6-K 1 d8661568_6-k.htm
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 2020
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 23, 2020 of Diana Shipping Inc. (the "Company") announcing the Company’s financial results for the third quarter and nine months ended September 30, 2020.



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 24, 2020
By:
/s/ Ioannis Zafirakis
   
Ioannis Zafirakis
   
Interim Chief Financial Officer
     
     



Exhibit 99.1


 
Corporate Contact:
 
Ioannis Zafirakis
 
Director, Interim Chief Financial Officer, Chief Strategy Officer, Treasurer 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, 2020

ATHENS, GREECE, November 23, 2020 – Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today reported a net loss of $13.2 million and a net loss attributed to common stockholders of $14.6 million for the third quarter of 2020, including a $6.8 million impairment loss which resulted from the agreement to sell the vessels Sideris G.S. and Coronis. This compares to net income of $1.8 million and net income attributed to common stockholders of $0.3 million reported in the third quarter of 2019.
Time charter revenues were $42.3 million for the third quarter of 2020, compared to $53.5 million for the same period of 2019. The decrease in time charter revenues was mainly due to the decrease in ownership days resulting from the sale of six vessels in 2019 and two vessels in 2020 and also due to decreased average time charter rates that the Company achieved for its vessels during the quarter.
Net loss for the nine months ended September 30, 2020 amounted to $126.8 million and net loss attributed to common stockholders amounted to $131.1 million, including a $102.5 million impairment loss and $1.1 million loss on sale of vessels. This compares to net income of $3.4 million and net loss attributed to common stockholders of $0.9 million for the same period of 2019 including a $7.5 million impairment loss and $2.8 million loss on sale of vessels. Time charter revenues were $127.1 million for the nine months ended September 30, 2020, compared to $169.2 million for the same period of 2019.

-1-


 
Fleet Employment Profile (As of November 20, 2020)
 
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
                 
 
13 Panamax Bulk Carriers
1
OCEANIS
  
$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
1,2
 
2004    73,630
              
3
CALIPSO
A
$8,250
5.00%
Uniper Global Commodities SE, Düsseldorf
28-May-20
2-Dec-20 - 31-Dec-20
3
 
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
              
-
ARETHUSA
A
$5,500
5.00%
Oldendorff  GmbH & Co. KG, Luebeck
1-Jun-20
29-Jul-20
4
 
2007     73,593
              
5
CORONIS
  
$8,000
5.00%
Koch Shipping Pte. Ltd., Singapore
20-Feb-20
4-Dec-20 - 22-Dec-20
3,5
 
