Diana Shipping Inc. Reports Q2 2024 Financial Results

TL;DR

Diana Shipping dropped its Q2 2024 earnings report today, check Exhibit 99.1 for the deets.

AI Summary

Diana Shipping Inc. announced its financial results for the second quarter ended June 30, 2024, via a press release dated July 31, 2024. This report is filed on Form 6-K and incorporates the press release as Exhibit 99.1. The company's registration statements on Form F-3 are also updated with this information.

Why It Matters

This filing provides investors with the latest financial performance data for Diana Shipping Inc., crucial for understanding the company's operational and financial health.

Risk Assessment

Risk Level: low — This is a routine financial results filing and does not introduce new risks.

Key Players & Entities

• Diana Shipping Inc. (company) — Registrant and subject of the financial results
• July 31, 2024 (date) — Date of the press release announcing financial results
• June 30, 2024 (date) — End date of the second quarter for which financial results are reported
• Exhibit 99.1 (document) — Contains the press release with financial results
• Form F-3 (document) — Registration statements updated with this filing's information

FAQ

Key Financial Figures

• $0.075 — NE 30, 2024; DECLARES CASH DIVIDEND OF $0.075 PER COMMON SHARE FOR THE SECOND QUARTER
• $2.8 million — k vessels, today reported a net loss of $2.8 million and a net loss attributed to common sto
• $4.2 million — ss attributed to common stockholders of $4.2 million for the second quarter of 2024. This co
• $10.4 million — of 2024. This compares to net income of $10.4 million and net income attributed to common sto
• $8.9 million — me attributed to common stockholders of $8.9 million for the second quarter of 2023. Loss pe
• $0.04 b — hare for the second quarter of 2024 was $0.04 basic and diluted, compared to earnings p
• $0.09 b — uted, compared to earnings per share of $0.09 basic and diluted in the same quarter in
• $56.0 million — er in 2023. Time charter revenues were $56.0 million for the second quarter of 2024, compare
• $67.4 million — the second quarter of 2024, compared to $67.4 million for the same quarter of 2023. The decre
• $0.7 million — months ended June 30, 2024, amounted to $0.7 million and net loss attributed to common stock
• $3.6 million — uted to common stockholders amounted to $3.6 million. This compares to net income of $33.1 m
• $33.1 million — million. This compares to net income of $33.1 million and net income attributed to common sto
• $30.2 m — me attributed to common stockholders of $30.2 million, for the same period in 2023. Tim
• $113.6 million — he six months ended June 30, 2024, were $113.6 million , compared to $140.0 million in the sam
• $140.0 million — 2024, were $113.6 million , compared to $140.0 million in the same period of 2023 . Loss per s

Filing Documents

• d11434420_6k.htm (6-K) — 411KB
• 0000919574-24-004181.txt ( ) — 412KB

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. DIANA SHIPPING INC. (registrant) Dated: July 31, 2024 By: /s/ Ioannis Zafirakis Ioannis Zafirakis Chief Financial Officer Exhibit 99.1 Corporate Contact: Ioannis Zafirakis Director, Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary Telephone: + 30-210-9470100 Email: izafirakis@dianashippinginc.com Website: www.dianashippinginc.com X: @Dianaship For Immediate Release Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: enebb@optonline.net DIANA SHIPPING INC. REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2024; DECLARES CASH DIVIDEND OF $0.075 PER COMMON SHARE FOR THE SECOND QUARTER 2024 ATHENS, GREECE, July 31, 2024 – Diana Shipping Inc. (NYSE: DSX), (the "Company"), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today reported a net loss of $2.8 million and a net loss attributed to common stockholders of $4.2 million for the second quarter of 2024. This compares to net income of $10.4 million and net income attributed to common stockholders of $8.9 million for the second quarter of 2023. Loss per share for the second quarter of 2024 was $0.04 basic and diluted, compared to earnings per share of $0.09 basic and diluted in the same quarter in 2023. Time charter revenues were $56.0 million for the second quarter of 2024, compared to $67.4 million for the same quarter of 2023. The decrease in time charter revenues, compared to the same quarter last year, was due to decreased average charter rates and ownership days. Net loss for the six months ended June 30, 2024, amounted to $0.7 million and net loss attributed to common stockholders amounted to $3.6 million. This compares to net income of $33

forward-looking statements

forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management's examination of historical operating trends, data contained in the Company's records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company's control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in the Company's view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company's operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company's vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, including risks associated with the continuing conflict between Russia and Ukraine and related sanctions, potential disruption of shipping routes due to accidents or political events, including the escalation of the conflict in the Middle East, vessel breakdowns and instances of off-hires and other factors. Please see the Company's filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligatio

forward-looking statements, whether as a result of new information, future events or otherwise

forward-looking statements, whether as a result of new information, future events or otherwise. (See financial tables attached) DIANA SHIPPING INC. FINANCIAL TABLES Expressed in thousands of U.S. Dollars, except share and per share data UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) Three months ended June 30, Six months June 30, 2024 2023 2024 2023 REVENUES: Time charter revenues $ 56,000 $ 67,379 $ 113,648 $ 140,021 OPERATING EXPENSES Voyage expenses 3,145 3,553 6,413 7,364 Vessel operating expenses 21,269 22,599 42,133 42,763 Depreciation and amortization of deferred charges 11,004 13,407 22,106 26,661 General and administrative expenses 8,197 8,013 16,729 15,695 Management fees to a related party 333 333 666 647 Gain on sale of vessels - - (1,572 ) (4,995 ) Other operating income/ (loss) (104 ) 20 (389 ) (189 ) Operating income, total $ 12,156 $ 19,454 $ 27,562 $ 52,075 OTHER INCOME / (EXPENSES): Interest expense and finance costs (11,594 ) (12,187 ) (23,650 ) (23,845 ) Interest and other income 2,041 1,972 3,776 3,746 Gain on derivative instruments 23 - 361 - Loss on extinguishment of debt - (704 ) - (748 ) Gain on deconsolidation of subsidiary - 844 - 844 Gain/(loss) on investments (3,467 ) 761 (1,751 ) 761 Loss on warrants (2,090 ) - (6,773 ) - Gain/(loss) from equity method investments 167 224 (231 ) 244 Total other expenses, net $ (14,920 ) $ (9,090 ) $ (28,268 ) $ (18,998 ) Net comprehensive income/(loss) $ (2,764 ) $ 10,364 $ (706 ) $ 33,077 Dividends on series B preferred shares (1,442 ) (1,442 ) (2,884 ) (2,884 ) Net comprehensive income/(loss) attributable to common stockholders (4,206 ) 8,922 (3,590 ) 30,193 Earnings/(loss) per common share, basic $ (0.04 ) $ 0.09 $ (0.03 ) $ 0.31 Earnings/(loss) per common share, diluted $ (0.04 ) $ 0.09 $ (0.03 ) $ 0

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