FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of December 2019
Commission File Number: 001-32458
DIANA SHIPPING INC.
(Translation of registrant's name into English)
Pendelis 16, 175 64 Palaio Faliro, Athens, Greece
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ].
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ].
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this Report on Form 6-K as Exhibit 99.1 is a press release dated December 2, 2019 of Diana Shipping Inc. (the "Company") announcing the Company’s financial results for the third quarter and nine months ended September 30, 2019.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
DIANA SHIPPING INC. | ||
(registrant) | ||
Dated: December 2, 2019 | By: | /s/ Andreas Michalopoulos |
Andreas Michalopoulos | ||
Chief Financial Officer | ||
Exhibit 99.1
Corporate Contact: | |
Ioannis Zafirakis | |
Director, Chief Strategy Officer and Secretary | |
Telephone: + 30-210-9470100 | |
Email: izafirakis@dianashippinginc.com | |
Website: www.dianashippinginc.com | |
For Immediate Release | |
Investor and Media Relations: | |
Edward Nebb | |
Comm-Counsellors, LLC | |
Telephone: + 1-203-972-8350 | |
Email: enebb@optonline.net |
DIANA SHIPPING INC. REPORTS FINANCIAL RESULTS
FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2019
FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2019
ATHENS, GREECE, December 2, 2019 – Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today reported net income of $1.8 million and net income attributed to common stockholders of $0.3 million for the third quarter of 2019. This compares to net income of $14.8 million and net income attributed to common stockholders of $13.3 million reported in the third quarter of 2018.
Time charter revenues were $53.5 million for the third quarter of 2019, compared to $61.5 million for the same period of 2018. The decrease in time charter revenues was mainly due to decreased revenues due to the sale of two vessels in December 2018 and five vessels during the nine months ended September 30, 2019 and decreased average time charter rates that the Company achieved for its vessels during the quarter.
Net income for the nine months ended September 30, 2019 amounted to $3.4 million and net loss attributed to common stockholders amounted to $0.9 million, including a $7.5 million impairment loss. This compares to net income and net income attributed to common stockholders of $13.7 million and $9.3 million, respectively, for the same period of 2018. Time charter revenues were $169.2 million for the nine months ended September 30, 2019, compared to $163.3 million for the same period of 2018.
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Fleet Employment Profile (As of November 28, 2019) | ||||||||
Diana Shipping Inc.’s fleet is employed as follows: | ||||||||
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 | ||||||||
- | NIREFS | A | $10,750 | 3.75% | Hudson Shipping Lines Incorporated | 11-Aug-18 | 29-Aug-19 | 1 |
2001 75,311 | ||||||||
1 | OCEANIS | A | $10,350 | 5.00% | Ausca Shipping Limited, Hong Kong | 16-Nov-18 | 1-Jan-20 - 31-Mar-20 | 2 |
2001 75,211 | ||||||||
2 | PROTEFS | B | $11,000 | 3.75% | Hudson Shipping Lines Incorporated | 19-Sep-18 | 29-Nov-19 | 3 |
$9,900 | 5.00% | Phaethon International Company AG | 29-Nov-19 | 1-Jan-21 - 31-Mar-21 | 4 | |||
2004 73,630 | ||||||||
3 | CALIPSO | B | $12,200 | 5.00% | Glencore Agriculture B.V., Rotterdam | 12-Mar-18 | 23-Sep-19 | 5 |
$15,400 | 5.00% | Crystal Sea Shipping Co., Limited | 1-Nov-19 | 26-Dec-19 | 6 | |||
2005 73,691 | ||||||||
- | CLIO | B | $10,600 | 5.00% | Ausca Shipping Limited, Hong Kong | 10-Nov-18 | 5-Nov-19 | 7 |
2005 73,691 | ||||||||
4 | NAIAS | B | $10,000 | 5.00% | Phaethon International Company AG | 26-Jan-19 | 26-Dec-20 - 10-Apr-21 | |
2006 73,546 | ||||||||
5 | ARETHUSA | B | $9,150 | 5.00% | Ausca Shipping Limited, Hong Kong | 2-May-19 | 2-May-20 - 2-Aug-20 | |
2007 73,593 | ||||||||
6 | CORONIS | $11,300 | 5.00% | CJ International Italy Societa Per Azioni | 10-Oct-18 | 10-Nov-19 | ||
$12,000 | 5.00% | Dampskibsselskabet Norden A/S, Copenhagen | 10-Nov-19 | 10-Dec-19 | 8 | |||
2006 74,381 | ||||||||
7 | MELIA | $12,000 | 5.00% | United Bulk Carriers International S.A., Luxemburg | 28-Apr-18 | 22-Nov-19 | 9 | |
2005 76,225 | ||||||||
8 | ARTEMIS | $12,600 | 5.00% | Ausca Shipping Limited, Hong Kong | 17-Sep-18 | 28-Nov-19 | 10 | |
2006 76,942 | ||||||||
9 | LETO | $13,000 | 5.00% | Uniper Global Commodities SE, Düsseldorf | 31-May-19 | 1-May-20 - 1-Jul-20 | ||
2010 81,297 | ||||||||
10 | SELINA | C | $12,250 | 5.00% | BG Shipping Co., Limited, Hong Kong | 6-Feb-18 | 15-Jul-19 | |
$11,750 | 5.00% | Ausca Shipping Limited, Hong Kong | 15-Jul-19 | 15-Feb-20 - 15-Apr-20 | ||||
2010 75,700 |
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11 | MAERA | C | $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 | 1-Jan-20 - 31-Mar-20 | ||
2013 77,901 | ||||||||
13 | CRYSTALIA | D | $10,500 | 5.00% | Glencore Agriculture B.V., Rotterdam | 2-Mar-19 | 2-May-20 - 2-Aug-20 | |
2014 77,525 | ||||||||
14 | ATALANDI | D | $13,500 | 5.00% | Uniper Global Commodities SE, Düsseldorf | 27-Apr-18 | 9-Jul-19 | 11 |
$12,250 | 5.00% | 9-Jul-19 | 9-Jun-20 - 24-Aug-20 | |||||
2014 77,529 | ||||||||
5 Kamsarmax Bulk Carriers | ||||||||
15 | MAIA | E | $13,300 | 5.00% | Glencore Agriculture B.V., Rotterdam | 12-Nov-18 | 1-Jan-20 - 31-Mar-20 | 12 |
2009 82,193 | ||||||||
16 | MYRSINI | E | $12,750 | 5.00% | Glencore Agriculture B.V., Rotterdam | 22-Dec-18 | 6-Dec-19 | 10 |
2010 82,117 | ||||||||
17 | MEDUSA | E | $14,000 | 4.75% | Cargill International S.A., Geneva | 3-Sep-18 | 15-Nov-19 | |
$11,000 | 4.75% | 16-Nov-19 | 1-Oct-20 - 16-Dec-20 | |||||
2010 82,194 | ||||||||
18 | MYRTO | E | $14,000 | 4.75% | Cargill International S.A., Geneva | 25-Apr-18 | 18-Jul-19 | |
$14,000 | 4.75% | 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 | 16-Dec-19 - 16-Mar-20 | ||
2013 81,513 | ||||||||
5 Post-Panamax Bulk Carriers | ||||||||
20 | ALCMENE | $11,500 | 5.00% | BG Shipping Co., Limited, Hong Kong | 21-Nov-18 | 16-Nov-19 | ||
$9,500 | 5.00% | Oriental Bulk Shipping PTE. LTD | 16-Nov-19 | 26-Dec-19 | 13 | |||
2010 93,193 | ||||||||
21 | AMPHITRITE | F | $12,750 | 5.00% | Uniper Global Commodities SE, Düsseldorf | 27-Jan-19 | 27-Mar-20 - 27-Jun-20 | |
2012 98,697 | ||||||||
22 | POLYMNIA | F | $16,000 | 4.75% | Cargill International S.A., Geneva | 9-Jul-18 | 15-Nov-19 | |
$11,000 | 4.75% | 15-Nov-19 | 15-Oct-20 - 30-Dec-20 | |||||
2012 98,704 | ||||||||
23 | ELECTRA | G | $13,500 | 5.00% | Uniper Global Commodities SE, Düsseldorf | 19-Oct-18 | 18-Nov-19 | |
$10,250 | 5.00% | Oldendorff Carriers GMBH & Co. KG, Lübeck | 21-Nov-19 | 21-Oct-20 - 21-Dec-20 | ||||
2013 87,150 | ||||||||
24 | PHAIDRA | G | $10,800 | 5.00% | Uniper Global Commodities SE, Düsseldorf | 11-Apr-19 | 27-May-20 - 26-Aug-20 | |
2013 87,146 |
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14 Capesize Bulk Carriers | ||||||||
25 | NORFOLK | $13,250 | 5.00% | SwissMarine Services S.A., Geneva | 1-Dec-17 | 2-Nov-19 | ||
$17,750 | 5.00% | Koch Shipping Pte. Ltd., Singapore | 2-Nov-19 | 20-Feb-20 - 20-Apr-20 | ||||
2002 164,218 | ||||||||
26 | ALIKI | $18,000 | 5.00% | SwissMarine Services S.A., Geneva | 9-Apr-18 | 9-Dec-19 - 9-Feb-20 | ||
2005 180,235 | ||||||||
27 | BALTIMORE | $15,000 | 5.00% | Koch Shipping Pte. Ltd., Singapore | 19-May-19 | 4-Dec-20 - 3-Apr-21 | ||
2005 177,243 | ||||||||
28 | SALT LAKE CITY | $9,750 | 4.75% | Cargill International S.A., Geneva | 24-Mar-19 | 24-Nov-20 - 24-Feb-21 | ||
2005 171,810 | ||||||||
29 | SIDERIS GS | H | $15,350 | 5.00% | Berge Bulk Shipping Pte. Ltd., Singapore | 15-Dec-18 | 15-Dec-19 - 30-Mar-20 | |
2006 174,186 | ||||||||
30 | SEMIRIO | H | $16,000 | 4.75% | Cargill International S.A., Geneva | 30-Jun-19 | 30-Sep-20 - 30-Dec-20 | |
2007 174,261 | ||||||||
31 | BOSTON | H | $15,300 | 5.00% | Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany | 7-Jun-19 | 1-Apr-21 - 30-Jun-21 | |
2007 177,828 | ||||||||
32 | HOUSTON | H | $10,125 | 5.00% | Koch Shipping Pte. Ltd., Singapore | 17-Feb-19 | 17-Apr-20 - 1-Aug-20 | 14 |
2009 177,729 | ||||||||
33 | NEW YORK | H | $15,500 | 5.00% | Singapore Marine Pte. LTD., Singapore | 7-Jun-19 | 7-Nov-20 - 22-Jan-21 | |
2010 177,773 | ||||||||
34 | SEATTLE | I | $16,000 | 5.00% | SwissMarine Services S.A., Geneva | 24-Dec-18 | 24-Apr-20 - 24-Jul-20 | |
2011 179,362 | ||||||||
35 | P. S. PALIOS | I | $17,500 | 5.00% | SwissMarine Services S.A., Geneva | 5-Jun-19 | 21-Jan-20 - 20-Mar-20 | |
2013 179,134 | ||||||||
36 | G. P. ZAFIRAKIS | J | $17,000 | 5.00% | SwissMarine Services S.A., Geneva | 31-Dec-18 | 31-May-20 - 31-Aug-20 | 15 |
2014 179,492 | ||||||||
37 | SANTA BARBARA | J | $20,250 | 4.75% | Cargill International S.A., Geneva | 24-Apr-18 | 7-Dec-19 | 10 |
2015 179,426 | ||||||||
38 | NEW ORLEANS | $15,000 | 4.75% | Cargill International S.A., Geneva | 10-Apr-19 | 26-Jul-20 - 25-Nov-20 | ||
2015 180,960 |
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4 Newcastlemax Bulk Carriers | ||||||||
39 | LOS ANGELES | K | $13,250 | 5.00% | SwissMarine Services S.A., Geneva | 6-Mar-19 | 6-Jun-20 - 6-Sep-20 | |
2012 206,104 | ||||||||
40 | PHILADELPHIA | K | $20,000 | 5.00% | Koch Shipping Pte. Ltd., Singapore | 18-Jun-18 | 3-Feb-20 - 18-May-20 | |
2012 206,040 | ||||||||
41 | SAN FRANCISCO | L | $16,000 | 5.00% | Koch Shipping Pte. Ltd., Singapore | 5-Mar-19 | 5-Oct-20 - 20-Jan-21 | |
2017 208,006 | ||||||||
42 | NEWPORT NEWS | L | $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 ''Nirefs'' sold and delivered to her new owners on September 5, 2019.
2 Vessel off hire for drydocking from May 27, 2019 to July 4, 2019.
3 Estimated redelivery date from the charterers.
4 Estimated delivery date to the charterers.
5 Vessel off hire from September 23, 2019 to November 1, 2019.
6 Redelivery date based on an estimated time charter trip duration of about 55 days.
7 "Clio" sold and delivered to her new owners on November 21, 2019.
8 Redelivery date based on an estimated time charter trip duration of about 30 days.
9 Currently without an active charterparty.
10 Based on latest information.
11 Vessel off hire for drydocking from June 8, 2019 to July 9, 2019
12 Vessel off hire for drydocking from August 27, 2019 to October 6, 2019.
13 Redelivery date based on an estimated time charter trip duration of about 40 days.
14 Vessel currently off hire for drydocking.
15 Vessel off hire for drydocking from August 21, 2019 to September 12, 2019.
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Summary of Selected Financial & Other Data (unaudited) | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars) | ||||||||||||||||
Time charter revenues | $ | 53,534 | $ | 61,505 | $ | 169,220 | $ | 163,315 | ||||||||
Voyage expenses | 3,315 | 1,818 | 9,054 | 4,658 | ||||||||||||
Vessel operating expenses | 21,981 | 22,809 | 67,232 | 70,300 | ||||||||||||
Net income/(loss) | 1,770 | 14,767 | 3,446 | 13,672 | ||||||||||||
Net income/(loss) attributed to common stockholders | 328 | 13,325 | (880 | ) | 9,345 | |||||||||||
FLEET DATA | ||||||||||||||||
Average number of vessels | 43.8 | 50.0 | 45.9 | 50.0 | ||||||||||||
Number of vessels | 43.0 | 50.0 | 43.0 | 50.0 | ||||||||||||
Weighted average age of vessels | 9.4 | 9.1 | 9.4 | 9.1 | ||||||||||||
Ownership days | 4,027 | 4,600 | 12,526 | 13,650 | ||||||||||||
Available days | 3,960 | 4,600 | 12,358 | 13,519 | ||||||||||||
Operating days | 3,938 | 4,576 | 12,255 | 13,394 | ||||||||||||
Fleet utilization | 99.4 | % | 99.5 | % | 99.2 | % | 99.1 | % | ||||||||
AVERAGE DAILY RESULTS | ||||||||||||||||
Time charter equivalent (TCE) rate (1) | $ | 12,682 | $ | 12,975 | $ | 12,961 | $ | 11,736 | ||||||||
Daily vessel operating expenses (2) | $ | 5,458 | $ | 4,958 | $ | 5,367 | $ | 5,150 |
__________________
(1) | Time charter equivalent rates, or TCE rates, are defined as our time charter revenues less voyage expenses during a period divided by the number of our available days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions. TCE is a non-GAAP measure. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts. |
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Conference Call and Webcast Information
The Company’s management will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Time) on Monday, December 2, 2019.
Investors may access the webcast by visiting the Company’s website at www.dianashippinginc.com, and clicking on the webcast link. The conference call also may be accessed by telephone by dialing 1-877-407-8291 (for U.S.-based callers) or 1-201-689-8345 (for international callers), and asking the operator for the Diana Shipping Inc. conference call.
A replay of the webcast will be available soon after the completion of the call and will be accessible for 30 days on www.dianashippinginc.com. A telephone replay also will be available for 30 days by dialing 1-877-660-6853 (for U.S.-based callers) or 1-201-612-7415 (for international callers), and providing the Replay ID number 13696449.
About the Company
Diana Shipping Inc. is a global provider of shipping transportation services through its ownership of dry bulk vessels. The Company’s vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see the Company’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
(See financial tables attached)
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DIANA SHIPPING INC. | ||||||||||||||||
FINANCIAL TABLES | ||||||||||||||||
Expressed in thousands of U.S. Dollars, except share and per share data | ||||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
REVENUES: | ||||||||||||||||
Time charter revenues | $ | 53,534 | $ | 61,505 | $ | 169,220 | $ | 163,315 | ||||||||
EXPENSES: | ||||||||||||||||
Voyage expenses | 3,315 | 1,818 | 9,054 | 4,658 | ||||||||||||
Vessel operating expenses | 21,981 | 22,809 | 67,232 | 70,300 | ||||||||||||
Depreciation and amortization of deferred charges | 12,113 | 13,177 | 36,841 | 39,204 | ||||||||||||
General and administrative expenses | 7,137 | 6,805 | 20,782 | 20,522 | ||||||||||||
Management fees to related party | 537 | 600 | 1,567 | 1,800 | ||||||||||||
Impairment loss | - | - | 7,519 | - | ||||||||||||
Loss from sale of vessels | 716 | - | 2,835 | - | ||||||||||||
Other gain | (489 | ) | (118 | ) | (556 | ) | (296 | ) | ||||||||
Operating income | $ | 8,224 | 16,414 | 23,946 | 27,127 | |||||||||||
OTHER INCOME / (EXPENSES): | ||||||||||||||||
Interest and finance costs | (7,206 | ) | (7,175 | ) | (22,709 | ) | (21,468 | ) | ||||||||
Interest and other income | 754 | 5,508 | 2,255 | 7,982 | ||||||||||||
Gain/(loss) from equity method investment | (2 | ) | 20 | (46 | ) | 31 | ||||||||||
Total other expenses, net | $ | (6,454 | ) | (1,647 | ) | (20,500 | ) | (13,455 | ) | |||||||
Net income | $ | 1,770 | $ | 14,767 | $ | 3,446 | $ | 13,672 | ||||||||
Dividends on series B preferred shares | (1,442 | ) | (1,442 | ) | (4,326 | ) | (4,327 | ) | ||||||||
Net income/(loss) attributed to common stockholders | 328 | 13,325 | (880 | ) | 9,345 | |||||||||||
Earnings/(loss) per common share, basic and diluted | $ | - | $ | 0.13 | $ | (0.01 | ) | $ | 0.09 | |||||||
Weighted average number of common shares, basic | 93,359,239 | 103,959,717 | 96,934,593 | 103,684,250 | ||||||||||||
Weighted average number of common shares, diluted | 94,274,398 | 105,234,812 | 96,934,593 | 104,567,959 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net income/(loss) | $ | 1,770 | $ | 14,767 | $ | 3,446 | $ | 13,672 | ||||||||
Other comprehensive loss (Actuarial loss) | (9 | ) | (8 | ) | (27 | ) | (24 | ) | ||||||||
Comprehensive income/(loss) | $ | 1,761 | $ | 14,759 | $ | 3,419 | $ | 13,648 |
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CONDENSED CONSOLIDATED BALANCE SHEET DATA | ||||||||
(in thousands of U.S. Dollars) | ||||||||
September 30, 2019 | December 31, 2018* | |||||||
ASSETS | (unaudited) | |||||||
Cash and cash equivalents | $ | 127,272 | $ | 126,825 | ||||
Other current assets | 16,929 | 15,147 | ||||||
Vessels, net | 915,383 | 991,403 | ||||||
Other fixed assets, net | 22,162 | 22,425 | ||||||
Restricted cash, non-current | 21,500 | 24,582 | ||||||
Investments in related parties | 3,217 | 3,263 | ||||||
Other non-current assets | 5,642 | 4,151 | ||||||
Total assets | $ | 1,112,105 | $ | 1,187,796 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Long-term debt, net of deferred financing costs | $ | 485,527 | $ | 530,547 | ||||
Other liabilities | 22,659 | 29,565 | ||||||
Total stockholders' equity | 603,919 | 627,684 | ||||||
Total liabilities and stockholders' equity | $ | 1,112,105 | $ | 1,187,796 | ||||
* The balance sheet data have been derived from the audited consolidated financial statements at that date.
OTHER FINANCIAL DATA (unaudited) | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net cash provided by operating activities | $ | 11,523 | $ | 24,180 | $ | 44,475 | $ | 51,971 | ||||||||
Net cash provided by investment activities | 12,244 | 38,563 | 32,384 | 85,888 | ||||||||||||
Net cash provided by/(used in) financing activities | $ | (18,914 | ) | $ | 31,436 | $ | (78,912 | ) | $ | (1,562 | ) |
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