updated 2/22/2011 7:46:03 AM ET 2011-02-22T12:46:03

ATHENS, Greece, Feb. 22, 2011 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in the transportation of dry bulk cargoes, today reported net income of $32.3 million for the fourth quarter of 2010, compared to net income of $27.6 million reported in the fourth quarter of 2009.

Time charter revenues were $73.0 million for the fourth quarter of 2010, compared to $58.6 million for the same period of 2009, mainly due to the addition to the Company's fleet of the vessels m/v Melite, m/v New York and m/v Alcmene, delivered in January, March and November 2010, respectively, and the participation of the Company in Diana Containerships Inc., which was a majority-owned subsidiary during the fourth quarter 2010.

Net income to Diana Shipping Inc. for 2010 amounted to $128.8 million, compared to net income of $121.5 million for 2009. Time charter revenues were $275.4 million for 2010, compared to $239.3 million for 2009.

Fleet Employment Profile (As of February 22, 2011) ^
Currently Diana's fleet is employed as follows:
               
Vessel Sister Ships* Gross Rate

(USD Per Day)
Com** Charterer Delivery Date

to Charterer
Redelivery Date to Owners*** Notes
BUILT DWT
               
Panamax Vessels
               
CORONIS C $24,000 5.00% Siba Ships Asia Pte. Ltd. 6-Apr-10 6-Mar-12 - 21-Jun-12
               
2006 74,381              
               
ERATO C $20,500 5.00% C Transport Panamax Ltd., Isle of Man 4-Mar-10 4-Dec-11 - 4-Mar-12  
               
2004 74,444              
               
NAIAS B $19,750 5.00% J. Aron & Company, New York 24-Sep-10 24-Aug-12 - 24-Oct-12  
               
2006 73,546              
               
CLIO B $25,000 5.00% Daelim Corporation, Seoul 8-May-10 8-Apr-12 - 8-Jun-12  
               
2005 73,691              
               
CALIPSO B $23,000 5.00% Cargill International S.A., Geneva 4-Sep-10 20-Jul-11 - 19-Oct-11  
               
2005 73,691              
               
PROTEFS B $59,000 5.00% Hanjin Shipping Co. Ltd., Seoul 18-Sep-08 18-Aug-11 - 18-Nov-11  
               
2004 73,630              
               
THETIS B $23,000 5.00% Glencore Grain BV, Rotterdam 6-Mar-10 23-Feb-11
    $13,750 5.00% Cargill International S.A., Geneva 23-Feb-11 23-Jan-12 - 23-Apr-12  
2004 73,583              
               
DIONE A $20,500 5.00% Louis Dreyfus Commodities S.A., Geneva 26-Sep-10 26-Jul-12 - 26-Nov-12  
               
2001 75,172              
               
DANAE A $12,000 5.00% Augustea Oceanbulk Maritime Limitada, Madeira 7-Apr-09 12-Apr-11 - 12-May-11 2,3,6
               
2001 75,106              
               
OCEANIS A $19,750 5.00% China National Chartering Co. Ltd. (Sinochart), Beijing 17-Sep-10 17-Aug-12 - 1-Nov-12  
               
2001 75,211              
               
TRITON A $17,000 5.00% Intermare Transport GmbH, Hamburg, Germany 10-Oct-09 20-Nov-10
               
2001 75,336   $19,500 4.75% Resource Marine Pte., Ltd, Singapore 11-Dec-10 11-Nov-13 - 11-Feb-14
               
ALCYON A $34,500 4.75% Cargill International S.A., Geneva 21-Feb-08 21-Nov-12 - 21-Feb-13  
               
2001 75,247              
               
NIREFS A $21,000 5.00% Louis Dreyfus Commodities Suisse S.A. 12-Feb-10 28-Dec-11 - 27-Mar-12  
               
2001 75,311              
               
MELITE   $24,250 5.00% J. Aron & Company, New York 29-Jan-10 1-Feb-11  
               
    $16,500 5.00% Cargill International S.A., Geneva 1-Feb-11 1-Jan-13 1-Mar-13  
2004 76,436              
               
Post-Panamax Vessels
               
ALCMENE   $20,250 5.00% Cargill International S.A., Geneva 20-Nov-10 5-Oct-12 - 4-Jan-13  
               
2010 93,193              
               
Capesize Vessels
               
NORFOLK   $74,750 3.75% Corus UK Limited 12-Feb-08 12-Jan-13 - 12-Mar-13  
               
2002  164,218              
               
ALIKI   $45,000 4.75% Cargill International S.A., Geneva 1-May-09 1-Mar-11
               
2005 180,235   $26,500 5.00% Minmetals Logistics Group Co. Ltd., Beijing 1-Mar-11 1-Feb-16 - 1-Apr-16  
               
SALT LAKE CITY   $55,800 5.00% Refined Success Limited 28-Sep-07 28-Aug-12 - 28-Oct-12  
               
2005 171,810              
               
SIDERIS GS D $36,000 5.00% BHP Billiton Marketing AG 30-Nov-09 16-Oct-10  
               
2006 174,186   $30,500     16-Oct-10 16-Feb-13 - 16-Jun-13  
               
SEMIRIO D $31,000 5.00% BHP Billiton Marketing AG 15-Jun-09 30-Apr-11 - 30-Jul-11  
               
2007 174,261              
               
BOSTON D $52,000 5.00% BHP Billiton Marketing AG 13-Nov-07 28-Sep-11 - 28-Dec-11
               
2007 177,828              
               
HOUSTON D $55,000 4.75% Shagang Shipping Co. 3-Nov-09 3-Oct-14 - 3-Jan-15
               
2009 177,729              
               
NEW YORK D $48,000 3.75% Nippon Yusen Kaisha, Tokyo (NYK) 3-Mar-10 3-Jan-15 - 3-May-15  
               
2010 177,773              
               
Vessels Under Construction
               
LOS ANGELES E N/A N/A N/A N/A N/A N/A 9,10
               
2012 206,000              
               
PHILADELPHIA E N/A N/A N/A N/A N/A N/A 9,11
               
2012 206,000              
               
               
* Each dry bulk carrier is a "sister ship", or closely similar, to other dry bulk carriers that have the same letter.
** Total commission percentage paid to third parties.
*** Charterers' optional period to redeliver the vessel to owners. Charterers have the right to add the off hire days, if any, and therefore the optional period may be extended.
               
1 Vessel off-hire for drydocking from November 11, 2010 to November 23, 2010.
2 Augustea Oceanbulk Maritime Limitada, Madeira is a guaranteed nominee of Augustea Atlantica Srl, Naples.
3 Vessel off-hire for drydocking from November 18, 2010 to December 8, 2010.
4 Vessel off-hire for drydocking from November 20, 2010 to December 11, 2010.
5 Resource Marine Pte., Ltd, Singapore is a guaranteed nominee of Macquarie Bank Limited.
6 Based on latest information received from charterers.
7 The charterer has the option to employ the vessel for a further 11-13 month period. The optional period, if exercised, must be declared on or before the end of the 42nd month of employment and can only commence at the end of the 48th month, at the daily time charter rate of $52,000.
8 Shagang Shipping Co. is a guaranteed nominee of the Jiangsu Shagang Shipping Group Co.
9 Year of delivery and dwt based on shipbuilding contracts.
10 Hull H1234
11 Hull H1235
               
^ Fleet employment data excludes employment information with respect to vessels owned by Diana Containerships Inc., a majority-owned subsidiary as of December 31, 2010.
 
Summary of Selected Financial & Other Data
         
  Three Months Ended December 31, Years Ended December 31,
  2010 2009 2010 2009
  (unaudited) (unaudited)    
INCOME STATEMENT DATA (in thousands of US Dollars):
Time charter revenues $ 72,976  $ 58,640  $ 275,448  $ 239,342 
Voyage expenses 3,514  2,896  12,392  11,965 
Vessel operating expenses 14,927  11,310  52,585  41,369 
Net income attributed to Diana Shipping Inc. 32,321  27,589  128,779  121,498 
FLEET DATA
Average number of vessels 24.5  19.7  22.9  19.2 
Number of vessels 25.0  20.0  25.0  20.0 
Weighted average age of drybulk fleet (in years) 5.4  4.9  5.4  4.9 
Weighted average age of containerships (in years) 0.6   --  0.6   -- 
Ownership days 2,251  1,813  8,348  7,000 
Available days 2,198  1,798  8,208  6,930 
Operating days 2,188  1,779  8,180  6,857 
Fleet utilization 99.5% 98.9% 99.7% 98.9%
AVERAGE DAILY RESULTS
Time charter equivalent (TCE) rate (1) $ 31,602  $ 31,003  $ 32,049  $ 32,811 
Daily vessel operating expenses (2) $ 6,631  $ 6,238  $ 6,299  $ 5,910 
         
(1) Time charter equivalent rates, or TCE rates, are defined as our time charter revenues less voyage expenses during a period divided by the number of our available days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions. TCE is a non-GAAP measure. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts.
(2) Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period.

Conference Call and Webcast Information

Diana Shipping Inc. will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Time) on Tuesday, February 22, 2011.

Investors may access the webcast by visiting the Company's website at www.dianashippinginc.com , and clicking on the webcast link. The conference call also may be accessed by telephone by dialing 1-877-407-8291 (for U.S.-based callers) or 1-201-689-8345 (for international callers), and asking the operator for the Diana Shipping Inc. conference call.

A replay of the webcast will be available soon after the completion of the call and will be accessible on www.dianashippinginc.com .  A telephone replay will be available by dialing 1-877-660-6853 (for U.S.-based callers) or 1-201-612-7415 (for international callers), and providing the Account number 362 and Replay ID number 365940.

About the Company

Diana Shipping Inc. (NYSE:DSX) is a global provider of shipping transportation services. The Company specializes in transporting dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes. 

Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify 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, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our 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 our operating expenses, including bunker prices, drydocking and insurance costs, the market for our 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, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

DIANA SHIPPING INC.
FINANCIAL TABLES
Expressed in thousands of U.S. Dollars, except share and per share data
 
CONSOLIDATED STATEMENTS OF INCOME
         
  For the three months ended

December 31,
For the years ended

December 31,
  2010 2009 2010 2009
  (unaudited) (unaudited)    
REVENUES:        
Time charter revenues  $ 72,976  $ 58,640  $  275,448  $  239,342 
         
EXPENSES:        
Voyage expenses  3,514   2,896   12,392   11,965 
Vessel operating expenses  14,927   11,310   52,585   41,369 
Depreciation and amortization of deferred charges  14,254   11,655   53,083   44,686 
General and administrative expenses  7,136   4,781   25,347   17,464 
Foreign currency gains  (94)  (92)  (1,598)  (478)
Operating income  33,239   28,090   133,639   124,336 
         
OTHER INCOME / (EXPENSES):        
Interest and finance costs  (1,452)  (856)  (5,213)  (3,284)
Interest Income  218   240   920   951 
Gain / (loss) from derivative instruments  308   115   (1,477)  (505)
Total other expenses, net  (926)  (501)  (5,770)  (2,838)
         
 Net Income  $  32,313   $  27,589   $  127,869   $ 121,498 
         
Loss assumed by non-controlling interests  8   --   910   -- 
         
Net income attributed to Diana Shipping Inc. 32,321  27,589  128,779  121,498 
         
Earnings per common share, basic $ 0.40  $  0.34  $  1.60  $  1.55 
         
Earnings per common share, diluted   $ 0.40   $  0.34   $  1.59   $  1.55 
         
Weighted average number of common shares, basic 80,767,241  80,516,863  80,682,770  78,282,775
         
Weighted average number of common shares, diluted  80,984,846   80,695,378   80,808,232  78,385,464
 
CONDENSED CONSOLIDATED BALANCE SHEET DATA
(in thousands of US Dollars)
  December 31,
  2010 2009
ASSETS    
     
Cash and cash equivalents $ 345,414  $ 282,438 
Other current assets 9,235  14,718 
Advances for vessels under construction and acquisitions and other vessel costs 35,280  29,630 
Vessels' net book value 1,160,850  979,343 
Other fixed assets, net 21,842  200 
Other non-current assets 12,768  14,096 
Total assets $ 1,585,389  $ 1,320,425 
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
     
Current liabilities, including current portion of long-term debt $ 32,510  $ 32,386 
Long-term debt, net of current portion 376,303  276,081 
Other non-current liabilities 6,646  12,633 
Total stockholders' equity 1,169,930  999,325 
Total liabilities and stockholders' equity $ 1,585,389  $ 1,320,425 
     
OTHER FINANCIAL DATA    
  Three Months Ended

December 31,
Years Ended December 31,
  2010 2009 2010 2009 
  (unaudited) (unaudited)    
 Net Cash provided by Operating Activities $ 50,351 $ 40,473 $ 178,292 $ 151,903
 Net Cash used in Investing Activities  (54,595)  (22,645)  (252,313)  (73,081)
 Net Cash provided by Financing Activities  38,463  12,972  136,997  141,583
CONTACT: Corporate Contact:
         Ioannis Zafirakis
         Director, Executive Vice-President and Secretary
         Telephone: + 30-210-9470100
         Email: izafirakis@dianashippinginc.com
         
         Investor and Media Relations:
         Edward Nebb
         Comm-Counsellors, LLC
         Telephone: + 1-203-972-8350
         Email: enebb@optonline.net

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.71%
$30K home equity loan FICO 5.26%
$75K home equity loan FICO 4.70%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.42%
13.42%
Cash Back Cards 17.94%
17.94%
Rewards Cards 17.14%
17.14%
Source: Bankrate.com