Diana Shipping Inc. · NYSE:DSX
Diana Shipping — Q2 2021 Earnings Presentation
23 slides from Diana Shipping's earnings presentation, Aug 3, 2021
Slide 1: Financial Results for the 2nd Quarter of 2021
We create to share Financial Results for the 2nd Quarter of 2021 August 3, 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 36 vessels in the water 99.6% points 6 vessels AVERAGE FLEET UTILIZATION** mortgage free* 1 1 vessel TBD Other Kamsarmax 4.0% Grains 7.0% 9% Coal Post-Panamax 16.0% 10% 4.6 MIL DWT Capesize 38.8 MIL MT CARRYING 46% CARGO CARRIED Newcastlemax CAPACITY 2020 18% 876 Panamax Iron Ore 73.0% p
Slide 5: Highlights of the 2nd Quarter 2021 and recent developments
Highlights of the 2nd Quarter 2021 and recent developments • In June 2021, issued US$125m Senior Unsecured Bond in Oslo Stock Exchange, maturing in June 2026 with a coupon of 8.375% • Repurchased the majority of the 9.5% senior unsecured bonds due in 2023 and the remaining portion to be refinanced i
Slide 6: Financial Highlights for the 2nd Quarter 2021
Financial Highlights for the 2nd Quarter 2021 Three months ended June 30, 2021 2020 TC Revenues $47.0m $41.0m Net Income/(Loss) on a per share basis $0.02 -$0.14 June 30, 2021 December 31, 2020 Cash, Cash Equivalents, Restricted cash $155.0m $82.9m Debt, net of deferred financing costs $461.5m $420.
Slide 7: Recent Chartering Activity
Recent Chartering Activity* We secured charters on 8 vessels* • 6 Panamax/Kamsarmax/Post-Panamax vessels chartered at a weighted average daily rate of $25,693** for a remaining average period of 116 days per vessel***, compared to weighted average daily rate of $16,571 for previous quarter’s charter
Slide 8: Income Statement
Income Statement Three months ended June 30, 2021 2020 $ Millions $ Millions Time charter revenues 47.0 41.0 Expenses Voyage expenses 2.3 3.8 Vessel operating expenses 19.2 20.8 Depreciation and amortization of deferred charges 10.1 11.7 General and administrative expenses 7.2 6.8 Management fees to
Slide 9: Income Statement
Income Statement Six months ended June 30, 2021 2020 $ Millions $ Millions Time charter revenues 88.1 84.7 Expenses Voyage expenses 4.1 7.6 Vessel operating expenses 37.7 42.1 Depreciation and amortization of deferred charges 20.1 23.3 General and administrative expenses 13.9 16.2 Management fees to
Slide 10: Balance Sheet
Balance Sheet June 30, 2021 December 31, 2020 Assets $ Millions $ Millions • As of June 30, 2021 $461.5 million Total Debt* Cash, cash equivalents and restricted cash 155.0 82.9 • $155.0 million of Cash** Other current assets 23.6 41.8 • Net Debt of $315.8 million Vessels, net 690.8 716.2 Other fixe
Slide 11: Summary of Selected Financial & Other Data
Summary of Selected Financial & Other Data Three months ended June 30, 2021 2020 Statement of Operations Data ($ Millions) Time charter revenues 47.0 41.0 Voyage expenses 2.3 3.8 Vessel operating expenses 19.2 20.8 Net income/(loss) 2.8 (10.8) Net income/(loss) attributed to common stockholders 1.4
Slide 12: Summary of Selected Financial & Other Data
Summary of Selected Financial & Other Data Six months ended June 30, 2021 2020 Statement of Operations Data ($ Millions) Time charter revenues 88.1 84.7 Voyage expenses 4.1 7.6 Vessel operating expenses 37.7 42.1 Net income/(loss) 1.5 (113.6) Net loss attributed to common stockholders (1.4) (116.5)
Slide 13: Current Debt Amortization Profile
Current Debt Amortization Profile 200 MATURITIES AMORTIZATION 180 160 140 120 US$ million 100 $151.6 $159 80 60 $45.3 $87.7 $107 $85 40 $18.5* $40 $43.3 20 $40.2 $21.7 $19.2 $17.4 $7.2 $12.4 0 $3.8 $3.8 2021 2022 2023 2024 2025 2026 2027 2028 2029 - 2032 * The outstanding amount of the 9.50% Senior
Slide 14: Modest All-in Breakeven Costs
Modest All-in Breakeven Costs Net Interest Expense $1,367* 24% Drydock Provision $893 4% 3% G&A $1,671** 10% Free Cash Flow Operating Expenses $5,548* Per Day Breakeven Per Vessel =$13,760 Debt Amortization $3,258* 40% 7% Voyage Expenses $599* 12% Preferred Dividend $424* As of July 29, 2021 2021 20
Slide 15: Breakeven vs Estimated Revenue for the remainder of 2021 & 2022
Breakeven vs Estimated Revenue for the remainder of 2021 & 2022 * Estimated Cash Uses vs TC Revenues Daily Estimated Cash Uses vs Daily TC Revenues $350 $30,000 $319.1 $300 $23,729 $25,000 + $134.1 $21,376 $250 million $20,000 Unfixed + $9,969 + $7,616 USD per day avg TC USD million $200 $185.0 per
Slide 16: 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) $35,000 6,000 5,500 $30,000 5,000 4,500 $25,000 1yr TC rates (USD per day) 4,000 $20,000 3,500 3,000 Baltic Dry Index $15,000 2,500 2,000 $10,000 1,500 1,000 $5,000 500 $
Slide 17: 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% 4.9% 25,000 6% 20,000 CAGR (2000-f2021) 4% 8.8% 2% 15,000 0% 10,000 4.3% -2% 5,000 -4% 0 -6% 11.6% f2021 2000 2001 2002 2003 2004 2005 2006 2007
Slide 18: Major Seaborne Commodity Prices
Major Seaborne Commodity Prices 280% Chinese Steel US Wheat US Corn Chinese Iron Ore Australian Thermal Coal 260% Increase YTD 240% Chinese Steel +29% 220% US Wheat + 6% 200% US Corn +37% Index points 180% Chinese Iron Ore +38% 160% Australian Thermal Coal +57% 140% 120% 100% 80% 06-2020 07-2020 08-
Slide 19: 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 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 20: Diana Shipping Inc.'s Summary
Diana Shipping Inc.’s Summary Robust balance sheet and low cash flow breakeven points Generating strong positive cash flows in current market environment Conditions accommodate potential growth, fleet renewal and dividends Maintain disciplined strategy, which protects the downside and allows for sha
Slide 21: Q&A
Q&A = DIANA SHIPPING INC.
Slide 22: Appendix
Appendix = DIANA SHIPPING INC.
Slide 23: Vessel chartering details
VESSEL TYPE BUILT RATE CHARTERER Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Maia Kamsarmax 2009 $25,000 Viterra Non- New York Capesize 2010 PREV. PREV. PREV. PREV. PREV. PREV. PREV. PREV. PREV. PREV. PREV. PREV. PREV. PREV. PREV. $14,000 EGPN Bulk Carrier PREV. PREV. PREV. PREV. PREV. PREV. PREV. PRE