DIANA SHIPPING INC.
|
||
(registrant)
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||
Dated: November 17, 2021
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By:
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/s/ Ioannis Zafirakis
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Ioannis Zafirakis
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||
Chief Financial Officer
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||
Corporate Contact:
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Ioannis Zafirakis
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Director, Chief Financial Officer, Chief Strategy Officer,
Treasurer and Secretary
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Telephone: + 30-210-9470100
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Email: izafirakis@dianashippinginc.com
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Website: www.dianashippinginc.com
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Investor and Media Relations:
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Edward Nebb
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Comm-Counsellors, LLC
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Telephone: + 1-203-972-8350
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Email: enebb@optonline.net
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Fleet Employment Profile (As of November 16, 2021)
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||||||||
Diana Shipping Inc.’s fleet is employed as follows:
|
||||||||
Vessel
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Sister Ships*
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Gross Rate (USD Per Day)
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Com**
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Charterers
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Delivery Date to Charterers***
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Redelivery Date to Owners****
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Notes
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BUILT DWT
|
||||||||
10 Panamax Bulk Carriers
|
||||||||
1
|
PROTEFS
|
A
|
$10,650
|
5.00%
|
Reachy International (HK) Co., Limited
|
8-Feb-21
|
10-Mar-22 - 20-May-22
|
|
2004 73,630
|
||||||||
2
|
CALIPSO
|
A
|
$10,400
|
5.00%
|
Viterra Chartering B.V., Rotterdam
|
22-Jan-21
|
29-Nov-21 - 15-Dec-21
|
1
|
2005 73,691
|
||||||||
-
|
NAIAS
|
A
|
$23,250
|
5.00%
|
AS Klaveness Chartering, Oslo
|
21-Jun-21
|
19-Jul-21
|
2
|
2006 73,546
|
||||||||
3
|
MELIA
|
$25,750
|
5.00%
|
Viterra Chartering B.V., Rotterdam
|
11-Jun-21
|
7-Apr-22 - 7-Jun-22
|
||
2005 76,225
|
||||||||
4
|
ARTEMIS
|
$10,250
|
5.00%
|
Glencore Agriculture B.V., Rotterdam
|
30-Nov-20
|
5-Jan-22 - 30-Mar-22
|
||
2006 76,942
|
||||||||
5
|
LETO
|
$9,000
|
4.75%
|
Cargill International S.A., Geneva
|
21-May-20
|
3-Oct-21
|
||
$25,500
|
5.00%
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Aquavita International S.A.
|
3-Oct-21
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1-Feb-23 - 15-Apr-23
|
||||
2010 81,297
|
||||||||
6
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SELINA
|
B
|
$11,000
|
5.00%
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ST Shipping and Transport Pte. Ltd., Singapore
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5-Jul-20
|
2-Sep-21
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|
$26,500
|
5.00%
|
ASL Bulk Shipping HK Limited
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2-Sep-21
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15-Jun-22 - 15-Sep-22
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||||
2010 75,700
|
||||||||
7
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MAERA
|
B
|
$8,600
|
5.00%
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Ausca Shipping Limited, Hong Kong
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11-Jun-20
|
18-Sep-21
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|
$26,000
|
5.00%
|
ASL Bulk Shipping HK Limited
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18-Sep-21
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1-Oct-22 - 15-Dec-22
|
||||
2013 75,403
|
||||||||
8
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ISMENE
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$16,500
|
5.00%
|
Tongli Shipping Pte. Ltd.
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11-Mar-21
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25-Nov-21 - 15-Dec-21
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1
|
|
2013 77,901
|
||||||||
9
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CRYSTALIA
|
C
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$8,750
|
5.00%
|
Glencore Agriculture B.V., Rotterdam
|
22-May-20
|
21-Sep-21
|
|
$26,100
|
5.00%
|
Uniper Global Commodities SE, Düsseldorf
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21-Sep-21
|
1-Oct-22 - 15-Dec-22
|
||||
2014 77,525
|
||||||||
10
|
ATALANDI
|
C
|
$9,300
|
5.00%
|
Uniper Global Commodities SE, Düsseldorf
|
14-Jun-20
|
5-Oct-21
|
|
$24,500
|
4.75%
|
Aquavita International S.A.
|
5-Oct-21
|
15-Feb-23 - 30-Apr-23
|
||||
2014 77,529
|
||||||||
6 Kamsarmax Bulk Carriers
|
||||||||
11
|
MAIA
|
D
|
$25,000
|
5.00%
|
Viterra Chartering B.V., Rotterdam
|
20-Jun-21
|
1-May-22 - 30-Jun-22
|
3
|
2009 82,193
|
||||||||
12
|
MYRSINI
|
D
|
$27,750
|
5.00%
|
Bocimar International N.V.
|
11-May-21
|
15-Nov-21
|
|
$22,000
|
4.75%
|
Cargill International S.A., Geneva
|
15-Nov-21
|
1-Dec-22 - 31-Jan-23
|
||||
2010 82,117
|
||||||||
13
|
MEDUSA
|
D
|
$11,000
|
4.75%
|
Cargill International S.A., Geneva
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19-Nov-20
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10-Jan-22 - 20-Mar-22
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|
2010 82,194
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14
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MYRTO
|
D
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$10,000
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4.75%
|
Cargill International S.A., Geneva
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3-Apr-20
|
10-Sep-21
|
|
$28,500
|
5.00%
|
Solebay Shipping Transocean Company Limited
|
||||||
2013 82,131
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10-Sep-21
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15-Aug-22 - 15-Oct-22
|
||||||
15
|
ASTARTE
|
$25,000
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5.00%
|
Mitsui O.S.K. Lines Ltd.
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20-May-21
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29-Nov-21 - 15-Dec-21
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1
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|
2013 81,513
|
||||||||
16
|
MAGNOLIA
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-
|
-
|
-
|
-
|
- - -
|
4
|
|
tbr. LEONIDAS P. C.
|
||||||||
2011 82,165
|
||||||||
5 Post-Panamax Bulk Carriers
|
||||||||
17
|
ALCMENE
|
$8,500
|
4.75%
|
Cargill International S.A., Geneva
|
2-Apr-20
|
28-Jul-21
|
5
|
|
$25,500
|
5.00%
|
Refined Success Limited
|
28-Jul-21
|
20-Nov-21
|
6,7
|
|||
2010 93,193
|
||||||||
18
|
AMPHITRITE
|
E
|
$30,000
|
5.00%
|
Jera Global Markets Pte. Ltd.
|
6-Jun-21
|
2-Jul-21
|
8
|
$30,250
|
5.00%
|
Jera Global Markets Pte. Ltd.
|
23-Jul-21
|
13-Sep-21
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||||
$27,000
|
5.00%
|
BG Shipping Co., Limited, Hong Kong
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13-Sep-21
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15-Oct-22 - 15-Dec-22
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||||
2012 98,697
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||||||||
19
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POLYMNIA
|
E
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$12,100
|
5.00%
|
CLdN Cobelfret SA, Luxembourg
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22-Nov-20
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28-Nov-21 - 25-Dec-21
|
1,9
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2012 98,704
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||||||||
20
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ELECTRA
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F
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$21,000
|
5.00%
|
Tongli Shipping Pte. Ltd.
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28-Apr-21
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10-Feb-22 - 10-Apr-22
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2013 87,150
|
||||||||
21
|
PHAIDRA
|
F
|
$9,400
|
5.00%
|
Uniper Global Commodities SE, Düsseldorf
|
29-May-20
|
15-Jul-21
|
|
$27,000
|
5.00%
|
Refined Success Limited
|
15-Jul-21
|
2-Sep-21
|
||||
$28,000
|
5.00%
|
Uniper Global Commodities SE, Düsseldorf
|
2-Sep-21
|
1-Jul-22 - 15-Sep-22
|
||||
2013 87,146
|
||||||||
12 Capesize Bulk Carriers
|
||||||||
22
|
ALIKI
|
$20,500
|
5.00%
|
Solebay Shipping Cape Company Limited, Hong Kong
|
18-Mar-21
|
15-Jan-22 - 15-Mar-22
|
||
2005 180,235
|
||||||||
23
|
BALTIMORE
|
$13,000
|
5.00%
|
Koch Shipping Pte. Ltd., Singapore
|
21-Dec-20
|
27-Sep-21
|
||
$56,000
|
4.75%
|
Olam International Limited, Singapore
|
27-Sep-21
|
27-Dec-21
|
10
|
|||
2005 177,243
|
||||||||
24
|
SALT LAKE CITY
|
$13,000
|
5.00%
|
C Transport Maritime Ltd., Bermuda
|
9-Jan-21
|
1-Apr-22 - 30-Jun-22
|
||
2005 171,810
|
||||||||
25
|
SEMIRIO
|
G
|
$13,500
|
5.00%
|
SwissMarine Pte. Ltd., Singapore
|
1-Jan-21
|
30-Nov-21 - 20-Dec-21
|
1
|
2007 174,261
|
||||||||
26
|
BOSTON
|
G
|
$25,500
|
5.00%
|
C Transport Maritime Ltd., Bermuda
|
16-Jun-21
|
15-Apr-22 - 15-Jun-22
|
|
2007 177,828
|
||||||||
27
|
HOUSTON
|
G
|
$6,250
|
5.00%
|
C Transport Maritime Ltd., Bermuda
|
13-Apr-20
|
13-May-20
|
|
$12,400
|
5.00%
|
13-May-20
|
30-Aug-21
|
|||||
2009 177,729
|
$27,000
|
5.00%
|
Koch Shipping Pte. Ltd., Singapore
|
30-Aug-21
|
15-Jul-22 - 15-Oct-22
|
28
|
NEW YORK
|
G
|
$14,000
|
5.00%
|
EGPN Bulk Carrier Co., Limited, Hong Kong
|
29-Dec-20
|
16-Apr-22 - 30-Jun-22
|
|
2010 177,773
|
||||||||
29
|
SEATTLE
|
H
|
$12,300
|
5.00%
|
Pacbulk Shipping Pte. Ltd., Singapore
|
27-Apr-20
|
1-Dec-21 - 31-Dec-21
|
1
|
2011 179,362
|
||||||||
30
|
P. S. PALIOS
|
H
|
$26,500
|
4.75%
|
Olam International Limited, Singapore
|
5-Jun-21
|
15-Feb-22 - 15-Apr-22
|
|
2013 179,134
|
||||||||
31
|
G. P. ZAFIRAKIS
|
I
|
$13,200
|
5.00%
|
Koch Shipping Pte. Ltd., Singapore
|
31-May-20
|
28-Nov-21 - 31-Dec-21
|
1
|
2014 179,492
|
||||||||
32
|
SANTA BARBARA
|
I
|
$17,250
|
4.75%
|
Cargill International S.A., Geneva
|
9-Jan-21
|
5-Jan-22 - 5-Mar-22
|
|
2015 179,426
|
||||||||
33
|
NEW ORLEANS
|
$15,500
|
5.00%
|
Nippon Yusen Kabushiki Kaisha
|
3-Dec-20
|
25-Jan-22 - 25-Mar-22
|
||
2015 180,960
|
||||||||
4 Newcastlemax Bulk Carriers
|
||||||||
34
|
LOS ANGELES
|
J
|
$14,250
|
5.00%
|
Engelhart CTP Freight (Switzerland) SA
|
6-Jun-20
|
27-Nov-21 - 31-Dec-21
|
1
|
2012 206,104
|
||||||||
35
|
PHILADELPHIA
|
J
|
$28,500
|
5.00%
|
Classic Maritime Inc.
|
22-Apr-21
|
1-Mar-22 - 1-May-22
|
|
2012 206,040
|
||||||||
36
|
SAN FRANCISCO
|
K
|
$17,750
|
5.00%
|
Olam International Limited, Singapore
|
11-Feb-21
|
27-May-21
|
|
$24,700
|
5.00%
|
27-May-21
|
15-Jan-22 - 15-Mar-22
|
11
|
||||
2017 208,006
|
||||||||
37
|
NEWPORT NEWS
|
K
|
$18,400
|
5.00%
|
Koch Shipping Pte. Ltd., Singapore
|
8-Sep-20
|
25-Nov-21 - 30-Dec-21
|
1
|
2017 208,021
|
* 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.
|
*** In case of newly acquired vessel with time charter attached, this date refers to the expected/actual date of delivery of the vessel to the Company.
|
**** Range of redelivery dates, with the actual date of redelivery being at the Charterers’ option, but subject to the terms, conditions, and exceptions of the particular
charterparty.
|
1 Based on latest information.
|
2 Vessel sold and delivered to her new owners on July 30, 2021.
|
3 Vessel off-hire for about 29 days.
|
4 Expected date of delivery to the Company on February 28, 2022.
|
5 Charterers have agreed to pay the weighted average of the Baltic Panamax 5 T/C routes, as published by the Baltic Exchange on July 2, 2021 for the excess period commencing
from July 2, 2021 till July 28, 2021.
|
6 Redelivery date based on an estimated time charter trip duration of about 115 days.
|
7 Charterers will compensate owners with hire equal to the average of BPI P3A_82 route for the overrun days and paid pro rata until the actual redelivery date and time of the
vessel back to owners and only in case the BPI P3A_82 route for the overrun days is higher than current hire rate i.e. USD25,500 otherwise current hire rate to remain for that day.
|
8 Vessel on scheduled drydocking from July 2, 2021 to July 23, 2021.
|
9 Vessel on scheduled drydocking from July 15, 2021 to August 3, 2021.
|
10 Redelivery date based on an estimated time charter trip duration of about 90 days.
|
11 Vessel currently off hire for drydocking.
|
Summary of Selected Financial & Other Data (unaudited)
|
||||||||||||||||
Three months ended September 30,
|
Nine months ended September 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
|
||||||||||||||||
Time charter revenues
|
$
|
57,284
|
$
|
42,341
|
$
|
145,358
|
$
|
127,076
|
||||||||
Voyage expenses
|
677
|
2,944
|
4,749
|
10,505
|
||||||||||||
Vessel operating expenses
|
18,832
|
21,318
|
56,563
|
63,441
|
||||||||||||
Net income/(loss)
|
14,733
|
(13,151
|
)
|
16,254
|
(126,767
|
)
|
||||||||||
Net income/(loss) attributed to common stockholders
|
13,291
|
(14,593
|
)
|
11,927
|
(131,094
|
)
|
||||||||||
FLEET DATA
|
||||||||||||||||
Average number of vessels
|
36.3
|
40.4
|
37.2
|
41.1
|
||||||||||||
Number of vessels
|
36.0
|
40.0
|
36.0
|
40.0
|
||||||||||||
Weighted average age of vessels
|
10.5
|
10.0
|
10.5
|
10.0
|
||||||||||||
Ownership days
|
3,342
|
3,719
|
10,143
|
11,251
|
||||||||||||
Available days
|
3,302
|
3,670
|
10,055
|
10,695
|
||||||||||||
Operating days
|
3,253
|
3,572
|
9,945
|
10,410
|
||||||||||||
Fleet utilization
|
98.5
|
%
|
97.3
|
%
|
98.9
|
%
|
97.3
|
%
|
||||||||
AVERAGE DAILY RESULTS
|
||||||||||||||||
Time charter equivalent (TCE) rate (1)
|
$
|
17,143
|
$
|
10,735
|
$
|
13,984
|
$
|
10,900
|
||||||||
Daily vessel operating expenses (2)
|
$
|
5,635
|
$
|
5,732
|
$
|
5,577
|
$
|
5,639
|
(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.
|
DIANA SHIPPING INC.
