Diana Shipping Inc. · NYSE:DSX
Diana Shipping — Q3 2024 Earnings Presentation
27 slides from Diana Shipping's earnings presentation, Nov 25, 2024
Slide 1: Financial Results for the 3rd Quarter of 2024
We create to share Financial Results for the 3rd Quarter of 2024 November 25, 2024
Slide 2: Our Presenting Team
Maria Dede Dave Van der Our Linden Presenting Semiramis Ioannis Paliou Zafirakis Team Chief Accounting Officer Chief Commercial Officer Of Steamship Shipbroking Enterprises Inc. Director, Chief Financial Officer, Director & Chief Strategy Officer, Chief Executive Officer Secretary & Treasurer Our Co
Slide 3: Financial Results for the 3rd Quarter of 2024
Financial Results for the 3rd Quarter of 2024 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 Points 11.15 years AVERAGE AGE Ultramax Newcastlemax 4.2m DWT 13% 37% NET DEBT/MARKET VALUE1 CARRYING 20% Panamax CAPACITY 11% US$186.8m OF CASH2 99.7% AVERAGE FLEET Kamsarmax 12% 33% US$135.3m SECURED REVENUES3 UTILIZATION4 11% Post- Panamax Capesize 12 groups OF SISTER VESSELS 38 vesse
Slide 6: Highlights of the 3rd Quarter 2024 and recent developments
Highlights of the 3rd Quarter 2024 and recent developments • In July, we issued US$150m Senior Unsecured Bond in Oslo Stock Exchange, maturing in July 2029 with a fixed rate coupon of 8.75%. The net proceeds from the bonds were used to refinance all of the Company’s US$125 million senior unsecured b
Slide 7: Recent Chartering Activity
Recent Chartering Activity* Weighted average contracted charter rate $30,000 $26,800 699 days $25,000 $20,000 ($ per day) $14,539 $15,000 379 days $12,664 1 vsl 155 days $10,000 3 vsls 5 vsls $5,000 $0 ULTRAMAX PANAMAX, KAMSARMAX, POST-PANAMAX NEWCASTLEMAX VESSEL TYPE BUILT RATE CHARTERER Q1/24 Q2/2
Slide 8: Disciplined & Non-Speculative Chartering Strategy
Disciplined & Non-Speculative Chartering Strategy VESSEL TYPE RATE Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Fleet Average $16,547 Florida* Capesize $25,900 u G. P. Zafirakis Capesize $26,800 u Average Daily Crystalia Panamax $13,900 TC Rate of DSI Pyxis Ultramax $13,100 Fixed Revenues U
Slide 9: Financial Highlights for the 3rd Quarter 2024
Financial Highlights for the 3rd Quarter 2024* 3rd Quarter 2024 3rd Quarter 2023 TC Revenues $57.5m $62.1m Adjusted EBITDA** $23.7m $29.4m Net Income $3.7m $7.4m Earnings Per Common $0.00 $0.06 Share, Diluted September 30, 2024 December 31, 2023 Cash, cash equivalents, $186.8m $161.6m time deposits
Slide 10: Summary of Selected Financial & Other Data (Three Months)
Summary of Selected Financial & Other Data* Three months ended September 30, 2024 2023 Statement of Income Data US$ Millions US$ Millions Time charter revenues 57.5 62.1 Voyage expenses 3.7 2.9 Vessel operating expenses 21.2 21.2 Net income 3.7 7.4 Net income attributable to common stockholders 2.3
Slide 11: Summary of Selected Financial & Other Data (Nine Months)
Summary of Selected Financial & Other Data* Nine months ended September 30, 2024 2023 Statement of Income Data US$ Millions US$ Millions Time charter revenues 171.1 202.1 Voyage expenses 10.1 10.3 Vessel operating expenses 63.4 64.0 Net income 3.0 40.5 Net income / (loss) attributable to common stoc
Slide 12: Current Debt Profile
Current Debt Profile* CREDIT FACILITIES MATURITIES SLB PURCHASE OBLIGATION SENIOR UNSECURED BOND MATURITY CREDIT FACILITIES AMORTIZATION SLB AMORTIZATION 240 $3.8 220 200 180 160 US$ million 140 $175.0 120 100 $64.8 80 60 40 $26.0 $47.1 $47.1 $47.1 $47.1 $43.3 $22.9 $16.9 $1.0 20 $24.4 $12.6 $9.8 $1
Slide 13: Breakeven vs Estimated Revenue for the remainder of 2024 & 2025
Breakeven vs Estimated Revenue for the remainder of 2024 & 2025 * Daily Estimated Cash Uses vs TC Revenues -$46 +$644 FFA rates as of November 15, 2024 $16,765 $16,075 Ultramax Panamax Kamsarmax Post-Panamax Capesize Newcastlemax $355 $403 Unfixed $939 $16,121 $14,942 Q4 2024 $13,900 $10,400 $11,700
Slide 14: Cumulative dividend payout
Dividend payout since 2021 Cash dividend per share Dividend in kind per share $3.00 Cumulative dividend paid since 2021 = $2.650 per common share $0.075 $0.010 $2.50 $0.075 $0.075 $0.070 $0.150 Cumulative dividend payout $0.150 $2.00 $0.101 $0.150 $0.150 $1.50 $0.184 $0.175 $0.275 $1.00 $0.250 $0.20
Slide 15: Dry Bulk Market Overview
Dry Bulk Market Overview 12 month TC Rates Comments Capesize Panamax Supramax 35,000 • Increased bulk commodity shipments to India and South East Asia. 30,000 • Red Sea disruption increasing ton-mile demand. • Reappearance of congestion mainly at 25,000 South American loading ports. • Significant in
Slide 16: Key demand drivers
Key demand drivers GDP growth Dry bulk trades Iron ore Minor bulk Grains & Soybeans Coal 8.0 30,000 6.0 25,000 4.0 Billion ton-miles 20,000 % yr/yr 2.0 15,000 0.0 10,000 -2.0 5,000 -4.0 0 • World steel output started to contract this year. Expected GDP growth • Global GDP growth is weakening. 2024e
Slide 17: Dry bulk orderbook
Dry bulk orderbook The dry bulk orderbook as % of total fleet is 10.3% Dry bulk orderbook in million DWT Dry bulk orderbook in % of existing fleet 350 Panamax Capesize Smaller bulk vessels 120.0% Total dry bulk Capesize Panamax 300 100.0% 250 80.0% 200 60.0% 150 40.0% 100 20.0% 50 0 0.0% 2009 2010 2
Slide 18: Positive and negative factors impacting the dry bulk shipping industry
Positive and negative factors impacting the dry bulk shipping industry On the positive side: - Continued import growth into India and Southeast Asia. - Possibility of a strong Brazilian soybean season. - Increase in congestion. - The recent stimulus measures in China which could lend some support to
Slide 19: Industry Leading ESG Structure
Industry Leading ESG Structure Environmental Social Governance • Implementing fleet decarbonization and • Promote a safe and “just” culture, through • Strong corporate culture of ethics and integrity. modernization plans. proactive engagement. • Joining the Maritime Anti-corruption Network • Transpa
Slide 20: Summary
Summary Leading pure play dry bulk Legacy Listed on NYSE Experienced Excellent ongoing Rewarding our carrier safely navigated since 2005 management team stakeholder shareholders company... through shipping cycles ready to deliver on the engagement with attractive cash since 1972 challenges of the ma
Slide 21: DSX Q&A
DSX LISTED NYSE Q&A
Slide 22: Appendix
Appendix - Income Statement for the three months ended September 30, 2024 and September 30, 2023 - Income Statement for the nine months ended September 30, 2024 and September 30, 2023 - Balance Sheet as of September 30, 2024 and December 31, 2023 - Organization Structure - Reputable charter counterp
Slide 23: Income Statement
Income Statement* We create to share 23
Slide 24: Income Statement
Income Statement* We create to share 24
Slide 25: Balance Sheet
Balance Sheet* September 30, 2024 December 31, 2023 ASSETS in millions of US Dollars Cash, cash equivalents, restricted cash and time deposits $ 186.8 $ 161.6 Investments in equity securities - 20.7 Other current assets 20.8 19.9 Fixed assets 888.6 924.5 Investments in related parties and equity met
Slide 26: Organization structure
Organization structure Diana Shipping Inc.1 (NYSE: DSX) 49% Komi Shipping Company Inc. Diana Shipping Diana Ship OceanPal Inc. Cebu Shipping 47 SPCs & Diana Energize Inc. Services S.A. Management Inc. (NASDAQ: OP) Company Inc. Diana General Partner Inc. 50% 25% 45.87% 24% 50% Cohen Global Bergen Ult
Slide 27: Reputable charter counterparts
Reputable charter counterparts Source: Company We create to share 27