Diana Shipping Inc 6-K, filed Feb 25, 2022
Diana Shipping Inc. (DSX)
6-K
2022-02-25
For: 2022-02-28
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Added on
April 08, 2026
About this 6-K
Diana Shipping Inc filed this 6-K on February 25, 2022.
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2022
Commission File Number: 001-32458
DIANA SHIPPING INC.
(Translation of registrant's name into English)
Pendelis 16, 175 64 Palaio Faliro, Athens, Greece
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ].
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual
report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ].
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document
that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home
country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material
event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this Report on Form 6-K as Exhibit 99.1 is an investor presentation dated February 25, 2022 of Diana Shipping Inc.
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: February 25, 2022
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By:
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/s/ Anastassis Margaronis
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Anastassis Margaronis
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President
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Exhibit 99.1
We create to share Financial Results for the 4th Quarter of 2021 February 25, 2022
Director & President AnastasiosMargaronis Director &Chief Executive Officer
SemiramisPaliou Director,Chief Financial Officer,Chief Strategy Officer, Secretary & Treasurer IoannisZafirakis Our Executives Company’s confidence stems from our established track record We create to share 2 Chief Operating
Officer Eleftherios Papatrifon MariaDede Chief Accounting Officer
ForwardLookingStatements Cautionary statementregarding onward-lookingstatements This presentation does
not constitute or form part of and should not be construed as an offer to sell any security or an invitation, solicitation, or inducement to purchase or subscribe for any security. This presentation should not be construed and does not
constitute either advice or a recommendation regarding the purchase, holding or sale of any security. No representations or warranties, express or implied, are given in, or in respect of the accuracy or completeness of any information included
in, this presentation. Matters discussed in this presentation 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,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements. We undertake no
obligation, except as required by law, to publicly update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise. The forward-looking statements in this
presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data
available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and
are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in the Company’s view, could cause actual results
to differ materially from those discussed in the forward-looking statements include the severity, magnitude and duration of the continuing COVID-19 pandemic, including impacts of the pandemic and of businesses’ and governments’ responses to the
pandemic on our operations, personnel, and on the demand for seaborne transportation of bulk products; the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes
in demand for dry bulk shipping capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, changes in
governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to
accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see the Company’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and
uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise We create to share 3
people across sea & ashore 819**** We create to share 4 34 vesselsin the water 4
vesselsmortgage free** 99.1% AVERAGE FLEET UTILIZATION*** Diana’s key points 32 vessels managed by Diana Shipping Services S.A. 2 vessels managed by Diana Wilhelmsen Management Limited *m/v tbn. Florida expected to be delivered to the
Company by the end of the first quarter of 2022.**As of February 24, 2022***For the year ended December 31, 2021 ****As of December 31, 2021Source: Company +1 vessel TBD*
We create to share 5 Highlights of the 4th Quarter 2021 and recent developments In November 2021,
completion of spin-off transaction of OceanPal Inc.In December 2021, repurchased 3,529,411 common shares at a price of $4.25 per shareIn December 2021, agreed to acquire a Resale New-Building Capesize dry bulk vesselIn January 2022, received
approval for the listing of US$125m previously issued Senior Unsecured Bond in Oslo Stock Exchange, effective in February 2022In February 2022, took delivery of the 2011 Japanese built Kamsarmax dry bulk vessel “Leonidas P. C.”In February 2022,
declared payment of a cash dividend in the amount of US$0.20 per common shareAs of today, we have secured US$184.0m contracted revenues for the 62% of the ownership days of the year 2022 and respectively we have secured US$25.6m for the 8% of
2023
We create to share 6 Financial Highlights for the 4th Quarter 2021 TC
Revenues $68.8m $42.7m Earnings/(Loss) per common share, diluted $0.48 ($0.10) Three months ended December 31, 2021 2020 Source: Company’s filings with the U.S. Securities and Exchange Commission Cash, Cash Equivalents and
Restricted cash $126.8m $82.9m Long-term debt, net of deferred financing costs $423.7m $420.3m December 31, 2021 2020
Recent Chartering Activity We secured charters on 13 vessels*5 Panamax/Kamsarmax/Post-Panamax vessels
chartered at a weighted average daily rate of $21,176 for a remaining average period of 343 days per vessel**8 Capesize vessels chartered at a weighted average daily rate of $25,038 for a remaining average period of 369 days per vessel**
Fixed Period ** Previous Charter Period *As of February 22, 2022**Earliest redelivery dateSource: Company’s filings with the U.S. Securities and Exchange
Commission VESSEL TYPE BUILT RATE Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Seattle Capesize 2011 $26,500 Semirio Capesize 2007 $19,700 Newport
News Newcastlemax 2017 $28,000 Astarte Kamsarmax 2013 $21,500 San Francisco Newcastlemax 2017 $30,500 Leonidas P.
C. Kamsarmax 2011 $24,500 Aliki Capesize 2005 $24,500 Los
Angeles Newcastlemax 2012 $26,250 Polymnia Post-Panamax 2012 $24,750 Alcmene Post-Panamax 2010 $17,100 Ismene Panamax 2013 $18,500 G.
P. Zafirakis Capesize 2014 $22,750 Baltimore Capesize 2005 $10,500 We create to share 7
Income Statement* $ Millions $ Millions Time charter revenues 68.8 42.7 Expenses Voyage
expenses 0.8 3.0 Vessel operating expenses 18.2 22.4 Depreciation and amortization of deferred charges 10.1 10.3 General and administrative expenses 8.1 7.0 Management fees to related party 0.2 0.5 Vessel impairment
charges - 1.9 Other expense/(gain) 0.3 (0.4) Operating income/(loss) 31.1 (2.1) Other Income / (Expenses) Interest expense and finance costs (5.2) (4.6) Interest and other income 0.1 - (Loss)/gain on related party
investments 15.2 (0.7) Total other income/(expenses), net 10.1 (5.3) Net Income/(Loss) 41.1 (7.4) Dividends on series B preferred shares (1.4) (1.4) Net Income/(Loss) attributed to common stockholders 39.7 (8.9) Earnings/(loss)
per common share, basic 0.51 (0.10) Earnings/(Loss) per common share, diluted 0.48 (0.10) Three months ended December 31, 2021 2020 *The statement may include rounding differencesSource: Company’s filings with the U.S. Securities and
Exchange Commission We create to share 8
Income Statement* $ Millions $ Millions Time charter revenues 214.2 169.7 Expenses Voyage
expenses 5.6 13.5 Vessel operating expenses 74.8 85.8 Depreciation and amortization of deferred charges 40.5 43.0 General and administrative expenses 29.2 32.8 Management fees to related party 1.4 2.0 Vessel impairment
charges - 104.4 (Gain)/Loss on sale of vessels (1.4) 1.1 Other expense/(gain) 0.6 (0.2) Operating income/(loss) 63.5 (112.7) Other Income/(Expenses) Interest expense and finance costs (20.2) (21.5) Interest and other
income 0.2 0.7 (Loss)/gain on extinguishment of debt (1.0) 0.4 (Loss)/gain on related party investments 14.9 (1.1) Total other expenses, net (6.1) (21.5) Net Income/(Loss) 57.4 (134.2) Dividends on series B preferred
shares (5.8) (5.8) Net Income/(Loss) attributed to common stockholders 51.6 (140.0) Earnings/(Loss) per common share, basic 0.64 (1.62) Earnings/(Loss) per common share, diluted 0.61 (1.62) *The statement may include rounding
differencesSource: Company’s filings with the U.S. Securities and Exchange Commission Year ended December 31, 2021 2020 We create to share 9
Balance Sheet* *The statement may include rounding differences**Net of deferred financing costs of
$8.2 million.***Includes $16.5 million restricted cash.Source: Company’s filings with the U.S. Securities and Exchange Commission As of December 31, 2021$424 million Total Debt**$127 million of Cash***Net Debt of $305 million December 31,
2021 2020 Assets $ Millions $ Millions Cash, cash equivalents and restricted cash 126.8 82.9 Other current assets 15.6 41.8 Vessels, net 643.5 716.2 Other fixed assets, net 39.1 21.7 Investments in related
parties 7.6 - Other non-current assets 9.6 9.9 Total Assets 842.2 872.4 Liabilities and Stockholders’ Equity Long-term debt, net of deferred financing costs 423.7 420.3 Other liabilities 25.1 23.5 Total stockholders’
equity 393.4 428.6 Total Liabilities and Stockholders’ Equity 842.2 872.4 We create to share 10
Summary of Selected Financial & Other Data Statement of Operations Data ($ Millions) ($
Millions) Time charter revenues 68.8 42.7 Voyage expenses 0.8 3.0 Vessel operating expenses 18.2 22.4 Net income/(loss) 41.1 (7.4) Net income/(loss) attributed to common stockholders 39.7 (8.9) Fleet data Average number of
vessels 35.0 40.0 Number of vessels 33.0 40.0 Weighted average age of vessels 10.4 10.2 Ownership days 3,216 3,680 Available days 3,184 3,623 Operating days 3,171 3,610 Fleet utilization 99.6% 99.6% Average Daily Results
(US$) (US$) Time charter equivalent (TCE) rate* 21,364 10,940 Daily vessel operating expenses** 5,657 6,089 Three months ended December 31, 2021 2020 *Time charter equivalent rates, or TCE rates, are defined as our time
charter revenues less voyage expenses during a period divided by the number of our available days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses, canal charges and
commissions. TCE is a non-GAAP measure. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters,
because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts. **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. Source: Company’s filings with the U.S. Securities and Exchange Commission We create to share 11
Summary of Selected Financial & Other Data Statement of Operations Data ($ Millions) ($
Millions) Time charter revenues 214.2 169.7 Voyage expenses 5.6 13.5 Vessel operating expenses 74.8 85.8 Net income/(loss) 57.4 (134.2) Net income/(loss) attributed to common stockholders 51.6 (140.0) Fleet data Average
number of vessels 36.6 40.8 Number of vessels 33.0 40.0 Weighted average age of vessels 10.4 10.2 Ownership days 13,359 14,931 Available days 13,239 14,318 Operating days 13,116 14,020 Fleet utilization 99.1% 97.9% Average
Daily Results (US$) (US$) Time charter equivalent (TCE) rate* 15,759 10,910 Daily vessel operating expenses** 5,596 5,750 *Time charter equivalent rates, or TCE rates, are defined as our time charter revenues less voyage
expenses during a period divided by the number of our available days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions. TCE is a non-GAAP
measure. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for
vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts. **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. Source: Company’s filings with the U.S. Securities and Exchange Commission Year ended December 31, 2021 2020 We create to share 12
Current Debt Amortization Profile We create to share 13 Source: Company
Breakeven Costs Modest All-in *As of December 31, 2021, adjusted for non-cash items.
Includes management fees to Diana Wilhelmsen Management Limited.**As of December 31, 2021.***Assumes earliest redelivery dates of all vessels on charter. Source: Company Per DayPer Vessel Free Cash FlowBreakeven=$13,991 As of February 22,
2022 2022 2023 Average Daily Time Charter Rate of Fixed Revenues*** $23,369 $24,689 % of Total Fixed Days 62% 8% We create to share 14
Non-speculative & disciplined employment *Vessel was delivered to the Company on February 16,
2022.**Expected date of delivery to the Company by the end of the first quarter of 2022. ***Vessel was delivered to her new owners on November 29, 2021.****As of February 22, 2022Source: Company Fixed Period Previous Charter
Period strategy Average contract duration1.03 years Secured Revenues $184.0m**** for the year 2022 Average Daily TC Rate of Fixed Revenues23,369**** for the year 2022 Period of the vessel not in our possession 38%
Unfixed days****for the year 2022 We create to share 15
We create to share 16 * As of February 21, 2022** As of December 31, 2021 (slide 14)*** Assumes vessels
fixed for 12 months upon redelivery to owners from previous charter**** As of January 12, 2022Source: Company’s filings with the U.S. Securities and Exchange Commission Panamax Kamsarmax Post-Panamax Capesize Newcastlemax Q1
2022 $21,875 $23,211 $21,875 $15,676 $18,811 Q2 2022 $23,371 $24,707 $23,371 $21,804 $26,165 Q3 2022 $22,054 $23,390 $22,054 $27,036 $32,443 Q4 2022 $19,996 $21,332 $19,996 $26,107 $31,328 Q1
2023 $15,514 $16,850 $15,514 $16,021 $19,225 Q2 2023 $16,079 $17,415 $16,079 $17,386 $20,863 Q3 2023 $16,457 $17,793 $16,457 $21,443 $25,732 Q4 2023 $17,778 $19,114 $17,778 $21,866 $26,239 FFA rates**** used for the
unfixed revenues calculation Breakeven vs Estimated Revenuefor 2022 & 2023 *
Dry Bulk Market Overview Source: Clarksons SIN We create to share 17
Dry Bulk Market Overview Source: Clarksons SIN We create to share 18
Source: Clarksons SIN, Bloomberg Finance L.P. 4.6% 12.4% 5.2% 11% Key demand
drivers CAGR (2001-e2022) We create to share 19
We create to share 20 Major Seaborne Commodity Prices Source: Clarksons SIN Increase since 2021Chinese
Steel +19%US Wheat +39%US Corn +31%Chinese Iron Ore -15%Australian Thermal Coal +137%
Source: Clarksons SIN orderbook is at a historical low Dry bulk The dry bulk orderbook is at a 20-year
low point, total orderbook as % of total fleet is <7% We create to share 21
Diana Shipping Inc.’s Summary Continue strengthening our balance sheet while maintaining low
cash flow breakeven points Maintain our disciplined chartering strategy, which allows us to lock positive cash flows and provides support for the continued payment of dividends Focus on creativity for further potential growth and fleet
renewal Remain committed to our strategy of protecting the downside while allowing for long term shareholder value creation We create to share 22
Q & A