
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Ioannis Zafirakis
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Co-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, Co-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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Investor Relations/Media Contact:
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Nicolas Bornozis / Daniela Guerrero
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Capital Link, Inc.
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230 Park Avenue, Suite 1540
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New York, N.Y. 10169
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Tel.: (212) 661-7566
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Email: diana@capitallink.com
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DIANA SHIPPING INC. REPORTS FINANCIAL RESULTS
FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2025; DECLARES CASH
DIVIDEND OF $0.01 PER COMMON SHARE FOR THE THIRD QUARTER 2025
ATHENS, GREECE, November 20, 2025 – 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 $7.2 million and net income attributable to common stockholders of $5.7 million for the third quarter of 2025. This compares to a net income of $3.7 million and a net income attributable to common
stockholders of $2.3 million for the third quarter of 2024. Earnings per share for the third quarter of 2025 were $0.05 basic and diluted, compared to $0.02 basic and $0.00 diluted in the same quarter of 2024.
Time charter revenues were $51.9 million for the third quarter of 2025, compared to $57.5 million for the same quarter of 2024. The decrease in time charter revenues,
compared to the same quarter last year, was primarily attributable to the sale of two vessels in 2025 and one vessel in September 2024.
Net income for the nine months ended September 30, 2025, amounted to $14.7 million and net income attributable to common stockholders amounted to $10.4 million. This
compares to a net income of $3.0 million and a net loss attributable to common stockholders of $1.3 million for the same period in 2024. Time charter revenues for the nine months ended September 30, 2025, were $161.5 million, compared to $171.1 million for the same period in 2024. Earnings per share for the nine months ended September 30, 2025 were $0.09
basic and diluted, compared to a loss per share of $0.01 basic and diluted for the same period in 2024.
Dividend Declaration
The Company has declared a cash dividend on its common stock of $0.01 per share, based on the Company’s results of operations during the quarter ended September 30, 2025. The cash dividend will be payable on December 17, 2025, to all common shareholders of record as of December 8, 2025. As of November 18, 2025, the Company has 115,781,752 common shares
issued and outstanding and 16,207,541 outstanding warrants.
1
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Fleet Employment (As of November 18, 2025)
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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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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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8-Aug-25
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||
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2017 60,456
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13,500
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4.75%
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Cargill Ocean Transportation (Singapore) Pte. Ltd.
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8-Aug-25
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1/Oct/2026 - 30/Nov/2026
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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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4-Sep-25
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1
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2015 60,446
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14,000
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5.00%
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Bunge SA, Geneva
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30-Sep-25
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5-Dec-25
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2
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|||
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3
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DSI Pyxis
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A
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13,100
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5.00%
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Stone Shipping Ltd
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8-Nov-24
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20/Feb/2026 - 20/Apr/2026
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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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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-Jul-25
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2018 60,404
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12,250
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4.75%
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Cargill Ocean Transportation (Singapore) Pte. Ltd.
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1-Jul-25
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21/Jul/2026 - 21/Sep/2026
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5
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DSI Pegasus
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A
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15,250
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4.75%
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Cargill Ocean Transportation (Singapore) Pte. Ltd
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5-Sep-24
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25-Jul-25
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3
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2015 60,508
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14,250
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4.75%
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15-Aug-25
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20/May/2026 - 20/Jul/2026
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6
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DSI Aquarius
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B
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13,300
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5.00%
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Bunge SA, Geneva
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6-Dec-24
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7-Nov-25
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2016 60,309
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14,500
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5.00%
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7-Nov-25
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1/Nov/2026 - 31/Dec/2026
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7
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DSI Aquila
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B
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12,250
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5.00%
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Western Bulk Carriers AS
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21-Jan-25
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17-Sep-25
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4,5
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2015 60,309
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14,500
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5.00%
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Bunge SA, Geneva
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12-Oct-25
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25/Feb/2027 - 25/Apr/2027
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8
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DSI Altair
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B
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15,750
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5.00%
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Propel Shipping Pte. Ltd.
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28-Sep-24
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25/Nov/2025 - 31/Dec/2025
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6
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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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14,000
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4.75%
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Cargill Ocean Transportation (Singapore) Pte. Ltd
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28-Mar-25
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17-Nov-25
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7,8
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2016 60,309
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|||||||||
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6 Panamax Bulk Carriers
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|||||||||
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10
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LETO
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12,275
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4.75%
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Cargill International SA, Geneva
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4-Apr-25
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16/Jul/2026 - 16/Sep/2026
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2010 81,297
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11
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SELINA
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C
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6,500
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5.00%
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Reachy Shipping (SGP) Pte. Ltd.
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13-May-25
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12-Jul-25
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9
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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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8,400
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5.00%
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China Resource Chartering Limited
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15-Dec-24
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3-Nov-25
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2013 75,403
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11,750
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5.00%
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CRC Shipping Pte. Ltd., Singapore
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3-Nov-25
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20/Oct/2026 - 20/Dec/2026
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13
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ISMENE
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11,000
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5.00%
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China Resource Chartering Pte. Ltd.
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24-Apr-25
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20/Mar/2026 - 20/May/2026
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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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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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2014 77,525
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15
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ATALANDI
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D
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10,100
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5.00%
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Stone Shipping Ltd
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8-Jun-25
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15/Jun/2026 - 15/Aug/2026
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10
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2014 77,529
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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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11,600
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5.00%
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Paralos Shipping Pte. Ltd.
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9-Dec-24
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25/Nov/2025 - 31/Dec/2025
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6
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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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13,000
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4.75%
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Cargill International SA, Geneva
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26-Feb-25
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1/Jan/2026 - 28/Feb/2026
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2010 82,117
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18
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MEDUSA
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E
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13,000
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4.75%
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Cargill International SA, Geneva
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16-Mar-25
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15/May/2026 - 15/Jul/2026
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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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12,000
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5.00%
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Nippon Yusen Kabushiki Kaisha, Tokyo
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23-Dec-24
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1/Mar/2026 - 15/May/2026
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2013 82,131
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20
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ASTARTE
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14,000
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5.00%
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Paralos Shipping Pte. Ltd.
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19-Aug-24
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31-Jul-25
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2013 81,513
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12,500
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5.00%
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Propel Shipping Pte. Ltd.
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2-Aug-25
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16/Aug/2026 - 16/Oct/2026
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2
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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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28-Aug-25
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11
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2011 82,165
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14,000
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5.00%
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Nippon Yusen Kabushiki Kaisha, Tokyo
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24-Sep-25
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15/Sep/2026 - 15/Nov/2026
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||||
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4 Post-Panamax Bulk Carriers
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|||||||||
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22
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AMPHITRITE
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F
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12,100
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5.00%
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Cobelfret S.A., Luxembourg
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8-Jan-25
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1/Jan/2026 - 15/Mar/2026
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12
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2012 98,697
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|||||||||
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23
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POLYMNIA
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F
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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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17-Aug-25
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||
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2012 98,704
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14,000
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5.00%
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Oldendorff Carriers GmbH & Co. KG
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17-Aug-25
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10/Apr/2026 - 10/Jun/2026
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||||
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24
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ELECTRA
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G
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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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4-Dec-25
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13
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2013 87,150
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14,000
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5.00%
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Oldendorff Carriers GmbH & Co. KG
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4-Dec-25
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1/Dec/2026 - 31/Jan/2027
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14
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|||
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25
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PHAIDRA
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G
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9,750
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5.00%
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SwissMarine Pte. Ltd., Singapore
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31-May-25
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1/Jan/2026 - 28/Feb/2026
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||
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2013 87,146
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|||||||||
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8 Capesize Bulk Carriers
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|||||||||
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26
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SEMIRIO
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H
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16,650
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5.00%
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Solebay Shipping Cape Company Limited, Hong Kong
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11-Feb-25
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15-Mar-26
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15
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|
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2007 174,261
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21,650
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5.00%
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15-Mar-26
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31/Jan/2027 - 15/Apr/2027
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16
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||||
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27
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NEW YORK
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H
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17,600
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5.00%
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SwissMarine Pte. Ltd., Singapore
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11-Jan-25
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15/Jan/2026 - 30/Mar/2026
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17
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|
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2010 177,773
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|||||||||
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28
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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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24-Oct-25
|
18,19
|
|
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2011 179,362
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|||||||||
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29
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P. S. PALIOS
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I
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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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25/Nov/2025 - 31/Dec/2025
|
6
|
|
|
2013 179,134
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|||||||||
|
30
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G. P. ZAFIRAKIS
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J
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26,800
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5.00%
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Nippon Yusen Kabushiki Kaisha, Tokyo
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16-Sep-24
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16/Aug/2026 - 16/Nov/2026
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||
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2014 179,492
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|||||||||
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31
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SANTA BARBARA
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J
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22,000
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5.00%
|
Mitsui O.S.K. Lines, Ltd.
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27-Dec-24
|
29-Nov-25
|
13
|
|
|
2015 179,426
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25,500
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5.00%
|
Dampskibsselskabet Norden A/S
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29-Nov-25
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1/Mar/2027 - 30/Apr/2027
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14,20
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|||
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32
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NEW ORLEANS
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20,000
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5.00%
|
Kawasaki Kisen Kaisha, Ltd.
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7-Dec-23
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20-Sep-25
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21,21
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||
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2015 180,960
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26,000
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5.00%
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SwissMarine Pte. Ltd., Singapore
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31-Oct-25
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1/Dec/2026 - 15/Feb/2027
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||||
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33
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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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8
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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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34
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LOS ANGELES
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K
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28,700
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5.00%
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Nippon Yusen Kabushiki Kaisha, Tokyo
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20-Jul-24
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1-Nov-25
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||
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2012 206,104
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24,000
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5.00%
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MOL Ocean Bulk Pte. Ltd., Singapore
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1-Nov-25
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10/Sep/2026 - 1/Nov/2026
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35
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PHILADELPHIA
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K
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21,500
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5.00%
|
Refined Success Limited
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29-May-25
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9/Jun/2026 - 8/Aug/2026
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||
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2012 206,040
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|||||||||
|
36
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SAN FRANCISCO
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L
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26,000
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5.00%
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SwissMarine Pte. Ltd., Singapore
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1-Mar-25
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25/Oct/2026 - 25/Dec/2026
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2017 208,006
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|||||||||
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37
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NEWPORT NEWS
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L
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25,000
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5.00%
|
Bohai Ocean Shipping (Singapore) Holding Pte. Ltd.
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16-Jun-25
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1/Sep/2026 - 31/Oct/2026
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2017 208,021
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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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1Vessel on scheduled drydocking from September 4, 2025 to September 30, 2025.
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2Redelivery date based on an estimated time charter trip duration of about 65 days.
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3
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3Vessel on scheduled drydocking from July 25, 2025 to August 15, 2025.
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4Vessel on scheduled drydocking from September 17, 2025 to October 12, 2025.
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5Charterers have agreed to compensate the Owners, for all the days over and above the maximum redelivery date (September 5, 2025), at a hire rate equal to double the
agreed hire rate or the rate of 115% of the average of the relevant Baltic Tess 58 Supramax Index, whichever of the two is higher.
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6Based on latest information.
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7Currently without an active charterparty. Vessel for scheduled drydocking.
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8Bareboat chartered-in for a period of ten years.
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9Vessel was sold and delivered to her new Owners on July 15, 2025.
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10The charter rate was US$9,000 per day for the first thirty-five (35) days of the charter period.
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11Vessel on scheduled drydocking from August 28, 2025 to September 24, 2025.
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12The charter rate was US$8,750 per day for the first fifty (50) days of the charter period.
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13Estimated redelivery date from the charterers.
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14Estimated delivery date to the charterers.
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15Vessel off hire for drydocking from September 8, 2025 to November 1, 2025.
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16Estimated date.
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17The charter rate was US$6,300 per day for the first trip of the charter period.
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18Charterers compensated the Owners, for any period in excess of the new maximum date (October 3, 2025), at a hire rate of 108% of the average of the Baltic Cape
Index 5TC for the days exceeding the period.
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19Currently without an active charterparty. Vessel on scheduled drydocking.
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20Bareboat chartered-in for a period of eight years.
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21Vessel on scheduled drydocking from September 20, 2025 to October 31, 2025.
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4
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Summary of Selected Financial & Other Data (unaudited)
|
|||||||||
|
Three months ended September 30,
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Nine months ended September 30,
|
||||||||
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2025
|
2024
|
2025
|
2024
|
||||||
|
STATEMENT OF INCOME DATA (in thousands of US Dollars)
|
|||||||||
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Time charter revenues
|
$
|
51,861
|
$
|
57,488
|
$
|
161,487
|
$
|
171,136
|
|
|
Voyage expenses
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3,231
|
3,654
|
9,295
|
10,067
|
|||||
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Vessel operating expenses
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20,002
|
21,239
|
59,963
|
63,372
|
|||||
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Net income
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7,158
|
3,715
|
14,698
|
3,009
|
|||||
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Net income/(loss) attributable to common stockholders
|
5,715
|
2,272
|
10,371
|
(1,318)
|
|||||
|
FLEET DATA
|
|||||||||
|
Average number of vessels
|
36.2
|
38.7
|
37.0
|
39.1
|
|||||
|
Number of vessels
|
36.0
|
38.0
|
36.0
|
38.0
|
|||||
|
Weighted average age of vessels
|
11.9
|
11.0
|
11.9
|
11.0
|
|||||
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Ownership days
|
3,326
|
3,561
|
10,094
|
10,723
|
|||||
|
Available days
|
3,204
|
3,511
|
9,836
|
10,623
|
|||||
|
Operating days
|
3,186
|
3,508
|
9,788
|
10,586
|
|||||
|
Fleet utilization
|
99.4%
|
99.9%
|
99.5%
|
99.7%
|
|||||
|
AVERAGE DAILY RESULTS
|
|||||||||
|
Time charter equivalent (TCE) rate (1)
|
$
|
15,178
|
$
|
15,333
|
$
|
15,473
|
$
|
15,162
|
|
|
Daily vessel operating expenses (2)
|
$
|
6,014
|
$
|
5,964
|
$
|
5,941
|
$
|
5,910
|
|
Non-GAAP Measures
(1) Time charter equivalent rate, or TCE, is defined as our time charter revenues less voyage expenses during a period divided by the number of our available days during the period. Our method of computing TCE rate may not necessarily be
comparable to TCE rates of other companies due to differences in methods of calculation. TCE is a non-GAAP measure, and management believes it is useful to investors because it 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. TCE is used by management to assess and compare the vessels’ profitability.
(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 Thursday, November 20,
2025.
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.
5
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 13756795.
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, tariff policies and other trade restrictions, 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)
6
|
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 September 30,
|
Nine months ended September 30,
|
||||||||
|
2025
|
2024
|
2025
|
2024
|
||||||
|
REVENUES:
|
|||||||||
|
Time charter revenues
|
$
|
51,861
|
$
|
57,488
|
$
|
161,487
|
$
|
171,136
|
|
|
OPERATING EXPENSES
|
|||||||||
|
Voyage expenses
|
3,231
|
3,654
|
9,295
|
10,067
|
|||||
|
Vessel operating expenses
|
20,002
|
21,239
|
59,963
|
63,372
|
|||||
|
Depreciation and amortization of deferred charges
|
11,645
|
11,217
|
34,485
|
33,323
|
|||||
|
General and administrative expenses
|
7,994
|
8,384
|
25,127
|
25,113
|
|||||
|
Management fees to a related party
|
277
|
333
|
914
|
999
|
|||||
|
Gain on sale of vessels
|
(2,162)
|
(4,227)
|
(3,663)
|
(5,799)
|
|||||
|
Other operating (income)/loss
|
(24)
|
182
|
435
|
(207)
|
|||||
|
Operating income, total
|
$
|
10,898
|
$
|
16,706
|
$
|
34,931
|
$
|
44,268
|
|
|
OTHER INCOME/(EXPENSE)
|
|||||||||
|
Interest expense and finance costs
|
(10,695)
|
(12,198)
|
(32,585)
|
(35,848)
|
|||||
|
Interest and other income
|
2,000
|
2,232
|
5,777
|
6,008
|
|||||
|
Loss on derivative instruments
|
-
|
(548)
|
(226)
|
(187)
|
|||||
|
Loss on extinguishment of debt
|
-
|
(3,475)
|
-
|
(3,475)
|
|||||
|
Loss on related party investments
|
(6,536)
|
(948)
|
(4,054)
|
(2,299)
|
|||||
|
Gain/(loss) on equity securities
|
11,033
|
-
|
10,630
|
(400)
|
|||||
|
Gain/ (loss) on warrants
|
(279)
|
1,973
|
235
|
(4,800)
|
|||||
|
Gain(loss) from equity method investments
|
737
|
(27)
|
(10)
|
(258)
|
|||||
|
Total other expenses, net
|
$
|
(3,740)
|
$
|
(12,991)
|
$
|
(20,233)
|
$
|
(41,259)
|
|
|
Net income
|
$
|
7,158
|
$
|
3,715
|
$
|
14,698
|
$
|
3,009
|
|
|
Dividends on series B preferred shares
|
(1,443)
|
(1,443)
|
(4,327)
|
(4,327)
|
|||||
|
Net income/(loss) attributable to common stockholders
|
5,715
|
2,272
|
10,371
|
(1,318)
|
|||||
|
Earnings/(loss) per common share, basic
|
$
|
0.05
|
$
|
0.02
|
$
|
0.09
|
$
|
(0.01)
|
|
|
Earnings/(loss) per common share, diluted
|
$
|
0.05
|
$
|
-
|
$
|
0.09
|
$
|
(0.01)
|
|
|
Weighted average number of common shares outstanding, basic
|
110,813,151
|
119,032,441
|
110,337,415
|
114,904,876
|
|||||
|
Weighted average number of common shares outstanding, diluted
|
111,077,911
|
120,212,686
|
110,337,415
|
114,904,876
|
|||||
|
Three months ended September 30,
|
Nine months ended September 30,
|
||||||||
|
2025
|
2024
|
2025
|
2024
|
||||||
|
Net Income
|
$
|
7,158
|
$
|
3,715
|
$
|
14,698
|
$
|
3,009
|
|
|
Currency translation adjustment
|
155
|
-
|
3,363
|
-
|
|||||
|
Comprehensive Income
|
$
|
7,313
|
$
|
3,715
|
$
|
18,061
|
$
|
3,009
|
|
7
|
CONDENSED CONSOLIDATED BALANCE SHEET DATA
|
|||||
|
(in thousands of U.S. Dollars)
|
|||||
|
September 30, 2025
|
December 31, 2024*
|
||||
|
ASSETS
|
(unaudited)
|
||||
|
Cash, cash equivalents, restricted cash and time deposits
|
$
|
133,859**
|
$
|
207,166**
|
|
|
Investments in equity securities
|
114,154
|
-
|
|||
|
Other current assets
|
25,822
|
18,443
|
|||
|
Fixed assets
|
835,455
|
880,145
|
|||
|
Investments in related parties and equity method investments
|
53,228
|
47,240
|
|||
|
Other noncurrent assets
|
21,339
|
18,024
|
|||
|
Total assets
|
$
|
1,183,857
|
$
|
1,171,018
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|||||
|
Long-term debt and finance liabilities, net of deferred financing costs
|
$
|
651,113
|
$
|
637,525
|
|
|
Other liabilities
|
33,013
|
28,436
|
|||
|
Total stockholders' equity
|
499,731
|
505,057
|
|||
|
Total liabilities and stockholders' equity
|
$
|
1,183,857
|
$
|
1,171,018
|
|
|
*
|
The balance sheet data has been derived from the audited consolidated financial statements at that date.
|
||||
|
**
|
Includes time deposits of $40 million and $64 million as of September 30, 2025 and December 31, 2024, respectively.
|
||||
|
OTHER FINANCIAL DATA (unaudited)
|
|||||||||
|
Three months ended September 30,
|
Nine months ended September 30,
|
||||||||
|
2025
|
2024
|
2025
|
2024
|
||||||
|
Net cash provided by operating activities
|
$
|
14,363
|
$
|
19,203
|
$
|
40,198
|
$
|
68,386
|
|
|
Net cash provided by/(used in) investing activities
|
(41,888)
|
4,501
|
(71,221)
|
(9,123)
|
|||||
|
Net cash provided by/(used in) financing activities
|
$
|
37,786
|
$
|
8,060
|
$
|
(18,784)
|
$
|
(29,050)
|
|
8