Diana Shipping Inc. · NYSE:DSX
Diana Shipping — Q4 2022 Earnings Presentation
24 slides from Diana Shipping's earnings presentation, Feb 22, 2023
Slide 1: Financial Results for the 4th Quarter of 2022
We create to share Financial Results for the 4th Quarter of 2022 February 22, 2023
Slide 2: Our Executives
Our Anastasios Executives Margaronis Semiramis Paliou Maria Ioannis Dede Zafirakis Director & President Director & Chief Accounting Officer President Director & Chief Executive Officer Director, Chief Financial Officer, Chief Strategy Officer, Secretary & Treasurer Our Company’s confidence stems fro
Slide 3: Financial Results for the 4th Quarter of 2022
Financial Results for the 4th Quarter of 2022 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 In addition to these important Forward inducement to purchase or subscribe provisions of the
Slide 5: Diana's key points
Diana’s key 41 vessels 98.9% points in the water* AVERAGE FLEET UTILIZATION*** (+) 1 vessel to be delivered** 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% 1,020 Iron Ore 46.3% **** Newcastlema
Slide 6: Highlights of the 4th Quarter 2022 and recent developments
Highlights of the 4th Quarter 2022 and recent developments • In November 2022, declared a cash dividend in the amount of US$0.175 per common share and a special stock distribution of all Series D Convertible Preferred Shares of OceanPal Inc. held by the Company • In December 2022, released the third
Slide 7: Highlights of the 4th Quarter 2022 and recent developments
Highlights of the 4th Quarter 2022 and recent developments • In February 2023, signed a memorandum of agreement for the sale of m/v Melia, in the aggregate sale price of US$14.0m. US$4.0m was paid in cash upon signing of the memorandum of agreement and the remaining amount was paid upon the delivery
Slide 8: Financial Highlights for the 4th Quarter 2022
Financial Highlights for the 4th Quarter 2022 * Three months ended December 31, 2022 2021 TC Revenues $75.7m $68.8m Earnings per common share, diluted $0.27 $0.48 December 31, 2022 December 31, 2021 Cash, Cash Equivalents, time deposits and $143.9m $126.8m Restricted cash Long-term debt and finance
Slide 9: Recent Chartering Activity
Recent Chartering Activity • We secured charters on 5 Ultramax vessels* chartered at a daily rate of $14,009 for a remaining average period of 284 days per vessel** • We secured charters on 8 Panamax/Kamsarmax/Post-Panamax vessels* chartered at a daily rate of $14,315 for a remaining average period
Slide 10: Summary of Selected Financial & Other Data
Summary of Selected Financial & Other Data * Three months ended December 31, 2022 2021, Statement of Operations Data ($ Millions) ($ Millions) Time charter revenues 75.7 68.8 Voyage expenses 2.8 0.8 Vessel operating expenses 19.5 18.2 Net income 25.7 41.1 Net income attributable to common stockholde
Slide 11: Summary of Selected Financial & Other Data
Summary of Selected Financial & Other Data * For the year ended December 31, 2022 2021 Statement of Operations Data ($ Millions) ($ Millions) Time charter revenues 290.0 214.2 Voyage expenses 6.9 5.6 Vessel operating expenses 72.0 74.8 Net income 119.1 57.4 Net income attributable to common stockhol
Slide 12: Income Statement
Income Statement * Three months ended December 31, 2022 2021 $ Millions $ Millions Time charter revenues 75.7 68.8 Expenses Voyage expenses 2.8 0.8 Vessel operating expenses 19.5 18.2 Depreciation and amortization of deferred charges 12.2 10.1 General and administrative expenses 7.4 8.1 Management f
Slide 13: Income Statement
Income Statement * Year ended December 31, 2022 2021 $ Millions $ Millions Time charter revenues 290.0 214.2 Expenses Voyage expenses 6.9 5.6 Vessel operating expenses 72.0 74.8 Depreciation and amortization of deferred charges 43.3 40.5 General and administrative expenses 29.4 29.2 Management fees
Slide 14: Balance Sheet
Balance Sheet * December 31, 2022 December 31, 2021 Assets $ Millions $ Millions • As of December 31, 2022 $663.4 million Total Debt Cash, cash equivalents, restricted cash and time deposits** 143.9 126.8 • $143.9 million of Cash Other current assets 17.6 15.4 • Net Debt of $528.5 million Total fixe
Slide 15: Current Debt Amortization Profile
Current Debt Amortization Profile CREDIT FACILITIES MATURITIES* SLB PURCHASE OBLIGATION SENIOR UNSECURED BOND MATURITY SLB AMORTIZATION CREDIT FACILITIES AMORTIZATION* 200 180 15.5 160 140 120 US$ million 125.0 100 185 104.7 80 42.7 144 60 9.1 9.4 94 9.8 40 10.2 37.3 64 10.7 55.4 56 26.0 50 20 41.6
Slide 16: Current Debt Balance Profile
Current Debt Balance Profile PROJECTED SENIOR UNSECURED BOND BALANCE PROJECTED SLB UNAMORTIZED BALANCE PROJECTED LOAN BALANCES OUTSTANDING* 700 600 125 500 125 133 125 US$ million 400 123 621 300 114 527 478 103 200 363 279 293 239 100 190 93 150 82 94 70 79 57 34 39 28 12 9 5 27 0 1 2023 2024 2025
Slide 17: Modest All-in Breakeven Costs
Modest All-in Breakeven Costs Interest expense, net of interest and dividend income $1,910* 4% 3% Drydock Provision $393** 27% 13% 3% G&A $1,594*** 11% Free Cash Flow Per Day Breakeven Operating Expenses $5,574** Per Vessel =$14,227 Debt and Finance liabilities Amortization $3,773** 39% Voyage Expen
Slide 18: strategy
VESSEL TYPE BUILT RATE CHARTERER Q Q Q Q Q Q Q Q Q Q Q Non- Florida* Capesize 2022 $25,900 Bunge S.A. NOT NOT NOT NOT NOT NOT NOT NOT NOT NOT NOT NOT NOT NOT NOT DEL NOT DEL NOT DEL NOT DEL NOT DEL NOT DEL NOT DEL NOT DEL NOT DEL NOT DEL NOT DEL NOT DEL NOT DEL NOT DEL NOT DEL NOT DEL NOT DEL NOT DE
Slide 19: 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 $18,000 16,841 220.3 227.1 213.5 + 13.6 $16,000 + 2,614 Unfixed avg 15,132 + 34.2 per day TC rate*** 14,227 + 905 million 14,227 $200 million Unfix
Slide 20: 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 21: 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 22: Dry bulk orderbook 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 23: Diana Shipping Inc.'s Summary
Diana Shipping Inc.’s Summary Remain focused on generating and securing free cash flows and rewarding our shareholders with attractive dividends Maintain a strong balance sheet that allows us to act opportunistically in renewing and modernizing our fleet Committed to our long-term strategy of provid
Slide 24: Q&A
Q&A = DIANA SHIPPING INC: