Diana Shipping Inc. · NYSE:DSX
Diana Shipping — Q2 2023 Earnings Presentation
24 slides from Diana Shipping's earnings presentation, Aug 1, 2023
Slide 1: Financial Results for the 2nd Quarter of 2023
We create to share Financial Results for the 2nd Quarter of 2023 August 1, 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 2nd Quarter of 2023
Financial Results for the 2nd 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 99.6% 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% 1,024 Iron Ore 46.3% *** Newcastlemax people across 18% Panamax 12% s
Slide 6: Highlights of the 2nd Quarter 2023 and recent developments
Highlights of the 2nd Quarter 2023 and recent developments • In April 2023, signed and drew down from Danish Ship Finance A/S a US$100m term loan facility to refinance existing loan facilities, secured by 9 vessels • In April 2023, entered into an investment agreement for the partial interest throug
Slide 7: Highlights of the 2nd Quarter 2023 and recent developments
Highlights of the 2nd Quarter 2023 and recent developments • In June 2023, repurchased US$5.9m worth of our 8.375% Senior Unsecured Bonds (OSLO: DIASH02) • In July 2023, signed an amended and restated term loan facility with the Export-Import Bank of China for the replacement of LIBOR to term SOFR •
Slide 8: Financial Highlights for the 2nd Quarter 2023
Financial Highlights for the 2nd Quarter 2023 * Three months ended June 30, 2023 2022 TC Revenues $67.4m $74.5m Earnings per common share, diluted $0.09 $0.42 June 30, 2023 December 31, 2022 Cash, Cash Equivalents, time deposits and $197.6m $143.9m Restricted cash Long-term debt and finance liabilit
Slide 9: Recent Chartering Activity
Recent Chartering Activity • We secured charter on 1 Ultramax vessel* at a daily rate of $13,800 for a period of 414 days** and a remaining period of 380 days** • We secured charter on 1 Kamsarmax vessel* at a daily rate of $12,650 for a period of 475 days** and a remaining period of 463 days** • We
Slide 10: Summary of Selected Financial & Other Data
Summary of Selected Financial & Other Data * Three months ended June 30, 2023 2022 Statement of Income Data $ Millions $ Millions Time charter revenues 67.4 74.5 Voyage expenses 3.6 (1.1) Vessel operating expenses 22.6 18.4 Net income 10.4 35.6 Net income attributable to common stockholders 8.9 34.2
Slide 11: Summary of Selected Financial & Other Data
Summary of Selected Financial & Other Data * Six months ended June 30, 2023 2022 Statement of Income Data $ Millions $ Millions Time charter revenues 140.0 140.5 Voyage expenses 7.4 0.7 Vessel operating expenses 42.8 34.8 Net income 33.1 61.6 Net income attributable to common stockholders 30.2 58.8
Slide 12: Income Statement
Income Statement * Six months ended June 30, 2023 2022 $ Millions $ Millions Time charter revenues 140.0 140.5 Expenses Voyage expenses 7.4 0.7 Vessel operating expenses 42.8 34.8 Depreciation and amortization of deferred charges 26.7 20.5 General and administrative expenses 15.7 14.9 Management fee
Slide 13: Income Statement
Income Statement * Three months ended June 30, 2023 2022 $ Millions $ Millions Time charter revenues 67.4 74.5 Expenses Voyage expenses 3.6 (1.1) Vessel operating expenses 22.6 18.4 Depreciation and amortization of deferred charges 13.4 10.7 General and administrative expenses 8.0 7.9 Management fee
Slide 14: Balance Sheet
Balance Sheet * June 30, 2023 December 31, 2022 Assets $ Millions $ Millions • As of June 30, 2023 $671.9 million Total Debt Cash, cash equivalents, restricted cash and time deposits 197.6** 143.9 • $197.6 million of Cash Other current assets 17.7 17.6 • Net Debt of $483.1 million Fixed assets 958.6
Slide 15: Current Debt Amortization Profile
Current Debt Amortization Profile CREDIT FACILITIES MATURITIES SLB PURCHASE OBLIGATION SENIOR UNSECURED BOND MATURITY CREDIT FACILITIES AMORTIZATION SLB AMORTIZATION 200 180 160 140 US$ million 120 $119.1 $104.6 100 $181 $163 80 60 $37.3 40 $73 $51.8 $51.8 $51.8 $48.1 $61 $62 $3.8 * $26.0 $24.8 $40
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 $119 $119 500 $133 $119 $123 US$ 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 2026 2
Slide 17: Modest All-in Breakeven Costs
Modest All-in Breakeven Costs 3% 17% Interest expense, net of interest and dividend income $2,691* 25% 2% Dry-dock provision $380** 10% G&A $1,542*** Free Cash Flow Per Day Breakeven Voyage expenses $986** Per Vessel =$15,602 6% Opex $5,726** Debt Amortization $3,891** 37% Preferred Dividend $386**
Slide 18: Fleet employment chart
VESSEL TYPE BUILT RATE CHARTERER Q Q Q Q Q Q Q Q Q Non- Florida* Capesize 2022 $25,900 Bunge S.A. ON ON ON ON ON ON ON ON ON ON ON ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE O
Slide 19: Breakeven vs Estimated Revenue for the remainder of 2023
Breakeven vs Estimated Revenue for the remainder of 2023* Estimated Cash Uses vs TC Revenues Daily Estimated Cash Uses vs Daily TC Revenues $120 $20,000 $101.8 $18,000 $101.1 + $0.7 $100 $15,602 + $114 $15,716 million Unfixed Revenues*** $16,000 $14.3m per day Unfixed avg TC rate*** $14,000 $11,242
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 4.8% 8.0% 25,000 6.0% CAGR (2002-e2023) 9.2% 20,000 4.0% 2.0% 15,000 5.3% 0.0% 10,000 -2.0% 5,000 9.6% -4.0% 0 -6.0% 2001 2002 2003 2004 2005 2
Slide 22: 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 7.4% 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%
Slide 23: Diana Shipping Inc.'s Summary
Diana Shipping Inc.’s Summary Focused on our goal of generating and securing free cash flows. Remain committed to continue rewarding our shareholders with attractive cash and in-kind dividends, whenever possible. Maintain a strong balance sheet through active capital structure management, allowing u
Slide 24: Q&A
Q&A = DIANA SHIPPING INC: