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DSX Diana Shipping

Filed: 17 Nov 21, 4:06pm
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 November 2021
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 November 17, 2021 of Diana Shipping Inc. (the "Company") announcing the Company’s financial results for the third quarter and nine months ended September 30, 2021.
The information contained in this Report on Form 6-K is hereby incorporated by reference into the Company's registration statement on Form F-3 (File No. 333-256791) that was filed with the U.S. Securities and Exchange Commission and became effective on July 9, 2021.


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: November 17, 2021By:
/s/ Ioannis Zafirakis
  Ioannis Zafirakis
  Chief Financial Officer
   
   



Exhibit 99.1


 Corporate Contact:
 Ioannis Zafirakis
 
Director, Chief Financial Officer, Chief Strategy Officer,
Treasurer and Secretary
 Telephone: + 30-210-9470100
 
Email: izafirakis@dianashippinginc.com
 
Website: www.dianashippinginc.com
  
 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, 2021

ATHENS, GREECE, November 17, 2021 – Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today reported net income of $14.7 million and net income attributed to common stockholders of $13.3 million for the third quarter of 2021. This compares to a net loss of $13.2 million and a net loss attributed to common stockholders of $14.6 million, including a $6.8 million impairment loss, reported in the third quarter of 2020.
Time charter revenues were $57.3 million for the third quarter of 2021, compared to $42.3 million for the same quarter of 2020. The increase in time charter revenues was mainly due to increased average time charter rates that the Company achieved for its vessels during the quarter. This increase was partly offset by decreased revenues due to decreased ownership days compared to last year, resulting from the sale of vessels.
Net income for the nine months ended September 30, 2021 amounted to $16.3 million and net income attributed to common stockholders amounted to $11.9 million, including a $1.4 million gain on sale of vessels. This compares to a net loss of $126.8 million and net loss attributed to common stockholders of $131.1 million, including a $102.5 million impairment loss and $1.1 million loss on sale of vessels, for the same period of 2020. Time charter revenues were $145.4 million for the nine months ended September 30, 2021, compared to $127.1 million for the same period of 2020.

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 Fleet Employment Profile (As of November 16, 2021)
 Diana Shipping Inc.’s fleet is employed as follows:
 VesselSister Ships*Gross Rate (USD Per Day)Com**CharterersDelivery Date to Charterers***Redelivery Date to Owners****Notes
 BUILT    DWT
         
 10 Panamax Bulk Carriers
1PROTEFSA$10,6505.00%Reachy International (HK) Co., Limited8-Feb-2110-Mar-22 - 20-May-22 
 2004    73,630       
2CALIPSOA$10,4005.00%Viterra Chartering B.V., Rotterdam22-Jan-2129-Nov-21 - 15-Dec-211
 2005    73,691       
-NAIASA$23,2505.00%AS Klaveness Chartering, Oslo21-Jun-2119-Jul-212
 2006    73,546       
3MELIA $25,7505.00%Viterra Chartering B.V., Rotterdam11-Jun-217-Apr-22 - 7-Jun-22 
 2005     76,225       
4ARTEMIS $10,2505.00%Glencore Agriculture B.V., Rotterdam30-Nov-205-Jan-22 - 30-Mar-22 
 2006     76,942       
5LETO $9,0004.75%Cargill International S.A., Geneva21-May-203-Oct-21 
   $25,5005.00%Aquavita International S.A.3-Oct-211-Feb-23 - 15-Apr-23 
 2010     81,297       
6SELINAB$11,0005.00%ST Shipping and Transport Pte. Ltd., Singapore5-Jul-202-Sep-21 
   $26,5005.00%ASL Bulk Shipping HK Limited2-Sep-2115-Jun-22 - 15-Sep-22 
 2010     75,700       
7MAERAB$8,6005.00%Ausca Shipping Limited, Hong Kong11-Jun-2018-Sep-21 
   $26,0005.00%ASL Bulk Shipping HK Limited18-Sep-211-Oct-22 - 15-Dec-22 
 2013     75,403       
8ISMENE $16,5005.00%Tongli Shipping Pte. Ltd.11-Mar-2125-Nov-21 - 15-Dec-211
 2013     77,901       
9CRYSTALIAC$8,7505.00%Glencore Agriculture B.V., Rotterdam22-May-2021-Sep-21 
   $26,1005.00%Uniper Global Commodities SE, Düsseldorf21-Sep-211-Oct-22 - 15-Dec-22 
 2014    77,525       
10ATALANDIC$9,3005.00%Uniper Global Commodities SE, Düsseldorf14-Jun-205-Oct-21 
   $24,5004.75%Aquavita International S.A.5-Oct-2115-Feb-23 - 30-Apr-23 
 2014    77,529       
 6 Kamsarmax Bulk Carriers
11MAIAD$25,0005.00%Viterra Chartering B.V., Rotterdam20-Jun-211-May-22 - 30-Jun-223
 2009     82,193       
12MYRSINID$27,7505.00%Bocimar International N.V.11-May-2115-Nov-21 
   $22,0004.75%Cargill International S.A., Geneva15-Nov-211-Dec-22 - 31-Jan-23 
 2010     82,117       
13MEDUSAD$11,0004.75%Cargill International S.A., Geneva19-Nov-2010-Jan-22 - 20-Mar-22 
 2010     82,194       
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14MYRTOD$10,0004.75%Cargill International S.A., Geneva3-Apr-2010-Sep-21 
   $28,5005.00%Solebay Shipping Transocean Company Limited   
 2013     82,131    10-Sep-2115-Aug-22 - 15-Oct-22 
15ASTARTE $25,0005.00%Mitsui O.S.K. Lines Ltd.20-May-2129-Nov-21 - 15-Dec-211
 2013     81,513       
16MAGNOLIA ----- - -4
 tbr. LEONIDAS P. C.       
 2011     82,165       
 5 Post-Panamax Bulk Carriers
17ALCMENE $8,5004.75%Cargill International S.A., Geneva2-Apr-2028-Jul-215
   $25,5005.00%Refined Success Limited28-Jul-2120-Nov-216,7
 2010     93,193       
18AMPHITRITEE$30,0005.00%Jera Global Markets Pte. Ltd.6-Jun-212-Jul-218
   $30,2505.00%Jera Global Markets Pte. Ltd.23-Jul-2113-Sep-21 
   $27,0005.00%BG Shipping Co., Limited, Hong Kong13-Sep-2115-Oct-22 - 15-Dec-22 
 2012     98,697       
19POLYMNIAE$12,1005.00%CLdN Cobelfret SA, Luxembourg22-Nov-2028-Nov-21 - 25-Dec-211,9
 2012    98,704       
20ELECTRAF$21,0005.00%Tongli Shipping Pte. Ltd.28-Apr-2110-Feb-22 - 10-Apr-22 
 2013    87,150       
21PHAIDRAF$9,4005.00%Uniper Global Commodities SE, Düsseldorf29-May-2015-Jul-21 
   $27,0005.00%Refined Success Limited15-Jul-212-Sep-21 
   $28,0005.00%Uniper Global Commodities SE, Düsseldorf2-Sep-211-Jul-22 - 15-Sep-22 
 2013    87,146       
 12 Capesize Bulk Carriers
22ALIKI $20,5005.00%Solebay Shipping Cape Company Limited, Hong Kong18-Mar-2115-Jan-22 - 15-Mar-22 
 2005    180,235       
23BALTIMORE $13,0005.00%Koch Shipping Pte. Ltd., Singapore21-Dec-2027-Sep-21 
   $56,0004.75%Olam International Limited, Singapore27-Sep-2127-Dec-2110
 2005    177,243       
24SALT LAKE CITY $13,0005.00%C Transport Maritime Ltd., Bermuda9-Jan-211-Apr-22 - 30-Jun-22 
 2005    171,810       
25SEMIRIOG$13,5005.00%SwissMarine Pte. Ltd., Singapore1-Jan-2130-Nov-21 - 20-Dec-211
 2007    174,261       
26BOSTONG$25,5005.00%C Transport Maritime Ltd., Bermuda16-Jun-2115-Apr-22 - 15-Jun-22 
 2007    177,828       
27HOUSTONG$6,2505.00%C Transport Maritime Ltd., Bermuda13-Apr-2013-May-20 
   $12,4005.00%13-May-2030-Aug-21 
 2009    177,729 $27,0005.00%Koch Shipping Pte. Ltd., Singapore30-Aug-2115-Jul-22 - 15-Oct-22 

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28NEW YORKG$14,0005.00%EGPN Bulk Carrier Co., Limited, Hong Kong29-Dec-2016-Apr-22 - 30-Jun-22 
 2010    177,773       
29SEATTLEH$12,3005.00%Pacbulk Shipping Pte. Ltd., Singapore27-Apr-201-Dec-21 - 31-Dec-211
 2011     179,362       
30P. S. PALIOSH$26,5004.75%Olam International Limited, Singapore5-Jun-2115-Feb-22 - 15-Apr-22 
 2013    179,134       
31G. P. ZAFIRAKISI$13,2005.00%Koch Shipping Pte. Ltd., Singapore31-May-2028-Nov-21 - 31-Dec-211
 2014    179,492       
32SANTA BARBARAI$17,2504.75%Cargill International S.A., Geneva9-Jan-215-Jan-22 - 5-Mar-22 
 2015     179,426       
33NEW ORLEANS $15,5005.00%Nippon Yusen Kabushiki Kaisha3-Dec-2025-Jan-22 - 25-Mar-22 
 2015    180,960       
 4 Newcastlemax Bulk Carriers
34LOS ANGELESJ$14,2505.00%Engelhart CTP Freight (Switzerland) SA6-Jun-2027-Nov-21 - 31-Dec-211
 2012    206,104       
35PHILADELPHIAJ$28,5005.00%Classic Maritime Inc.22-Apr-211-Mar-22 - 1-May-22 
 2012    206,040       
36SAN FRANCISCOK$17,7505.00%Olam International Limited, Singapore11-Feb-2127-May-21 
   $24,7005.00%27-May-2115-Jan-22 - 15-Mar-2211
 2017   208,006       
37NEWPORT NEWSK$18,4005.00%Koch Shipping Pte. Ltd., Singapore8-Sep-2025-Nov-21 - 30-Dec-211
 2017   208,021       

* Each dry bulk carrier is a "sister ship", or closely similar, to other dry bulk carriers that have the same letter.
** Total commission percentage paid to third parties.
*** In case of newly acquired vessel with time charter attached, this date refers to the expected/actual date of delivery of the vessel to the Company.
**** Range of redelivery dates, with the actual date of redelivery being at the Charterers’ option, but subject to the terms, conditions, and exceptions of the particular charterparty.
 
1 Based on latest information.
2 Vessel sold and delivered to her new owners on July 30, 2021.
3 Vessel off-hire for about 29 days.
4 Expected date of delivery to the Company on February 28, 2022.
5 Charterers have agreed to pay the weighted average of the Baltic Panamax 5 T/C routes, as published by the Baltic Exchange on July 2, 2021 for the excess period commencing from July 2, 2021 till July 28, 2021.
6 Redelivery date based on an estimated time charter trip duration of about 115 days.
7 Charterers will compensate owners with hire equal to the average of BPI P3A_82 route for the overrun days and paid pro rata until the actual redelivery date and time of the vessel back to owners and only in case the BPI P3A_82 route for the overrun days is higher than current hire rate i.e. USD25,500 otherwise current hire rate to remain for that day.
8 Vessel on scheduled drydocking from July 2, 2021 to July 23, 2021.
9 Vessel on scheduled drydocking from July 15, 2021 to August 3, 2021.
10 Redelivery date based on an estimated time charter trip duration of about 90 days.
11 Vessel currently off hire for drydocking.

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Summary of Selected Financial & Other Data (unaudited) 
  Three months ended September 30,  Nine months ended September 30, 
  2021  2020  2021  2020 
             
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars) 
Time charter revenues $57,284  $42,341  $145,358  $127,076 
Voyage expenses  677   2,944   4,749   10,505 
Vessel operating expenses  18,832   21,318   56,563   63,441 
Net income/(loss)  14,733   (13,151)  16,254   (126,767)
Net income/(loss) attributed to common stockholders  13,291   (14,593)  11,927   (131,094)
FLEET DATA 
Average number of vessels  36.3   40.4   37.2   41.1 
Number of vessels  36.0   40.0   36.0   40.0 
Weighted average age of vessels  10.5   10.0   10.5   10.0 
Ownership days  3,342   3,719   10,143   11,251 
Available days  3,302   3,670   10,055   10,695 
Operating days  3,253   3,572   9,945   10,410 
Fleet utilization  98.5%  97.3%  98.9%  97.3%
AVERAGE DAILY RESULTS 
Time charter equivalent (TCE) rate (1) $17,143  $10,735  $13,984  $10,900 
Daily vessel operating expenses (2) $5,635  $5,732  $5,577  $5,639 

Non-GAAP Measures
(1)Time charter equivalent rates, or TCE rates, are defined as our time charter revenues less voyage expenses during a period divided by the number of our available days during the period, which is consistent with industry standards.  Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions.  TCE is a non-GAAP measure.  TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts.
(2)Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period.


