Diana Shipping Inc. · NYSE:DSX
Diana Shipping — Q1 2023 Earnings Presentation
22 slides from Diana Shipping's earnings presentation, May 26, 2023
Slide 1: Financial Results for the 1st Quarter of 2023
We create to share Financial Results for the 1st Quarter of 2023 May 26, 2023
Slide 2: Our Executives
Our Anastasios Margaronis Executives Semiramis 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 1st Quarter of 2023
Financial Results for the 1st Quarter of 2023 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 42 vessels 99.4% points in the water* AVERAGE FLEET UTILIZATION** Other 7.1% Grains Ultramax 9.8% 12% Kamsarmax 10% Capesize 4.7 MIL DWT 38% 22.4 MIL MT CARRYING Coal CARGO CARRIED 36.9% Post-Panamax CAPACITY* 2022 10% 1,013 Iron Ore 46.3% *** Newcastlemax people across 18% Panamax 12% s
Slide 6: Highlights of the 1st Quarter 2023 and recent developments
Highlights of the 1st Quarter 2023 and recent developments • In January 2023, delivery of an Ultramax dry bulk vessel, m/v DSI Aquarius • In January 2023, signed a memorandum of agreement for the sale of m/v Aliki for the price of US$15.08m, and delivered to her new owners in February 2023 • In Febr
Slide 7: Highlights of the 1st Quarter 2023 and recent developments
Highlights of the 1st Quarter 2023 and recent developments • In April 2023, signed and drawndown a US$100m term loan facility with Danish Ship Finance A/S to refinance existing loan facilities • In April 2023, signed an investment agreement for a joint venture arrangement for the acquisition of m/v
Slide 8: Financial Highlights for the 1st Quarter 2023
Financial Highlights for the 1st Quarter 2023 * Three months ended March 31, 2023 2022 TC Revenues $72.6m $65.9m Earnings per common share, diluted $0.22 $0.31 March 31, 2023 December 31, 2022 Cash, Cash Equivalents, time deposits and $115.7m $143.9m Restricted cash Long-term debt and finance liabil
Slide 9: Recent Chartering Activity
Recent Chartering Activity • We secured charter on 1 Ultramax vessel* at a daily rate of $18,250 for a period of 354 days** and a remaining average period of 326 days** • We secured charters on 6 Panamax/Kamsarmax/Post-Panamax vessels* at a daily rate of $14,010 with an average period of 469 days**
Slide 10: Summary of Selected Financial & Other Data
Summary of Selected Financial & Other Data * Three months ended March 31, 2023 2022 Statement of Income Data $ Millions $ Millions Time charter revenues 72.6 65.9 Voyage expenses 3.8 1.7 Vessel operating expenses 20.2 16.4 Net income 22.7 26.0 Net income attributable to common stockholders 21.3 24.6
Slide 11: Income Statement
Income Statement * Three months ended March 31, 2023 2022 $ Millions $ Millions Time charter revenues 72.6 65.9 Expenses Voyage expenses 3.8 1.7 Vessel operating expenses 20.2 16.4 Depreciation and amortization of deferred charges 13.3 9.8 General and administrative expenses 7.7 7.1 Management fees
Slide 12: Balance Sheet
Balance Sheet * March 31, 2023 December 31, 2022 Assets $ Millions $ Millions • As of March 31, 2023 $630.8 million Total Debt Cash, cash equivalents, restricted cash and time deposits** 115.7 143.9 • $115.7 million of Cash Investments in related parties, current 10.0 - • Net Debt of $523.4 million
Slide 13: Current Debt Amortization Profile
Current Debt Amortization Profile CREDIT FACILITIES MATURITIES* SLB PURCHASE OBLIGATION SENIOR UNSECURED BOND MATURITY SLB AMORTIZATION CREDIT FACILITIES AMORTIZATION* 250 225 200 175 150 US$ million 125 $125.0 $104.6 100 $187 $163 75 $9.4 $9.8 $10.2 $10.7 $37.3 50 $73 25 $4.6 $51.8 $61 $51.8 $61 $5
Slide 14: Current Debt Balance Profile
Current Debt Balance Profile PROJECTED SENIOR UNSECURED BOND BALANCE PROJECTED SLB UNAMORTIZED BALANCE PROJECTED LOAN BALANCES OUTSTANDING* 700 600 $125 $125 500 $133 $125 $123 US$ million 400 $114 300 $103 200 $398 $346 $294 $93 $243 100 $82 $90 ** $70 $28 ** $34 $27 0 $9 ** $5 $1 2023 2024 2025 20
Slide 15: Modest All-in Breakeven Costs
Modest All-in Breakeven Costs 3% 18% Interest expense, net of interest and dividend income $2,645* 22% 3% Dry-dock provision $420** 10% G&A $1,525*** Free Cash Flow Per Day Breakeven Voyage expenses $1,020** Per Vessel =$14,624 7% Opex $5,396** 37% Debt Amortization $3,232** Preferred Dividend $386*
Slide 16: Non-speculative & disciplined employment strategy
Non- speculative & disciplined Average Daily employment TC Rate of Fixed strategy Revenues 17,170**** for the remaining of 2023 *Bareboat charter-in. **Maintaining 25% of the partnership interest. Average contract duration**** ***Vessel sold delivered to her new owners on February 8, 2023. 21% Unfix
Slide 17: Breakeven vs Estimated Revenue for the remainder of 2023 & 2024
Breakeven vs Estimated Revenue for the remainder of 2023 & 2024 * Daily Estimated Cash Uses vs Daily TC Revenues Estimated Cash Uses vs TC Revenues $250 $20,000 $219.4 $221.1 + $1.6 $18,000 million $16,381 $200 $16,000 $14,624 + $1,757 Unfixed avg $14,624 + $109 $14,733 per day TC rate*** Unfixed $1
Slide 18: Dry Bulk Market Overview
Dry Bulk Market Overview Baltic Exchange Dry Index Baltic Exchange Capesize Index Baltic Exchange Panamax Index Baltic Exchange Supramax Index 8,500 8,000 7,500 7,000 6,500 6,000 5,500 5,000 4,500 Baltic Index 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 -500 Source: Clarksons SIN We create to sh
Slide 19: Key demand drivers
Key demand drivers Dry bulk trades in bn tonne-mile and GDP growth YoY 35,000 12.0% Iron ore Minor bulk Grains & Soybeans Coal Annual GDP World 10.0% 30,000 4.4% 8.0% 25,000 6.0% CAGR (2002-e2023) 12.0% 20,000 4.0% 2.0% 15,000 5.5% 0.0% 10,000 -2.0% 5,000 10.2% -4.0% 0 -6.0% 2001 2002 2003 2004 2005
Slide 20: Dry bulk orderbook is at a historical low
Dry bulk The dry bulk orderbook is at a 20-year low point, orderbook is total orderbook as % of total fleet is <7% at a historical low Dry bulk orderbook in % of existing fleet 350 120.0% Panamax Capesize Smaller bulk vessels Total dry bulk Capesize Panamax 300 100.0% 250 80.0% 200 60.0% 150 40.0% 1
Slide 21: Diana Shipping Inc.'s Summary
Diana Shipping Inc.’s Summary Emphasis on generating and securing free cash flows and continuing to reward our shareholders with attractive cash and in-kind dividends. Maintain a strong balance sheet through active capital structure management, allowing us to act opportunistically in renewing and mo
Slide 22: Q&A
Q&A = DIANA SHIPPING INC: