Diana Shipping Inc. · NYSE:DSX
Diana Shipping — Q2 2024 Earnings Presentation
27 slides from Diana Shipping's earnings presentation, Jul 31, 2024
Slide 1: Financial Results for the 2nd Quarter of 2024
We create to share Financial Results for the 2nd Quarter of 2024 July 31, 2024
Slide 2: Our Executives
Our Anastasios Executives Semiramis Margaronis Paliou Eleftherios Papatrifon Ioannis Zafirakis Maria Dede Director & President Director Director & Chief Executive Officer Chief Accounting Officer Director, Chief Financial Officer, Chief Strategy Officer, Secretary & Treasurer Our Company’s confidenc
Slide 3: Financial Results for the 2nd Quarter of 2024
Financial Results for the 2nd Quarter of 2024 We create to share 3
Slide 4: Forward Looking Statements
This presentation does not constitute or form part of and should not be construed as an offer to sell any The Company desires to take security or an invitation, solicitation, or advantage of the safe harbor Forward inducement to purchase or subscribe provisions of the Private Securities for any secu
Slide 5: Diana's Key Points
Diana’s Key Points 10.97 years AVERAGE AGE Ultramax Newcastlemax 4.4m DWT 12% 38% NET DEBT/MARKET VALUE1 CARRYING 19% Panamax CAPACITY 11% US$140m OF CASH2 99.5% 11% AVERAGE FLEET Kamsarmax US$145.7 m SECURED REVENUES3 UTILIZATION SINCE 10% 37% INCEPTION4 Post- Panamax Capesize 12 groups OF SISTER V
Slide 6: Recent Developments
Recent Developments YTD re-chartering activity VESSEL TYPE BUILT RATE VS.OLD • 8 vessels re-chartered YTD with an average charter rate increase of 11% against Polymnia Post-Panamax 2012 $17,500 17% high quality counterparts. Electra Post-Panamax 2013 $14,000 -3% • Engages in ongoing collaboration wi
Slide 7: Recent Chartering Activity
Recent Chartering Activity* Weighted average contracted charter rate $35,000 $30,000 $28,700 $25,000 438 days ($ per day) $20,000 259 days $15,400 316 days $15,455 1 vsl $15,000 $10,000 1 vsl 6 vsls $5,000 $0 ULTRAMAX PANAMAX, KAMSARMAX, POST-PANAMAX NEWCASTLEMAX VESSEL TYPE BUILT RATE Q1/24 Q2/24 Q
Slide 8: Disciplined & Non-Speculative Chartering Strategy
Disciplined & Non-Speculative Chartering Strategy VESSEL TYPE RATE Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Fleet Average $16,464 Florida* Capesize $25,900 u Crystalia Panamax $13,900 u Average Daily P.S. Palios Capesize $27,150 TC Rate of Electra Post-Panamax $14,000 Fixed Revenues Los
Slide 9: Financial Highlights for the 2nd Quarter 2024
Financial Highlights for the 2nd Quarter 2024* 2nd Quarter 2024 2nd Quarter 2023 TC Revenues $56.0m $67.4m Adjusted EBITDA** $23.2m $32.9m Net Income /(loss) $(2.8m) $10.4m Earnings /(loss) Per $(0.04) $0.09 Common Share, Diluted June 30, 2024 December 31, 2023 Cash, cash equivalents, $140.0m $161.6
Slide 10: Summary of Selected Financial & Other Data (Three Months)
Summary of Selected Financial & Other Data* Three months ended June 30, 2024 2023 Statement of Income Data US$ Millions US$ Millions Time charter revenues 56.0 67.4 Voyage expenses 3.1 3.6 Vessel operating expenses 21.3 22.6 Net income / (loss) (2.8) 10.4 Net income / (loss) attributable to common s
Slide 11: Summary of Selected Financial & Other Data (Six Months)
Summary of Selected Financial & Other Data* Six months ended June 30, 2024 2023 Statement of Income Data US$ Millions US$ Millions Time charter revenues 113.6 140.0 Voyage expenses 6.4 7.4 Vessel operating expenses 42.1 42.8 Net income / (loss) (0.7) 33.1 Net income / (loss) attributable to common s
Slide 12: Current Debt Profile
Current Debt Profile* CREDIT FACILITIES MATURITIES SLB PURCHASE OBLIGATION SENIOR UNSECURED BOND MATURITY CREDIT FACILITIES AMORTIZATION SLB AMORTIZATION 200 $3.8 180 160 140 US$ million 120 $150.0 100 80 $64.8 $37.3 60 40 $50.2 $50.2 $50.2 $26.0 $40.3 $33.2 20 $24.4 $12.7 $24.4 $9.8 $10.2 $10.7 $11
Slide 13: Breakeven vs Estimated Revenue for the remainder of 2024 & 2025
Breakeven vs Estimated Revenue for the remainder of 2024 & 2025 * Daily Estimated Cash Uses vs TC Revenues +$868 +$577 $16,920 $17,211 $418 $403 $895 $16,343 Unfixed $1,730 $16,307 FFA rates as of July 26, 2024 $2,775 Unfixed $16,582 Ultramax Panamax Kamsarmax Post-Panamax Capesize Newcastlemax Q3 2
Slide 14: Cumulative dividend payout
Dividend payout since 2021 Cash dividend per share Dividend in kind per share $3.00 Cumulative dividend paid since 2021 = $2.640 per common share $0.075 $2.50 $0.075 $0.075 $0.070 $0.150 Cumulative dividend payout $0.150 $2.00 $0.101 $0.150 $0.150 $1.50 $0.184 $0.175 $0.275 $1.00 $0.250 $0.200 $0.50
Slide 15: Dry Bulk Market Overview
Dry Bulk Market Overview 12 month TC Rates Comments Capesize Panamax Supramax 35,000 • Demand growth in the Atlantic, in iron ore from Brazil, bauxite from Guinea, manganese Ore from Ghana and Gabon as 30,000 well as grain products. • Increased bulk commodity shipments to 25,000 India and China. • R
Slide 16: Key demand drivers
Key demand drivers GDP growth Dry bulk trades Iron ore Minor bulk Grains & Soybeans Coal 8.0 30,000 6.0 25,000 4.0 Billion ton-miles 20,000 % yr/yr 2.0 15,000 0.0 10,000 -2.0 5,000 -4.0 0 • The grain trade has shown steady growth over the past decade. Expected GDP growth • Iron ore trade continues t
Slide 17: Dry bulk orderbook
Dry bulk orderbook The dry bulk orderbook is near the 20-year low point, total orderbook as % of total fleet is 9.4% Dry bulk orderbook in million DWT Dry bulk orderbook in million DWT 350 Panamax Capesize Smaller bulk vessels 120.0% Total dry bulk Capesize Panamax 300 100.0% 250 80.0% 200 60.0% 150
Slide 18: Positive and negative factors impacting the dry bulk shipping industry
Positive and negative factors impacting the dry bulk shipping industry On the positive side: - Firm Atlantic trade in iron ore, bauxite, manganese ore and grains. - Sailing restrictions in the Panama Canal. - Red Sea risks of attack increasing ton miles. - Increase in congestion. - Even slower opera
Slide 19: Industry Leading ESG Structure
Industry Leading ESG Structure Environmental Social Governance • Implementing fleet decarbonization and • Promote a safe and “just” culture, through • Strong corporate culture of ethics and integrity. modernization plans. proactive engagement. • Adopting a Sanctions Compliance Policy and the • Trans
Slide 20: Summary
Summary Leading pure play dry bulk Legacy Listed on NYSE Experienced Excellent ongoing Rewarding our carrier safely navigated since 2005 management team stakeholder shareholders company... through shipping cycles ready to deliver on the engagement with attractive cash since 1972 challenges of the ma
Slide 21: Q&A
DSX LISTED NYSE Q&A
Slide 22: Appendix
Appendix - Income Statement for the three months ended June 30, 2024 and June 30, 2023 - Income Statement for the six months ended June 30, 2024 and June 30, 2023 - Balance Sheet as of June 30, 2024 and December 31, 2023 - Organization Structure - Reputable charter counterparts We create to share 22
Slide 23: Income Statement (Three Months)
Income Statement* Three months ended June 30, 2024 2023 (unaudited) in million of US Dollars REVENUES: Time charter revenues $ 56.0 $ 67.4 OPERATING EXPENSES Voyage expenses 3.1 3.6 Vessel operating expenses 21.3 22.6 Depreciation and amortization of deferred charges 11.0 13.4 General and administra
Slide 24: Income Statement (Six Months)
Income Statement* Six months ended June 30, 2024 2023 (unaudited) in million of US Dollars REVENUES: Time charter revenues $ 113.6 $ 140.0 OPERATING EXPENSES Voyage expenses 6.4 7.4 Vessel operating expenses 42.1 42.8 Depreciation and amortization of deferred charges 22.1 26.7 General and administra
Slide 25: Balance Sheet
Balance Sheet* June 30, 2024 December 31, 2023 (unaudited) ASSETS in millions of US Dollars Cash, cash equivalents, restricted cash and time deposits $ 140.0 $ 161.6 Investments in equity securities - 20.7 Other current assets 49.2 19.9 Fixed assets 895.1 924.5 Investments in related parties and equ
Slide 26: Organization structure
Organization structure Diana Shipping Inc.1 (NYSE: DSX) 49% Komi Shipping Company Inc. Diana Shipping Diana Ship OceanPal Inc. Cebu Shipping 48 SPCs & Diana Energize Inc. Services S.A. Management Inc. (NASDAQ: OP) Company Inc. Diana General Partner Inc. 50% 25% 45.87% 24% 50% Cohen Global Bergen Ult
Slide 27: Reputable charter counterparts
Reputable charter counterparts Source: Company We create to share 27