(Mark One) | ||
[_] | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
OR | ||
[X] | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the fiscal year ended December 31, 2019 | ||
OR | ||
[_] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
OR | ||
[_] | SHELL COMPANY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
Date of event requiring this shell company report : Not applicable | ||
For the transition period from____________to____________ | ||
Commission file number 001-32458 | ||
DIANA SHIPPING INC. | ||
(Exact name of Registrant as specified in its charter) | ||
Diana Shipping Inc. | ||
(Translation of Registrant’s name into English) | ||
Republic of the Marshall Islands | ||
(Jurisdiction of incorporation or organization) | ||
Pendelis 16, 175 64 Palaio Faliro, Athens, Greece | ||
(Address of principal executive offices) | ||
Mr. Ioannis Zafirakis Tel: + 30-210-9470-100, Fax: + 30-210-9470-101 E-mail: izafirakis@dianashippinginc.com | ||
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) | ||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, $0.01 par value, | ||
including the Preferred Stock Purchase Rights | DSX | New York Stock Exchange |
8.875% Series B Cumulative Redeemable Perpetual Preferred Shares, $0.01 par value | DSXPRB | New York Stock Exchange |
None | ||
(Title of Class) | ||
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act. | ||
None | ||
Large accelerated filer | Accelerated filer | Non-accelerated filer [_] |
Emerging growth company |
U.S. GAAP | International Financial Reporting Standards as issued by the International Accounting Standards Board | [_] | Other |
FORWARD-LOOKING STATEMENTS | 5 | |
PART I | ||
Item 1. | Identity of Directors, Senior Management and Advisers | 7 |
Item 2. | Offer Statistics and Expected Timetable | 7 |
Item 3. | Key Information | 7 |
Item 4. | Information on the Company | 34 |
Item 4A. | Unresolved Staff Comments | 53 |
Item 5. | Operating and Financial Review and Prospects | 53 |
Item 6. | Directors, Senior Management and Employees | 69 |
Item 7. | Major Shareholders and Related Party Transactions | 74 |
Item 8. | Financial Information | 76 |
Item 9. | The Offer and Listing | 77 |
Item 10. | Additional Information | 78 |
Item 11. | Quantitative and Qualitative Disclosures about Market Risk | 86 |
Item 12. | Description of Securities Other than Equity Securities | 86 |
PART II | ||
Item 13. | Defaults, Dividend Arrearages and Delinquencies | 87 |
Item 14. | Material Modifications to the Rights of Security Holders and Use of Proceeds | 87 |
Item 15. | Controls and Procedures | 87 |
Item 16A. | Audit Committee Financial Expert | 88 |
Item 16B. | Code of Ethics | 88 |
Item 16C. | Principal Accountant Fees and Services | 88 |
Item 16D. | Exemptions from the Listing Standards for Audit Committees | 89 |
Item 16E. | Purchases of Equity Securities by the Issuer and Affiliated Purchasers | 89 |
Item 16F. | Change in Registrant’s Certifying Accountant | 90 |
Item 16G. | Corporate Governance | 90 |
Item 16H. | Mine Safety Disclosure | 91 |
PART III | ||
Item 17. | Financial Statements | 91 |
Item | Financial Statements | 91 |
Item 19. | Exhibits | 91 |
Item 1. | Identity of Directors, Senior Management and Advisers |
Item 2. | Offer Statistics and Expected Timetable |
Item 3. | Key Information |
A. | Selected Financial Data |
As of and for the | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
(in thousands of U.S. dollars, | ||||||||||||||||||||
except for share and per share data, fleet data and average daily results) | ||||||||||||||||||||
Statement of Operations Data: | ||||||||||||||||||||
Time charter revenues | $ | 226,189 | $ | 161,897 | $ | 114,259 | $ | 157,712 | $ | 175,576 | ||||||||||
Impairment loss | - | 442,274 | - | - | - | |||||||||||||||
Operating income/(loss) | 38,250 | (483,987 | ) | (88,321 | ) | (47,177 | ) | (18,204 | ) | |||||||||||
Net income/(loss) | 16,580 | (511,714 | ) | (164,237 | ) | (64,713 | ) | (10,268 | ) | |||||||||||
Dividends on series B preferred shares | (5,769 | ) | (5,769 | ) | (5,769 | ) | (5,769 | ) | (5,080 | ) | ||||||||||
Income/(loss) attributed to common stockholders | 10,811 | (517,483 | ) | (170,006 | ) | (70,482 | ) | (15,348 | ) | |||||||||||
Earnings/(loss) per common share, basic and diluted | 0.10 | (5.41 | ) | (2.11 | ) | (0.89 | ) | (0.19 | ) | |||||||||||
Weighted average number of common shares, basic | 103,736,742 | 95,731,093 | 80,441,517 | 79,518,009 | 81,292,290 | |||||||||||||||
Weighted average number of common shares, diluted | 104,715,883 | 95,731,093 | 80,441,517 | 79,518,009 | 81,292,290 |
As of and for the | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
(in thousands of U.S. dollars, | ||||||||||||||||||||
except for share and per share data, fleet data and average daily results) | ||||||||||||||||||||
Statement of Operations Data: | ||||||||||||||||||||
Time charter revenues | $ | 220,728 | $ | 226,189 | $ | 161,897 | $ | 114,259 | $ | 157,712 | ||||||||||
Impairment loss | 13,987 | - | 442,274 | - | - | |||||||||||||||
Operating income/(loss) | 17,622 | 38,250 | (483,987 | ) | (88,321 | ) | (47,177 | ) | ||||||||||||
Net income/(loss) | (10,535 | ) | 16,580 | (511,714 | ) | (164,237 | ) | (64,713 | ) | |||||||||||
Dividends on series B preferred shares | (5,769 | ) | (5,769 | ) | (5,769 | ) | (5,769 | ) | (5,769 | ) | ||||||||||
Income/(loss) attributed to common stockholders | (16,304 | ) | 10,811 | (517,483 | ) | (170,006 | ) | (70,482 | ) | |||||||||||
Earnings/(loss) per common share, basic and diluted | (0.17 | ) | 0.10 | (5.41 | ) | (2.11 | ) | (0.89 | ) | |||||||||||
Weighted average number of common shares, basic | 95,191,116 | 103,736,742 | 95,731,093 | 80,441,517 | 79,518,009 | |||||||||||||||
Weighted average number of common shares, diluted | 95,191,116 | 104,715,883 | 95,731,093 | 80,441,517 | 79,518,009 | |||||||||||||||
As of and for the | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
(in thousands of U.S. dollars, | ||||||||||||||||||||
except for share and per share data and average daily results) | ||||||||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||
Total assets | $ | 1,187,796 | $ | 1,246,722 | $ | 1,668,663 | $ | 1,836,965 | $ | 1,787,122 | ||||||||||
Total current liabilities | 125,156 | 80,441 | 78,225 | 58,889 | 98,092 | |||||||||||||||
Capital stock | 1,063,709 | 1,071,587 | 986,044 | 977,731 | 972,125 | |||||||||||||||
Long-term debt (including current portion), net of deferred financing costs | 530,547 | 601,384 | 598,181 | 600,071 | 484,256 | |||||||||||||||
Total stockholders’ equity | 627,684 | 624,758 | 1,056,589 | 1,218,366 | 1,282,226 |
As of and for the | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||||||||
(in thousands of U.S. dollars, | ||||||||||||||||||||||||||||||||||||||||
except for share and per share data and average daily results) | ||||||||||||||||||||||||||||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,071,280 | $ | 1,187,796 | $ | 1,246,722 | $ | 1,668,663 | $ | 1,836,965 | ||||||||||||||||||||||||||||||
Total current liabilities | 65,484 | 125,156 | 80,441 | 78,225 | 58,889 | |||||||||||||||||||||||||||||||||||
Capital stock | 1,022,571 | 1,063,709 | 1,071,587 | 986,044 | 977,731 | |||||||||||||||||||||||||||||||||||
Long-term debt (including current portion), net of deferred financing costs | 474,951 | 530,547 | 601,384 | 598,181 | 600,071 | |||||||||||||||||||||||||||||||||||
Total stockholders’ equity | 570,064 | 627,684 | 624,758 | 1,056,589 | 1,218,366 | |||||||||||||||||||||||||||||||||||
Cash Flow Data: | ||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used in) operating activities | $ | 79,930 | $ | 23,413 | $ | (20,998 | ) | $ | 23,945 | $ | 44,910 | $ | 49,882 | $ | 79,930 | $ | 23,413 | $ | (20,998 | ) | $ | 23,945 | ||||||||||||||||||
Net cash provided by/(used in) investing activities | 99,370 | (152,333 | ) | (41,619 | ) | (155,637 | ) | (152,513 | ) | 38,397 | 99,370 | (152,333 | ) | (41,619 | ) | (155,637 | ) | |||||||||||||||||||||||
Net cash provided by/(used in) financing activities | (93,702 | ) | 73,587 | (9,459 | ) | 106,009 | 85,871 | (111,398 | ) | (93,702 | ) | 73,587 | (9,459 | ) | 106,009 |
As of and for the | As of and for the | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
Fleet Data: | ||||||||||||||||||||||||||||||||||||||||
Average number of vessels (1) | 49.9 | 49.6 | 45.2 | 40.8 | 37.9 | 45.0 | 49.9 | 49.6 | 45.2 | 40.8 | ||||||||||||||||||||||||||||||
Number of vessels at year-end | 48.0 | 50.0 | 46.0 | 43.0 | 39.0 | 42.0 | 48.0 | 50.0 | 46.0 | 43.0 | ||||||||||||||||||||||||||||||
Weighted average age of vessels at year-end (in years) | 9.1 | 8.4 | 8.2 | 7.4 | 7.1 | 9.5 | 9.1 | 8.4 | 8.2 | 7.4 | ||||||||||||||||||||||||||||||
Ownership days (2) | 18,204 | 18,119 | 16,542 | 14,900 | 13,822 | 16,442 | 18,204 | 18,119 | 16,542 | 14,900 | ||||||||||||||||||||||||||||||
Available days (3) | 17,964 | 17,890 | 16,447 | 14,600 | 13,650 | 16,192 | 17,964 | 17,890 | 16,447 | 14,600 | ||||||||||||||||||||||||||||||
Operating days (4) | 17,799 | 17,566 | 16,354 | 14,492 | 13,564 | 15,971 | 17,799 | 17,566 | 16,354 | 14,492 | ||||||||||||||||||||||||||||||
Fleet utilization (5) | 99.1 | % | 98.2 | % | 99.4 | % | 99.3 | % | 99.4 | % | 98.6 | % | 99.1 | % | 98.2 | % | 99.4 | % | 99.3 | % |
Average Daily Results: | ||||||||||||||||||||||||||||||||||||||||
Time charter equivalent (TCE) rate (6) | $ | 12,179 | $ | 8,568 | $ | 6,106 | $ | 9,739 | $ | 12,081 | $ | 12,796 | $ | 12,179 | $ | 8,568 | $ | 6,106 | $ | 9,739 | ||||||||||||||||||||
Daily vessel operating expenses (7) | 5,247 | 4,987 | 5,196 | 5,924 | 6,289 | 5,510 | 5,247 | 4,987 | 5,196 | 5,924 |
(2) | Ownership days are the aggregate number of days in a period during which each vessel in our fleet has been owned by us. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during a period. |
(3) | Available days are the number of our ownership days less the aggregate number of days that our vessels are off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and the aggregate amount of time that we spend positioning our vessels for such events. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenues. |
(4) | Operating days are the number of available days in a period less the aggregate number of days that our vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues. |
(5) | We calculate fleet utilization by dividing the number of our operating days during a period by the number of our available days during the period. The shipping industry uses fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys or vessel positioning for such events. |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
(in thousands of U.S. dollars, except for | (in thousands of U.S. dollars, except for | |||||||||||||||||||||||||||||||||||||||
TCE rates, which are expressed in U.S. dollars, and available days) | TCE rates, which are expressed in U.S. dollars, and available days) | |||||||||||||||||||||||||||||||||||||||
Time charter revenues | $ | 226,189 | $ | 161,897 | $ | 114,259 | $ | 157,712 | $ | 175,576 | $ | 220,728 | $ | 226,189 | $ | 161,897 | $ | 114,259 | $ | 157,712 | ||||||||||||||||||||
Less: voyage expenses | (7,405 | ) | (8,617 | ) | (13,826 | ) | (15,528 | ) | (10,665 | ) | (13,542 | ) | (7,405 | ) | (8,617 | ) | (13,826 | ) | (15,528 | ) | ||||||||||||||||||||
Time charter equivalent revenues | $ | 218,784 | $ | 153,280 | $ | 100,433 | $ | 142,184 | $ | 164,911 | $ | 207,186 | $ | 218,784 | $ | 153,280 | $ | 100,433 | $ | 142,184 | ||||||||||||||||||||
Available days | 17,964 | 17,890 | 16,447 | 14,600 | 13,650 | 16,192 | 17,964 | 17,890 | 16,447 | 14,600 | ||||||||||||||||||||||||||||||
Time charter equivalent (TCE) rate | $ | 12,179 | $ | 8,568 | $ | 6,106 | $ | 9,739 | $ | 12,081 | $ | 12,796 | $ | 12,179 | $ | 8,568 | $ | 6,106 | $ | 9,739 |
(7) | 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. |
B. | Capitalization and Indebtedness |
C. | Reasons for the Offer and Use of Proceeds |
D. | Risk Factors |
the number of vessels that are out of service, namely those that are laid-up, |
31 |
restrictions under Marshall Islands law, which generally prohibits the payment of dividends other than from surplus (retained earnings and the excess of consideration received for the sale of shares above the par value of the shares) or while a company is insolvent or would be rendered insolvent by the payment of such a dividend. |
B. | Business overview |
Vessel | Sister Ships* | Gross Rate (USD Per Day) | Com** | Charterers | Delivery Date to Charterers*** | Redelivery Date to Owners**** | Notes | |
BUILT DWT | ||||||||
14 Panamax Bulk Carriers | ||||||||
1 | OCEANIS | $10,350 | 5.00% | Ausca Shipping Limited, Hong Kong | 16-Nov-18 | 9-Jan-20 | 1 | |
$9,200 | 5.00% | Phaethon International Company AG | 9-Jan-20 | 9-Jan-21 - 24-Mar-21 | ||||
2001 75,211 | ||||||||
2 | PROTEFS | A | $9,900 | 5.00% | Phaethon International Company AG | 30-Nov-19 | 1-Jan-21 - 31-Mar-21 | |
2004 73,630 | ||||||||
3 | CALIPSO | A | $15,400 | 5.00% | Crystal Sea Shipping Co., Limited | 1-Nov-19 | 2-Mar-20 | 2 |
2005 73,691 | ||||||||
4 | NAIAS | A | $10,000 | 5.00% | Phaethon International Company AG | 26-Jan-19 | 26-Dec-20 - 10-Apr-21 | |
2006 73,546 | ||||||||
5 | ARETHUSA | A | $9,150 | 5.00% | Ausca Shipping Limited, Hong Kong | 2-May-19 | 2-May-20 - 2-Aug-20 | |
2007 73,593 | ||||||||
6 | CORONIS | $5,300 | 5.00% | Tongli Shipping Pte. Ltd. | 3-Jan-20 | 5-Feb-20 | 3 | |
$8,000 | 5.00% | Koch Shipping Pte. Ltd., Singapore | 20-Feb-20 | 5-Nov-20 - 4-Jan-21 | ||||
2006 74,381 | ||||||||
7 | MELIA | $10,750 | 5.00% | Cargill International S.A., Geneva | 13-Feb-20 | 20-Apr-20 | 4,5 | |
2005 76,225 |
8 | ARTEMIS | $10,150 | 5.00% | Koch Shipping Pte. Ltd., Singapore | 28-Nov-19 | 13-Aug-20 - 28-Oct-20 | ||
2006 76,942 | ||||||||
9 | LETO | $13,000 | 5.00% | Uniper Global Commodities SE, Düsseldorf | 31-May-19 | 1-May-20 - 1-Jul-20 | 6 | |
2010 81,297 | ||||||||
10 | SELINA | B | $11,750 | 5.00% | Ausca Shipping Limited, Hong Kong | 15-Jul-19 | 15-Feb-20 | 7 |
$6,500 | 5.00% | Daelim Corporation | 26-Feb-20 | 21-Mar-20 | ||||
2010 75,700 | $4,750 | 4.75% | Cargill International S.A., Geneva | 27-Mar-20 | 11-May-20 - 21-May-20 | 8 | ||
11 | MAERA | B | $9,450 | 5.00% | Glencore Agriculture B.V., Rotterdam | 27-Mar-19 | 10-Apr-20 - 10-Jul-20 | |
2013 75,403 | ||||||||
12 | ISMENE | $12,125 | 5.00% | Koch Shipping Pte. Ltd., Singapore | 12-Dec-18 | 10-Jan-20 | ||
$10,800 | 5.00% | Phaethon International Company AG | 10-Jan-20 | 10-Feb-21 - 25-Apr-21 | ||||
2013 77,901 | ||||||||
13 | CRYSTALIA | C | $10,500 | 5.00% | Glencore Agriculture B.V., Rotterdam | 2-Mar-19 | 2-May-20 - 2-Aug-20 | |
2014 77,525 | ||||||||
14 | ATALANDI | C | $12,250 | 5.00% | Uniper Global Commodities SE, Düsseldorf | 9-Jul-19 | 9-Jun-20 - 24-Aug-20 | |
2014 77,529 | ||||||||
5 Kamsarmax Bulk Carriers | ||||||||
15 | MAIA | D | $13,300 | 5.00% | Glencore Agriculture B.V., Rotterdam | 12-Nov-18 | 31-Jan-20 | |
$11,200 | 5.00% | Aquavita International S.A. | 31-Jan-20 | 31-Mar-21 - 15-Jun-21 | ||||
2009 82,193 | ||||||||
16 | MYRSINI | D | $11,500 | 5.00% | Ausca Shipping Limited, Hong Kong | 4-Dec-19 | 4-Jan-21 - 19-Mar-21 | 9 |
2010 82,117 | ||||||||
17 | MEDUSA | D | $11,000 | 4.75% | Cargill International S.A., Geneva | 16-Nov-19 | 1-Oct-20 - 16-Dec-20 | |
2010 82,194 | ||||||||
18 | MYRTO | D | $14,000 | 4.75% | Cargill International S.A., Geneva | 18-Jul-19 | 3-Apr-20 - 18-Jun-20 | |
2013 82,131 | ||||||||
19 | ASTARTE | $14,250 | 5.00% | Glencore Agriculture B.V., Rotterdam | 16-Oct-18 | 18-Jan-20 | ||
$11,750 | 5.00% | Aquavita International S.A. | 18-Jan-20 | 18-Mar-21 - 2-Jun-21 | ||||
2013 81,513 |
Vessel | Sister Ships* | Gross Rate (USD Per Day) | Com** | Charterers | Delivery Date to Charterers*** | Redelivery Date to Owners**** | Notes | |
BUILT DWT | ||||||||
20 Panamax Bulk Carriers | ||||||||
1 | DANAE | A | $10,000 | 5.00% | Phaethon International Company AG | 22-Dec-17 | 7-Feb-19 | |
$8,100 | 5.00% | 7-Feb-19 | 7-Jan-20 - 7-Apr-20 | 1 | ||||
2001 75,106 | ||||||||
2 | DIONE | A | $10,350 | 5.00% | Ausca Shipping Limited, Hong Kong | 23-Jan-18 | 23-Mar-19 - 23-Apr-19 | 2,3,4 |
2001 75,172 | ||||||||
3 | NIREFS | A | $10,750 | 3.75% | Hudson Shipping Lines Incorporated | 11-Aug-18 | 11-Jul-19 - 11-Oct-19 | |
2001 75,311 | ||||||||
4 | OCEANIS | A | $10,350 | 5.00% | Ausca Shipping Limited, Hong Kong | 16-Nov-18 | 1-Jan-20 - 31-Mar-20 | |
2001 75,211 | ||||||||
5 | THETIS | B | $10,650 | 3.75% | Hudson Shipping Lines Incorporated | 16-Nov-18 | 16-Jan-20 - 16-Apr-20 | |
2004 73,583 | ||||||||
6 | PROTEFS | B | $11,000 | 3.75% | Hudson Shipping Lines Incorporated | 19-Sep-18 | 4-Sep-19 - 19-Dec-19 | |
2004 73,630 | ||||||||
7 | CALIPSO | B | $12,200 | 5.00% | Glencore Agriculture B.V., Rotterdam | 12-Mar-18 | 28-May-19 - 12-Sep-19 | |
2005 73,691 | ||||||||
8 | CLIO | B | $10,600 | 5.00% | Ausca Shipping Limited, Hong Kong | 10-Nov-18 | 10-Sep-19 - 10-Dec-19 | |
2005 73,691 | ||||||||
9 | NAIAS | B | $10,000 | 5.00% | Phaethon International Company AG | 26-Nov-17 | 26-Jan-19 | |
$10,000 | 5.00% | 26-Jan-19 | 26-Dec-20 - 10-Apr-21 | |||||
2006 73,546 | ||||||||
10 | ARETHUSA | B | $12,600 | 5.00% | Glencore Agriculture B.V., Rotterdam | 27-Apr-18 | 27-Apr-19 - 27-Jul-19 | |
2007 73,593 | ||||||||
11 | ERATO | C | $10,500 | 5.00% | Phaethon International Company AG | 30-Dec-17 | 18-Mar-19 - 30-May-19 | 4 |
2004 74,444 | ||||||||
12 | CORONIS | C | $11,300 | 5.00% | CJ International Italy Societa Per Azioni | 10-Oct-18 | 11-Aug-19 - 11-Nov-19 | |
2006 74,381 | ||||||||
13 | MELIA | $12,000 | 5.00% | United Bulk Carriers International S.A., Luxemburg | 28-Apr-18 | 28-Sep-19 - 28-Dec-19 | ||
2005 76,225 | ||||||||
14 | ARTEMIS | $12,600 | 5.00% | Ausca Shipping Limited, Hong Kong | 17-Sep-18 | 17-Sep-19 17-Dec-19 | ||
2006 76,942 |
5 Post-Panamax Bulk Carriers | ||||||||
20 | ALCMENE | $9,500 | 5.00% | Oriental Bulk Shipping PTE. LTD | 16-Nov-19 | 10-Jan-20 | 10,11 | |
2010 93,193 | ||||||||
21 | AMPHITRITE | E | $12,750 | 5.00% | Uniper Global Commodities SE, Düsseldorf | 27-Jan-19 | 21-Mar-20 | |
$10,250 | 5.00% | SwissMarine Pte. Ltd., Singapore | 21-Mar-20 | 6-Apr-21 - 21-Jun-21 | ||||
2012 98,697 | ||||||||
22 | POLYMNIA | E | $11,000 | 4.75% | Cargill International S.A., Geneva | 15-Nov-19 | 15-Oct-20 - 30-Dec-20 | |
2012 98,704 | ||||||||
23 | ELECTRA | F | $10,250 | 5.00% | Oldendorff Carriers GMBH & Co. KG, Lübeck | 21-Nov-19 | 21-Oct-20 - 21-Dec-20 | |
2013 87,150 | ||||||||
24 | PHAIDRA | F | $10,800 | 5.00% | Uniper Global Commodities SE, Düsseldorf | 11-Apr-19 | 27-May-20 - 26-Aug-20 | |
2013 87,146 | ||||||||
13 Capesize Bulk Carriers | ||||||||
- | NORFOLK | $17,750 | 5.00% | Koch Shipping Pte. Ltd., Singapore | 2-Nov-19 | 20-Feb-20 | 12 | |
2002 164,218 | ||||||||
25 | ALIKI | $18,000 | 5.00% | SwissMarine Services S.A., Geneva | 9-Apr-18 | 23-Jan-20 | 2 | |
2005 180,235 | ||||||||
26 | BALTIMORE | $15,000 | 5.00% | Koch Shipping Pte. Ltd., Singapore | 19-May-19 | 4-Dec-20 - 3-Apr-21 | 13 | |
2005 177,243 | ||||||||
27 | SALT LAKE CITY | $9,750 | 4.75% | Cargill International S.A., Geneva | 24-Mar-19 | 24-Nov-20 - 24-Feb-21 | ||
2005 171,810 | ||||||||
28 | SIDERIS GS | G | $15,350 | 5.00% | Berge Bulk Shipping Pte. Ltd., Singapore | 15-Dec-18 | 7-Mar-20 | |
$12,700 | 5.00% | Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany | 7-Mar-20 | 15-Oct-20 - 31-Dec-20 | ||||
2006 174,186 | ||||||||
29 | SEMIRIO | G | $16,000 | 4.75% | Cargill International S.A., Geneva | 30-Jun-19 | 30-Sep-20 - 30-Dec-20 | |
2007 174,261 | ||||||||
30 | BOSTON | G | $15,300 | 5.00% | Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany | 7-Jun-19 | 1-Apr-21 - 30-Jun-21 | |
2007 177,828 | ||||||||
31 | HOUSTON | G | $10,125 | 5.00% | Koch Shipping Pte. Ltd., Singapore | 17-Feb-19 | 17-Apr-20 - 10-Jul-20 | 14 |
2009 177,729 | ||||||||
32 | NEW YORK | G | $15,500 | 5.00% | Singapore Marine Pte. LTD., Singapore | 7-Jun-19 | 7-Nov-20 - 22-Jan-21 | 9 |
2010 177,773 |
33 | SEATTLE | H | $16,000 | 5.00% | SwissMarine Services S.A., Geneva | 24-Dec-18 | 24-Apr-20 - 30-Jun-20 | 14 |
2011 179,362 | ||||||||
34 | P. S. PALIOS | H | $17,500 | 5.00% | SwissMarine Services S.A., Geneva | 5-Jun-19 | 24-Mar-20 | |
$6,000 | 5.00% | C Transport Maritime Ltd., Bermuda | 24-Mar-20 | 28-Apr-20 | ||||
2013 179,134 | $12,050 | 5.00% | 28-Apr-20 | 9-Apr-21 - 24-Jun-21 | ||||
35 | G. P. ZAFIRAKIS | I | $17,000 | 5.00% | SwissMarine Services S.A., Geneva | 31-Dec-18 | 31-May-20 - 31-Aug-20 | |
2014 179,492 | ||||||||
36 | SANTA BARBARA | I | $17,250 | 5.00% | Pacbulk Shipping Pte. Ltd., Singapore | 28-Dec-19 | 28-Dec-20 - 28-Feb-21 | |
2015 179,426 | ||||||||
37 | NEW ORLEANS | $15,000 | 4.75% | Cargill International S.A., Geneva | 10-Apr-19 | 26-Jul-20 - 25-Nov-20 | ||
2015 180,960 | ||||||||
4 Newcastlemax Bulk Carriers | ||||||||
38 | LOS ANGELES | J | $13,250 | 5.00% | SwissMarine Services S.A., Geneva | 6-Mar-19 | 6-Jun-20 - 6-Sep-20 | |
2012 206,104 | ||||||||
39 | PHILADELPHIA | J | $20,000 | 5.00% | Koch Shipping Pte. Ltd., Singapore | 18-Jun-18 | 3-Feb-20 | |
$14,500 | 5.00% | BHP Billiton Freight Singapore Pte. Ltd | 5-Feb-20 | 5-Apr-21 - 5-Jul-21 | ||||
2012 206,040 | ||||||||
40 | SAN FRANCISCO | K | $16,000 | 5.00% | Koch Shipping Pte. Ltd., Singapore | 5-Mar-19 | 5-Oct-20 - 20-Jan-21 | |
2017 208,006 | ||||||||
41 | NEWPORT NEWS | K | $16,500 | 5.00% | SwissMarine Services S.A., Geneva | 25-Feb-19 | 25-Jun-20 - 25-Sep-20 | |
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 Vessel off hire for drydocking from May 27, 2019 to July 4, 2019. | ||||||||
2 Currently without an active charterparty. Vessel on scheduled drydocking. | ||||||||
3 Charter included a one time gross ballast bonus payment of US$56,000. | ||||||||
4 Charter includes a one time gross ballast bonus payment of US$107,500. | ||||||||
5 Redelivery date based on an estimated time charter trip duration of about 67 days. | ||||||||
6 Vessel off hire for drydocking from December 16, 2019 to February 10, 2020. | ||||||||
7 Ausca Shipping Limited has agreed to compensate the owners for the early redelivery of the vessel until the minimum agreed redelivery date, February 15, 2020. | ||||||||
8 Redelivery date based on an estimated time charter trip duration of about 45-55 days. | ||||||||
9 Vessel currently off hire for drydocking. | ||||||||
10 Currently without an active charterparty. | ||||||||
11 Vessel on scheduled drydocking from January 10, 2020 to March 19, 2020. | ||||||||
12 'Norfolk' sold and delivered to her new Owners on March 11, 2020. | ||||||||
13 Vessel off hire for drydocking for about 40.8 days. | ||||||||
14 Based on latest information. |
15 | LETO | $12,500 | 5.00% | Glencore Agriculture B.V., Rotterdam | 10-Jan-18 | 10-May-19 - 25-Aug-19 | ||
2010 81,297 | ||||||||
16 | SELINA | D | $12,250 | 5.00% | BG Shipping Co., Limited, Hong Kong | 6-Feb-18 | 6-Jun-19 - 6-Sep-19 | |
2010 75,700 | ||||||||
17 | MAERA | D | $11,750 | 5.00% | ST Shipping and Transport Pte. Ltd., Singpore | 4-Jul-18 | 10-Feb-19 | |
$7,000 | 5.00% | Glencore Agriculture B.V., Rotterdam | 10-Feb-19 | 27-Mar-19 | ||||
$9,450 | 5.00% | 27-Mar-19 | 10-Apr-20 - 10-Jul-20 | |||||
2013 75,403 | ||||||||
18 | ISMENE | $12,125 | 5.00% | Koch Shipping Pte. Ltd., Singapore | 12-Dec-18 | 1-Jan-20 - 31-Mar-20 | ||
2013 77,901 | ||||||||
19 | CRYSTALIA | E | $11,100 | 5.00% | Glencore Agriculture B.V., Rotterdam | 3-Oct-17 | 28-Jan-19 | 5,6 |
$10,500 | 5.00% | 2-Mar-19 | 2-May-20 - 2-Aug-20 | |||||
2014 77,525 | ||||||||
20 | ATALANDI | E | $13,500 | 5.00% | Uniper Global Commodities SE, Düsseldorf | 27-Apr-18 | 27-Jun-19 - 27-Sep-19 | |
2014 77,529 | ||||||||
5 Kamsarmax Bulk Carriers | ||||||||
21 | MAIA | F | $13,300 | 5.00% | Glencore Agriculture B.V., Rotterdam | 12-Nov-18 | 1-Jan-20 - 31-Mar-20 | |
2009 82,193 | ||||||||
22 | MYRSINI | F | $12,750 | 5.00% | Glencore Agriculture B.V., Rotterdam | 22-Dec-18 | 22-Oct-19 - 22-Dec-19 | |
2010 82,117 | ||||||||
23 | MEDUSA | F | $14,000 | 4.75% | Cargill International S.A., Geneva | 3-Sep-18 | 3-Oct-19 - 3-Dec-19 | |
2010 82,194 | ||||||||
24 | MYRTO | F | $14,000 | 4.75% | Cargill International S.A., Geneva | 25-Apr-18 | 25-May-19 - 25-Jul-19 | |
2013 82,131 | ||||||||
25 | ASTARTE | $14,250 | 5.00% | Glencore Agriculture B.V., Rotterdam | 16-Oct-18 | 16-Dec-19 - 16-Mar-20 | ||
2013 81,513 | ||||||||
5 Post-Panamax Bulk Carriers | ||||||||
26 | ALCMENE | $11,500 | 5.00% | BG Shipping Co., Limited, Hong Kong | 21-Nov-18 | 21-Oct-19 - 21-Jan-20 | ||
2010 93,193 | ||||||||
27 | AMPHITRITE | G | $11,150 | 4.75% | Cargill International S.A., Geneva | 28-Sep-17 | 27-Jan-19 | |
$12,750 | 5.00% | Uniper Global Commodities SE, Düsseldorf | 27-Jan-19 | 27-Mar-20 - 27-Jun-20 | 7 | |||
2012 98,697 | ||||||||
28 | POLYMNIA | G | $16,000 | 4.75% | Cargill International S.A., Geneva | 9-Jul-18 | 9-Sep-19 - 9-Dec-19 | |
2012 98,704 | ||||||||
29 | ELECTRA | H | $13,500 | 5.00% | Uniper Global Commodities SE, Düsseldorf | 19-Oct-18 | 15-Sep-19 - 15-Dec-19 | |
2013 87,150 |
30 | PHAIDRA | H | $12,700 | 5.00% | Uniper Global Commodities SE, Düsseldorf | 13-Jan-18 | 14-Mar-19 - 13-Apr-19 | 4 |
2013 87,146 | ||||||||
14 Capesize Bulk Carriers | ||||||||
31 | NORFOLK | $13,250 | 5.00% | SwissMarine Services S.A., Geneva | 1-Dec-17 | 1-Sep-19 - 1-Dec-19 | ||
2002 164,218 | ||||||||
32 | ALIKI | $18,000 | 5.00% | SwissMarine Services S.A., Geneva | 9-Apr-18 | 9-Dec-19 - 9-Feb-20 | ||
2005 180,235 | ||||||||
33 | BALTIMORE | $18,050 | 5.00% | Koch Shipping Pte. Ltd., Singapore | 6-Jun-18 | 22-May-19 - 21-Aug-19 | ||
2005 177,243 | ||||||||
34 | SALT LAKE CITY | $16,250 | 4.75% | Cargill International S.A., Geneva | 1-May-18 | 14-Mar-19 | 8,9 | |
$9,750 | 4.75% | 14-Mar-19 | 14-Nov-20 - 14-Feb-21 | 10 | ||||
2005 171,810 | ||||||||
35 | SIDERIS GS | I | $15,350 | 5.00% | Berge Bulk Shipping Pte. Ltd., Singapore | 15-Dec-18 | 15-Dec-19 - 30-Mar-20 | |
2006 174,186 | ||||||||
36 | SEMIRIO | I | $20,050 | 5.00% | Pacific Bulk Cape Company Limited, Hong Kong | 1-Sep-18 | 1-Jul-19 - 16-Sep-19 | |
2007 174,261 | ||||||||
37 | BOSTON | I | $17,000 | 5.00% | EGPN Bulk Carrier Co., Limited, Hong Kong | 6-Dec-17 | 6-Apr-19 - 6-Jul-19 | |
2007 177,828 | ||||||||
38 | HOUSTON | I | $19,000 | 5.00% | SwissMarine Services S.A., Geneva | 9-May-18 | 17-Feb-19 | |
$10,125 | 5.00% | Koch Shipping Pte. Ltd., Singapore | 17-Feb-19 | 17-Apr-20 - 1-Aug-20 | ||||
2009 177,729 | ||||||||
39 | NEW YORK | I | $16,000 | 5.00% | DHL Project & Chartering Limited, Hong Kong | 2-Feb-18 | 2-Jun-19 - 2-Sep-19 | |
2010 177,773 | ||||||||
40 | SEATTLE | J | $16,000 | 5.00% | SwissMarine Services S.A., Geneva | 24-Dec-18 | 24-Apr-20 - 24-Jul-20 | |
2011 179,362 | ||||||||
41 | P. S. PALIOS | J | $17,350 | 5.00% | Koch Shipping Pte. Ltd., Singapore | 24-May-18 | 9-Jun-19 - 24-Aug-19 | |
2013 179,134 | ||||||||
42 | G. P. ZAFIRAKIS | K | $17,000 | 5.00% | SwissMarine Services S.A., Geneva | 31-Dec-18 | 31-May-20 - 31-Aug-20 | |
2014 179,492 | ||||||||
43 | SANTA BARBARA | K | $20,250 | 4.75% | Cargill International S.A., Geneva | 24-Apr-18 | 9-Oct-19 - 9-Dec-19 | |
2015 179,426 | ||||||||
44 | NEW ORLEANS | $21,000 | 5.00% | SwissMarine Services S.A., Geneva | 24-Mar-18 | 12-Mar-19 - 30-Mar-19 | 4 | |
2015 180,960 |
4 Newcastlemax Bulk Carriers | ||||||||
45 | LOS ANGELES | L | $19,150 | 5.00% | SwissMarine Services S.A., Geneva | 16-Apr-18 | 6-Mar-19 | |
$13,250 | 5.00% | 6-Mar-19 | 6-Jun-20 - 6-Sep-20 | |||||
2012 206,104 | ||||||||
46 | PHILADELPHIA | L | $20,000 | 5.00% | Koch Shipping Pte. Ltd., Singapore | 18-Jun-18 | 3-Feb-20 - 18-May-20 | |
2012 206,040 | ||||||||
47 | SAN FRANCISCO | M | $24,000 | 5.00% | Koch Shipping Pte. Ltd., Singapore | 14-May-18 | 5-Mar-19 | |
$16,000 | 5.00% | 5-Mar-19 | 5-Oct-20 - 20-Jan-21 | |||||
2017 208,006 | ||||||||
48 | NEWPORT NEWS | M | BCI_2014 5TCs AVG + 24% | 5.00% | SwissMarine Services S.A., Geneva | 10-Jan-17 | 25-Feb-19 | |
$16,500 | 5.00% | 25-Feb-19 | 25-Jun-20 - 25-Sep-20 | |||||
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 Vessel sold and expected to be delivered to her new Owners at the latest by June 28, 2019. | ||||||||
2 Vessel off hire for drydocking from December 17, 2018 to January 12, 2019. | ||||||||
3 Vessel sold and expected to be delivered to her new Owners at the latest by April 15, 2019. | ||||||||
4 Based on latest information. | ||||||||
5 Charterers have agreed to pay the average value between ''P2A_03 Skaw - Gibraltar trip to Taiwan - Japan'' and ''P3A_03 Japan - South Korea transpacific round voyage'', as published by the Baltic Exchange on January 18, 2019, for the excess period commencing from January 18, 2019. | ||||||||
6 Vessel on scheduled drydocking from January 30, 2019 to March 2, 2019. | ||||||||
7 The charter rate was US$5,000 per day for the first 5 days of the charter period. | ||||||||
8 Charterers have agreed to pay Owners as daily hire, for the period from March 1, 2019 until the actual redelivery date and time, the current charterparty agreed hire rate. | ||||||||
9 Estimated redelivery date from the charterers. | ||||||||
10 Estimated delivery date to the charterers. |
Panamax. Panamax vessels have a carrying capacity of 60,000-79,999 dwt. These vessels carry coal, iron ore, grains, and, to a lesser extent, minor bulks, including steel products, cement and fertilizers. Panamax vessels are able to pass through the Panama Canal, making them more versatile than larger vessels with regard to accessing different trade routes. Most Panamax and Post-Panamax vessels are “gearless,” and therefore must be served by shore-based cargo handling equipment. However, there are a small number of geared vessels with onboard cranes, a feature that enhances trading flexibility and enables operation in ports which have poor infrastructure in terms of loading and unloading facilities. Handymax/Supramax. Handymax vessels have a carrying capacity of 40,000-59,999 dwt. These vessels operate in a large number of geographically dispersed global trade routes, carrying primarily grains and minor bulks. Within the Handymax category there is also a sub-sector known as Supramax. Supramax bulk carriers are ships between 50,000 to 59,999 dwt, normally offering cargo loading and unloading flexibility with on-board cranes, or “gear,” while at the same time possessing the cargo carrying capability approaching conventional Panamax bulk carriers. Handysize. Handysize vessels have a carrying capacity of up to 39,999 dwt. These vessels are primarily involved in carrying minor bulk cargoes. Increasingly, ships of this type operate within regional trading routes, and may serve as trans-shipment feeders for larger vessels. Handysize vessels are well suited for small ports with length and draft restrictions. Their cargo gear enables them to service ports lacking the infrastructure for cargo loading and unloading. |
We own a modern, high quality fleet of dry bulk carriers |
We have an experienced management team. Our management team consists of experienced executives who have, on average, more than 30 years of operating experience in the shipping industry and has demonstrated ability in managing the commercial, technical and financial areas of our business. Our management team is led by Mr. Simeon Palios, a qualified naval architect and engineer who has more than 40 years of experience in the shipping industry. |
We benefit from strong relationships with members of the shipping and financial industries. We have developed strong relationships with major international charterers, shipbuilders and financial institutions that we believe are the result of the quality of our operations, the strength of our management team and our reputation for dependability. |
43 |
(i) | injury to, destruction or loss of, or loss of use of, natural resources and related assessment costs; |
(ii) | injury to, or economic losses resulting from, the destruction of real and personal property; |
(iii) | loss of subsistence use of natural resources that are injured, destroyed or lost; |
(iv) | net loss of taxes, royalties, rents, fees or net profit revenues resulting from injury, destruction or loss of real or personal property, or natural resources; |
(v) | lost profits or impairment of earning capacity due to injury, destruction or loss of real or personal property or natural resources; and |
(vi) | net cost of increased or additional public services necessitated by removal activities following a discharge of oil, such as protection from fire, safety or health hazards, and loss of subsistence use of natural resources. |
C. | Organizational structure |
D. | Property, plants and equipment |
Item 4A. | Unresolved Staff Comments |
Item 5. | Operating and Financial Review and Prospects |
A. | Operating results |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2019 | 2018 | 2017 | |||||||||||||||||||
Ownership days | 18,204 | 18,119 | 16,542 | 16,442 | 18,204 | 18,119 | ||||||||||||||||||
Available days | 17,964 | 17,890 | 16,447 | 16,192 | 17,964 | 17,890 | ||||||||||||||||||
Operating days | 17,799 | 17,566 | 16,354 | 15,971 | 17,799 | 17,566 | ||||||||||||||||||
Fleet utilization | 99.1 | % | �� | 98.2 | % | 99.4 | % | 98.6 | % | 99.1 | % | 98.2 | % | |||||||||||
Time charter equivalent (TCE) rate (1) | $ | 12,179 | $ | 8,568 | $ | 6,106 | $ | 12,796 | $ | 12,179 | $ | 8,568 |
reports by industry analysts and data providers that focus on our industry and related dynamics affecting vessel values; |
news and industry reports of sales of vessels that are not similar to our vessels where we have made certain adjustments in an attempt to derive information that can be used as part of our estimates; |
offers that we may have received from potential purchasers of our vessels; and |
58 |
Vessel | Dwt | Year Built | Carrying Value (in millions of US dollars) | ||
2019 | 2018 | ||||
1 | Alcmene | 93,193 | 2010 | 14.2 * | 14.8 |
2 | Aliki | 180,235 | 2005 | 15.3 * | 16.2 |
3 | Amphitrite | 98,697 | 2012 | 18.0 | 18.8 |
4 | Arethusa | 73,593 | 2007 | 10.3 * | 11.0 * |
5 | Artemis | 76,942 | 2006 | 14.2 * | 15.2 * |
6 | Astarte | 81,513 | 2013 | 20.4 * | 21.6 * |
7 | Atalandi | 77,529 | 2014 | 18.8 | 20.0 |
8 | Baltimore | 177,243 | 2005 | 19.8 * | 20.5 * |
9 | Boston | 177,828 | 2007 | 18.5 * | 19.4 |
10 | Calipso | 73,691 | 2005 | 7.1 | 11.0 * |
11 | Clio1 | 73,691 | 2005 | - | 11.2 * |
12 | Coronis | 74,381 | 2006 | 9.5 * | 10.1 |
13 | Crystalia | 77,525 | 2014 | 18.5 | 19.7 |
14 | Danae1 | 75,106 | 2001 | - | 9.7 * |
15 | Dione1 | 75,172 | 2001 | - | 9.4 * |
16 | Electra | 87,150 | 2013 | 17.1 | 17.8 |
17 | Erato1 | 74,444 | 2004 | - | 9.0 |
18 | G.P. Zafirakis | 179,492 | 2014 | 47.9 * | 49.3 * |
19 | Houston | 177,729 | 2009 | 23.3 * | 23.1 |
20 | Ismene | 77,901 | 2013 | 12.5 | 13.2 |
21 | Leto | 81,297 | 2010 | 15.8 * | 16.6 |
22 | Los Angeles | 206,104 | 2012 | 43.3 * | 45.5 * |
23 | Maera | 75,403 | 2013 | 11.9 | 12.6 |
24 | Maia | 82,193 | 2009 | 16.3 * | 15.7 |
25 | Medusa | 82,194 | 2010 | 14.7 | 15.5 |
26 | Melia | 76,225 | 2005 | 13.0 * | 14.0 * |
27 | Myrsini | 82,117 | 2010 | 17.2 * | 18.1 * |
28 | Myrto | 82,131 | 2013 | 20.2 * | 21.5 * |
29 | Naias | 73,546 | 2006 | 9.7 * | 10.3 |
30 | New Orleans | 180,960 | 2015 | 37.3 * | 38.8 * |
31 | New York | 177,773 | 2010 | 40.6 * | 42.7 * |
32 | Newport News | 208,021 | 2017 | 47.0 | 48.8 |
33 | Nirefs1 | 75,311 | 2001 | - | 7.7 * |
34 | Norfolk2 | 164,218 | 2002 | 9.4 * | 11.4 |
35 | Oceanis | 75,211 | 2001 | 8.0 * | 7.9 * |
36 | P.S. Palios | 179,134 | 2013 | 40.6 * | 42.7 * |
37 | Phaidra | 87,146 | 2013 | 18.1 * | 19.2 * |
38 | Philadelphia | 206,040 | 2012 | 44.1 * | 46.2 * |
39 | Polymnia | 98,704 | 2012 | 18.3 | 19.1 |
40 | Protefs | 73,630 | 2004 | 9.9 * | 10.7 * |
41 | Salt Lake City | 171,810 | 2005 | 15.6 * | 16.5 |
42 | San Francisco | 208,006 | 2017 | 47.1 * | 48.9 |
43 | Santa Barbara | 179,426 | 2015 | 42.1 * | 43.3 * |
44 | Seattle | 179,362 | 2011 | 24.1 * | 25.2 |
45 | Selina | 75,700 | 2010 | 10.2 | 10.6 |
46 | Semirio | 174,261 | 2007 | 17.5 * | 18.4 |
47 | Sideris GS | 174,186 | 2006 | 16.5 * | 17.4 |
48 | Thetis1 | 73,583 | 2004 | - | 9.4 * |
Total | 5,686,747 | 894 | 996 | ||
(1) | Sold in 2019 | ||||
(2) | Sold in 2020 |
Vessel | Dwt | Year Built | Carrying Value (in millions of US dollars) | ||
2018 | 2017 | ||||
1 | Alcmene | 93,193 | 2010 | 14.8 | 15.5 |
2 | Alcyon** | 75,247 | 2001 | - | 8.3 |
3 | Aliki | 180,235 | 2005 | 16.2 | 17.1 |
4 | Amphitrite | 98,697 | 2012 | 18.8 | 19.6 |
5 | Arethusa | 73,593 | 2007 | 11.0 * | 11.4 |
6 | Artemis | 76,942 | 2006 | 15.2 * | 16.2 * |
7 | Astarte | 81,513 | 2013 | 21.6 * | 22.7 * |
8 | Atalandi | 77,529 | 2014 | 20.0 | 20.8 |
9 | Baltimore | 177,243 | 2005 | 20.5 * | 21.8 * |
10 | Boston | 177,828 | 2007 | 19.4 | 20.4 |
11 | Calipso | 73,691 | 2005 | 11.0 * | 11.6 * |
12 | Clio | 73,691 | 2005 | 11.2 * | 11.9 * |
13 | Coronis | 74,381 | 2006 | 10.1 | 10.6 |
14 | Crystalia | 77,525 | 2014 | 19.7 | 20.5 |
15 | Danae | 75,106 | 2001 | 9.7 * | 9.6 * |
16 | Dione | 75,172 | 2001 | 9.4 * | 9.5 * |
17 | Electra | 87,150 | 2013 | 17.8 | 18.6 |
18 | Erato | 74,444 | 2004 | 9.0 | 9.6 |
19 | G.P. Zafirakis | 179,492 | 2014 | 49.3 * | 51.4 * |
20 | Houston | 177,729 | 2009 | 23.1 | 24.1 |
21 | Ismene | 77,901 | 2013 | 13.2 | 13.2 |
22 | Leto | 81,297 | 2010 | 16.6 | 17.4 |
23 | Los Angeles | 206,104 | 2012 | 45.5 * | 47.7 * |
24 | Maera | 75,403 | 2013 | 12.6 | 13.3 |
25 | Maia | 82,193 | 2009 | 15.7 | 16.6 |
26 | Medusa | 82,194 | 2010 | 15.5 | 16.3 |
27 | Melia | 76,225 | 2005 | 14.0 * | 15.0 * |
28 | Myrsini | 82,117 | 2010 | 18.1 * | 19.0 * |
29 | Myrto | 82,131 | 2013 | 21.5 * | 22.2 * |
30 | Naias | 73,546 | 2006 | 10.3 | 10.9 |
31 | New Orleans | 180,960 | 2015 | 38.8 * | 40.2 * |
32 | New York | 177,773 | 2010 | 42.7 * | 45.0 * |
33 | Newport News | 208,021 | 2017 | 48.8 | 50.6 * |
34 | Nirefs | 75,311 | 2001 | 7.7 * | 8.3 |
35 | Norfolk | 164,218 | 2002 | 11.4 | 12.0 |
36 | Oceanis | 75,211 | 2001 | 7.9 * | 8.7 * |
37 | P.S. Palios | 179,134 | 2013 | 42.7 * | 44.7 * |
38 | Phaidra | 87,146 | 2013 | 19.2 * | 18.3 |
39 | Philadelphia | 206,040 | 2012 | 46.2 * | 48.5 * |
40 | Polymnia | 98,704 | 2012 | 19.1 | 19.9 |
41 | Protefs | 73,630 | 2004 | 10.7 * | 11.5 * |
42 | Salt Lake City | 171,810 | 2005 | 16.5 | 17.3 |
43 | San Francisco | 208,006 | 2017 | 48.9 | 50.7 * |
44 | Santa Barbara | 179,426 | 2015 | 43.3 * | 45.0 * |
45 | Seattle | 179,362 | 2011 | 25.2 | 26.4 |
46 | Selina | 75,700 | 2010 | 10.6 | 11.1 |
47 | Semirio | 174,261 | 2007 | 18.4 | 19.3 |
48 | Sideris GS | 174,186 | 2006 | 17.4 | 18.3 |
49 | Thetis | 73,583 | 2004 | 9.4 * | 9.5 |
50 | Triton** | 75,336 | 2001 | - | 8.5 * |
Total | 5,837,330 | 996 | 1,056 | ||
(**) | Triton and Alcyon were sold to unrelated third parties in December 2018 |
Average estimated daily time charter equivalent rate used | Average break even rate | Average estimated daily time charter equivalent rate used | Average break-even rate | |||||||||||||
Panamax/Kamsarmax/Post-Panamax | $ | 10,504 | $ | 9,491 | $ | 10,657 | $ | 10,147 | ||||||||
Capesize/Newcastlemax | $ | 14,715 | $ | 12,236 | $ | 14,898 | $ | 12,457 |
1-year (period) | Impairment charge (in USD million) | 3-year (period) | Impairment charge (in USD million) | 5-year (period) | Impairment charge (in USD million) | 1-year (period) | Impairment charge (in USD million) | 3-year (period) | Impairment charge (in USD million) | 5-year (period) | Impairment charge (in USD million) | |||||||||||||||||||||||||||||||||||||
