Diana Shipping(DSX) - 2025 Q1 - Quarterly Report

Financial and Operational Highlights Diana Shipping Inc. reported Q1 2025 net income of $3.0 million, with time charter revenues of $54.9 million, driven by improved fleet utilization and TCE rate Q1 2025 vs Q1 2024 Financial Performance (in thousands of US Dollars) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Time charter revenues | $54,937 | $57,648 | | Net income | $2,997 | $2,058 | | Net income attributable to common stockholders | $1,555 | $616 | | Earnings per share (basic and diluted) | $0.01 | $0.01 | - The decrease in time charter revenues compared to Q1 2024 was attributed to a reduction in ownership days, which was partly counteracted by an increase in average charter rates and higher fleet utilization[2] Q1 2025 vs Q1 2024 Fleet Performance | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Fleet utilization | 99.6% | 99.1% | | Time charter equivalent (TCE) rate | $15,739 | $15,051 | | Daily vessel operating expenses | $5,866 | $5,775 | | Ownership days | 3,401 | 3,613 | Dividend Declaration The company declared a cash dividend of $0.01 per common share for Q1 2025, payable around June 24, 2025 - A cash dividend of $0.01 per share has been declared for Q1 2025[3] - The dividend will be paid around June 24, 2025, to shareholders of record as of June 17, 2025[3] - The company has 115,772,780 common shares issued and outstanding[3] Fleet Employment (As of May 27, 2025) As of May 27, 2025, the company's fleet consists of 38 dry bulk vessels across six size categories, with details on their charter status - The fleet consists of 38 dry bulk vessels across six size categories: Ultramax, Panamax, Kamsarmax, Post-Panamax, Capesize, and Newcastlemax[4][5] - The vessel 'Alcmene' was sold and delivered to its new owners on March 13, 2025[8] - The vessel 'Selina' is currently without an active charter party and is undergoing scheduled drydocking[7] - Several vessels, including 'Florida' and 'Santa Barbara', are bareboat chartered-in for long-term periods of ten and eight years, respectively[5][7][9] Consolidated Financial Statements This section presents the unaudited consolidated statements of income, balance sheet data, and cash flow information for the company Unaudited Consolidated Statements of Income For Q1 2025, time charter revenues decreased to $54.9 million, while net income increased to $3.0 million due to lower other expenses Consolidated Statement of Income Highlights (in thousands of US Dollars) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Time charter revenues | $54,937 | $57,648 | | Total operating expenses | $41,330 | $42,243 | | Operating income, total | $13,607 | $15,405 | | Total other expenses, net | ($10,610) | ($13,347) | | Net income | $2,997 | $2,058 | | Net income attributable to common stockholders | $1,555 | $616 | Condensed Consolidated Balance Sheet Data As of March 31, 2025, total assets were $1.144 billion, with cash decreasing to $187.7 million and total stockholders' equity at $484.8 million Condensed Consolidated Balance Sheet (in thousands of US Dollars) | Category | March 31, 2025 (unaudited) | December 31, 2024 | | :--- | :--- | :--- | | ASSETS | | | | Cash, cash equivalents, etc. | $187,653 | $207,166 | | Fixed assets | $861,924 | $880,145 | | Total assets | $1,143,647 | $1,171,018 | | LIABILITIES & EQUITY | | | | Long-term debt and finance liabilities | $623,895 | $637,525 | | Total stockholders' equity | $484,812 | $505,057 | | Total liabilities and stockholders' equity | $1,143,647 | $1,171,018 | Other Financial Data (Cash Flow) Net cash from operating activities decreased to $17.2 million in Q1 2025, while investing activities provided $10.5 million, and financing activities used $39.8 million Cash Flow Summary (in thousands of US Dollars) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $17,212 | $37,965 | | Net cash provided by/(used in) investing activities | $10,544 | ($21,049) | | Net cash used in financing activities | ($39,769) | ($16,534) | Supplementary Information This section provides details on non-GAAP measures, conference call information, company overview, and cautionary statements regarding forward-looking information Non-GAAP Measures The Time Charter Equivalent (TCE) rate, a non-GAAP measure, is used to assess and compare vessel profitability across different charter types - Time charter equivalent rate (TCE) is a non-GAAP measure used by management to assess vessel profitability and compare earnings across different charter types[12] - TCE is calculated as time charter revenues less voyage expenses, divided by the number of available days in the period[12] Conference Call and Webcast Information A conference call and webcast for Q1 2025 results will be held on Thursday, May 29, 2025, at 9:00 A.M. Eastern Time, with replay options - The company will host a conference call and webcast on Thursday, May 29, 2025, at 9:00 A.M. (Eastern Time)[13] - Investors can access the webcast and an accompanying presentation via the company's website or by telephone[14] - A replay of the webcast and a telephone replay will be available for 30 days after the call[15] About the Company Diana Shipping Inc. is a global provider of dry bulk shipping services, owning and chartering vessels for transporting commodities on short to medium-term charters - Diana Shipping Inc. provides global shipping services through its ownership and bareboat charter-in of dry bulk vessels[16] - The vessels transport dry bulk commodities like iron ore, coal, and grain, and are typically employed on short to medium-term time charters[16] Cautionary Statement Regarding Forward-Looking Statements This section outlines forward-looking statements, subject to uncertainties and risks including economic conditions, charter rates, operating expenses, and geopolitical events - The report contains forward-looking statements based on management's assumptions, which are subject to significant uncertainties[17][19] - Key risk factors include world economic conditions, charter rate fluctuations, changes in operating expenses, geopolitical events (e.g., Russia-Ukraine conflict, Middle East conflict), and potential litigation[20]