Diana Shipping Inc. Reports Q3 2024 Financial Results

TL;DR

Diana Shipping dropped its Q3 2024 earnings report via 6-K, check it for the latest numbers.

AI Summary

Diana Shipping Inc. filed a Form 6-K on November 25, 2024, incorporating a press release announcing its financial results for the third quarter ended September 30, 2024. This report is incorporated by reference into the company's effective registration statements on Form F-3.

Why It Matters

This filing provides investors with the latest financial performance data for Diana Shipping Inc., crucial for assessing the company's profitability and operational 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
• November 25, 2024 (date) — Filing Date
• September 30, 2024 (date) — End of Reporting Period
• Form 6-K (document) — Filing Type
• Form F-3 (document) — Incorporated Registration Statement

FAQ

Key Financial Figures

• $0.01 — ER 30, 2024; DECLARES CASH DIVIDEND OF $0.01 PER COMMON SHARE FOR THE THIRD QUARTER
• $3.7 million — k vessels, today reported net income of $3.7 million and a net income attributed to common s
• $2.3 million — me attributed to common stockholders of $2.3 million for the third quarter of 2024. This com
• $7.4 million — of 2024. This compares to net income of $7.4 million and net income attributed to common sto
• $5.9 million — me attributed to common stockholders of $5.9 million for the third quarter of 2023. Earnings
• $0.02 b — share for the third quarter of 2024 was $0.02 basic and $0.00 diluted, compared to earn
• $0.00 — ird quarter of 2024 was $0.02 basic and $0.00 diluted, compared to earnings per share
• $0.06 b — uted, compared to earnings per share of $0.06 basic and diluted in the same quarter of
• $57.5 million — er of 2023. Time charter revenues were $57.5 million for the third quarter of 2024, compared
• $62.1 million — the third quarter of 2024, compared to $62.1 million for the same quarter of 2023. The decre
• $3.0 million — s ended September 30, 2024, amounted to $3.0 million and net loss attributed to common stock
• $1.3 million — uted to common stockholders amounted to $1.3 million. This compares to net income of $40.5 m
• $40.5 million — million. This compares to net income of $40.5 million and net income attributed to common sto
• $36.1 million — me attributed to common stockholders of $36.1 million for the same period of 2023. Time chart
• $171.1 m — e months ended September 30, 2024, were $171.1 million, compared to $202.1 million in th

Filing Documents

• d11536549_6-k.htm (6-K) — 431KB
• 0000919574-24-006879.txt ( ) — 432KB

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: November 25, 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 THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2024; DECLARES CASH DIVIDEND OF $0.01 PER COMMON SHARE FOR THE THIRD QUARTER 2024 ATHENS, GREECE, November 25, 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 net income of $3.7 million and a net income attributed to common stockholders of $2.3 million for the third quarter of 2024. This compares to net income of $7.4 million and net income attributed to common stockholders of $5.9 million for the third quarter of 2023. Earnings per share for the third quarter of 2024 was $0.02 basic and $0.00 diluted, compared to earnings per share of $0.06 basic and diluted in the same quarter of 2023. Time charter revenues were $57.5 million for the third quarter of 2024, compared to $62.1 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 income for the nine months ended September 30, 2024, amounted to $3.0 million and net loss attributed to common stockholders amounted to $1.3 million. This c

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 September 30, Nine months September 30, 2024 2023 2024 2023 REVENUES: Time charter revenues $ 57,488 $ 62,062 $ 171,136 $ 202,082 OPERATING EXPENSES Voyage expenses 3,654 2,931 10,067 10,295 Vessel operating expenses 21,239 21,202 63,372 63,965 Depreciation and amortization of deferred charges 11,217 11,617 33,323 38,278 General and administrative expenses 8,384 8,909 25,113 24,604 Management fees to a related party 333 333 999 980 Gain on sale of vessels (4,227 ) - (5,799 ) (4,995 ) Other operating income/ (loss) 182 (703 ) (207 ) (894 ) Operating income, total $ 16,706 $ 17,773 $ 44,268 $ 69,849 OTHER INCOME / (EXPENSES): Interest expense and finance costs (12,198 ) (12,837 ) (35,848 ) (36,682 ) Interest and other income 2,232 2,295 6,008 6,040 Gain/(loss) on derivative instruments (548 ) 153 (187 ) 153 Loss on extinguishment of debt (3,475 ) - (3,475 ) (748 ) Gain on deconsolidation of subsidiary - - - 844 Gain/(loss) on investments (948 ) - (2,699 ) 761 Gain/ (Loss) on warrants 1,973 - (4,800 ) - Gain/(loss) from equity method investments (27 ) 2 (258 ) 246 Total other expenses, net $ (12,991 ) $ (10,387 ) $ (41,259 ) $ (29,386 ) Net comprehensive income $ 3,715 $ 7,386 $ 3,009 $ 40,463 Dividends on series B preferred shares (1,443 ) (1,442 ) (4,327 ) (4,327 ) Net comprehensive income/(loss) attributable to common stockholders 2,272 5,944 (1,318 ) 36,136 Earnings/(loss) per common share, basic $ 0.02 $ 0.06 $ (0.01 ) $ 0.36 Earnings/(loss) per common share, diluted $ - $

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View this 6-K filing on SEC EDGAR