Diana Shipping Inc. · NYSE:DSX
Diana Shipping — Q4 2023 Earnings Presentation
24 slides from Diana Shipping's earnings presentation, Feb 23, 2024
Slide 1: Financial Results for the 4th Quarter of 2023
We create to share Financial Results for the 4th Quarter of 2023 February 23, 2024
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 4th Quarter of 2023
Financial Results for the 4th 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 41 vessels 99.7% points in the water* AVERAGE FLEET UTILIZATION** (+) 2 vessels to be delivered* Other Ultramax Grains 10.9% 12% 7.8% Kamsarmax Capesize 11% 36% 4.5 MIL DWT 25.67 MIL MT CARRYING CARGO CARRIED Coal Post-Panamax CAPACITY* 32.7% 2023** 10% Iron Ore 48.7% 1,018 *** Newcastle
Slide 6: Highlights of the 4th Quarter 2023 and recent developments
Highlights of the 4th Quarter 2023 and recent developments • Announced the signing of the 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. • The abovementioned investment of US$92 million was presented as
Slide 7: Recent Chartering Activity
Recent Chartering Activity • We secured charter on 3 Ultramax vessels* at a weighted average daily rate of $13,951 for an average period of 457 days** and a remaining period of 401 days** • We secured charter on 3 Panamax/Kamsarmax/Post-Panamax vessels* at a weighted average daily rate of $15,631 fo
Slide 8: Charter coverage by vessel
VESSEL TYPE BUILT RATE CHARTERER Q Q Q Q Q Q Q Q Q Florida* Capesize 2022 $25,900 Bunge S.A., Geneva 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 HIR
Slide 9: Financial Highlights for the 4th Quarter 2023
Financial Highlights for the 4th Quarter 2023 * Three months ended December 31, 2023 2022 TC Revenues $60.0m $75.7m Earnings per common share, diluted $0.06 $0.27 December 31, 2023 December 31, 2022 Cash, cash equivalents, time deposits and restricted $161.6m $143.9m cash Long-term debt and finance
Slide 10: Summary of Selected Financial & Other Data (Q4)
Summary of Selected Financial & Other Data * Three months ended December 31, 2023 2022 Statement of Income Data $ Millions $ Millions Time charter revenues 60.0 75.7 Voyage expenses 3.3 2.8 Vessel operating expenses 21.5 19.5 Net income 9.4 25.7 Net income attributable to common stockholders 7.9 24.
Slide 11: Summary of Selected Financial & Other Data (Year)
Summary of Selected Financial & Other Data * Year ended December 31, 2023 2022 Statement of Income Data $ Millions $ Millions Time charter revenues 262.1 290.0 Voyage expenses 13.6 6.9 Vessel operating expenses 85.5 72.0 Net income 49.8 119.1 Net income attributable to common stockholders 44.1 113.3
Slide 12: Income Statement (Q4)
Income Statement * Three months ended December 31, 2023 2022 $ Millions $ Millions Time charter revenues 60.0 75.7 Operating Expenses Voyage expenses 3.3 2.8 Vessel operating expenses 21.5 19.5 Depreciation and amortization of deferred charges 11.5 12.2 General and administrative expenses 8.4 7.4 Ma
Slide 13: Income Statement (Year ended December 31)
Income Statement * Year ended December 31, 2023 2022 $ Millions $ Millions Time charter revenues 262.1 290.0 Operating Expenses Voyage expenses 13.6 6.9 Vessel operating expenses 85.5 72.0 Depreciation and amortization of deferred charges 49.8 43.3 General and administrative expenses 33.0 29.4 Manag
Slide 14: Balance Sheet
Balance Sheet * December 31, 2023 December 31, 2022 Assets $ Millions $ Millions • As of December 31, 2023 $642.8 million Total Debt Cash, cash equivalents, restricted cash and time deposits 161.6 143.9 • $161.6 million of Cash** Investments in equity securities 20.7 - • Net Debt of $488.7 million O
Slide 15: Current Debt Amortization Profile
Current Debt Amortization Profile* CREDIT FACILITIES MATURITIES SLB PURCHASE OBLIGATION SENIOR UNSECURED BOND MATURITY CREDIT FACILITIES AMORTIZATION SLB AMORTIZATION 200 180 160 140 US$ million 120 $119.1 $104.6 100 $181 80 $163 60 $37.3 40 $73 $51.8 $51.8 $51.8 $48.1 $61 $62 $3.8 $24.8 $26.0 20 $1
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 $119 500 $119 $123 US$ million 400 $114 300 $103 200 $346 $294 $93 $243 100 $82 $90 $70 $28 $34 $27 0 $9 $5 $1 2024 2025 2026 2027 2028 2029 2030 2031 2
Slide 17: Modest All-in Breakeven Costs
Modest All-in Breakeven Costs 3% 17% Interest expense, net of interest and dividend income $2,747* 26% 2% 10% Dry-dock provision $290** G&A $1,624*** Free Cash Flow Per Day Breakeven Voyage expenses $909** Per Vessel =$15,808 6% Opex $5,704** Debt Amortization $4,149** 36% Preferred Dividend $385**
Slide 18: Breakeven vs Estimated Revenue for the remainder of 2024 & 2025
Breakeven vs Estimated Revenue for the remainder of 2024 & 2025 * Estimated Cash Uses vs TC Revenues Daily Estimated Cash Uses vs Daily TC Revenues $300 $20,000 $17,500 $16,396 $16,614 $250 $15,808 + $588 $15,808 + $806 $230.4 $219.3 per day per day + $11.2 $15,000 $200.0 million Unfixed avg $200 $1
Slide 19: 12-month Timecharter Rates
12-month Timecharter Rates Capesize Panamax Supramax 35,000 30,000 25,000 20,000 US$/day 15,000 10,000 5,000 0 Source: Clarksons SIN We create to share 19
Slide 20: 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 4.5% 8.0% 25,000 6.0% CAGR (2003-e2024) 7.9% 20,000 4.0% 2.0% 15,000 0.0% 5.2% 10,000 -2.0% 5,000 -4.0% 9.0% 0 -6.0% Source: Clarksons SIN We c
Slide 21: Dry bulk orderbook
Dry bulk orderbook The dry bulk orderbook is near the 20-year low point, total orderbook as % of total fleet is 8.5% 350 120.0% Dry bulk orderbook in million DWT Dry bulk orderbook in % of existing fleet Panamax Capesize Smaller bulk vessels Total dry bulk Capesize Panamax 300 100.0% 250 80.0% 200 6
Slide 22: Pros and cons currently impacting the dry bulk shipping industry
Pros and cons currently impacting 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 and other attractively priced bulk commodities - Sailing restrictions i
Slide 23: Diana Shipping Inc.'s Summary
Diana Shipping Inc.’s Summary Committed to generating and securing free cash flows. Prudently and actively manage our balance sheet, allowing us to take advantage of the opportunities presented. Continue to renew and modernize our fleet and enhance our ecological footprint in greener investments. Ad
Slide 24: Q&A
Q&A = DIANA SHIPPING INC: