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  Title	Diana Shipping Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2024; Declares Cash Dividend of $0.01 per Common Share for the Fourth Quarter 2024
  ID	7267150
  External ID	7578873716
  Author	Unknown
  Published Date	Feb. 25, 2025, 7:56 a.m.
  Summary	ATHENS, Greece, Feb. 25, 2025 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels,
  Tags	None
  URL	https://www.globenewswire.com/news-release/2025/02/25/3032051/10065/en/diana-shipping-inc-reports-financial-results-for-the-fourth-quarter-and-year-ended-december-31-2024-declares-cash-dividend-of-0-0
  Sentiment	Negative: 0.59381    Neutral: 0.31298    Positive: 0.09321
  Relevance	0.02976

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  Content ID	4572396
  Key	c3146ca2-cd1b-476c-9a24-d87a9f0f4270
  Content	ATHENS, Greece, Feb. 25, 2025 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today reported net income of $9.7 million and a net income attributed to common stockholders of $8.3 million for the fourth quarter of 2024. This compares to net income of $9.4 million and net income attributed to common stockholders of $7.9 million for the fourth quarter of 2023. Earnings per share for the fourth quarter of 2024 were $0.07 basic and $0.02 diluted, compared to earnings per share of $0.08 basic and $0.06 diluted in the same quarter of 2023. Time charter revenues were $57.1 million for the fourth quarter of 2024, compared to $60.0 million for the same quarter of 2023. The decrease in time charter revenues, compared to the same quarter last year, was due to decreased ownership days. Net income for 2024 amounted to $12.7 million and net income attributed to common stockholders amounted to $7.0 million. This compares to net income of $49.8 million and net income attributed to common stockholders of $44.1 million for 2023. Time charter revenues for 2024 were $228.2 million, compared to $262.1 million for 2023. Earnings per share for 2024 were $0.06 basic and $0.05 diluted, compared to earnings per share of $0.44 basic and $0.42 diluted for 2023. 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 fourth quarter ended December 31, 2024. The cash dividend will be payable on March 21, 2025 to all common shareholders of record as of March 12, 2025. As of February 24, 2025, the Company has 113,763,924 common shares issued and outstanding and there were 6,394,709 warrants exercised. Fleet Employment (As of February 24, 2025) VESSEL SISTER SHIPS* GROSS RATE (USD PER DAY) COM** CHARTERERS DELIVERY DATE TO CHARTERERS*** REDELIVERY DATE TO OWNERS**** NOTES BUILT DWT 9 Ultramax Bulk Carriers 1 DSI Phoenix A 16,500 5.00 % Bulk Trading SA 6-May-24 1/Aug/2025 - 30/Sep/2025 2017 60,456 2 DSI Pollux A 14,000 4.75 % Cargill Ocean Transportation (Singapore) Pte. Ltd. 28-Dec-23 20/Aug/2025 - 20/Oct/2025 2015 60,446 3 DSI Pyxis A 14,250 5.00 % ASL Bulk Marine Limited 24-Sep-23 8-Nov-24 2018 60,362 13,100 5.00 % Stone Shipping Ltd 8-Nov-24 20/Feb/2026 - 20/Apr/2026 4 DSI Polaris A 15,400 5.00 % Stone Shipping Ltd 20-Jul-24 1/Jun/2025 - 15/Aug/2025 2018 60,404 5 DSI Pegasus A 15,250 4.75 % Cargill Ocean Transportation (Singapore) Pte. Ltd 5-Sep-24 1/Jun/2025 - 1/Aug/2025 2015 60,508 6 DSI Aquarius B 14,500 5.00 % Stone Shipping Ltd 18-Jan-24 6-Dec-24 2016 60,309 13,300 5.00 % Bunge SA, Geneva 6-Dec-24 6/Oct/2025 - 21/Dec/2025 7 DSI Aquila B 12,500 5.00 % Western Bulk Carriers AS 11-Nov-23 23-Jan-25 2015 60,309 12,250 5.00 % 23-Jan-25 23/Jun/2025 - 8/Aug/2025 1 8 DSI Altair B 15,750 5.00 % Propel Shipping Pte. Ltd. 28-Sep-24 1/Nov/2025 - 31/Dec/2025 2016 60,309 9 DSI Andromeda B 13,500 5.00 % Bunge SA, Geneva 27-Nov-23 28/Feb/2025 - 20/Apr/2025 2 2016 60,309 6 Panamax Bulk Carriers 10 LETO 16,000 5.00 % ASL Bulk Shipping Limited 3-May-24 6-Mar-25 3 2010 81,297 11 SELINA C 12,000 4.75 % Cargill International S.A., Geneva 20-May-23 17-Oct-24 2010 75,700 10,500 5.00 % Raffles Shipping International Pte. Ltd. 17-Oct-24 1/Mar/2025 - 20/Apr/2025 12 MAERA C 13,750 5.00 % ST Shipping and Transport Pte. Ltd. 29-Jan-24 15-Dec-24 2013 75,403 8,400 5.00 % China Resource Chartering Limited 15-Dec-24 20/Sep/2025-20/Nov/2025 13 ISMENE 12,650 5.00 % Paralos Shipping Pte., Ltd. 13-Sep-23 15/Apr/2025 - 30/Jun/2025 2013 77,901 14 CRYSTALIA D 13,900 5.00 % Louis Dreyfus Company Freight Asia Pte. Ltd. 4-May-24 4/Feb/2026 - 4/Jun/2026 2014 77,525 15 ATALANDI D 14,600 4.75 % Cargill International SA, Geveva 20-Jul-24 1/Jun/2025 - 31/Jul/2025 2014 77,529 6 Kamsarmax Bulk Carriers 16 MAIA E 13,000 5.00 % Viterra Chartering B.V. 16-Sep-24 9-Dec-24 2009 82,193 11,600 5.00 % Paralos Shipping Pte. Ltd. 9-Dec-24 1/Nov/2025 - 31/Dec/2025 17 MYRSINI E 17,100 5.00 % Cobelfret S.A. Luxembourg 25-Jun-24 11-Feb-25 4 2010 82,117 13,000 4.75 % Cargill International SA, Geneva 26-Feb-25 1/Jan/2026 - 28/Feb/2026 5 18 MEDUSA E 14,250 5.00 % ASL Bulk Shipping Limited 14-May-23 21-Feb-25 4 2010 82,194 19 MYRTO E 12,650 5.00 % Cobelfret S.A., Luxemburg 15-Jul-23 23-Dec-24 2013 82,131 12,000 5.00 % Nippon Yusen Kabushiki Kaisha, Tokyo 23-Dec-24 1/Mar/2026 - 15/May/2026 20 ASTARTE 14,000 5.00 % Paralos Shipping Pte. Ltd. 19-Aug-24 15/Jul/2025 - 15/Sep/2025 2013 81,513 21 LEONIDAS P. C. 17,000 5.00 % Ming Wah International Shipping Company Limited 22-Feb-24 20/Aug/2025 - 20/Oct/2025 2011 82,165 5 Post-Panamax Bulk Carriers 22 ALCMENE 12,000 5.00 % China Steel Express Corporation 30-Sep-24 19-Nov-24 6 2010 93,193 6,000 5.00 % Lestari Shipping Pte Ltd 28-Dec-24 16-Jan-25 2,000 5.00 % Pan Ocean Co., Ltd. 16-Jan-25 6-Mar-25 7,8 23 AMPHITRITE F 15,000 5.00 % Cobelfret S.A., Luxembourg 13-Jan-24 8-Jan-25 9 2012 98,697 12,100 5.00 % 8-Jan-25 1/Jan/2026 - 15/Mar/2026 10 24 POLYMNIA F 17,500 5.00 % Reachy Shipping (SGP) Pte. Ltd. 8-Jun-24 1/Aug/2025 - 30/Sept/2025 2012 98,704 25 ELECTRA G 14,000 4.75 % Aquavita International S.A. 3-Jun-24 15/Oct/2025 - 31/Dec/2025 2013 87,150 26 PHAIDRA G 12,250 4.75 % Aquavita International S.A. 9-May-23 12-Oct-24 2013 87,146 12,000 4.75 % 12-Oct-24 1/May/2025 - 15/Jul/2025 8 Capesize Bulk Carriers 27 SEMIRIO H 14,150 5.00 % Solebay Shipping Cape Company Limited, Hong Kong 18-Aug-23 11-Feb-25 2007 174,261 16,650 5.00 % 11-Feb-25 15/Feb/2026 - 15/Apr/2026 28 NEW YORK H 16,000 5.00 % SwissMarine Pte. Ltd., Singapore 11-Jun-23 30-Nov-24 2010 177,773 16,000 5.00 % STX Green Logis Ltd 30-Nov-24 11-Jan-25 17,600 5.00 % SwissMarine Pte. Ltd., Singapore 11-Jan-25 15/Jan/2026 - 30/Mar/2026 11,12 29 SEATTLE I 17,500 5.00 % Solebay Shipping Cape Company Limited, Hong Kong 1-Oct-23 15/Jul/2025 - 30/Sep/2025 2011 179,362 30 P. S. PALIOS I 27,150 5.00 % Bohai Shipping (HEBEI) Co., Ltd 7-May-24 1/Nov/2025 - 31/Dec/2025 2013 179,134 31 G. P. ZAFIRAKIS J 26,800 5.00 % Nippon Yusen Kabushiki Kaisha, Tokyo 16-Sep-24 16/Aug/2026 - 16/Nov/2026 2014 179,492 32 SANTA BARBARA J 21,250 5.00 % Smart Gain Shipping Co., Limited 7-May-23 3-Dec-24 2015 179,426 22,000 5.00 % Mitsui O.S.K. Lines, Ltd. 27-Dec-24 20/Oct/2025 - 20/Dec/2025 13,14 33 NEW ORLEANS 20,000 5.00 % Kawasaki Kisen Kaisha, Ltd. 7-Dec-23 15/Aug/2025 - 31/Oct/2025 14 2015 180,960 34 FLORIDA 25,900 5.00 % Bunge S.A., Geneva 29-Mar-22 29/Jan/2027 - 29/May/2027 2 2022 182,063 4 Newcastlemax Bulk Carriers 35 LOS ANGELES K 28,700 5.00 % Nippon Yusen Kabushiki Kaisha, Tokyo 20-Jul-24 1/Oct/2025 - 15/Dec/2025 2012 206,104 36 PHILADELPHIA K 22,500 5.00 % Nippon Yusen Kabushiki Kaisha, Tokyo 4-Feb-24 20/Apr/2025 - 20/Jul/2025 2012 206,040 37 SAN FRANCISCO L 22,000 5.00 % SwissMarine Pte. Ltd., Singapore 18-Feb-23 28-Feb-25 15 2017 208,006 26,000 5.00 % 28-Feb-25 25/Oct/2026 - 25/Dec/2026 5 38 NEWPORT NEWS L 20,000 5.00 % Nippon Yusen Kabushiki Kaisha, Tokyo 20-Sep-23 10/Mar/2025 - 10/Jun/2025 2017 208,021 * Each dry bulk carrier is a “sister ship”, or closely similar, to other dry bulk carriers that have the same letter. ** Total commission percentage paid to third parties. *** In case of newly acquired vessel with time charter attached, this date refers to the expected/actual date of delivery of the vessel to the Company. **** Range of redelivery dates, with the actual date of redelivery being at the Charterers’ option, but subject to the terms, conditions, and exceptions of the particular charterparty. 1 Charterers will compensate the Owners at a rate of 115% of the average Baltic Tess 58 Supramax Index as published by the Baltic Exchange on a daily basis or double the vessel’s present charter party rate, whichever is higher, for the excess period commencing from January 10, 2025 until the actual redelivery date. 2 Bareboat chartered-in for a period of ten years. 3 Based on latest information. 4 Currently without an active charterparty. Vessel on scheduled drydocking. 5 Estimated delivery date to the Charterers. 6 Vessel on scheduled drydocking from November 19, 2024 until December 17, 2024. 7 Redelivery date based on an estimated time charter trip duration of about 40 days. 8 Vessel has been sold and it is expected to be delivered to her new Owners by latest March 7, 2025. 9 The charter rate was US$12,250 per day for the first thirty (30) days of the charter period. 10 The charter rate will be US$8,750 per day for the first fifty (50) days of the charter period. 11 The charter rate will be US$6,300 per day for the first trip of the charter period. 12 Vessel currently off hire for drydocking. 13 Vessel on scheduled drydocking from December 3, 2024 until December 27, 2024. 14 Bareboat chartered-in for a period of eight years. 15 Estimated redelivery date from the Charterers. Summary of Selected Financial & Other Data (unaudited) Three months ended December 31, Year ended December 31, 2024 2023 2024 2023 STATEMENT OF INCOME DATA (in thousands of US Dollars) Time charter revenues $ 57,073 $ 60,016 $ 228,209 $ 262,098 Voyage expenses 3,540 3,326 13,607 13,621 Vessel operating expenses 19,215 21,520 82,587 85,486 Net income 9,737 9,382 12,746 49,844 Net income attributable to common stockholders 8,295 7,940 6,977 44,075 FLEET DATA Average number of vessels 38.0 40.7 38.9 41.1 Number of vessels 38.0 40.0 38.0 40.0 Weighted average age of vessels 11.3 10.5 11.3 10.5 Ownership days 3,496 3,746 14,219 14,986 Available days 3,434 3,739 14,057 14,867 Operating days 3,423 3,727 14,009 14,824 Fleet utilization 99.7 % 99.7 % 99.7 % 99.7 % AVERAGE DAILY RESULTS Time charter equivalent (TCE) rate (1) $ 15,589 $ 15,162 $ 15,267 $ 16,713 Daily vessel operating expenses (2) $ 5,496 $ 5,745 $ 5,808 $ 5,704 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, which is consistent with industry standards. 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 Tuesday, February 25, 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. 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 13751556. 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 CONSOLIDATED STATEMENTS OF INCOME Three months ended December 31, Year ended December 31, 2024 2023 2024 2023 REVENUES: Time charter revenues $ 57,073 $ 60,016 $ 228,209 $ 262,098 OPERATING EXPENSES Voyage expenses 3,540 3,326 13,607 13,621 Vessel operating expenses 19,215 21,520 82,587 85,486 Depreciation and amortization of deferred charges 11,368 11,508 44,691 49,785 General and administrative expenses 8,322 8,364 33,435 32,968 Management fees to a related party 333 333 1,332 1,313 Gain on sale of vessels - (329 ) (5,799 ) (5,323 ) Other operating income (215 ) (572 ) (422 ) (1,464 ) Operating income, total $ 14,510 $ 15,866 $ 58,778 $ 85,712 OTHER INCOME/(EXPENSE) Interest expense and finance costs (11,620 ) (12,649 ) (47,468 ) (49,331 ) Interest and other income 2,361 2,129 8,369 8,170 Gain/(loss) on derivative instruments 461 (592 ) 274 (439 ) Loss on extinguishment of debt - - (3,475 ) (748 ) Gain on deconsolidation of subsidiary - - - 844 Gain/(loss) on related party investments (1,606 ) 740 (3,905 ) 1,502 Gain/(loss) on equity securities - 2,813 (400 ) 2,813 Gain on warrants 5,519 1,583 719 1,583 Gain/(loss) from equity method investments 112 (508 ) (146 ) (262 ) Total other expenses, net $ (4,773 ) $ (6,484 ) $ (46,032 ) $ (35,868 ) Net income $ 9,737 $ 9,382 $ 12,746 $ 49,844 Dividends on series B preferred shares (1,442 ) (1,442 ) (5,769 ) (5,769 ) Net income attributable to common stockholders 8,295 7,940 6,977 44,075 Earnings per common share, basic $ 0.07 $ 0.08 $ 0.06 $ 0.44 Earnings per common share, diluted $ 0.02 $ 0.06 $ 0.05 $ 0.42 Weighted average number of common shares outstanding, basic 119,087,512 102,910,653 115,956,249 100,166,629 Weighted average number of common shares outstanding, diluted 119,685,417 105,488,012 118,655,243 101,877,142 Three months ended December 31, Year ended December 31, 2024 2023 2024 2023 Net Income $ 9,737 $ 9,382 $ 12,746 $ 49,844 Other comprehensive income (Defined benefit plan) 4 55 4 55 Comprehensive Income $ 9,741 $ 9,437 $ 12,750 $ 49,899 CONDENSED CONSOLIDATED BALANCE SHEET DATA (in thousands of U.S. Dollars) 2024 2023* ASSETS (unaudited) Cash, cash equivalents, restricted cash and time deposits $ 207,166** $ 161,592** Investments in equity securities - 20,729 Other current assets 18,443 19,900 Fixed assets 880,145 924,474 Investments in related parties and equity method investments 47,240 24,087 Other noncurrent assets 18,024 15,628 Total assets $ 1,171,018 $ 1,166,410 LIABILITIES AND STOCKHOLDERS' EQUITY Long-term debt and finance liabilities, net of deferred financing costs $ 637,525 $ 642,772 Other liabilities 28,436 34,617 Total stockholders' equity 505,057 489,021 Total liabilities and stockholders' equity $ 1,171,018 $ 1,166,410 * The balance sheet data has been derived from the audited consolidated financial statements at that date. ** Includes time deposits of $64 million and $40 million as of December 31, 2024 and 2023, respectively.
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  Publisher URL	globenewswire.com
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  Trust Flow Score	61
  Citation Flow Score	60

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  Data Source Name	Quantexa News
  Data Source Type	news
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