Diana Shipping Inc. · NYSE:DSX
Diana Shipping — Q3 2021 Earnings Presentation
23 slides from Diana Shipping's earnings presentation, Nov 17, 2021
Slide 1: Financial Results for the 3rd Quarter of 2021
We create to share Financial Results for the 3rd Quarter of 2021 November 17, 2021
Slide 2: 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 3: 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 Company’
Slide 4: Diana's key points
Diana’s key 36 vessels in the water 98.9% points +1 vessel TBD* AVERAGE FLEET UTILIZATION*** 6 vessels mortgage free** Other Kamsarmax 4.0% Grains 7.0% 9% Coal Post-Panamax 16.0% 10% 4.6 MIL DWT Capesize 38.8 MIL MT CARRYING 46% CARGO CARRIED Newcastlemax CAPACITY 2020 18% 856 **** Panamax Iron Ore
Slide 5: Highlights of the 3rd Quarter 2021 and recent developments
Highlights of the 3rd Quarter 2021 and recent developments • Strongest nine months results since 2012 • In November 2021, paid a cash dividend in the amount of US$0.10 per common share to shareholders • In October 2021, received approval for the listing of the common shares of OceanPal Inc. on the N
Slide 6: Financial Highlights for the 3rd Quarter 2021
Financial Highlights for the 3rd Quarter 2021 Three months ended September 30, 2021 2020 TC Revenues $57.3m $42.3m Earnings/(Loss) per common share, diluted $0.16 ($0.17) September 30, 2021 December 31, 2020 Cash, Cash Equivalents and Restricted cash $146.2m $82.9m Long-term debt, net of deferred fi
Slide 7: Recent Chartering Activity
Recent Chartering Activity* We secured charters on 11 vessels* • 9 Panamax/Kamsarmax/Post-Panamax vessels chartered at a weighted average daily rate of $25,858 for a remaining average period of 336 days per vessel**, compared to weighted average daily rate of $25,693 for previous quarter’s charterin
Slide 8: Income Statement
Income Statement * Three months ended September 30, 2021 2020 $ Millions $ Millions Time charter revenues 57.3 42.3 Expenses Voyage expenses 0.7 2.9 Vessel operating expenses 18.8 21.3 Depreciation and amortization of deferred charges 10.3 9.4 General and administrative expenses 7.2 9.5 Management f
Slide 9: Income Statement
Income Statement * Nine months ended September 30, 2021 2020 $ Millions $ Millions Time charter revenues 145.4 127.1 Expenses Voyage expenses 4.7 10.5 Vessel operating expenses 56.6 63.4 Depreciation and amortization of deferred charges 30.4 32.7 General and administrative expenses 21.1 25.7 Managem
Slide 10: Balance Sheet
Balance Sheet * September 30, 2021 December 31, 2020 Assets $ Millions $ Millions • As of September 30, 2021 $435 million Total Debt** Cash, cash equivalents and restricted cash 146.2 82.9 • $146.0 million of Cash*** Other current assets 14.7 41.8 • Net Debt of $297 million Vessels, net 682.1 716.2
Slide 11: Summary of Selected Financial & Other Data
Summary of Selected Financial & Other Data Three months ended September 30, 2021 2020 Statement of Operations Data ($ Millions) Time charter revenues 57.3 42.3 Voyage expenses 0.7 2.9 Vessel operating expenses 18.8 21.3 Net income/(loss) 14.7 (13.2) Net income/(loss) attributed to common stockholder
Slide 12: Summary of Selected Financial & Other Data
Summary of Selected Financial & Other Data Nine months ended September 30, 2021 2020 Statement of Operations Data ($ Millions) Time charter revenues 145.4 127.1 Voyage expenses 4.7 10.5 Vessel operating expenses 56.6 63.4 Net income/(loss) 16.3 (126.8) Net income/(loss) attributed to common stockhol
Slide 13: Current Debt Amortization Profile
Current Debt Amortization Profile 200 MATURITIES AMORTIZATION 180 160 140 120 US$ million 100 $159 80 $151.6 60 $45.3 $87.7 $107 $85 40 20 $43.3 $40.2 $19.2 $17.4 $12.4 $11.6 $7.2 0 $3.8 $3.8 2021 2022 2023 2024 2025 2026 2027 2028 2029 - 2032 We create to share 13
Slide 14: Modest All-in Breakeven Costs
Modest All-in Breakeven Costs Net Interest Expense $1,473* 25% Drydock Provision $852* 3% 3% G&A $1,660** 11% Free Cash Flow Operating Expenses $5,577* Per Day Breakeven Per Vessel =$13,948 Debt Amortization $3,491* 40% 6% Voyage Expenses $468* 12% Preferred Dividend $427* As of November 10, 2021 20
Slide 15: Breakeven vs Estimated Revenue for the remainder of 2021 & 2022
Breakeven vs Estimated Revenue for the remainder of 2021 & 2022 * Estimated Cash Uses vs TC Revenues Daily Estimated Cash Uses vs Daily TC Revenues $300 $30,000 $263.5 $250 $25,000 $21,971 $21,330 + $91.2 Unfixed avg million TC rate*** $200 $20,000 $172.3 + $8,023 $18,018 + $7,382 USD per day USD mi
Slide 16: Dry Bulk Market Overview
Dry Bulk Market Overview Capesize 180k dwt (left axis) Kamsarmax 82k dwt (left axis) Panamax 75k dwt (left axis) BDI (right axis) $40,000 6,000 5,500 $35,000 5,000 $30,000 4,500 1yr TC rates (USD per day) 4,000 $25,000 3,500 $20,000 3,000 Baltic Dry Index 2,500 $15,000 2,000 $10,000 1,500 1,000 $5,0
Slide 17: 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 4.9% 8% 25,000 6% CAGR (2000-f2021) 8.2% 20,000 4% 2% 15,000 3.6% 0% 10,000 -2% 5,000 12.7% -4% 0 -6% 2000 2001 2002 2003 2004 2005 2006 2007 2008
Slide 18: Major Seaborne Commodity Prices
Major Seaborne Commodity Prices 440% Chinese Steel US Wheat US Corn Chinese Iron Ore Australian Thermal Coal 420% 400% 380% Increase YTD 360% Chinese Steel +36% 340% 320% US Wheat +31% 300% US Corn +23% Index points 280% 260% Chinese Iron Ore -21% 240% Australian Thermal Coal +185% 220% 200% 180% 16
Slide 19: Dry bulk orderbook at a historical low
Dry bulk The dry bulk orderbook is at a 20-year low point, orderbook is total orderbook in % of total fleet is <7% at a historical low Dry bulk orderbook in million DWT Dry bulk orderbook in % of existing fleet 350 Panamax Capesize Smaller bulk vessels 120.0% Total dry bulk Capesize Panamax 300 100.
Slide 20: Diana Shipping Inc.'s Summary
Diana Shipping Inc.’s Summary Robust balance sheet and low cash flow breakeven points Strong positive cash flows, enhancing the ability to pay quarterly dividends Conditions accommodate potential growth and fleet renewal Maintain disciplined strategy, which protects the downside and allows for share
Slide 21: Q&A
Q&A = DIANA SHIPPING INC.
Slide 22: Appendix
Appendix = DIANA SHIPPING INC.
Slide 23: Non-speculative & disciplined employment strategy
Non- speculative & disciplined Average Daily employment strategy TC Rate of Fixed Revenues 16,097*** for the year 2021 *The charter rate is $17,750 per day for the first one hundred five (105) days of the charter period. **Vessel sold and delivered to her new owners on July 30, 2021. ***As of Novemb