Diana Shipping Inc. · NYSE:DSX
Diana Shipping — Q1 2022 Earnings Presentation
22 slides from Diana Shipping's earnings presentation, May 24, 2022
Slide 1: Financial Results for the 1st Quarter of 2022
We create to share Financial Results for the 1st Quarter of 2022 May 24, 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: Financial Results for the 1st Quarter of 2022
Financial Results for the 1st Quarter of 2022 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 In addition to these important Forward inducement to purchase or subscribe provisions of the
Slide 5: Diana's key points
Diana’s key 35 vessels 98.4% points in the water* AVERAGE FLEET UTILIZATION** 4 vessels mortgage free* Other Kamsarmax 6.8% Grains 11% 8.6% Post-Panamax 10% 4.5 MIL DWT 21.8 MIL MT Capesize Coal CARRYING 47% 35.3% CARGO CARRIED CAPACITY 2021 Newcastlemax 860 18% Iron Ore 49.3% *** Panamax people acr
Slide 6: Highlights of the 1st Quarter 2022 and recent developments
Highlights of the 1st Quarter 2022 and recent developments • In January 2022, received approval for the listing of US$125m previously issued Senior Unsecured Bond on the Oslo Stock Exchange, effective in February 2022 • In February 2022, took delivery of the 2011 Japanese built Kamsarmax dry bulk ve
Slide 7: Financial Highlights for the 1st Quarter 2022
Financial Highlights for the 1st Quarter 2022 * Three months ended March 31, 2022 2021 TC Revenues $65.9m $41.1m Earnings/(Loss) per common share, diluted $0.31 ($0.03) March 31, 2022 December 31, 2021 Cash, Cash Equivalents and Restricted cash $115.7m $126.8m Long-term debt and lease obligation, ne
Slide 8: Recent Chartering Activity
Recent Chartering Activity We secured charters on 8 vessels* • 2 Panamax/Kamsarmax vessels chartered at a daily rate of $23,185 for a remaining average period of 439 days per vessel** • 6 Capesize/Newcastlemax vessels chartered at a weighted average daily rate of $27,818 for a remaining average peri
Slide 9: Summary of Selected Financial & Other Data
Summary of Selected Financial & Other Data * Three months ended March 31, 2022 2021 Statement of Operations Data ($ Millions) ($ Millions) Time charter revenues 65.9 41.1 Voyage expenses 1.7 1.8 Vessel operating expenses 16.4 18.6 Net income/(loss) and comprehensive income/(loss) 26.0 (1.3) Net inco
Slide 10: Income Statement
Income Statement * Three months ended March 31, 2022 2021 $ Millions $ Millions Time charter revenues 65.9 41.1 Expenses Voyage expenses 1.7 1.8 Vessel operating expenses 16.4 18.6 Depreciation and amortization of deferred charges 9.8 10.0 General and administrative expenses 7.1 6.7 Management fees
Slide 11: Balance Sheet
Balance Sheet * March 31, 2022 December 31, 2021 Assets $ Millions $ Millions • As of March 31, 2022 $463.4 million Total Debt** Cash, cash equivalents and restricted cash 115.7 126.8 • $115.7 million of Cash*** Other current assets 19.0 15.4 • Net Debt of $355.8 million Total fixed assets 744.4 682
Slide 12: Current Debt Amortization Profile
Current Debt Amortization Profile 200 MATURITIES SLB PRINCIPAL REPAYMENT* AMORTIZATION 180 160 140 120 US$ million 100 $151.6 $159 80 60 $45.3 $87.7 $107 40 $85 20 $40.2 $16.4 ** $21.7 $19.2 $17.4 $29 $7.2 $3.8 $3.8 $12.4 0 2022 H2 2023 2024 2025 2026 2027 2028 2029 - 2032 500 Projected loan balance
Slide 13: Modest All-in Breakeven Costs
Modest All-in Breakeven Costs Interest expense, net of interest and dividend income $1,652* 3% Drydock Provision $1,162* 24% 11% 4% 8% G&A $1,693** Free Cash Flow 12% Per Day Breakeven Operating Expenses $5,445* Per Vessel =$14,388 Debt Amortization $3,390* 38% Voyage Expenses $568** Preferred Divid
Slide 14: Fleet chartering schedule
VESSEL TYPE BUILT RATE CHARTERER Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Non- Florida* Capesize 2022 $25,900 Bunge S.A. NOT NOT NOT NOT NOT NOT NOT NOT NOT NOT NOT NOT NOT NOT NOT DEL NOT DEL NOT DEL NOT DEL NOT DEL NOT DEL NOT DEL NOT DEL NOT DEL NOT DEL NOT DEL NOT DEL NOT DEL NOT DEL NOT
Slide 15: Breakeven vs Estimated Revenue for the remainder of 2022 & 2023
Breakeven vs Estimated Revenue for the remainder of 2022 & 2023 * Estimated Cash Uses vs TC Revenues Daily Estimated Cash Uses vs Daily TC Revenues $350 $30,000 $290.9 $24,308 $300 $25,000 $22,771 Unfixed avg $250 + $107.1 + $9,920 TC rate*** $20,000 $23,032 + $8,383 million per day $189.7 per day U
Slide 16: 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 16
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 4.6% 8% 25,000 6% CAGR (2001-e2022) 12.0% 20,000 4% 2% 15,000 5.2% 0% 10,000 -2% 5,000 10.9% -4% 0 -6% 2001 2002 2003 2004 2005 2006 2007 2008 2009
Slide 18: Major Seaborne Commodity Prices
Major Seaborne Commodity Prices 400% Chinese Steel US Wheat US Corn Chinese Iron Ore Australian Thermal Coal 380% 360% 340% Increase YTD 320% 300% Chinese Steel + 3% 280% 260% US Wheat +30% 240% US Corn +31% Index points 220% 200% Chinese Iron Ore +30% 180% 160% Australian Thermal Coal +80% 140% 120
Slide 19: Dry bulk orderbook 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 20: 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 20
Slide 21: Diana Shipping Inc.'s Summary
Diana Shipping Inc.’s Summary Emphasis on taking advantage of the favorable market conditions for generating and securing free cash flows that allow us to: • Continue rewarding our shareholders with potentially growing dividends • Continue to strengthen our balance sheet even further Remain vigilant
Slide 22: Q&A
Q&A = DIANA SHIPPING INC: