Diana Shipping Inc. · NYSE:DSX
Diana Shipping — Q1 2021 Earnings Presentation
19 slides from Diana Shipping's earnings presentation, May 21, 2021
Slide 1: Financial Results for the 1st Quarter of 2021
We create to share Financial Results for the 1st Quarter of 2021 May 21, 2021
Slide 2: 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 3: Our Executives
Our Anastasios Margaronis Executives Semiramis Paliou Eleftherios Papatrifon Ioannis Zafirakis Maria Dede Director & President Chief Operating Officer Director & Chief Executive Officer Chief Accounting Officer Director, Chief Financial Officer, Chief Strategy Officer, Secretary & Treasurer Company’
Slide 4: Diana's key points
Diana’s key 37 vessels in the water 98.6% points 7 vessels AVERAGE FLEET UTILIZATION mortgage free* Other Kamsarmax 3.6% Grains 9% 6.5% Coal Post-Panamax 15.5% 10% 4.7 MIL DWT Capesize 35.2 MIL MT CARRYING 45% CARGO CARRIED Newcastlemax CAPACITY 2020 18% 918 Panamax Iron Ore 74.4% people across 18%
Slide 5: Highlights of the 1st Quarter 2021 and recent developments
Highlights of the 1st Quarter 2021 and recent developments • Implemented leadership changes to ensure continued sound strategic management of the Company • Repurchased 6,000,000 common shares at a price of $2.50 per share • Agreed to sell m/v Naias for $11.25 million before commissions • Diana Shipp
Slide 6: Financial Highlights for the 1st Quarter 2021
Financial Highlights for the 1st Quarter 2021 Three months ended March 31, 2021 2020 TC Revenues $41.1m $43.8m Net Income on a per share basis -$0.03 -$1.21 March 31, 2021 December 31, 2020 Cash, Cash Equivalents, Restricted cash $86.0m $82.9m Debt, net of deferred financing costs $411.4m $420.3m So
Slide 7: Chartering Activity year-to-date
Chartering Activity year-to-date We secured charters on 13 vessels* • 7 Panamax/Kamsarmax/Post-Panamax vessels chartered at a weighted average daily rate of $16,571 for a remaining average period of 169 days per vessel.** • 6 Capesize/Newcastlemax vessels chartered at a weighted average daily rate o
Slide 8: Breakeven vs Estimated Revenue for the remaining of 2021
Breakeven vs Estimated Revenue for the remaining of 2021 * Estimated Cash Uses vs TC Revenues Daily Estimated Cash Uses vs Daily TC Revenues $180 $20,000 $18,788 $155.6 $18,000 $160 $16,000 + $6,438 $140 Unfixed avg TC + $53.3 Unfixed per day million Revenues*** $14,000 $12,350 rate*** $120 $102.3 $
Slide 9: Income Statement
Income Statement Three months ended March 31, 2021 2020 Revenues $ Millions $ Millions Time charter revenues 41.1 43.8 Expenses Voyage expenses 1.8 3.7 Vessel operating expenses 18.6 21.3 Depreciation and amortization of deferred charges 10.0 11.6 General and administrative expenses 6.7 9.6 Manageme
Slide 10: Balance Sheet
Balance Sheet March 31, 2021 December 31, 2020 Assets $ Millions $ Millions • As of March 31, 2021 $411.4 million Total Debt* Cash, cash equivalents and restricted cash 86.0 82.9 • $86.0 million of Cash** Other current assets 27.4 41.8 • Net Debt of $327.8 million* Vessels, net 698.7 716.2 Other fix
Slide 11: Summary of Selected Financial & Other Data
Summary of Selected Financial & Other Data Three months ended March 31, 2021 2020 Statement of Operations Data ($ Millions) Time charter revenues 41.1 43.8 Voyage expenses 1.8 3.7 Vessel operating expenses 18.6 21.3 Net loss (1.3) (102.8) Net loss attributed to common stockholders (2.7) (104.3) Flee
Slide 12: Modest All-in Breakeven Costs
Modest All-in Breakeven Costs Net Interest Expense $1,342* 22% Drydock Provision $294** 4% 3% G&A $1,674*** Free Cash Flow Per Day 11% Operating Expenses $5,402* Per Vessel Breakeven Debt Amortization $2,700* =$12,350 44% 2% Voyage Expenses $518* 14% Preferred Dividend $420* As of May 18, 2021 2021
Slide 13: Dry Bulk Market Overview
Dry Bulk Market Overview Capesize 180k dwt (left axis) Kamsarmax 82k dwt (left axis) Panamax 75k dwt (left axis) BDI (right axis) $30,000 5,000 4,500 $25,000 1yr TC rates ($ per day) 4,000 3,500 $20,000 3,000 Baltic Dry Index $15,000 2,500 2,000 $10,000 1,500 1,000 $5,000 500 $0 0 Source: Clarksons
Slide 14: Key demand drivers
Key demand drivers Dry bulk trades in bn tonne-mile and GDP growth YoY 35,000 12% Iron ore Minor bulk Grains & Soybeans Coal Annual GDP World 10% 30,000 8% 5.0% 25,000 6% 20,000 CAGR (2000-f2021) 4% 8.5% 2% 15,000 0% 10,000 4.2% -2% 5,000 -4% 0 -6% 11.6% f2021 2000 2001 2002 2003 2004 2005 2006 2007
Slide 15: Dry bulk orderbook at a historical low
Dry bulk The dry bulk orderbook is at a 20-year low point, orderbook is total orderbook in % of total fleet is <6% at a historical low Dry bulk orderbook in % of existing fleet Dry bulk orderbook in million DWT 350 120.0% Capesize Panamax Smaller bulk vessels Total dry bulk Capesize Panamax 300 100.
Slide 16: Diana Shipping Inc.'s Summary
Diana Shipping Inc.’s Summary Continue taking advantage of the positive market fundamentals Strengthening our balance sheet while generating positive free cash flow Maintaining our vigilance and keeping abreast of industry’s developments Remaining committed to our disciplined operational and financi
Slide 17: Q&A
Q&A = DIANA SHIPPING INC.
Slide 18: Appendix
Appendix = DIANA SHIPPING INC.
Slide 19: Non-speculative & disciplined employment strategy
Non- VESSEL TYPE BUILT RATE CHARTERER Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 speculative New York Capesize 2010 $14,000 EGPN Bulk Carrier & disciplined Salt Lake City Capesize 2005 $13,000 C Transport Protefs Panamax 2004 $10,650 Reachy employment strategy Philadelphia Newcastlemax 2012 $28,500 C