Diana Shipping Inc. · NYSE:DSX
Diana Shipping — Q3 2022 Earnings Presentation
24 slides from Diana Shipping's earnings presentation, Nov 17, 2022
Slide 1: Financial Results for the 3rd Quarter of 2022
We create to share Financial Results for the 3rd Quarter of 2022 November 17, 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 Our Comp
Slide 3: Financial Results for the 3rd Quarter of 2022
Financial Results for the 3rd 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 40 vessels 99.1% points in the water* AVERAGE FLEET UTILIZATION**** (+) 3 vessels to be delivered** Other Ultramax 6.8% Grains 8% 8.6% Kamsarmax 10% 4.7 MIL DWT Capesize 21.8 MIL MT Post-Panamax 42% Coal 10% CARRYING 35.3% CARGO CARRIED CAPACITY* 2021 860 Iron Ore 49.3% ***** Newcastlema
Slide 6: Highlights of the 3rd Quarter 2022 and recent developments
Highlights of the 3rd Quarter 2022 and recent developments • In July 2022, declared a cash dividend in the amount of US$0.275 per common share, in the aggregate amount of approximately US$23.7m • In July 2022, prepayment of US$4.8m and release of the mortgage over m/v Baltimore • In August 2022, agr
Slide 7: Highlights of the 3rd Quarter 2022 and recent developments
Highlights of the 3rd Quarter 2022 and recent developments • In September 2022, signed an up to US$200m loan for the partial financing of acquisition of the 9 Ultramax dry bulk vessels • In October 2022, delivery of 2 Ultramax dry bulk vessels, m/v DSI Pyxis and m/v DSI Pollux • In November 2022, de
Slide 8: Financial Highlights for the 3rd Quarter 2022
Financial Highlights for the 2nd Quarter 2022 * Three months ended September 30, 2022 2021 TC Revenues $73.8m $57.3m Earnings per common share, diluted $0.37 $0.16 September 30, 2022 December 31, 2021 Cash, Cash Equivalents and Restricted cash $129.7m $126.8m Long-term debt and finance liabilities,
Slide 9: Recent Chartering Activity
Recent Chartering Activity • We secured charters on 7 vessels* chartered at a daily rate of $14,862 for a remaining average period of 374 days per vessel** VESSEL TYPE BUILT RATE Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 DSI Polaris Ultramax 2018 $13,1
Slide 10: Summary of Selected Financial & Other Data
Summary of Selected Financial & Other Data * Three months ended September 30, 2022 2021 Statement of Operations Data ($ Millions) ($ Millions) Time charter revenues 73.8 57.3 Voyage expenses 3.4 0.7 Vessel operating expenses 17.7 18.8 Net income 31.7 14.7 Net income attributable to common stockholde
Slide 11: Summary of Selected Financial & Other Data
Summary of Selected Financial & Other Data * Nine months ended September 30, 2022 2021 Statement of Operations Data ($ Millions) ($ Millions) Time charter revenues 214.3 145.4 Voyage expenses 4.1 4.7 Vessel operating expenses 52.5 56.6 Net income 93.4 16.3 Net income attributable to common stockhold
Slide 12: Income Statement
Income Statement * Three months ended September 30, 2022 2021 $ Millions $ Millions Time charter revenues 73.8 57.3 Expenses Voyage expenses 3.4 0.7 Vessel operating expenses 17.7 18.8 Depreciation and amortization of deferred charges 10.6 10.3 General and administrative expenses 7.0 7.2 Management
Slide 13: Income Statement
Income Statement * Nine months ended September 30, 2022 2021 $ Millions $ Millions Time charter revenues 214.3 145.4 Expenses Voyage expenses 4.1 4.7 Vessel operating expenses 52.5 56.6 Depreciation and amortization of deferred charges 31.1 30.4 General and administrative expenses 22.0 21.1 Manageme
Slide 14: Balance Sheet
Balance Sheet * September 30, 2022 December 31, 2021 Assets $ Millions $ Millions • As of September 30, 2022 $471.8 million Total Debt** Cash, cash equivalents and restricted cash 129.7 126.8 • $129.7 million of Cash*** Other current assets 15.1 15.4 • Net Debt of $349.5 million Total fixed assets 7
Slide 15: Current Debt Amortization Profile
Current Debt Amortization Profile 200 MATURITIES* SLB PURCHASE OBLIGATION AMORTIZATION* 180 160 140 120 US$ million 100 $140.5 $163 80 $45.3 $84.2 $135 60 $115 $118.6 $96 40 20 $50.6 $30.5 $28.7 $26.0 $30 $22.8 $16.6 $16.4 $17 0 $10.0 $3.8 $3.8 $3.8 $3.8 $1.0 2022 Q4 2023 2024 2025 2026 2027 2028 20
Slide 16: Modest All-in Breakeven Costs
Modest All-in Breakeven Costs Interest expense, net of interest and dividend income $1,739* 21% 3% 4% Drydock Provision $534* 13% 4% G&A $1,626** 12% Free Cash Flow Per Day Breakeven Operating Expenses $5,579* Per Vessel =$13,153 Debt Amortization $2,780*** 43% Voyage Expenses $435* Preferred Divide
Slide 17: Fleet employment schedule
VESSEL TYPE BUILT RATE CHARTERER Q Q Q Q Q Q Q Q Q Q Q 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 DEL NOT DEL NOT DEL NOT DEL NOT
Slide 18: Breakeven vs Estimated Revenue for the remainder of 2022 & 2023
Breakeven vs Estimated Revenue for the remainder of 2022 & 2023 * Daily Estimated Cash Uses vs Daily TC Revenues Estimated Cash Uses vs TC Revenues $300 $25,000 $254.5 $20,348 $250 $20,000 Unfixed avg + $48.1 TC rate*** $206.4 million + $7,195 $13,476 Unfixed $16,214 $200 Revenues*** per day $15,000
Slide 19: 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 19
Slide 20: 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 4.4% 8% 25,000 6% CAGR (2001-e2022) 12.0% 20,000 4% 2% 15,000 0% 5.5% 10,000 -2% 5,000 -4% 10.2% 0 -6% 2000 2001 2002 2003 2004 2005 2006 2007 2008
Slide 21: Major Seaborne Commodity Prices
Major Seaborne Commodity Prices 550% Chinese Steel US Wheat US Corn Chinese Iron Ore Australian Thermal Coal 500% 450% Increase YTD 400% Chinese Steel - 24% 350% US Wheat + 11% Index points US Corn + 19% 300% Chinese Iron Ore - 15% 250% Australian Thermal Coal +116% 200% 150% 100% 50% 0% Source: Cla
Slide 22: 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 % of existing fleet Total dry bulk Capesize Panamax 350 Panamax Capesize Smaller bulk vessels 120.0% 300 100.0% 250 80.0% 200 60.0% 150 40.0% 1
Slide 23: Diana Shipping Inc.'s Summary
Diana Shipping Inc.’s Summary Remain focused on generating and securing free cash flows and rewarding our shareholders with attractive dividends Maintain a strong balance sheet that allows us to act opportunistically in renewing and modernizing our fleet Committed to our long-term strategy of provid
Slide 24: Q&A
Q&A = DIANA SHIPPING INC: