Diana Shipping Inc. · NYSE:DSX
Diana Shipping — Q4 2021 Earnings Presentation
23 slides from Diana Shipping's earnings presentation, Feb 25, 2022
Slide 1: Financial Results for the 4th Quarter of 2021
We create to share Financial Results for the 4th Quarter of 2021 February 25, 2022
Slide 2: 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 3: 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 4: Diana's key points
Diana’s key 34 vessels in the water 99.1% points +1 vessel TBD* AVERAGE FLEET UTILIZATION*** 4 vessels mortgage free** Other Kamsarmax 6.8% Grains 8% 8.6% Post-Panamax 14% 4.4 MIL DWT Capesize 21.8 MIL MT 44% Coal CARRYING 35.3% CARGO CARRIED CAPACITY 2021 Newcastlemax 819 16% Iron Ore 49.3% **** Pa
Slide 5: Highlights of the 4th Quarter 2021 and recent developments
Highlights of the 4th Quarter 2021 and recent developments • In November 2021, completion of spin-off transaction of OceanPal Inc. • In December 2021, repurchased 3,529,411 common shares at a price of $4.25 per share • In December 2021, agreed to acquire a Resale New-Building Capesize dry bulk vesse
Slide 6: Financial Highlights for the 4th Quarter 2021
Financial Highlights for the 4th Quarter 2021 Three months ended December 31, 2021 2020 TC Revenues $68.8m $42.7m Earnings/(Loss) per common share, diluted $0.48 ($0.10) December 31, 2021 2020 Cash, Cash Equivalents and Restricted cash $126.8m $82.9m Long-term debt, net of deferred financing costs $
Slide 7: Recent Chartering Activity
Recent Chartering Activity We secured charters on 13 vessels* • 5 Panamax/Kamsarmax/Post-Panamax vessels chartered at a weighted average daily rate of $21,176 for a remaining average period of 343 days per vessel** • 8 Capesize vessels chartered at a weighted average daily rate of $25,038 for a rema
Slide 8: Income Statement
Income Statement * Three months ended December 31, 2021 2020 $ Millions $ Millions Time charter revenues 68.8 42.7 Expenses Voyage expenses 0.8 3.0 Vessel operating expenses 18.2 22.4 Depreciation and amortization of deferred charges 10.1 10.3 General and administrative expenses 8.1 7.0 Management f
Slide 9: Income Statement
Income Statement * Year ended December 31, 2021 2020 $ Millions $ Millions Time charter revenues 214.2 169.7 Expenses Voyage expenses 5.6 13.5 Vessel operating expenses 74.8 85.8 Depreciation and amortization of deferred charges 40.5 43.0 General and administrative expenses 29.2 32.8 Management fees
Slide 10: Balance Sheet
Balance Sheet * December 31, 2021 2020 Assets $ Millions $ Millions • As of December 31, 2021 $424 million Total Debt** Cash, cash equivalents and restricted cash 126.8 82.9 • $127 million of Cash*** Other current assets 15.6 41.8 • Net Debt of $305 million Vessels, net 643.5 716.2 Other fixed asset
Slide 11: Summary of Selected Financial & Other Data
Summary of Selected Financial & Other Data Three months ended December 31, 2021 2020 Statement of Operations Data ($ Millions) ($ Millions) Time charter revenues 68.8 42.7 Voyage expenses 0.8 3.0 Vessel operating expenses 18.2 22.4 Net income/(loss) 41.1 (7.4) Net income/(loss) attributed to common
Slide 12: Summary of Selected Financial & Other Data
Summary of Selected Financial & Other Data Year ended December 31, 2021 2020 Statement of Operations Data ($ Millions) ($ Millions) Time charter revenues 214.2 169.7 Voyage expenses 5.6 13.5 Vessel operating expenses 74.8 85.8 Net income/(loss) 57.4 (134.2) Net income/(loss) attributed to common sto
Slide 13: Current Debt Amortization Profile
Current Debt Amortization Profile 200 MATURITIES AMORTIZATION 180 160 140 120 US$ million 100 80 $151.6 $159 60 $45.3 $87.7 $107 40 $85 20 $43.3 $40.2 $19.2 $17.4 $12.4 0 $7.2 $3.8 $3.8 2022 2023 2024 2025 2026 2027 2028 2029 - 2032 500 PROJECTED DEBT OUTSTANDING $389 400 $303 US$ million 300 $196 $
Slide 14: Modest All-in Breakeven Costs
Modest All-in Breakeven Costs Interest expense, net of interest and dividend income $1,439 3% 3% 10% Drydock Provision $946 25% 7% G&A $1,735* 12% Free Cash Flow Per Day Breakeven Operating Expenses $5,596** Per Vessel =$13,991 Debt Amortization $3,426 40% Voyage Expenses $417** Preferred Dividend $
Slide 15: Non-speculative & disciplined employment strategy
Non- speculative & disciplined Average Daily employment strategy TC Rate of Fixed Revenues 23,369**** for the year 2022 *Vessel was delivered to the Company on February 16, 2022. **Expected date of delivery to the Company by the end of the first quarter of 2022. 38% Unfixed ***Vessel was delivered t
Slide 16: Breakeven vs Estimated Revenue for 2022 & 2023
Breakeven vs Estimated Revenue for 2022 & 2023 * Estimated Cash Uses vs TC Revenues Daily Estimated Cash Uses vs Daily TC Revenues $350 $30,000 $300 $285.3 $25,000 $261.2 $22,572 $250 Unfixed $20,443 + $108.5 + $82.5 $20,000 Revenues*** million $101.3m million + $8,581 Unfixed avg + $6,452 USD per d
Slide 17: Dry Bulk Market Overview
Dry Bulk Market Overview Capesize 180k dwt Kamsarmax 82k dwt Panamax 75k dwt $40,000 $35,000 $30,000 1yr TC rates (USD per day) $25,000 $20,000 $15,000 $10,000 $5,000 $0 Source: Clarksons SIN We create to share 17
Slide 18: Dry Bulk Market Overview
Dry Bulk Market Overview Baltic Exchange Dry Index Baltic Exchange Capesize Index Baltic Exchange Panamax 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 share 18
Slide 19: 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 4.6% 8% 25,000 6% CAGR (2001-e2022) 12.4% 20,000 4% 2% 15,000 5.2% 0% 10,000 -2% 5,000 11% -4% 0 -6% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2
Slide 20: Major Seaborne Commodity Prices
Major Seaborne Commodity Prices 300% Chinese Steel US Wheat US Corn Chinese Iron Ore Australian Thermal Coal 280% 260% Increase since 2021 240% 220% Chinese Steel +19% 200% US Wheat +39% 180% US Corn +31% Index points 160% Chinese Iron Ore -15% 140% 120% Australian Thermal Coal +137% 100% 80% 60% 40
Slide 21: 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 million DWT Dry bulk orderbook in % of existing fleet Total dry bulk Capesize Panamax Panamax Capesize Smaller bulk vessels 120.0% 350 300 100.
Slide 22: Diana Shipping Inc.'s Summary
Diana Shipping Inc.’s Summary Continue strengthening our balance sheet while maintaining low cash flow breakeven points Maintain our disciplined chartering strategy, which allows us to lock positive cash flows and provides support for the continued payment of dividends Focus on creativity for furthe
Slide 23: Q&A
Q&A = DIANA SHIPPING INC.