Dated: February
23, 2010
|
By:
|
/s/
Andreas Michalopoulos
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|
Andreas
Michalopoulos
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|||
Chief
Financial Officer and Treasurer
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Vessel
|
Sister
Ships*
|
Year
Built
|
DWT
|
Gross
Rate (USD per day)
|
Charterer
|
Redelivery
date to
owners**
|
PANAMAX VESSELS
|
||||||
Coronis
|
C
|
2006
|
74,381
|
$14,000
|
TPC
Korea Co. Ltd., Seoul
|
Feb.
26, 2010 – Apr. 26, 2010
|
Erato
|
C
|
2004
|
74,444
|
$15,000
|
Cargill
International S.A., Geneva
|
Feb.
20, 2010 – Mar. 13, 201010
|
$20,500
|
C
Transport Panamax Ltd., Isle of Man
|
Dec.13,
2011 – Mar. 13, 201211
|
||||
Naias
|
B
|
2006
|
73,546
|
$19,000
|
J.
Aron & Company, New York
|
Jul.
24, 2010 – Sep. 24, 2010
|
Clio
|
B
|
2005
|
73,691
|
$11,000
|
Cargill
International S.A., Geneva
|
Feb.
15, 2010 – Mar. 26, 201010
|
Calipso12
|
B
|
2005
|
73,691
|
$9,400
|
Cargill
International S.A., Geneva
|
Mar.
3, 2010 – Apr. 4, 201010
|
Protefs
|
B
|
2004
|
73,630
|
$59,000
|
Hanjin
Shipping Co. Ltd., Seoul
|
Aug.
18, 2011 – Nov. 18, 2011
|
Thetis
|
B
|
2004
|
73,583
|
$10,500
|
Cargill
International S.A., Geneva
|
Mar.
1, 2010 – Mar. 6, 201010
|
$23,000
|
Glencore
Grain BV, Rotterdam
|
Feb.
6, 2011 – Apr. 21, 201111
|
||||
Dione
|
A
|
2001
|
75,172
|
$12,000
|
Louis
Dreyfus Commodities S.A., Geneva
|
Jun.
1, 2010 – Sep. 1, 2010
|
Danae
|
A
|
2001
|
75,106
|
$12,000
|
Augustea
Atlantica Srl, Naples
|
Jan.
23, 2011 – Apr. 22, 2011
|
Oceanis
|
A
|
2001
|
75,211
|
$18,000
|
Bunge
S.A., Geneva
|
Jul.
6, 2010 – Sep. 21, 2010
|
Triton
|
A
|
2001
|
75,336
|
$17,000
|
Intermare
Transport GmbH, Hamburg, Germany
|
Sep.
10, 2010 – Nov. 25, 2010
|
Alcyon
|
A
|
2001
|
75,247
|
$34,500
|
Cargill
International S.A., Geneva
|
Nov.
21, 2012 – Feb. 21, 2013
|
Nirefs13
|
A
|
2001
|
75,311
|
$21,000
|
Louis
Dreyfus Commodities S.A., Geneva
|
Dec.
29, 2011 – Mar. 27, 2012
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Melite
|
-
|
2004
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76,436
|
$24,250
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J.
Aron & Company, New York
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Dec.
29, 2010 – Feb. 28, 2011
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CAPESIZE VESSELS
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||||||
Norfolk
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-
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2002
|
164,218
|
$74,750
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Corus
UK Limited
|
Jan.
12, 2013 – Mar. 12, 2013
|
Aliki
|
-
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2005
|
180,235
|
$45,000
|
Cargill
International S.A., Geneva
|
Mar.
1, 2011 – Jun. 1, 20113
|
Salt
Lake City
|
-
|
2005
|
171,810
|
$55,800
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Refined
Success Limited
|
Aug.
28, 2012 – Oct. 28, 2012
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Sideris
GS
|
D
|
2006
|
174,186
|
$36,000
|
BHP
Billiton Marketing AG
|
Oct.
15, 2010 – Jan. 14, 20114
|
Semirio
|
D
|
2007
|
174,261
|
$31,000
|
BHP
Billiton Marketing AG
|
Apr.30,
2011 – Jul. 30, 20115
|
Boston
|
D
|
2007
|
177,828
|
$52,000
|
BHP
Billiton Marketing AG
|
Sep.
28, 2011 – Dec. 28, 20111
|
Houston
|
D
|
2009
|
177,729
|
$55,000
|
Shagang
Shipping Co.9
|
Oct.
3, 2014 – Jan. 3, 2015
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VESSELS UNDER
CONSTRUCTION
|
||||||
New
York6,7,8
|
D
|
2010
|
177,000
|
$48,0002,6
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Nippon
Yusen Kaisha, Tokyo (NYK)
|
Jan.
8, 2015 – May 8, 20152
|
Total:
|
2,442,052
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*
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Each
dry bulk carrier is a "sister ship", or closely similar, to other dry bulk
carriers that have the same letter.
|
**
|
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
|
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
US$52,000.
|
2
|
Based
on expected date of delivery from the yard to the
owners.
|
3
|
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, which started on May 1, 2007, and
can only commence at the end of the 48th month, at the daily time charter
rate of $48,500.
|
4
|
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, which started on November 30,
2006, and can only commence at the end of the 48th month, at the daily
time charter rate of $48,500.
|
5
|
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, which started on June 15, 2007,
and can only commence at the end of the 48th month, at the daily time
charter rate of $48,500.
|
6
|
The
gross rate will vary as follows: US$50,000 per day for delivery between
October 1, 2009 and January 31, 2010 or US$48,000 per day for delivery
between February 1, 2010 and April 30,
2010.
|
7
|
Latest
possible delivery to owners during second quarter of
2010.
|
8
|
Hull
H1107.
|
9
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A
guaranteed nominee of the Jiangsu Shagang Shipping Group
Co.
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10
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Based
on latest information received from
charterers.
|
11
|
Estimated
date.
|
12
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Vessel
drydocked from January 23, 2010 to February 1,
2010.
|
13
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Vessel
drydocked from January 27, 2010 to February 12,
2010.
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Three
Months Ended December 31,
|
Year
Ended December 31,
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|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
INCOME
STATEMENT DATA (in thousands of US Dollars):
|
||||||||||||||||
Voyage
and time charter revenues
|
$ | 58,640 | $ | 84,339 | $ | 239,342 | $ | 337,391 | ||||||||
Voyage
expenses
|
2,896 | 4,835 | 11,965 | 15,003 | ||||||||||||
Vessel
operating expenses
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11,310 | 9,919 | 41,369 | 39,899 | ||||||||||||
Net
income
|
27,589 | 54,160 | 121,498 | 221,699 | ||||||||||||
FLEET
DATA
|
||||||||||||||||
Average
number of vessels
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19.7 | 19.0 | 19.2 | 18.9 | ||||||||||||
Number
of vessels
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20.0 | 19.0 | 20.0 | 19.0 | ||||||||||||
Weighted
average age of fleet (in years)
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4.9 | 4.3 | 4.9 | 4.3 | ||||||||||||
Ownership
days
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1,813 | 1,748 | 7,000 | 6,913 | ||||||||||||
Available
days
|
1,798 | 1,735 | 6,930 | 6,892 | ||||||||||||
Operating
days
|
1,779 | 1,711 | 6,857 | 6,862 | ||||||||||||
Fleet
utilization
|
98.9 | % | 98.6 | % | 98.9 | % | 99.6 | % | ||||||||
AVERAGE
DAILY RESULTS
|
||||||||||||||||
Time
charter equivalent (TCE) rate (1)
|
$ | 31,003 | $ | 45,824 | $ | 32,811 | $ | 46,777 | ||||||||
Daily
vessel operating expenses (2)
|
$ | 6,238 | $ | 5,674 | $ | 5,910 | $ | 5,772 | ||||||||
(1)
|
Time
charter equivalent rates, or TCE rates, are defined as our voyage and 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)
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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.
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DIANA
SHIPPING INC.
|
||||||||||||||||
FINANCIAL
TABLES
|
||||||||||||||||
Expressed
in thousands of U.S. Dollars, except share and per share
data
|
||||||||||||||||
CONSOLIDATED
STATEMENTS OF INCOME
|
||||||||||||||||
Three
Months Ended December 31,
|
Year
Ended December 31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
REVENUES:
|
||||||||||||||||
Voyage
and time charter revenues
|
$ | 58,640 | $ | 84,339 | $ | 239,342 | $ | 337,391 | ||||||||
EXPENSES:
|
||||||||||||||||
Voyage
expenses
|
2,896 | 4,835 | 11,965 | 15,003 | ||||||||||||
Vessel
operating expenses
|
11,310 | 9,919 | 41,369 | 39,899 | ||||||||||||
Depreciation
and amortization of deferred charges
|
11,655 | 11,016 | 44,686 | 43,259 | ||||||||||||
General
and administrative expenses
|
4,781 | 3,106 | 17,464 | 13,831 | ||||||||||||
Foreign
currency losses (gains)
|
(92 | ) | (84 | ) | (478 | ) | (438 | ) | ||||||||
Operating
income
|
28,090 | 55,547 | 124,336 | 225,837 | ||||||||||||
OTHER
INCOME (EXPENSES):
|
||||||||||||||||
Interest
and finance costs
|
(856 | ) | (1,451 | ) | (3,284 | ) | (5,851 | ) | ||||||||
Interest
Income
|
240 | 64 | 951 | 768 | ||||||||||||
Gain
/ (loss) from financial instruments
|
115 | - | (505 | ) | - | |||||||||||
Insurance
settlement for vessel un-repaired damages
|
- | - | - | 945 | ||||||||||||
Total
other income (expenses), net
|
(501 | ) | (1,387 | ) | (2,838 | ) | (4,138 | ) | ||||||||
Net
Income
|
$ | 27,589 | $ | 54,160 | $ | 121,498 | $ | 221,699 | ||||||||
Earnings/(losses) per
common share, basic and diluted
|
$ | 0.34 | $ | 0.72 | $ | 1.55 | $ | 2.97 | ||||||||
Weighted
average number of common shares, basic
|
80,516,863 | 74,377,731 | 78,282,775 | 74,375,686 | ||||||||||||
Weighted
average number of common shares, diluted
|
80,695,378 | 74,377,731 | 78,385,464 | 74,558,254 | ||||||||||||
BALANCE
SHEET DATA
|
||||||||
December
31,
|
||||||||
2009
|
2008
|
|||||||
ASSETS
|
||||||||
Cash
and cash equivalents
|
282,438 | 62,033 | ||||||
Other
current assets
|
14,718 | 6,521 | ||||||
Advances
for vessels under construction and acquisitions and other vessel
costs
|
29,630 | 27,199 | ||||||
Vessels'
net book value
|
979,343 | 960,431 | ||||||
Other
fixed assets, net
|
200 | 136 | ||||||
Other
non-current assets
|
2,639 | 886 | ||||||
Prepaid
charter revenue, non-current portion
|
11,457 | - | ||||||
Total
assets
|
1,320,425 | 1,057,206 | ||||||
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
||||||||
Current
liabilities
|
32,386 | 20,012 | ||||||
Long-term
debt
|
276,081 | 238,094 | ||||||
Deferred
revenue, non-current portion
|
11,244 | 22,502 | ||||||
Other
non-current liabilities
|
1,389 | 1,122 | ||||||
Total
stockholders' equity
|
999,325 | 775,476 | ||||||
Total
liabilities and stockholders' equity
|
1,320,425 | 1,057,206 | ||||||
OTHER
FINANCIAL DATA
|
||||||||||||||||
Three
Months Ended December 31,
|
Year
Ended December 31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Net
cash from operating activities
|
$ | 40,473 | $ | 63,024 | $ | 151,903 | $ | 261,151 | ||||||||
Net
cash from / (used in) investing activities
|
(22,645 | ) | (273 | ) | (73,081 | ) | (108,662 | ) | ||||||||
Net
cash from / (used in) financing activities
|
12,972 | (5,479 | ) | 141,583 | (107,182 | ) |