|
||||||||||||||||
FINANCIAL TABLES
|
||||||||||||||||
Expressed in thousands of U.S. Dollars, except share and per share data
|
||||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)
|
||||||||||||||||
Three months ended September 30,
|
Nine months ended September 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
REVENUES:
|
||||||||||||||||
Time charter revenues
|
$
|
57,284
|
$
|
42,341
|
$
|
145,358
|
$
|
127,076
|
||||||||
EXPENSES:
|
||||||||||||||||
Voyage expenses
|
677
|
2,944
|
4,749
|
10,505
|
||||||||||||
Vessel operating expenses
|
18,832
|
21,318
|
56,563
|
63,441
|
||||||||||||
Depreciation and amortization of deferred charges
|
10,263
|
9,399
|
30,403
|
32,682
|
||||||||||||
General and administrative expenses
|
7,153
|
9,463
|
21,062
|
25,748
|
||||||||||||
Management fees to related party
|
340
|
497
|
1,194
|
1,511
|
||||||||||||
Vessel impairment charges
|
-
|
6,832
|
-
|
102,525
|
||||||||||||
(Gain)/loss on sale of vessels
|
(1,564
|
)
|
7
|
(1,360
|
)
|
1,085
|
||||||||||
Other loss
|
304
|
271
|
300
|
129
|
||||||||||||
Operating income/(loss)
|
$
|
21,279
|
$
|
(8,390
|
)
|
$
|
32,447
|
$
|
(110,550
|
)
|
||||||
OTHER INCOME / (EXPENSES):
|
||||||||||||||||
Interest expense and finance costs
|
(5,681
|
)
|
(4,874
|
)
|
(15,022
|
)
|
(16,883
|
)
|
||||||||
Interest income
|
29
|
55
|
79
|
694
|
||||||||||||
(Loss)/gain on extinguishment of debt
|
(822
|
)
|
374
|
(980
|
)
|
374
|
||||||||||
Loss from equity method investment
|
(72
|
)
|
(316
|
)
|
(270
|
)
|
(402
|
)
|
||||||||
Total other expenses, net
|
$
|
(6,546
|
)
|
$
|
(4,761
|
)
|
$
|
(16,193
|
)
|
$
|
(16,217
|
)
|
||||
Net income/(loss)
|
$
|
14,733
|
$
|
(13,151
|
)
|
$
|
16,254
|
$
|
(126,767
|
)
|
||||||
Dividends on series B preferred shares
|
(1,442
|
)
|
(1,442
|
)
|
(4,327
|
)
|
(4,327
|
)
|
||||||||
Net income/(loss) attributed to common stockholders
|
13,291
|
(14,593
|
)
|
11,927
|
(131,094
|
)
|
||||||||||
Earnings/(loss) per common share, basic
|
$
|
0.17
|
$
|
(0.17
|
)
|
$
|
0.15
|
$
|
(1.53
|
)
|
||||||
Earnings/(loss) per common share, diluted
|
$
|
0.16
|
$
|
(0.17
|
)
|
$
|
0.14
|
$
|
(1.53
|
)
|
||||||
Weighted average number of common shares, basic
|
78,687,020
|
85,745,586
|
81,408,637
|
85,923,171
|
||||||||||||
Weighted average number of common shares, diluted
|
83,329,718
|
85,745,586
|
84,633,560
|
85,923,171
|
||||||||||||
Three months ended September 30,
|
Nine months ended September 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Net income/(loss)
|
$
|
14,733
|
$
|
(13,151
|
)
|
$
|
16,254
|
$
|
(126,767
|
)
|
||||||
Other comprehensive loss (Actuarial loss)
|
-
|
(6
|
)
|
-
|
(20
|
)
|
||||||||||
Comprehensive income/(loss)
|
$
|
14,733
|
$
|
(13,157
|
)
|
$
|
16,254
|
$
|
(126,787
|
)
|
CONDENSED CONSOLIDATED BALANCE SHEET DATA
|
||||||||
(in thousands of U.S. Dollars)
|
||||||||
September 30, 2021
|
December 31, 2020*
|
|||||||
ASSETS
|
(unaudited)
|
|||||||
Cash, cash equivalents and restricted cash
|
$
|
146,249
|
$
|
82,909
|
||||
Other current assets
|
14,737
|
41,752
|
||||||
Vessels, net
|
682,133
|
716,178
|
||||||
Other fixed assets, net
|
25,940
|
21,704
|
||||||
Other non-current assets
|
9,753
|
9,867
|
||||||
Total assets
|
$
|
878,812
|
$
|
872,410
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Long-term debt, net of deferred financing costs
|
$
|
434,728
|
$
|
420,314
|
||||
Other liabilities
|
28,183
|
23,526
|
||||||
Total stockholders' equity
|
415,901
|
428,570
|
||||||
Total liabilities and stockholders' equity
|
$
|
878,812
|
$
|
872,410
|
||||
*
|
The balance sheet data have been derived from the audited consolidated financial statements at that date.
|
OTHER FINANCIAL DATA (unaudited)
|
||||||||||||||||
Three months ended September 30,
|
Nine months ended September 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Net cash provided by/(used in) operating activities
|
$
|
30,047
|
$
|
(430
|
)
|
$
|
57,489
|
$
|
11,307
|
|||||||
Net cash provided by investing activities
|
5,990
|
13,862
|
28,065
|
11,598
|
||||||||||||
Net cash used in financing activities
|
$
|
(44,783
|
)
|
$
|
(24,736
|
)
|
$
|
(22,214
|
)
|
$
|
(60,807
|
)
|