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 Wednesday, November 17, 2021.
Investors may access the webcast by visiting the Company’s website at www.dianashippinginc.com, and clicking on the webcast link. An accompanying investor presentation also will be available via the webcast link and on the Company’s website. 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 13724413.
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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 severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses’ and governments’ responses to the pandemic on our operations, personnel, and on the demand for seaborne transportation of bulk products; 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, 
  2021  2020  2021  2020 
REVENUES:            
Time charter revenues $57,284  $42,341  $145,358  $127,076 
EXPENSES:                
Voyage expenses  677   2,944   4,749   10,505 
Vessel operating expenses  18,832   21,318   56,563   63,441 
Depreciation and amortization of deferred charges  10,263   9,399   30,403   32,682 
General and administrative expenses  7,153   9,463   21,062   25,748 
Management fees to related party  340   497   1,194   1,511 
Vessel impairment charges  -   6,832   -   102,525 
(Gain)/loss on sale of vessels  (1,564)  7   (1,360)  1,085 
Other loss  304   271   300   129 
Operating income/(loss) $21,279  $(8,390) $32,447  $(110,550)
                 
OTHER INCOME / (EXPENSES):                
Interest expense and finance costs  (5,681)  (4,874)  (15,022)  (16,883)
Interest income  29   55   79   694 
(Loss)/gain on extinguishment of debt  (822)  374   (980)  374 
Loss from equity method investment  (72)  (316)  (270)  (402)
Total other expenses, net $(6,546) $(4,761) $(16,193) $(16,217)
                 
Net income/(loss) $14,733  $(13,151) $16,254  $(126,767)
Dividends on series B preferred shares  (1,442)  (1,442)  (4,327)  (4,327)
Net income/(loss) attributed to common stockholders  13,291   (14,593)  11,927   (131,094)
Earnings/(loss) per common share, basic $0.17  $(0.17) $0.15  $(1.53)
                 
Earnings/(loss) per common share, diluted $0.16  $(0.17) $0.14  $(1.53)
Weighted average number of common shares, basic  78,687,020   85,745,586   81,408,637   85,923,171 
                 
Weighted average number of common shares, diluted  83,329,718   85,745,586   84,633,560   85,923,171 
                 
  Three months ended September 30,  Nine months ended September 30, 
   2021   2020   2021   2020 
                 
Net income/(loss) $14,733  $(13,151) $16,254  $(126,767)
Other comprehensive loss (Actuarial loss)  -   (6)  -   (20)
Comprehensive income/(loss) $14,733  $(13,157) $16,254  $(126,787)
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CONDENSED CONSOLIDATED BALANCE SHEET DATA    
(in thousands of U.S. Dollars)    
       
  September 30, 2021  
December 31, 2020*
 
ASSETS
 (unaudited)    
       
Cash, cash equivalents and restricted cash $146,249  $82,909 
Other current assets  14,737   41,752 
Vessels, net  682,133   716,178 
Other fixed assets, net  25,940   21,704 
Other non-current assets  9,753   9,867 
Total assets $878,812  $872,410 
         
LIABILITIES AND STOCKHOLDERS' EQUITY
        
         
Long-term debt, net of deferred financing costs $434,728  $420,314 
Other liabilities  28,183   23,526 
Total stockholders' equity  415,901   428,570 
Total liabilities and stockholders' equity $878,812  $872,410 
         
*The balance sheet data have been derived from the audited consolidated financial statements at that date. 

OTHER FINANCIAL DATA (unaudited) 
  Three months ended September 30,  Nine months ended September 30, 
  2021  2020  2021  2020 
             
Net cash provided by/(used in) operating activities $30,047  $(430) $57,489  $11,307 
Net cash provided by investing activities  5,990   13,862   28,065   11,598 
Net cash used in financing activities $(44,783) $(24,736) $(22,214) $(60,807)

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