Name
|
Sister
ships 1
|
Year
Built
|
DWT
|
Employment
2
|
Charter Expiration 3
|
Nirefs
|
A
|
2001
|
75,311
|
$60,500
|
Feb
3, 2010 – Apr 3, 2010
|
Alcyon
|
A
|
2001
|
75,247
|
$34,500
|
Nov
21, 2012 – Feb 21, 2013
|
Triton
|
A
|
2001
|
75,336
|
$24,400
|
Oct.
17, 2009 – Jan 17, 2010 4
|
Oceanis
|
A
|
2001
|
75,211
|
$40,000
|
Jul
29, 2009 – Oct 29, 2009
|
Dione
|
A
|
2001
|
75,172
|
$82,000
|
Jan
7, 2009 – Mar 7, 2009
|
Danae
|
A
|
2001
|
75,106
|
$29,400
|
Feb
18, 2009 – May 18, 2009
|
Protefs
|
B
|
2004
|
73,630
|
$70,000
|
Aug
17, 2008 – Sep 16, 2008
|
Calipso
|
B
|
2005
|
73,691
|
$55,000
|
Jan
15, 2009 – Mar 15, 2009
|
Clio
|
B
|
2005
|
73,691
|
$27,000
|
Jan
27, 2009 – Mar 27, 2009
|
Thetis
|
B
|
2004
|
73,583
|
$60,250
|
Sep
2, 2008 – Nov 2, 2008
|
Naias
|
B
|
2006
|
73,546
|
$34,000
|
Aug
24, 2009 – Oct 24, 2009
|
Erato
|
C
|
2004
|
74,444
|
$80,300
|
Jan
1, 2009 – Mar 1, 2009
|
Coronis
|
C
|
2006
|
74,381
|
$27,500
|
Jan
18, 2009 – Apr 9, 2009
|
Sideris
GS
|
D
|
2006
|
174,186
|
$43,000
|
Nov
30, 2008
|
$39,000
|
Nov
30, 2009
|
||||
$36,000
|
Oct
15, 2010 – Jan 15, 2011 5
|
||||
Aliki
|
-
|
2005
|
180,235
|
$52,000
|
May
1, 2009
|
$45,000
|
Mar
1, 2011 – Jun 1, 2011 5
|
||||
Semirio
|
D
|
2007
|
174,261
|
$51,000
|
Jun
15, 2009
|
$31,000
|
Apr
30, 2011 – Jul 30, 2011 5
|
||||
Boston
|
D
|
2007
|
177,828
|
$52,000
|
Sep
28, 2011 – Dec 28, 2011 6
|
Salt
Lake City
|
-
|
2005
|
171,810
|
$55,800
|
Aug
28, 2012 – Oct 28, 2012
|
Norfolk
|
-
|
2002
|
164,218
|
$74,750
|
Jan
12, 2013 – Mar 12, 2013
|
Hull
H1107 7, 8,
9
|
D
|
2010
|
177,000
|
$48,000
|
Feb
28, 2015 – Jun 30, 2015
|
Hull
H1108 7, 8,
9
|
D
|
2010
|
177,000
|
-
|
-
|
Total:
|
2,364,887
|
1 Each vessel
is a sister ship of the other vessels that have the same
letter.
|
|||||
2 Gross time
charter rate per day.
|
|||||
3 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.
|
|||||
4 The
charterer has the option to employ the vessel for a further 11-13 month
period at a daily rate based on the average rate of four pre-determined
time charter routes as published by the Baltic Exchange. The optional
period, if exercised, must be declared on or before the end of the 30th
month of employment and can only commence at the end of the 36th
month.
|
|||||
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 and can only commence at the end
of the 48th month, at the daily time charter rate of
$48,500.
|
|||||
6 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.
|
|||||
7 Expected to be
delivered to owners in the second quarter of 2010.
|
|||||
8 Based on
latest possible date of delivery from the yard to the
owners.
|
|||||
9 The Company has the
option to deliver either Hull H1107 or Hull H1108 to the charterer. 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.
|
|||||
Three
Months Ended March 31,
|
|||||
2008
|
2007
|
||||
(unaudited)
|
(unaudited)
|
||||
INCOME
STATEMENT DATA (in thousands of US Dollars):
|
|||||
Voyage
and time charter revenues
|
$
|
78,876
|
$
|
38,508
|
|
Voyage
expenses
|
2,594
|
1,676
|
|||
Vessel
operating expenses
|
9,213
|
6,521
|
|||
Net
income
|
53,215
|
21,446
|
|||
FLEET
DATA
|
|||||
Average
number of vessels
|
18.5
|
15.0
|
|||
Number
of vessels
|
19.0
|
15.0
|
|||
Weighted
average age of fleet (in years)
|
3.5
|
4.0
|
|||
Ownership
days
|
1,688
|
1,350
|
|||
Available
days
|
1,688
|
1,350
|
|||
Operating
days
|
1,684
|
1,323
|
|||
Fleet
utilization
|
99.8%
|
98.0%
|
|||
AVERAGE
DAILY RESULTS
|
|||||
Time
charter equivalent (TCE) rate (1)
|
$
|
45,191
|
$
|
27,283
|
|
Daily
vessel operating expenses (2)
|
$
|
5,458
|
$
|
4,830
|
|
_____________
|
(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 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
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|||||||||
Three Months Ended March 31, | ||||||||
2008
|
2007
|
|||||||
(unaudited) |
(unaudited)
|
|||||||
REVENUES:
|
||||||||
Voyage and time charter revenues | $ | 78,876 | $ | 38,508 | ||||
EXPENSES:
|
||||||||
Voyage
expenses
|
2,594 | 1,676 | ||||||
Vessel
operating expenses
|
9,213 | 6,521 | ||||||
Depreciation
and amortization of deferred charges
|
10,253 | 4,800 | ||||||
General
and administrative expenses
|
3,589 | 2,154 | ||||||
Foreign
currency losses (gains)
|
(9 | ) | (70 | ) | ||||
Operating
income
|
53,236 | 23,427 | ||||||
OTHER INCOME (EXPENSES): | ||||||||
Interest and finance costs | (1,518 |
)
|
(2,128 | ) | ||||
Interest Income | 552 | 147 | ||||||
Insurance settlements for vessel un-repaired damages | 945 | - |
Total
other income (expenses), net
|
(21 | ) | (1,981 | ) | ||||
Net Income | $ | 53,215 | $ | 21,446 | ||||
Earnings/(losses) per common share, basic and diluted | $ | 0.71 | $ | 0.40 | ||||
Weighted average number of common shares, basic | 74,375,000 | 53,325,000 | ||||||
Weighted average number of common shares, diluted | 74,404,038 | 53,325,000 | ||||||
BALANCE
SHEET DATE
|
||||||||
March
31, 2008
|
December
31, 2007
|
|||||||
(unaudited) | (unaudited) | |||||||
ASSETS
|
|
|||||||
Cash
and cash equivalents
|
24,579 | 16,726 | ||||||
Other
current assets
|
4,470 | 4,788 | ||||||
Advances
for vessels under construction and acquisitions and other vessel
costs
|
26,445 | 53,104 | ||||||
Vessels’
net book value
|
993,060 | 867,632 | ||||||
Other
fixed assets, net
|
925 | 956 | ||||||
Other
non-current assets
|
612 | 1,136 | ||||||
Total
assets
|
1,050,091 | 944,342 |
LIABILITIES AND
STOCKHOLDERS’ EQUITY
|
||||||||
Current
liabilities
|
19,696 | 20,964 | ||||||
Long-term
debt
|
196,990 | 98,819 | ||||||
Deferred
revenue, non-current portion
|
23,995 | 23,965 | ||||||
Other
non-current liabilities
|
1,315 | 1,120 | ||||||
Total
stockholders’ equity
|
808,095 | 799,474 | ||||||
Total
liabilities and stockholders’ equity
|
1,050,091 | 944,342 |
OTHER
FINANCIAL DATA
|
|||||
Three
Months Ended March 31,
|
|||||
2008
|
2007
|
||||
(unaudited)
|
(unaudited)
|
||||
Net
cash from operating
activities
|
$
|
61,898
|
$
|
28,133
|
|
Net
cash used in investing
activities
|
(107,875)
|
(31,176)
|
|||
Net
cash from / (used in) financing
activities
|
53,830
|
(2,403)
|
Dated: May
14, 2008
|
By:
|
/s/ Anastassis
Margaronis
|
Anastassis
Margaronis
President
|