Diana Shipping Inc. · NYSE:DSX
Diana Shipping — Q2 2022 Earnings Presentation
23 slides from Diana Shipping's earnings presentation, Jul 28, 2022
Slide 1: Financial Results for the 2nd Quarter of 2022
We create to share Financial Results for the 2nd Quarter of 2022 July 28, 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 2nd Quarter of 2022
Financial Results for the 2nd 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 99.1% points in the water* AVERAGE FLEET UTILIZATION*** 5 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 856 18% Iron Ore 49.3% **** Panamax people
Slide 6: Highlights of the 2nd Quarter 2022 and recent developments
Highlights of the 2nd Quarter 2022 and recent developments • In May 2022, declared a cash dividend in the amount of US$0.25 per common share, in the aggregate amount of approximately US$21.6m • In June 2022, signed a Memorandum of Agreement for the sale of m/v Baltimore, in the aggregate sale price
Slide 7: Financial Highlights for the 2nd Quarter 2022
Financial Highlights for the 2nd Quarter 2022 * Three months ended June 30, 2022 2021 TC Revenues $74.5m $47.0m Earnings per common share, diluted $0.42 $0.02 June 30, 2022 December 31, 2021 Cash, Cash Equivalents and Restricted cash $130.3m $126.8m Long-term debt and lease obligation, net of $451.7
Slide 8: Recent Chartering Activity
Recent Chartering Activity We secured charters on 5 vessels* • 3 Panamax/Post-Panamax vessels chartered at a daily rate of $19,881 for a remaining average period of 188 days per vessel** • 2 Capesize vessels chartered at a weighted average daily rate of $21,922 for a remaining average period of 288
Slide 9: Summary of Selected Financial & Other Data
Summary of Selected Financial & Other Data * Three months ended June 30, 2022 2021 Statement of Operations Data ($ Millions) ($ Millions) Time charter revenues 74.5 47.0 Voyage expenses (1.1) 2.3 Vessel operating expenses 18.4 19.2 Net income 35.6 2.8 Net income, attributed to common stockholders 34
Slide 10: Summary of Selected Financial & Other Data
Summary of Selected Financial & Other Data * Six months ended June 30, 2022 2021 Statement of Operations Data ($ Millions) ($ Millions) Time charter revenues 140.5 88.1 Voyage expenses 0.7 4.1 Vessel operating expenses 34.8 37.7 Net income 61.6 1.5 Net income/(loss), attributed to common stockholder
Slide 11: Income Statement
Income Statement * Three months ended June 30, 2022 2021 $ Millions $ Millions Time charter revenues 74.5 47.0 Expenses Voyage expenses (1.1) 2.3 Vessel operating expenses 18.4 19.2 Depreciation and amortization of deferred charges 10.7 10.1 General and administrative expenses 7.9 7.2 Management fee
Slide 12: Income Statement
Income Statement * Six months ended June 30, 2022 2021 $ Millions $ Millions Time charter revenues 140.5 88.1 Expenses Voyage expenses 0.7 4.1 Vessel operating expenses 34.8 37.7 Depreciation and amortization of deferred charges 20.5 20.1 General and administrative expenses 14.9 13.9 Management fees
Slide 13: Balance Sheet
Balance Sheet * June 30, 2022 December 31, 2021 Assets $ Millions $ Millions • As of June 30, 2022 $451.7 million Total Debt** Cash, cash equivalents and restricted cash 130.3 126.8 • $130.3 million of Cash*** Other current assets 34.8 15.4 • Net Debt of $329.0 million Total fixed assets 720.3 682.6
Slide 14: Current Debt Amortization Profile
Current Debt Amortization Profile 200 MATURITIES SLB PURCHASE OBLIGATION AMORTIZATION 180 160 140 120 US$ million 100 80 $151.6 $159 60 $45.3 $84.2 $103 40 $85 20 $39.3 $16.4 $26.0 $29 $19.2 $17.4 $12.4 0 $7.2 $3.8 $3.8 2022 H2 2023 2024 2025 2026 2027 2028 2029 - 2032 500 PROJECTED LOAN BALANCES OU
Slide 15: Modest All-in Breakeven Costs
Modest All-in Breakeven Costs Interest expense, net of interest and dividend income $1,707* 25% 1% 3% Drydock Provision $1,014* 12% 7% G&A $1,652** Free Cash Flow 12% Per Day Breakeven Operating Expenses $5,615* Per Vessel =$13,977 Debt Amortization $3,417* 40% Voyage Expenses $107* Preferred Divide
Slide 16: Non-speculative & disciplined employment strategy
Non- speculative & disciplined Average Daily employment TC Rate of Fixed strategy Revenues 24,098*** for the remaining of 2022 *Bareboat charter-in. **Vessel sold and expected to be delivered to her new Average contract owners in the third quarter duration*** of 2022. 16% Unfixed 1.21 years ***As of
Slide 17: 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 $250 $25,000 $235.8 $22,881 Unfixed avg + $62.3 TC rate*** $200 million $20,000 $19,005 + $8,904 $16,674 $173.5 per day Unfixed + $5,028 Revenues*** per
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) 12.0% 20,000 4% 2% 15,000 5.7% 0% 10,000 -2% 5,000 10.8% -4% 0 -6% 2001 2002 2003 2004 2005 2006 2007 2008 2009
Slide 20: Major Seaborne Commodity Prices
Major Seaborne Commodity Prices 500% Chinese Steel US Wheat US Corn Chinese Iron Ore Australian Thermal Coal 475% 450% 425% 400% Increase YTD 375% Chinese Steel - 7% 350% 325% US Wheat + 23% 300% Index points US Corn + 26% 275% 250% Chinese Iron Ore + 12% 225% 200% Australian Thermal Coal +117% 175%
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 Remain focused on generating and securing free cash flows and rewarding our shareholders with potentially growing dividends Maintain a strong balance sheet that allows us to entertain creative growth and fleet renewal at the opportune time Committed to our long-term str
Slide 23: Q&A
Q&A = DIANA SHIPPING INC: