Diana Shipping Inc. · NYSE:DSX
Diana Shipping — Q3 2023 Earnings Presentation
23 slides from Diana Shipping's earnings presentation, Nov 15, 2023
Slide 1: Financial Results for the 3rd Quarter of 2023
We create to share Financial Results for the 3rd Quarter of 2023 November 15, 2023
Slide 2: Our Executives
Our Anastasios Margaronis Executives Semiramis Paliou Eleftherios Papatrifon Ioannis Zafirakis Maria Dede Director & President Director Director & Chief Executive Officer Chief Accounting Officer Director, Chief Financial Officer, Chief Strategy Officer, Secretary & Treasurer Our Company’s confidenc
Slide 3: Financial Results for the 3rd Quarter of 2023
Financial Results for the 3rd Quarter of 2023 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 42 vessels 99.7% points in the water* AVERAGE FLEET UTILIZATION** Other Grains Ultramax 12.5% 6.1% 12% Kamsarmax 10% Capesize 4.7 MIL DWT 38% 21.6 MIL MT CARRYING CARGO CARRIED Post-Panamax CAPACITY* Coal 2023** 10% Iron Ore 33.5% 47.9% 1,040 *** Newcastlemax people across 18% Panamax 12
Slide 6: Highlights of the 3rd Quarter 2023 and recent developments
Highlights of the 3rd Quarter 2023 and recent developments • Announced the order of two 81,200 dwt methanol dual fuel new-building Kamsarmax dry bulk vessels, built at Tsuneishi Group, for a purchase price of US$46 million each • Became partner in a joint venture entity that is expected to own and o
Slide 7: Recent Chartering Activity
Recent Chartering Activity • We secured charter on 2 Ultramax vessels* at a weighted average daily rate of $13,396 for an average period of 373 days** and a remaining period of 351 days** • We secured charter on 3 Panamax/Kamsarmax vessels* at a weighted average daily rate of $12,642 for an average
Slide 8: Charter employment by vessel
VESSEL TYPE BUILT RATE CHARTERER Q Q Q Q Q Q Q Q Q Florida* Capesize 2022 $25,900 Bunge S.A. ON ON ON ON ON ON ON ON ON ON ON ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIRE ON HIR
Slide 9: Financial Highlights for the 3rd Quarter 2023
Financial Highlights for the 3rd Quarter 2023 * Three months ended September 30, 2023 2022 TC Revenues $62.1m $73.8m Earnings per common share, diluted $0.06 $0.37 September 30, 2023 December 31, 2022 Cash, cash equivalents, time deposits and restricted $173.6m $143.9m cash Long-term debt and financ
Slide 10: Summary of Selected Financial & Other Data (Q3)
Summary of Selected Financial & Other Data * Three months ended September 30, 2023 2022 Statement of Income Data $ Millions $ Millions Time charter revenues 62.1 73.8 Voyage expenses 2.9 3.4 Vessel operating expenses 21.2 17.7 Net income 7.4 31.7 Net income attributable to common stockholders 5.9 30
Slide 11: Summary of Selected Financial & Other Data (Nine Months)
Summary of Selected Financial & Other Data * Nine months ended September 30, 2023 2022 Statement of Income Data $ Millions $ Millions Time charter revenues 202.1 214.3 Voyage expenses 10.3 4.1 Vessel operating expenses 64.0 52.5 Net income 40.5 93.4 Net income attributable to common stockholders 36.
Slide 12: Income Statement (Nine Months)
Income Statement * Nine months ended September 30, 2023 2022 $ Millions $ Millions Time charter revenues 202.1 214.3 Operating Expenses Voyage expenses 10.3 4.1 Vessel operating expenses 64.0 52.5 Depreciation and amortization of deferred charges 38.3 31.1 General and administrative expenses 24.6 22
Slide 13: Income Statement (Q3)
Income Statement * Three months ended September 30, 2023 2022 $ Millions $ Millions Time charter revenues 62.1 73.8 Operating Expenses Voyage expenses 2.9 3.4 Vessel operating expenses 21.2 17.7 Depreciation and amortization of deferred charges 11.6 10.6 General and administrative expenses 8.9 7.0 M
Slide 14: Balance Sheet
Balance Sheet * September 30, 2023 December 31, 2022 Assets $ Millions $ Millions • As of September 30, 2023 $657.4 million Total Debt Cash, cash equivalents, restricted cash and time deposits 173.6 143.9 • $173.6 million of Cash** Other current assets 19.0 17.6 • Net Debt of $492.0 million Fixed as
Slide 15: Current Debt Amortization Profile
Current Debt Amortization Profile* CREDIT FACILITIES MATURITIES SLB PURCHASE OBLIGATION SENIOR UNSECURED BOND MATURITY CREDIT FACILITIES AMORTIZATION SLB AMORTIZATION 200 180 160 140 US$ million 120 $119.1 $104.6 100 $181 $163 80 60 $37.3 40 $73 $51.8 $51.8 $51.8 $48.1 $61 $62 $3.8 $26.0 $24.8 $40 2
Slide 16: Current Debt Balance Profile
Current Debt Balance Profile* PROJECTED SENIOR UNSECURED BOND BALANCE PROJECTED SLB UNAMORTIZED BALANCE PROJECTED LOAN BALANCES OUTSTANDING 700 600 $119 $119 500 $133 $119 $123 US$ million 400 $114 300 $103 200 $398 $346 $294 $93 $243 100 $82 $90 $70 $28 $34 $27 0 $9 $5 $1 2023 2024 2025 2026 2027 2
Slide 17: Modest All-in Breakeven Costs
Modest All-in Breakeven Costs 3% 17% Interest expense, net of interest and dividend income $2,726* 25% 3% Dry-dock provision $383** 10% G&A $1,619*** Free Cash Flow Per Day Breakeven Voyage expenses $916** Per Vessel =$15,700 6% Opex $5,691** Debt Amortization $3,980** 36% Preferred Dividend $385**
Slide 18: 12-month Timecharter Rates
12-month Timecharter Rates Capesize Panamax Supramax 35,000 30,000 25,000 20,000 US$ / day 15,000 10,000 5,000 0 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 12.0% Iron ore Minor bulk Grains & Soybeans Coal Annual GDP World 10.0% 30,000 4.8% 8.0% 25,000 6.0% CAGR (2002-e2023) 9.2% 20,000 4.0% 2.0% 15,000 5.3% 0.0% 10,000 -2.0% 5,000 9.6% -4.0% 0 -6.0% 2001 2002 2003 2004 2005 2
Slide 20: Dry bulk orderbook
Dry bulk orderbook The dry bulk orderbook is near the 20-year low point, total orderbook as % of total fleet is 8.1% 350 120.0% Dry bulk orderbook in % of existing fleet Total dry bulk Capesize Panamax Panamax Capesize Smaller bulk vessels 300 100.0% 250 80.0% 200 60.0% 150 40.0% 100 20.0% 50 0 0.0%
Slide 21: Pros and cons impacting currently the dry bulk shipping industry
Pros and cons impacting currently the dry bulk shipping industry On the positive side: - Near record low newbuilding orderbook - Indian major infrastructure projects in the pipeline - Chinese purchases of U.S. agricultural goods - Sailing restrictions in the Panama Canal - Retrofitting of environmen
Slide 22: Diana Shipping Inc.'s Summary
Diana Shipping Inc.’s Summary Focused on our goal of generating and securing free cash flows. Maintain a strong balance sheet through active capital structure management, allowing us to act opportunistically Renewing and modernizing our fleet and taking advantage of enticing sustainable shipping pro
Slide 23: Q&A
Q&A = DIANA SHIPPING INC: