Diana Shipping Inc. · NYSE:DSX
Diana Shipping — Q1 2024 Earnings Presentation
22 slides from Diana Shipping's earnings presentation, May 28, 2024
Slide 1: Financial Results for the 1st Quarter of 2024
We create to share Financial Results for the 1st Quarter of 2024 May 28, 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 1st Quarter of 2024
Financial Results for the 1st Quarter of 2024 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 39 vessels 99.1% in the water* points AVERAGE FLEET UTILIZATION** 2 Methanol Dual Fuel New- Building vessels to be delivered 40% 37% 35% 4.4 CARRYING MIL DWT 5.9mil MT 30% CAPACITY* cargo carried in 25% 19% Q1 2024 20% 15% 12% 11% 11% 11% 10% 5% 946k MT of 2.5mil MT of 2.3mil MT of 993 *
Slide 6: Highlights of the 1st Quarter 2024 and recent developments
Highlights of the 1st Quarter 2024 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. • Expanded our investment in the offshore wind service vessels (C
Slide 7: Recent Chartering Activity
Recent Chartering Activity $30,000 Weighted average contracted charter rate $27,150 $25,000 452 days $20,000 ($ per day) $16,500 $14,728 472 days $15,000 1 vsl 543 days $10,000 1 vsl $5,000 4 vsls $0 ULTRAMAX PANAMAX, POST-PANAMAX CAPESIZE VESSEL TYPE BUILT RATE Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q
Slide 8: Strategy
VESSEL TYPE BUILT RATE CHARTERER Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Non- Fleet Average 2013 $15.801 speculative & Florida* Capesize 2022 $25.900 Bunge S.A., Geneva u disciplined Crystalia Panamax 2014 $13.900 Reachy Shipping Pte. Ltd. Average Daily u employment P.S. Palios Capesiz
Slide 9: Financial Highlights for the 1st Quarter 2024
Financial Highlights for the 1st Quarter 2024* 1st Quarter 2024 1st Quarter 2023 TC Revenues $57.6m $72.6m Adjusted EBITDA** $27.8m $45.9m Net Income and comprehensive income $2.1m $22.7m Earnings Per Common Share, $0.01 $0.22 Diluted March 31, 2024 December 31, 2023 Cash, cash equivalents, time dep
Slide 10: Summary of Selected Financial & Other Data
Summary of Selected Financial & Other Data* Three months ended March 31, 2024 2023 Statement of Income Data $ Millions $ Millions Time charter revenues 57.6 72.6 Voyage expenses 3.3 3.8 Vessel operating expenses 20.9 20.2 Net income 2.1 22.7 Net income attributable to common stockholders 0.6 21.3 Fl
Slide 11: Current Debt Profile
Current Debt Profile* CREDIT FACILITIES MATURITIES SLB PURCHASE OBLIGATION SENIOR UNSECURED BOND MATURITY 200 CREDIT FACILITIES AMORTIZATION SLB AMORTIZATION 180 160 Amortization Profile 140 US$ million 120 $119.1 $104.6 100 80 60 $37.3 40 $51.8 $51.8 $48.1 $38.8 $3.8 $26.0 20 $24.8 $15.4 $3.8 $24.4
Slide 12: 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 + $957 + $486 per day $17,226 + $13.2 $238.9 $16,269 per day $16,755 $16,269 million $17,500 $250 $225.7 387 387 399 Unfixed avg 399 $5.4 $
Slide 13: Dividend payout since 2021
Dividend payout since 2021 Cash dividend per share Dividend in kind per share $3.00 Cumulative dividend paid since 2021 = $2.565 per common share $2.50 $0.075 $0.075 $0.070 $0.150 Cumulative dividend payout $0.150 $2.00 $0.101 $0.150 $0.150 $1.50 $0.184 $0.175 $0.275 $1.00 $0.250 $0.200 $0.50 $0.459
Slide 14: Dry Bulk Market Overview
Dry Bulk Market Overview Capesize Panamax Supramax 35,000 30,000 25,000 20,000 US$/day 15,000 10,000 5,000 0 Source: Clarksons SIN We create to share 14
Slide 15: 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 4.9% 8.0% 25,000 6.0% CAGR (2003-e2024) 8.8% 20,000 4.0% 2.0% 15,000 0.0% 4.9% 10,000 -2.0% 5,000 -4.0% 9.4% 0 -6.0% Source: Clarksons SIN We c
Slide 16: 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 17: Positive and negative factors impacting the dry bulk shipping industry
Positive and negative factors impacting the dry bulk shipping industry On the positive side: - Relatively low newbuilding orderbook with deliveries spread over the next four years. - Sailing restrictions in the Panama Canal. - Red Sea risks of attack increasing ton miles. - China’s contraction of do
Slide 18: Diana Shipping Inc.'s Summary
Diana Shipping Inc.’s Summary Adhere to our strategy of providing relative stability in a cyclical business, anchored on the prudent and active management of our balance sheet. Continue to renew and modernize our fleet and enhance our ecological footprint in greener investments. Committed to generat
Slide 19: Q&A
Q&A = DIANA SHIPPING INC:
Slide 20: Appendix
Appendix - Income Statement for the three months ended March 31, 2024 and March 31, 2023 - Balance Sheet as of March 31, 2024 and December 31, 2023 We create to share 20
Slide 21: Income Statement
Income Statement Three months ended March 31, 2024 2023 REVENUES: Time charter revenues $ 57,648 $ 72,642 OPERATING EXPENSES Voyage expenses 3,268 3,811 Vessel operating expenses 20,864 20,164 Depreciation and amortization of deferred charges 11,102 13,254 General and administrative expenses 8,533 7
Slide 22: Balance Sheet
Balance Sheet December 31, March 31, 2024 2023* ASSETS (unaudited) Cash, cash equivalents, restricted cash and time deposits $ 161,974** $ 161,592** Investments in equity securities - 20,729 Other current assets 41,993 19,900 Fixed assets 904,007 924,474 Investments in related parties and equity met