2006    74,381
              
6
MELIA
  
$10,750
4.75%
Cargill International S.A., Geneva
13-Feb-20
28-Apr-20
6
     
$10,000
5.00%
Ausca Shipping Limited, Hong Kong
20-Aug-20
5-Apr-21 - 20-Jun-21
7
 
2005     76,225
              
7
ARTEMIS
  
$10,150
5.00%
Koch Shipping Pte. Ltd., Singapore
28-Nov-19
24-Oct-20
8
 
2006     76,942
              
8
LETO
  
$9,000
4.75%
Cargill International S.A., Geneva
21-May-20
15-Jul-21 - 30-Sep-21
  
 
2010     81,297
              
9
SELINA
B
$11,000
5.00%
ST Shipping and Transport Pte. Ltd., Singapore
5-Jul-20
5-Jul-21 - 5-Sep-21
  
 
2010     75,700
              
10
MAERA
B
$8,600
5.00%
Ausca Shipping Limited, Hong Kong
11-Jun-20
1-Jul-21 - 30-Sep-21
  
 
2013     75,403
              
11
ISMENE
  
$10,800
5.00%
Phaethon International Company AG
10-Jan-20
10-Feb-21 - 25-Apr-21
  
 
2013     77,901
              
12
CRYSTALIA
C
$8,750
5.00%
Glencore Agriculture B.V., Rotterdam
22-May-20
1-Jul-21 - 30-Sep-21
  
 
2014    77,525
              
13
ATALANDI
C
$9,300
5.00%
Uniper Global Commodities SE, Düsseldorf
14-Jun-20
14-Jul-21 - 14-Oct-21
  
 
2014    77,529
              
 
5 Kamsarmax Bulk Carriers
14
MAIA
D
$11,200
5.00%
Aquavita International S.A.
31-Jan-20
31-Mar-21 - 15-Jun-21
  
 
2009     82,193
              
15
MYRSINI
D
$11,500
5.00%
Ausca Shipping Limited, Hong Kong
4-Dec-19
4-Jan-21 - 19-Mar-21
  
 
2010     82,117
              

-2-


16
MEDUSA
D
$11,000
4.75%
Cargill International S.A., Geneva
16-Nov-19
19-Nov-20
  
     
$11,000
4.75%
19-Nov-20
10-Jan-22 - 20-Mar-22
  
 
2010     82,194
              
17
MYRTO
D
$10,000
4.75%
Cargill International S.A., Geneva
3-Apr-20
1-Jul-21 - 15-Sep-21
  
 
2013     82,131
              
18
ASTARTE
  
$11,750
5.00%
Aquavita International S.A.
18-Jan-20
18-Mar-21 - 2-Jun-21
  
 
2013     81,513
              
 
5 Post-Panamax Bulk Carriers
19
ALCMENE
  
$8,500
4.75%
Cargill International S.A., Geneva
1-Jun-20
17-Apr-21 - 2-Jul-21
  
 
2010     93,193
              
20
AMPHITRITE
E
$10,250
5.00%
SwissMarine Pte. Ltd., Singapore
21-Mar-20
6-Apr-21 - 21-Jun-21
  
 
2012     98,697
              
21
POLYMNIA
E
$11,000
4.75%
Cargill International S.A., Geneva
15-Nov-19
22-Nov-20
3
 
2012    98,704
              
22
ELECTRA
F
$10,250
5.00%
Oldendorff Carriers GMBH & Co. KG, Lübeck
21-Nov-19
5-Dec-20 - 21-Dec-20
3
 
2013    87,150
              
23
PHAIDRA
F
$9,400
5.00%
Uniper Global Commodities SE, Düsseldorf
29-May-20
29-Apr-21 - 29-Jul-21
9
 
2013    87,146
              
 
13 Capesize Bulk Carriers
24
ALIKI
  
$11,300
5.00%
Koch Shipping Pte. Ltd., Singapore
23-Apr-20
1-Jan-21 - 15-Mar-21
  
 
2005    180,235
              
25
BALTIMORE
  
$15,000
5.00%
Koch Shipping Pte. Ltd., Singapore
19-May-19
4-Dec-20 - 3-Apr-21
  
 
2005    177,243
              
26
SALT LAKE CITY
  
$9,750
4.75%
Cargill International S.A., Geneva
24-Mar-19
5-Dec-20 - 24-Feb-21
3,10
 
2005    171,810
              
27
SIDERIS GS
G
$12,700
5.00%
Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany
7-Mar-20
3-Dec-20 - 31-Dec-20
3,5
 
2006    174,186
              
28
SEMIRIO
G
$16,000
4.75%
Cargill International S.A., Geneva
30-Jun-19
2-Dec-20 - 30-Dec-20
3
 
2007    174,261
              
29
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
              
30
HOUSTON
G
$12,400
5.00%
C Transport Maritime Ltd., Bermuda
13-May-20
1-Jul-21 - 30-Sep-21
  
 
2009    177,729
              
31
NEW YORK
G
$15,500
5.00%
Singapore Marine Pte. LTD., Singapore
7-Jun-19
3-Dec-20 - 22-Jan-21
3
 
2010    177,773
              
32
SEATTLE
H
$12,300
5.00%
Pacbulk Shipping Pte. Ltd., Singapore
27-Apr-20
1-Oct-21 - 31-Dec-21
  
 
2011     179,362
              


-3-

33
P. S. PALIOS
H
$12,050
5.00%
C Transport Maritime Ltd., Bermuda
28-Apr-20
9-Apr-21 - 24-Jun-21
 
2013    179,134
              
34
G. P. ZAFIRAKIS
I
$13,200
5.00%
Koch Shipping Pte. Ltd., Singapore
31-May-20
1-Oct-21 - 31-Dec-21
  
 
2014    179,492
              
35
SANTA BARBARA
I
$17,250
5.00%
Pacbulk Shipping Pte. Ltd., Singapore
28-Dec-19
28-Dec-20 - 28-Feb-21
  
 
2015     179,426
              
36
NEW ORLEANS
  
$15,000
4.75%
Cargill International S.A., Geneva
10-Apr-19
12-Nov-20
8
 
2015    180,960
            
 
 
4 Newcastlemax Bulk Carriers
37
LOS ANGELES
J
$14,250
5.00%
Engelhart CTP Freight (Switzerland) SA
6-Jun-20
1-Oct-21 - 31-Dec-21
  
 
2012    206,104
              
38
PHILADELPHIA
J
$14,500
5.00%
BHP Billiton Freight Singapore Pte. Ltd
5-Feb-20
5-Apr-21 - 5-Jul-21
  
 
2012    206,040
              
39
SAN FRANCISCO
K
$16,000
5.00%
Koch Shipping Pte. Ltd., Singapore
5-Mar-19
10-Dec-20 - 20-Jan-21
3
 
2017   208,006
              
40
NEWPORT NEWS
K
$16,500
5.00%
SwissMarine Services S.A., Geneva
25-Feb-19
8-Sep-20
  
     
$18,400
5.00%
Koch Shipping Pte. Ltd., Singapore
8-Sep-20
16-Oct-21 - 30-Dec-21
  
 
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 from June 11, 2020 to July 10, 2020.
2 Vessel off hire for unscheduled maintenance from August 28, 2020 to September 4, 2020.
3 Based on latest information.
4 "Arethusa" sold and delivered to her new owners on August 8, 2020.
5 Vessel sold and expected to be delivered to her new Owners at the latest by January 20, 2021.
6 Vessel on scheduled drydocking from April 28, 2020 to July 17, 2020.
7 Charter includes a one time ballast bonus payment of US$500,000.
8 Currently without an active charterparty. Vessel on scheduled drydocking.
9 Vessel off hire for unscheduled maintenance from July 2, 2020 to July 4, 2020.
10 Vessel off hire for drydocking from June 24, 2020 to August 1, 2020.

-4-

Summary of Selected Financial & Other Data (unaudited)
  
   
Three months ended September 30,
    
Nine months ended September 30,
  
   
2020
    
2019
    
2020
    
2019
  
                         
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
  
Time charter revenues
  
$
42,341
    
$
53,534
    
$
127,076
    
$
169,220
  
Voyage expenses
    
2,944
      
3,315
      
10,505
      
9,054
  
Vessel operating expenses
    
21,318
      
21,981
      
63,441
      
67,232
  
Net income/(loss)
    
(13,151
)
    
1,770
      
(126,767
)
    
3,446
  
Net income/(loss) attributed to common stockholders
    
(14,593
)
    
328
      
(131,094
)
    
(880
)
FLEET DATA
  
Average number of vessels
    
40.4
      
43.8
      
41.1
      
45.9
  
Number of vessels
    
40.0
      
43.0
      
40.0
      
43.0
  
Weighted average age of vessels
    
10.0
      
9.4
      
10.0
      
9.4
  
Ownership days
    
3,719
      
4,027
      
11,251
      
12,526
  
Available days
    
3,670
      
3,960
      
10,695
      
12,358
  
Operating days
    
3,572
      
3,938
      
10,410
      
12,255
  
Fleet utilization
    
97.3
%
    
99.4
%
    
97.3
%
    
99.2
%
AVERAGE DAILY RESULTS
  
Time charter equivalent (TCE) rate (1)
  
$
10,735
    
$
12,682
    
$
10,900
    
$
12,961
  
Daily vessel operating expenses (2)
  
$
5,732
    
$
5,458
    
$
5,639
    
$
5,367
  

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 Monday, November 23, 2020.
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 13712525.

-5-

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)

-6-

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,
  
   
2020
    
2019
    
2020
    
2019
  
REVENUES:
                        
Time charter revenues
  
$
42,341
    
$
53,534
    
$
127,076
    
$
169,220
  
EXPENSES:
                                
Voyage expenses
    
2,944
      
3,315
      
10,505
      
9,054
  
Vessel operating expenses
    
21,318
      
21,981
      
63,441
      
67,232
  
Depreciation and amortization of deferred charges
    
9,399
      
12,113
      
32,682
      
36,841
  
General and administrative expenses
    
9,463
      
7,137
      
25,748
      
20,782
  
Management fees to related party
    
497
      
537
      
1,511
      
1,567
  
Vessel impairment charges
    
6,832
      
-
      
102,525
      
7,519
  
Loss on sale of vessels
    
7
      
716
      
1,085
      
2,835
  
Other loss/(gain)
    
271
      
(489
)
    
129
      
(556
)
Operating income/(loss)
  
$
(8,390
)
  
$
8,224
    
$
(110,550
)
  
$
23,946
  
                                 
OTHER INCOME / (EXPENSES):
                                
Interest expense and finance costs
    
(4,874
)
    
(7,206
)
    
(16,883
)
    
(22,709
)
Interest income
    
55
      
754
      
694
      
2,255
  
Gain on extinguishment of debt
    
374
      
-
      
374
      
-
  
Loss from equity method investment
    
(316
)
    
(2
)
    
(402
)
    
(46
)
Total other expenses, net
  
$
(4,761
)
  
$
(6,454
)
  
$
(16,217
)
  
$
(20,500
)
                                 
Net income/(loss)
  
$
(13,151
)
  
$
1,770
    
$
(126,767
)
  
$
3,446
  
Dividends on series B preferred shares
    
(1,442
)
    
(1,442
)
    
(4,327
)
    
(4,326
)
Net income/(loss) attributed to common stockholders
    
(14,593
)
    
328
      
(131,094
)
    
(880
)
Loss per common share, basic and diluted
  
$
(0.17
)
  
$
-
    
$
(1.53
)
  
$
(0.01
)
Weighted average number of common shares, basic
    
85,745,586
      
93,359,239
      
85,923,171
      
96,934,593
  
                                 
Weighted average number of common shares, diluted
    
85,745,586
      
94,274,398
      
85,923,171
      
96,934,593
  
                                 
   
Three months ended September 30,
    
Nine months ended September 30,
  
     
2020
      
2019
      
2020
      
2019
  
                                 
Net income/(loss)
  
$
(13,151
)
  
$
1,770
    
$
(126,767
)
  
$
3,446
  
Other comprehensive loss (Actuarial loss)
    
(6
)
    
(9
)
    
(20
)
    
(27
)
Comprehensive income/(loss)
  
$
(13,157
)
  
$
1,761
    
$
(126,787
)
  
$
3,419
  
-7-

CONDENSED CONSOLIDATED BALANCE SHEET DATA
        
(in thousands of U.S. Dollars)
        
             
   
September 30, 2020
    
December 31, 2019*
  
ASSETS
  
(unaudited)
        
             
Cash, cash equivalents and restricted cash
  
$
90,386
    
$
128,288
  
Other current assets
    
35,455
      
29,751
  
Vessels, net
    
731,433
      
882,297
  
Other fixed assets, net
    
21,736
      
22,077
  
Investments in related parties
    
28
      
1,680
  
Other non-current assets
    
9,290
      
7,187
  
Total assets
  
$
888,328
    
$
1,071,280
  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                
                 
Long-term debt, net of deferred financing costs
  
$
430,890
    
$
474,951
  
Other liabilities
    
20,965
      
26,265
  
Total stockholders' equity
    
436,473
      
570,064
  
Total liabilities and stockholders' equity
  
$
888,328
    
$
1,071,280
  
                 

*
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,
  
   
2020
    
2019
    
2020
    
2019
  
                         
Net cash provided by/(used in) operating activities
  
$
(430
)
  
$
11,523
    
$
11,307
    
$
44,475
  
Net cash provided by investing activities
    
13,862
      
12,244
      
11,598
      
32,384
  
Net cash used in financing activities
  
$
(24,736
)
  
$
(18,914
)
  
$
(60,807
)
  
$
(78,912
)


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