Panamax/Kamsarmax/Post-Panamax | $ | 13,029 | - | $ | 9,986 | $ | 6 | $ | 9,897 | $ | 6 | $ | 11,877 | - | $ | 11,857 | - | $ | 9,865 | $ | 12 | |||||||||||||||||||||||||||
Capesize/Newcastlemax | $ | 18,139 | - | $ | 13,159 | $ | 70 | $ | 14,255 | $ | 32 | $ | 16,363 | - | $ | 16.166 | - | $ | 13,178 | $ | 94 |
Liquidity and Capital Resources |
Research and development, patents and licenses |
D. | Trend information |
E. | Off-Balance Sheet Arrangements |
F. | Tabular Disclosure of Contractual Obligations |
Payments due by period | ||||||||||||||||||||
Contractual Obligations | Total Amount | Less than 1 year | 2-3 years | 4-5 years | More than 5 years | |||||||||||||||
(in thousands of US dollars) | ||||||||||||||||||||
Loan Agreements and Bond (1) | $ | 478,298 | $ | 41,242 | $ | 227,680 | $ | 181,710 | $ | 27,666 | ||||||||||
Estimated Interest Payments on Loan Agreements and Bond (1) | 75,964 | 25,538 | 35,931 | 9,952 | 4,543 | |||||||||||||||
Broker services agreement (2) | 500 | 500 | - | - | - | |||||||||||||||
Total | $ | 554,762 | $ | 67,280 | $ | 263,611 | $ | 191,662 | $ | 32,209 |
Payments due by period | ||||||||||||||||||||
Contractual Obligations | Total Amount | Less than 1 year | 2-3 years | 4-5 years | More than 5 years | |||||||||||||||
(in thousands of US dollars) | ||||||||||||||||||||
Loan Agreements and Bond (1) | $ | 534,850 | $ | 97,521 | $ | 174,876 | $ | 230,971 | $ | 31,482 | ||||||||||
Estimated Interest Payments on Loan Agreements and Bond (1) | 103,890 | 28,300 | 45,800 | 23,027 | 6,763 | |||||||||||||||
Broker services agreement (2) | 500 | 500 | - | - | - | |||||||||||||||
Preferred dividends (3) | 1,923 | 1,923 | - | - | - | |||||||||||||||
Total | $ | 641,163 | $ | 128,244 | $ | 220,676 | $ | 253,998 | $ | 38,245 |
(1) | As of December 31, |
(2) | Our agreement with Steamship (formerly Diana Enterprises Inc.) dated April 1, |
G. | Safe Harbour |
A. | Directors and Senior Management |
Name | Age | Position | |||
Simeon Palios | Class I Director, Chief Executive Officer and Chairman | ||||
Semiramis Paliou | 45 | Class III Director, Deputy Chief Executive Officer and Chief Operating Officer | |||
Anastasios Margaronis | Class I Director and President | ||||
Ioannis Zafirakis | Class I Director, Interim Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary | ||||
William (Bill) Lawes | Class II Director | ||||
Konstantinos Psaltis | Class II Director | ||||
Kyriacos Riris | Class II Director | ||||
Apostolos Kontoyannis | Class III Director | ||||
Class III Director | |||||
47 |
B. | Compensation |
C. | Board Practices |
D. | Employees |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2019 | 2018 | 2017 | |||||||||||||||||||
Shoreside | 115 | 93 | 95 | 111 | 115 | 93 | ||||||||||||||||||
Seafaring | 926 | 1,006 | 923 | 914 | 926 | 1,006 | ||||||||||||||||||
Total | 1,041 | 1,099 | 1,018 | 1,025 | 1,041 | 1,099 |
A. | Major Shareholders |
Title of Class | Identity of Person or Group | Number of Shares Owned | Percent of Class | * | Identity of Person or Group | Number of Shares Owned | Percent of Class | * | ||||||
Common Stock, par value $0.01 | Simeon Palios (1) | 15,513,891 | 14.7% | Simeon Palios (1) | 16,103,998 | 18.0% | ||||||||
Anastasios Margaronis (2) | 6,365,438 | 6% | Anastasios Margaronis (2) | 7,189,791 | 8.1% | |||||||||
Franklin Resources Inc. (3) | 11,561,800 | 11.1% | Franklin Resources Inc. (3) | 7,778,652 | 8.7% | |||||||||
Kopernik Global Investors, LLC (4) | 7,540,217 | 7.3% | Kopernik Global Investors, LLC (4) | 4,977,084 | 5.6% | |||||||||
Hosking Partners LLP (5) | 5,307,060 | 5.1% | Hosking Partners LLP (5) | 5,484,364 | 6.1% | |||||||||
All officers and directors as a group (6) | 28,028,846 | 26.5% | All officers and directors as a group (6) | 27,205,386 | 30.5% |
(1) | Mr. Simeon Palios indirectly may be deemed to beneficially own |
(2) | Mr. Anastasios Margaronis, our President and a member of our board of directors may be deemed to beneficially own |
(3) | This information is derived from a Schedule 13G/A filed with the SEC on |
(4) | This information is derived from a Schedule 13G/A filed with the SEC on February |
(5) | This information is derived from a Schedule 13G filed with the SEC on January |
(6) | Mr. Simeon Palios and Mr. Anastasios Margaronis are our only directors or officers that beneficially own 5% or more of our outstanding common stock. Mr. |
B. | Related Party Transactions |
C. | Interests of Experts and Counsel |
A. | Consolidated statements and other financial information |
B. | Significant Changes |
A. | Offer and Listing Details |
B. | Plan of distribution |
C. | Markets |
D. | Selling Shareholders |
E. | Dilution |
F. | Expenses of the Issue |
A. | Share capital |
B. | Memorandum and articles of association |
C. | Material contracts |
D. | Exchange Controls |
E. | Taxation |
(1) | It is organized in a qualified foreign country which, as defined, is one that grants an equivalent exemption from tax to corporations organized in the United States in respect of the Shipping Income for which exemption is being claimed under Section 883 of the Code, or the “Country of Organization Requirement”; and |
(2) | It can satisfy any one of the following two stock ownership requirements: |
F. | Dividends and paying agents |
G. | Statement by experts |
H. | Documents on display |
I. | Subsidiary information |
Item 12. | Description of Securities Other than Equity Securities |
Item 16B. | Code of Ethics |
Item 16C. | Principal Accountant Fees and Services |
Item 16D. | Exemptions from the Listing Standards for Audit Committees |
Item 16F. | Change in Registrant’s Certifying Accountant |
Item 16G. | Corporate Governance |
Exhibit | |
Number | Description |
1.1 | |
1.2 | |
2.1 | |
2.2 | |
2.3 | |
2.4 | |
2.5 | |
2.6 | |
2.7 | |
2.8 | |
4.1 | |
4.2 | |
4.3 | |
4.4 | |
4.5 | |
4.6 | |
4.7 | |
4.8 | |
4.9 | |
4.10 | |
4.11 | |
4.12 | |
4.13 | Loan Agreement, dated March 17, 2015, by and among Knox Shipping Company Inc., Bokak Shipping Company Inc., Jemo Shipping Company Inc., Guam Shipping Company Inc., Palau Shipping Company Inc., Makur Shipping CompanyInc., Mandaringina Inc., Vesta Commercial, S.A., the Banks and Financial Institutions listed therein, Nordea Bank Finland Plc and Nordea Bank AB, London Branch (12) |
4.14 |
4.15 | |
4.16 |
4.17 | |
4.18 | |
4.19 | |
4.20 | |
4.21 | |
4.22 | |
4.23 | |
4.24 | |
4.25 | |
4.26 | |
4.27 | |
4.28 | |
4.29 | |
4.30 | |
4.31 | |
4.32 | |
4.33 | |
4.34 | |
4.35 | |
4.36 | |
4.37 | |
4.38 | |
8.1 | |
11.1 | |
12.1 | |
12.2 | |
13.1 | |
13.2 | |
15.1 | |
101 | The following materials from the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2018, formatted in eXtensible Business Reporting Language (XBRL): (i) Consolidated Balance Sheets as of December 31, |
Page | ||
Report of Independent Registered Public Accounting Firm | F-2 | |
Report of Independent Registered Public Accounting Firm | F-3 | |
Consolidated Balance Sheets as of December 31, | F-5 | |
Consolidated Statements of Operations for the years ended December 31, 2019, 2018 | F-6 | |
Consolidated Statements of Comprehensive Income/(Loss) for the years ended December 31, 2019, 2018 | F-6 | |
Consolidated Statements of Stockholders' Equity for the years ended December 31, 2019, 2018 | F-7 | |
Consolidated Statements of Cash Flows for the years ended December 31, 2019, 2018 | F-8 | |
Notes to Consolidated Financial Statements | F-9 | |
DIANA SHIPPING INC. | ||||||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||||||
December 31, 2018 and 2017 | ||||||||||||||||
December 31, 2019 and 2018 | ||||||||||||||||
(Expressed in thousands of U.S. Dollars – except for share and per share data) | ||||||||||||||||
2018 | 2017 | 2019 | 2018 | |||||||||||||
ASSETS | ||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||
Cash and cash equivalents (Note 2(e)) | $ | 126,825 | $ | 40,227 | $ | 107,288 | $ | 126,825 | ||||||||
Accounts receivable, trade (Note 2(f)) | 2,948 | 4,937 | ||||||||||||||
Due from related parties (Notes 2(g) and 4(b)) | - | 82,660 | ||||||||||||||
Inventories (Note 2(h)) | 5,835 | 5,770 | ||||||||||||||
Accounts receivable, trade | 7,862 | 2,948 | ||||||||||||||
Due from related parties | 23 | - | ||||||||||||||
Inventories (Note 2(g)) | 5,526 | 5,835 | ||||||||||||||
Prepaid expenses and other assets | 6,364 | 5,167 | 9,210 | 6,364 | ||||||||||||
Vessel held for sale (Note 4) | 7,130 | - | ||||||||||||||
Total current assets | 141,972 | 138,761 | 137,039 | 141,972 | ||||||||||||
FIXED ASSETS: | ||||||||||||||||
Vessels' net book value (Note 5) | 991,403 | 1,053,578 | ||||||||||||||
Property and equipment, net (Note 6) | 22,425 | 22,650 | ||||||||||||||
Vessels, net (Note 4) | 882,297 | 991,403 | ||||||||||||||
Property and equipment, net (Note 5) | 22,077 | 22,425 | ||||||||||||||
Total fixed assets | 1,013,828 | 1,076,228 | 904,374 | 1,013,828 | ||||||||||||
OTHER NON-CURRENT ASSETS: | ||||||||||||||||
Restricted cash (Notes 2(e) and 7) | 24,582 | 25,582 | ||||||||||||||
Investments in related parties (Notes 2(v) and 3) | 3,263 | 3,249 | ||||||||||||||
Deferred charges, net (Notes 2(m), 2(n) and 5) | 4,151 | 2,902 | ||||||||||||||
Restricted cash (Notes 2(e) and 6) | 21,000 | 24,582 | ||||||||||||||
Investments in related parties (Notes 2(v,x) and 3) | 1,680 | 3,263 | ||||||||||||||
Other non-current assets | 2,941 | - | ||||||||||||||
Deferred charges, net (Notes 2(m) and 4) | 4,246 | 4,151 | ||||||||||||||
Total assets | $ | 1,187,796 | $ | 1,246,722 | $ | 1,071,280 | $ | 1,187,796 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||
Current portion of long-term debt, net of deferred financing costs, current (Note 7) | $ | 96,434 | $ | 60,763 | ||||||||||||
Current portion of long-term debt, net of deferred financing costs, current (Note 6) | $ | 40,205 | $ | 96,434 | ||||||||||||
Accounts payable, trade and other | 11,073 | 7,954 | 11,394 | 11,073 | ||||||||||||
Due to related parties (Note 4(a) and 4(d)) | 182 | 271 | ||||||||||||||
Due to related parties (Note 3) | 85 | 182 | ||||||||||||||
Accrued liabilities | 13,377 | 8,246 | 11,268 | 13,377 | ||||||||||||
Deferred revenue | 4,090 | 3,207 | 2,532 | 4,090 | ||||||||||||
Total current liabilities | 125,156 | 80,441 | 65,484 | 125,156 | ||||||||||||
Long-term debt, net of current portion and deferred financing costs, non-current (Note 7) | 434,113 | 540,621 | ||||||||||||||
Long-term debt, net of current portion and deferred financing costs, non-current (Note 6) | 434,746 | 434,113 | ||||||||||||||
Other non-current liabilities | 843 | 902 | 986 | 843 | ||||||||||||
Commitments and contingencies (Note 8) | - | - | ||||||||||||||
Commitments and contingencies (Note 7) | - | - | ||||||||||||||
STOCKHOLDERS' EQUITY: | ||||||||||||||||
Preferred stock (Note 9(a)) | 26 | 26 | ||||||||||||||
Common stock, $0.01 par value; 200,000,000 shares authorized and 103,764,351 and 106,131,017 issued and outstanding at December 31, 2018 and 2017, respectively (Note 9(b)) | 1,038 | 1,061 | ||||||||||||||
Preferred stock (Note 8(a)) | 26 | 26 | ||||||||||||||
Common stock, $0.01 par value; 200,000,000 shares authorized and 91,193,339 and 103,764,351 issued and outstanding at December 31, 2019 and 2018, respectively (Note 8(b)) | 912 | 1,038 | ||||||||||||||
Additional paid-in capital | 1,062,645 | 1,070,500 | 1,021,633 | 1,062,645 | ||||||||||||
Accumulated other comprehensive income | 287 | 294 | 109 | 287 | ||||||||||||
Accumulated deficit | (436,312 | ) | (447,123 | ) | (452,616 | ) | (436,312 | ) | ||||||||
Total stockholders' equity | 627,684 | 624,758 | 570,064 | 627,684 | ||||||||||||
Total liabilities and stockholders' equity | $ | 1,187,796 | $ | 1,246,722 | $ | 1,071,280 | $ | 1,187,796 | ||||||||
The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. |
DIANA SHIPPING INC. | ||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
For the years ended December 31, 2018, 2017 and 2016 | ||||||||||||
(Expressed in thousands of U.S. Dollars – except for share and per share data) | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
REVENUES: | ||||||||||||
Time charter revenues | $ | 226,189 | $ | 161,897 | $ | 114,259 | ||||||
EXPENSES: | ||||||||||||
Voyage expenses | 7,405 | 8,617 | 13,826 | |||||||||
Vessel operating expenses | 95,510 | 90,358 | 85,955 | |||||||||
Depreciation and amortization of deferred charges | 52,206 | 87,003 | 81,578 | |||||||||
General and administrative expenses | 29,518 | 26,332 | 25,510 | |||||||||
Management fees to related party (Notes 3(b) and 4(d)) | 2,394 | 1,883 | 1,464 | |||||||||
Impairment loss (Note 5) | - | 442,274 | - | |||||||||
Loss from sale of vessels (Note 5) | 1,448 | - | - | |||||||||
Insurance recoveries, net of other loss (Note 5) | - | (10,879 | ) | - | ||||||||
Gain on contract termination | - | - | (5,500 | ) | ||||||||
Other loss/(gain) | (542 | ) | 296 | (253 | ) | |||||||
Operating income/(loss) | $ | 38,250 | $ | (483,987 | ) | $ | (88,321 | ) | ||||
OTHER INCOME / (EXPENSES): | ||||||||||||
Interest and finance costs (Note 10) | (30,506 | ) | (26,628 | ) | (21,949 | ) | ||||||
Interest and other income (Note 4(b)) | 8,822 | 4,508 | 2,410 | |||||||||
Gain/(loss) from equity method investments (Note 3) | 14 | (5,607 | ) | (56,377 | ) | |||||||
Total other expenses, net | $ | (21,670 | ) | $ | (27,727 | ) | $ | (75,916 | ) | |||
Net income/(loss) | $ | 16,580 | $ | (511,714 | ) | $ | (164,237 | ) | ||||
Dividends on series B preferred shares (Notes 9(a) and 11) | (5,769 | ) | (5,769 | ) | (5,769 | ) | ||||||
Net income/(loss) attributed to common stockholders | $ | 10,811 | $ | (517,483 | ) | $ | (170,006 | ) | ||||
Earnings/(loss) per common share, basic and diluted (Note 11) | $ | 0.10 | $ | (5.41 | ) | $ | (2.11 | ) | ||||
Weighted average number of common shares, basic (Note 11) | 103,736,742 | 95,731,093 | 80,441,517 | |||||||||
Weighted average number of common shares, diluted (Note 11) | 104,715,883 | 95,731,093 | 80,441,517 | |||||||||
DIANA SHIPPING INC. | ||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
For the year ended December 31, 2019, 2018 and 2017 | ||||||||||||
(Expressed in thousands of U.S. Dollars – except for share and per share data) | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
REVENUES: | ||||||||||||
Time charter revenues (Note 2(p)) | $ | 220,728 | $ | 226,189 | $ | 161,897 | ||||||
EXPENSES: | ||||||||||||
Voyage expenses (Note 2(p)) | 13,542 | 7,405 | 8,617 | |||||||||
Vessel operating expenses (Note 2(q)) | 90,600 | 95,510 | 90,358 | |||||||||
Depreciation and amortization of deferred charges (Note 2(l)) | 48,904 | 52,206 | 87,003 | |||||||||
General and administrative expenses | 28,601 | 29,518 | 26,332 | |||||||||
Management fees to related party (Note 3) | 2,155 | 2,394 | 1,883 | |||||||||
Impairment loss (Note 4) | 13,987 | - | 442,274 | |||||||||
Loss from sale of vessels (Note 4) | 6,171 | 1,448 | - | |||||||||
Insurance recoveries, net of other loss (Note 4) | - | - | (10,879 | ) | ||||||||
Other (gain)/loss | (854 | ) | (542 | ) | 296 | |||||||
Operating income/(loss) | $ | 17,622 | $ | 38,250 | $ | (483,987 | ) | |||||
OTHER INCOME / (EXPENSES): | ||||||||||||
Interest and finance costs (Note 9) | (29,432 | ) | (30,506 | ) | (26,628 | ) | ||||||
Interest and other income (Note 3(b)) | 2,858 | 8,822 | 4,508 | |||||||||
Gain/(loss) from investments (Note 3(b) and 3(d)) | (1,583 | ) | 14 | (5,607 | ) | |||||||
Total other expenses, net | $ | (28,157 | ) | $ | (21,670 | ) | $ | (27,727 | ) | |||
Net income/(loss) | $ | (10,535 | ) | $ | 16,580 | $ | (511,714 | ) | ||||
Dividends on series B preferred shares (Notes 8 and 10) | (5,769 | ) | (5,769 | ) | (5,769 | ) | ||||||
Net income/(loss) attributed to common stockholders | $ | (16,304 | ) | $ | 10,811 | $ | (517,483 | ) | ||||
Earnings/(loss) per common share, basic and diluted (Note 10) | $ | (0.17 | ) | $ | 0.10 | $ | (5.41 | ) | ||||
Weighted average number of common shares, basic (Note 10) | 95,191,116 | 103,736,742 | 95,731,093 | |||||||||
Weighted average number of common shares, diluted (Note 10) | 95,191,116 | 104,715,883 | 95,731,093 |
DIANA SHIPPING INC. | ||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) | CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) | CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) | ||||||||||||||||||||||
For the years ended December 31, 2018, 2017 and 2016 | ||||||||||||||||||||||||
For the year ended December 31, 2019, 2018 and 2017 | For the year ended December 31, 2019, 2018 and 2017 | |||||||||||||||||||||||
(Expressed in thousands of U.S. Dollars) | (Expressed in thousands of U.S. Dollars) | (Expressed in thousands of U.S. Dollars) | ||||||||||||||||||||||
2018 | 2017 | 2016 | 2019 | 2018 | 2017 | |||||||||||||||||||
Net income/(loss) | $ | 16,580 | $ | (511,714 | ) | $ | (164,237 | ) | $ | (10,535 | ) | $ | 16,580 | $ | (511,714 | ) | ||||||||
Other comprehensive income/(loss) (Actuarial gain/(loss)) | (7 | ) | 109 | (84 | ) | |||||||||||||||||||
Other comprehensive income/(loss) (Actuarial income/(loss)) | (178 | ) | (7 | ) | 109 | |||||||||||||||||||
Comprehensive income/(loss) | $ | 16,573 | $ | (511,605 | ) | $ | (164,321 | ) | $ | (10,713 | ) | $ | 16,573 | $ | (511,605 | ) | ||||||||
The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. |
DIANA SHIPPING INC. | ||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||
For the years ended December 31, 2018, 2017 and 2016 | ||||||||||||||||||||||||||||||||
(Expressed in thousands of U.S. Dollars – except for share data) | ||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Additional Paid-in Capital | Other Comprehensive Income / (Loss) | Retained Earnings/ (Accumulated Deficit) | Total Equity | |||||||||||||||||||||||||||
# of Shares | Par Value | # of Shares | Par Value | |||||||||||||||||||||||||||||
BALANCE, December 31, 2015 | 2,600,000 | $ | 26 | 82,546,017 | $ | 825 | $ | 976,880 | $ | 269 | $ | 240,366 | $ | 1,218,366 | ||||||||||||||||||
Net loss | - | $ | - | - | $ | - | - | $ | - | $ | (164,237 | ) | $ | (164,237 | ) | |||||||||||||||||
Issuance of restricted stock and compensation cost (Note 9(e)) | - | - | 2,150,000 | 22 | 8,291 | - | - | 8,313 | ||||||||||||||||||||||||
Dividends on series B preferred stock (Note 9(a)) | - | - | - | - | - | - | (5,769 | ) | (5,769 | ) | ||||||||||||||||||||||
Other comprehensive loss | - | - | - | - | - | (84 | ) | - | (84 | ) | ||||||||||||||||||||||
BALANCE, December 31, 2016 | 2,600,000 | $ | 26 | 84,696,017 | $ | 847 | $ | 985,171 | $ | 185 | $ | 70,360 | $ | 1,056,589 | ||||||||||||||||||
Net loss | - | $ | - | - | $ | - | - | $ | - | $ | (511,714 | ) | $ | (511,714 | ) | |||||||||||||||||
Issuance of common stock (Note 9(c)) | - | - | 20,125,000 | 201 | 77,110 | - | - | 77,311 | ||||||||||||||||||||||||
Issuance of restricted stock and compensation cost (Note 9(e)) | - | - | 1,310,000 | 13 | 8,219 | - | - | 8,232 | ||||||||||||||||||||||||
Dividends on series B preferred stock (Note 9(a)) | - | - | - | - | - | - | (5,769 | ) | (5,769 | ) | ||||||||||||||||||||||
Other comprehensive income | - | - | - | - | - | 109 | - | 109 | ||||||||||||||||||||||||
BALANCE, December 31, 2017 | 2,600,000 | $ | 26 | 106,131,017 | $ | 1,061 | $ | 1,070,500 | $ | 294 | $ | (447,123 | ) | $ | 624,758 | |||||||||||||||||
Net income/(loss) | - | $ | - | - | $ | - | $ | - | $ | - | $ | 16,580 | $ | 16,580 | ||||||||||||||||||
Stock repurchased and retired (Note 9(d)) | - | - | (4,166,666 | ) | (41 | ) | (15,116 | ) | - | - | (15,157 | ) | ||||||||||||||||||||
Issuance of restricted stock and compensation cost (Note 9(e)) | - | - | 1,800,000 | 18 | 7,261 | - | - | 7,279 | ||||||||||||||||||||||||
Dividends on series B preferred stock (Note 9(a)) | - | - | - | - | - | - | (5,769 | ) | (5,769 | ) | ||||||||||||||||||||||
Other comprehensive loss | - | - | - | - | - | (7 | ) | - | (7 | ) | ||||||||||||||||||||||
BALANCE, December 31, 2018 | 2,600,000 | $ | 26 | 103,764,351 | $ | 1,038 | $ | 1,062,645 | $ | 287 | $ | (436,312 | ) | $ | 627,684 | |||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements. |
DIANA SHIPPING INC. | ||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2019, 2018 and 2017 | ||||||||||||||||||||||||||||||||||||||||
(Expressed in thousands of U.S. Dollars – except for share data) | ||||||||||||||||||||||||||||||||||||||||
Preferred Stock Series B | Preferred Stock Series C | Common Stock | Additional Paid-in Capital | Other Comprehensive Income / (Loss) | Retained Earnings/ (Accumulated Deficit) | Total Equity | ||||||||||||||||||||||||||||||||||
# of Shares | Par Value | # of Shares | Par Value | # of Shares | Par Value | |||||||||||||||||||||||||||||||||||
BALANCE, December 31, 2016 | 2,600,000 | $ | 26 | - | $ | - | 84,696,017 | $ | 847 | $ | 985,171 | $ | 185 | $ | 70,360 | $ | 1,056,589 | |||||||||||||||||||||||
Net loss | - | $ | - | - | $ | - | - | $ | - | - | $ | - | $ | (511,714 | ) | $ | (511,714 | ) | ||||||||||||||||||||||
Issuance of common stock (Note 8(d)) | - | - | - | - | 20,125,000 | 201 | 77,110 | - | - | 77,311 | ||||||||||||||||||||||||||||||
Issuance of restricted stock and compensation cost (Note 8(f)) | - | - | - | - | 1,310,000 | 13 | 8,219 | - | - | 8,232 | ||||||||||||||||||||||||||||||
Dividends on series B preferred stock (Note 8(b)) | - | - | - | - | - | - | - | - | (5,769 | ) | (5,769 | ) | ||||||||||||||||||||||||||||
Other comprehensive income | - | - | - | - | - | - | - | 109 | - | 109 | ||||||||||||||||||||||||||||||
BALANCE, December 31, 2017 | 2,600,000 | $ | 26 | - | $ | - | 106,131,017 | $ | 1,061 | $ | 1,070,500 | $ | 294 | $ | (447,123 | ) | $ | 624,758 | ||||||||||||||||||||||
Net income | - | $ | - | - | $ | - | - | $ | - | $ | - | $ | - | $ | 16,580 | $ | 16,580 | |||||||||||||||||||||||
Stock repurchased and retired (Note 8(e)) | - | - | - | - | (4,166,666 | ) | (41 | ) | (15,116 | ) | - | - | (15,157 | ) | ||||||||||||||||||||||||||
Issuance of restricted stock and compensation cost (Note 8(f)) | - | - | - | - | 1,800,000 | 18 | 7,261 | - | - | 7,279 | ||||||||||||||||||||||||||||||
Dividends on series B preferred stock (Note 8(b)) | - | - | - | - | - | - | - | - | (5,769 | ) | (5,769 | ) | ||||||||||||||||||||||||||||
Other comprehensive loss | - | - | - | - | - | - | - | (7 | ) | - | (7 | ) | ||||||||||||||||||||||||||||
BALANCE, December 31, 2018 | 2,600,000 | $ | 26 | - | $ | - | 103,764,351 | $ | 1,038 | $ | 1,062,645 | $ | 287 | $ | (436,312 | ) | $ | 627,684 | ||||||||||||||||||||||
Net loss | - | $ | - | - | $ | - | - | $ | - | $ | - | $ | - | $ | (10,535 | ) | $ | (10,535 | ) | |||||||||||||||||||||
Issuance of Series C Preferred Stock (Note 8(c)) | - | - | 10,675 | - | - | - | 960 | - | - | 960 | ||||||||||||||||||||||||||||||
Issuance of restricted stock and compensation cost (Note 8(f)) | - | - | - | - | 2,000,000 | 20 | 7,561 | - | - | 7,581 | ||||||||||||||||||||||||||||||
Stock repurchased and retired (Note 8(e)) | - | - | - | - | (14,571,012 | ) | (146 | ) | (49,533 | ) | - | - | (49,679 | ) | ||||||||||||||||||||||||||
Dividends on series B preferred stock (Note 8(b)) | - | - | - | - | - | - | - | - | (5,769 | ) | (5,769 | ) | ||||||||||||||||||||||||||||
Other comprehensive loss | - | - | - | - | - | - | - | (178 | ) | - | (178 | ) | ||||||||||||||||||||||||||||
BALANCE, December 31, 2019 | 2,600,000 | $ | 26 | 10,675 | $ | - | 91,193,339 | $ | 912 | $ | 1,021,633 | $ | 109 | $ | (452,616 | ) | $ | 570,064 | ||||||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements. |
DIANA SHIPPING INC. | DIANA SHIPPING INC. | DIANA SHIPPING INC. | ||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | CONSOLIDATED STATEMENTS OF CASH FLOWS | CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||
For the years ended December 31, 2018, 2017 and 2016 | ||||||||||||||||||||||||
For the year ended December 31, 2019, 2018 and 2017 | For the year ended December 31, 2019, 2018 and 2017 | |||||||||||||||||||||||
(Expressed in thousands of U.S. Dollars) | (Expressed in thousands of U.S. Dollars) | (Expressed in thousands of U.S. Dollars) | ||||||||||||||||||||||
2018 | 2017 | 2016 | 2019 | 2018 | 2017 | |||||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||||||
Net income/(loss) | $ | 16,580 | $ | (511,714 | ) | $ | (164,237 | ) | $ | (10,535 | ) | $ | 16,580 | $ | (511,714 | ) | ||||||||
Adjustments to reconcile net income/(loss) to net cash from operating activities: | ||||||||||||||||||||||||
Depreciation and amortization of deferred charges | 52,206 | 87,003 | 81,578 | 48,904 | 52,206 | 87,003 | ||||||||||||||||||
Impairment loss (Note 5) | - | 442,274 | - | |||||||||||||||||||||
Amortization of financing costs (Note 10) | 1,939 | 1,455 | 1,503 | |||||||||||||||||||||
Amortization of free lubricants benefit | - | - | (15 | ) | ||||||||||||||||||||
Compensation cost on restricted stock (Note 9(c)) | 7,279 | 8,232 | 8,313 | |||||||||||||||||||||
Actuarial loss/(gain) | (7 | ) | 109 | (84 | ) | |||||||||||||||||||
Loss from sale of vessels (Note 5) | 1,448 | - | - | |||||||||||||||||||||
Gain from loan to a related party (Note 4 (b)) | (5,000 | ) | - | - | ||||||||||||||||||||
Gain from insurance recoveries, net of other loss (Note 5) | - | (10,879 | ) | - | ||||||||||||||||||||
Gain on shipbuilding contract termination | - | - | (278 | ) | ||||||||||||||||||||
Loss/(gain) from equity method investments (Note 3) | (14 | ) | 5,607 | 56,377 | ||||||||||||||||||||
(Increase) / Decrease in: | ||||||||||||||||||||||||
Impairment loss (Note 4) | 13,987 | - | 442,274 | |||||||||||||||||||||
Amortization of financing costs (Note 9) | 1,126 | 1,939 | 1,455 | |||||||||||||||||||||
Compensation cost on restricted stock (Note 8) | 7,581 | 7,279 | 8,232 | |||||||||||||||||||||
Actuarial gain/(loss) | (178 | ) | (7 | ) | 109 | |||||||||||||||||||
Loss from sale of vessels (Note 4) | 6,171 | 1,448 | - | |||||||||||||||||||||
Gain from loan to a related party (Note 3) | - | (5,000 | ) | - | ||||||||||||||||||||
Gain from insurance recoveries, net of other loss (Note 4) | - | - | (10,879 | ) | ||||||||||||||||||||
Loss from extinguishment of liabilities | 188 | - | - | |||||||||||||||||||||
Loss/(gain) from investments (Note 3) | 1,583 | (14 | ) | 5,607 | ||||||||||||||||||||
Accounts receivable, trade | 1,989 | 966 | (1,391 | ) | (4,914 | ) | 1,989 | 966 | ||||||||||||||||
Due from related parties | 43 | (141 | ) | 3,334 | (23 | ) | 43 | (141 | ) | |||||||||||||||
Inventories | (65 | ) | 90 | 391 | 309 | (65 | ) | 90 | ||||||||||||||||
Prepaid expenses and other assets | (1,197 | ) | 142 | 620 | (2,846 | ) | (1,197 | ) | 142 | |||||||||||||||
Other non-current assets | (2,941 | ) | - | - | ||||||||||||||||||||
Increase / (Decrease) in: | ||||||||||||||||||||||||
Accounts payable, trade and other | 3,119 | 1,382 | (2,391 | ) | 321 | 3,119 | 1,382 | |||||||||||||||||
Due to related parties | (89 | ) | 246 | (39 | ) | (97 | ) | (89 | ) | 246 | ||||||||||||||
Accrued liabilities, net of accrued preferred dividends | 5,131 | 2,512 | (715 | ) | (2,109 | ) | 5,131 | 2,512 | ||||||||||||||||
Deferred revenue | 883 | 2,385 | (1,592 | ) | (1,558 | ) | 883 | 2,385 | ||||||||||||||||
Other non-current liabilities | (59 | ) | 162 | 117 | 143 | (59 | ) | 162 | ||||||||||||||||
Drydock costs | (4,256 | ) | (6,418 | ) | (2,489 | ) | (5,230 | ) | (4,256 | ) | (6,418 | ) | ||||||||||||
Net cash provided by/(used in) Operating Activities | $ | 79,930 | $ | 23,413 | $ | (20,998 | ) | |||||||||||||||||
Net cash provided by Operating Activities | $ | 49,882 | $ | 79,930 | $ | 23,413 | ||||||||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||||||
Payments for vessel acquisitions, improvements and construction (Note 5) | (2,573 | ) | (125,781 | ) | (50,911 | ) | ||||||||||||||||||
Proceeds from vessel sales, net of expenses (Note 5) | 14,578 | 2,032 | - | |||||||||||||||||||||
Proceeds from insurance contract, net of expenses (Note 5) | - | 11,362 | - | |||||||||||||||||||||
Proceeds from sale of investment (Note 3(a)) | - | 158 | - | |||||||||||||||||||||
Proceeds from shipbuilding contract termination (Notes 5) | - | - | 9,413 | |||||||||||||||||||||
Cash dividends from investment in a related party (Note 3(a)) | - | - | 96 | |||||||||||||||||||||
Loan to a related party (Note 4(b)) | - | (40,000 | ) | - | ||||||||||||||||||||
Proceeds from loan to a related party (Note 4(b)) | 87,617 | - | - | |||||||||||||||||||||
Payments for plant, property and equipment (Note 6) | (252 | ) | (104 | ) | (217 | ) | ||||||||||||||||||
Net cash provided by/(used in) Investing Activities | $ | 99,370 | $ | (152,333 | ) | $ | (41,619 | ) | ||||||||||||||||
Payments for vessel acquisitions, improvements and construction (Note 4) | (2,804 | ) | (2,573 | ) | (125,781 | ) | ||||||||||||||||||
Proceeds from vessel sales, net of expenses (Note 4) | 41,326 | 14,578 | 2,032 | |||||||||||||||||||||
Proceeds from insurance contract, net of expenses (Note 4) | - | - | 11,362 | |||||||||||||||||||||
Proceeds from sale of investment | - | - | 158 | |||||||||||||||||||||
Loan to a related party (Note 3(b)) | - | - | (40,000 | ) | ||||||||||||||||||||
Proceeds from loan to a related party (Note 3(b)) | - | 87,617 | - | |||||||||||||||||||||
Payments for plant, property and equipment (Note 5) | (125 | ) | (252 | ) | (104 | ) | ||||||||||||||||||
Net cash provided by / (used in) Investing Activities | $ | 38,397 | $ | 99,370 | $ | (152,333 | ) | |||||||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||||||
Proceeds from long-term debt (Note 7) | 100,000 | 57,240 | 39,265 | |||||||||||||||||||||
Proceeds from issuance of common stock, net of expenses (Note 9(c)) | - | 77,311 | - | |||||||||||||||||||||
Proceeds from long-term debt (Note 6) | 44,000 | 100,000 | 57,240 | |||||||||||||||||||||
Proceeds from issuance of stock, net of expenses (Note 8(c) and (d)) | 960 | - | 77,311 | |||||||||||||||||||||
Cash dividends on preferred stock | (5,769 | ) | (5,769 | ) | (5,769 | ) | (5,769 | ) | (5,769 | ) | (5,769 | ) | ||||||||||||
Payments for repurchase of common stock (Note 9(d)) | (15,157 | ) | - | - | ||||||||||||||||||||
Payments for repurchase of common stock (Note 8(e)) | (49,679 | ) | (15,157 | ) | - | |||||||||||||||||||
Financing costs | (2,833 | ) | (31 | ) | (466 | ) | (357 | ) | (2,833 | ) | (31 | ) | ||||||||||||
Loan payments (Note 7) | (169,943 | ) | (55,164 | ) | (42,489 | ) | ||||||||||||||||||
Net cash provided by/(used in) Financing Activities | $ | (93,702 | ) | $ | 73,587 | $ | (9,459 | ) | ||||||||||||||||
Loan payments (Note 6) | (100,553 | ) | (169,943 | ) | (55,164 | ) | ||||||||||||||||||
Net cash provided by / (used in) Financing Activities | $ | (111,398 | ) | $ | (93,702 | ) | $ | 73,587 | ||||||||||||||||
Net increase / (decrease) in cash, cash equivalents and restricted cash | 85,598 | (55,333 | ) | (72,076 | ) | (23,119 | ) | 85,598 | (55,333 | ) | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of the year | 65,809 | 121,142 | 193,218 | 151,407 | 65,809 | 121,142 | ||||||||||||||||||
Cash, cash equivalents and restricted cash at end of the year | $ | 151,407 | $ | 65,809 | $ | 121,142 | $ | 128,288 | $ | 151,407 | $ | 65,809 | ||||||||||||
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 126,825 | $ | 40,227 | $ | 98,142 | $ | 107,288 | $ | 126,825 | $ | 40,227 | ||||||||||||
Restricted cash | 24,582 | 25,582 | 23,000 | 21,000 | 24,582 | 25,582 | ||||||||||||||||||
Cash, cash equivalents and restricted cash | $ | 151,407 | $ | 65,809 | $ | 121,142 | $ | 128,288 | $ | 151,407 | $ | 65,809 | ||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||||||||||||||||||
Related party loan reduction in exchange for preferred shares (Note 3(a)) | $ | - | $ | 3,000 | $ | - | ||||||||||||||||||
Related party loan reduction in exchange for preferred shares (Note 3(b)) | $ | - | $ | - | $ | 3,000 | ||||||||||||||||||
Interest, net of amounts capitalized | $ | 25,683 | $ | 24,503 | $ | 19,265 | $ | 28,554 | $ | 25,683 | $ | 24,503 | ||||||||||||
The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. |
1. | Basis of Presentation and General Information |
Charterer | 2018 | 2017 | 2016 | 2019 | 2018 | 2017 | ||||||||||||
A | 16% | 14% | 15% | 18 | % | 16 | % | 14 | % | |||||||||
B | 15% | 17% | 16 | % | 14 | % | 12 | % | ||||||||||
C | 14% | 12% | 10% | 14 | % | 15 | % | 17 | % | |||||||||
D | 19% | 12 | % | 10 | % | |||||||||||||
E | 10% | 10% |
Vessel Cost | Accumulated Depreciation | Net Book Value | ||||||||||
Balance, December 31, 2016 | $ | 1,987,419 | $ | (583,507 | ) | $ | 1,403,912 | |||||
- Transfer from advances for vessels under construction and acquisition and other vessel costs | 104,858 | - | 104,858 | |||||||||
- Acquisitions, improvements and other vessel costs | 67,787 | - | 67,787 | |||||||||
- Vessel disposal | (15,349 | ) | 12,834 | (2,515 | ) | |||||||
- Impairment charges | (877,484 | ) | 438,573 | (438,911 | ) | |||||||
- Depreciation for the year | - | (81,553 | ) | (81,553 | ) | |||||||
Balance, December 31, 2017 | $ | 1,267,231 | $ | (213,653 | ) | $ | 1,053,578 | |||||
- Improvements and other vessel costs | 2,573 | - | 2,573 | |||||||||
- Vessel disposal | (41,213 | ) | 25,630 | (15,583 | ) | |||||||
- Depreciation for the year | - | (49,165 | ) | (49,165 | ) | |||||||
Balance, December 31, 2018 | $ | 1,228,591 | $ | (237,188 | ) | $ | 991,403 |
Vessel Cost | Accumulated Depreciation | Net Book Value | ||||||||||
Balance, December 31, 2017 | $ | 1,267,231 | $ | (213,653 | ) | $ | 1,053,578 | |||||
- Additions for improvements | 2,573 | - | 2,573 | |||||||||
- Vessel disposal | (41,213 | ) | 25,630 | (15,583 | ) | |||||||
- Depreciation for the year | - | (49,165 | ) | (49,165 | ) | |||||||
Balance, December 31, 2018 | $ | 1,228,591 | $ | (237,188 | ) | $ | 991,403 | |||||
- Additions for improvements | 2,804 | - | 2,804 | |||||||||
- Impairment | (55,396 | ) | 43,545 | (11,851 | ) | |||||||
- Vessel held for sale | (7,130 | ) | - | (7,130 | ) | |||||||
- Vessel disposals | (72,335 | ) | 24,965 | (47,370 | ) | |||||||
- Depreciation for the year | - | (45,559 | ) | (45,559 | ) | |||||||
Balance, December 31, 2019 | $ | 1,096,534 | $ | (214,237 | ) | $ | 882,297 | |||||
Property and equipment, net |
Property and Equipment | Accumulated Depreciation | Net Book Value | Property and Equipment | Accumulated Depreciation | Net Book Value | |||||||||||||||||||
Balance, December 31, 2016 | $ | 26,582 | $ | (3,468 | ) | $ | 23,114 | |||||||||||||||||
- Additions in property and equipment | 104 | - | 104 | |||||||||||||||||||||
- Depreciation for the year | - | (568 | ) | (568 | ) | |||||||||||||||||||
- Disposal of assets | (3 | ) | 3 | - | ||||||||||||||||||||
Balance, December 31, 2017 | $ | 26,683 | $ | (4,033 | ) | $ | 22,650 | $ | 26,683 | $ | (4,033 | ) | $ | 22,650 | ||||||||||
- Additions in property and equipment | 252 | - | 252 | 252 | - | 252 | ||||||||||||||||||
- Depreciation for the year | - | (477 | ) | (477 | ) | - | (477 | ) | (477 | ) | ||||||||||||||
Balance, December 31, 2018 | $ | 26,935 | $ | (4,510 | ) | $ | 22,425 | $ | 26,935 | $ | (4,510 | ) | $ | 22,425 | ||||||||||
- Additions in property and equipment | 125 | - | 125 | |||||||||||||||||||||
- Depreciation for the year | - | (473 | ) | (473 | ) | |||||||||||||||||||
Balance, December 31, 2019 | $ | 27,060 | $ | (4,983 | ) | $ | 22,077 | |||||||||||||||||
2018 | 2017 | 2019 | 2018 | |||||||||||||
8.5% Senior Unsecured Notes | - | 63,250 | ||||||||||||||
9.5% Senior Unsecured Bond | 100,000 | - | 100,000 | 100,000 | ||||||||||||
Secured Term Loans | 434,850 | 541,543 | 378,298 | 434,850 | ||||||||||||
Total debt outstanding | $ | 534,850 | $ | 604,793 | $ | 478,298 | $ | 534,850 | ||||||||
Less related deferred financing costs | (4,303 | ) | (3,409 | ) | (3,347 | ) | (4,303 | ) | ||||||||
Total debt, net of deferred financing costs | $ | 530,547 | $ | 601,384 | $ | 474,951 | $ | 530,547 | ||||||||
Less: Current portion of long term debt, net of deferred financing costs current | (96,434 | ) | (60,763 | ) | (40,205 | ) | (96,434 | ) | ||||||||
Long-term debt, net of current portion and deferred financing costs, non-current | $ | 434,113 | $ | 540,621 | $ | 434,746 | $ | 434,113 |
Period | Period | Principal Repayment | Principal Repayment | |||||
Year 1 | $ | 97,521 | $ | 41,242 | ||||
Year 2 | 36,132 | 143,853 | ||||||
Year 3 | 138,744 | 83,827 | ||||||
Year 4 | 78,717 | 157,363 | ||||||
Year 5 | 152,254 | 24,347 | ||||||
Year 6 | and thereafter | 31,482 | ||||||
Year 6 and thereafter | 27,666 | |||||||
Total | $ | 534,850 | $ | 478,298 |
Period | Amount | |||
Year 1 | $ | 88,112 | ||
Year 2 | 1,412 | |||
Total | $ | 89,524 |
Period | Amount | |||
Year 1 | $ | 131,917 | ||
Year 2 | 5,211 | |||
Total | $ | 137,128 |
Number of Shares | Weighted Average Grant Date Price | |||||||
Outstanding at December 31, 2015 | 2,764,312 | $ | 8.27 | |||||
Granted | 2,150,000 | 2.26 | ||||||
Vested | (971,646 | ) | 8.67 | |||||
Outstanding at December 31, 2016 | 3,942,666 | $ | 4.89 | |||||
Granted | 1,310,000 | 3.95 | ||||||
Vested | (1,611,549 | ) | 5.46 | |||||
Outstanding at December 31, 2017 | 3,641,117 | $ | 4.30 | |||||
Granted | 1,800,000 | 3.82 | ||||||
Vested | (1,679,484 | ) | 4.38 | |||||
Outstanding at December 31, 2018 | 3,761,633 | $ | 4.04 |
2018 | 2017 | 2016 | ||||||||||
Interest expense | $ | 28,299 | $ | 24,978 | $ | 19,523 | ||||||
Amortization of financing costs | 1,939 | 1,455 | 1,503 | |||||||||
Loan expenses | 268 | 195 | 923 | |||||||||
Total | $ | 30,506 | $ | 26,628 | $ | 21,949 |
2018 | 2017 | 2016 | ||||||||||
Net income/(loss) | $ | 16,580 | $ | (511,714 | ) | $ | (164,237 | ) | ||||
Less dividends on series B preferred shares | $ | (5,769 | ) | $ | (5,769 | ) | $ | (5,769 | ) | |||
Net income/(loss) attributed to common stockholders | 10,811 | (517,483 | ) | (170,006 | ) | |||||||
Weighted average number of common shares, basic | 103,736,742 | 95,731,093 | 80,441,517 | |||||||||
Incremental shares | 979,141 | - | - | |||||||||
Weighted average number of common shares, diluted | 104,715,883 | 95,731,093 | 80,441,517 | |||||||||
Earnings/(loss) per share, basic and diluted | $ | 0.10 | $ | (5.41 | ) | $ | (2.11 | ) |
Number of Shares | Weighted Average Grant Date Price | |||||||
Outstanding at December 31, 2016 | 3,942,666 | $ | 4.89 | |||||
Granted | 1,310,000 | 3.95 | ||||||
Vested | (1,611,549 | ) | 5.46 | |||||
Outstanding at December 31, 2017 | 3,641,117 | $ | 4.30 | |||||
Granted | 1,800,000 | 3.82 | ||||||
Vested | (1,679,484 | ) | 4.38 | |||||
Outstanding at December 31, 2018 | 3,761,633 | $ | 4.04 | |||||
Granted | 2,000,000 | 2.99 | ||||||
Vested | (1,928,400 | ) | 3.75 | |||||
Outstanding at December 31, 2019 | 3,833,233 | $ | 3.63 |
2019 | 2018 | 2017 | ||||||||||
Interest expense | $ | 27,963 | $ | 28,299 | $ | 24,978 | ||||||
Amortization of financing costs | 1,126 | 1,939 | 1,455 | |||||||||
Loan expenses | 343 | 268 | 195 | |||||||||
Total | $ | 29,432 | $ | 30,506 | $ | 26,628 |
2019 | 2018 | 2017 | ||||||||||
Net income/(loss) | $ | (10,535 | ) | $ | 16,580 | $ | (511,714 | ) | ||||
Less dividends on series B preferred shares | (5,769 | ) | (5,769 | ) | (5,769 | ) | ||||||
Net income/(loss) attributed to common stockholders | $ | (16,304 | ) | $ | 10,811 | $ | (517,483 | ) | ||||
Weighted average number of common shares, basic | 95,191,116 | 103,736,742 | 95,731,093 | |||||||||
Incremental shares | - | 979,141 | - | |||||||||
Weighted average number of common shares, diluted | 95,191,116 | 104,715,883 | 95,731,093 | |||||||||
Earnings/(loss) per share, basic and diluted | $ | (0.17 | ) | $ | 0.10 | $ | (5.41 | ) |