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Diana Shipping Inc. Reports Financial Results for the First Quarter Ended March 31, 2023 and Declares Dividend of $0.15 Per Share for the First Quarter of 2023

ATHENS, Greece, May 26, 2023 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today reported net income of $22.7 million and net income attributed to common stockholders of $21.3 million for the first quarter of 2023. This compares to a net income of $26.0 million and net income attributed to common stockholders of $24.6 million reported in the first quarter of 2022. Earnings per share for the first quarter of 2023 was $0.22 basic and diluted, compared to earnings per share of $0.32 basic and $0.31 diluted in the same quarter in 2022.

Time charter revenues were $72.6 million for the first quarter of 2023, compared to $65.9 million for the same quarter of 2022. The increase in time charter revenues, compared to the same quarter of last year, was due to increased ownership days resulted from vessel acquisitions. This increase was partly offset by decreased average charter rates compared to the same quarter of last year.

Dividend Declaration

The Company has declared a dividend on its common stock based on the Company’s results of operations during the quarter ended March 31, 2023, in the amount of $0.15 per share, which will be paid in shares of the Company’s common stock or, upon the election of common shareholders, in cash. The dividend will be payable on or about July 10, 2023, to all shareholders of record as of June 12, 2023. The Company has 106,437,232 common shares issued and outstanding.

ADVERTISEMENT

The Company is also re-affirming its previously announced dividend guidance that it intends to declare and pay quarterly dividends with respect to the next two quarters of 2023 in an amount of not less than $0.15 per share. The actual declaration of future dividends, the establishment of record and payment dates and the determination to pay future dividends in cash, in stock, or in a combination of cash and shares of common stock is subject to final determination by the Company’s board of directors each quarter after its review of the Company’s financial performance.

Other Matters

The Company is also announcing that it has signed a non-binding term sheet with a major European bank for a new sustainability linked loan facility in an amount of up to $100 million. If completed, the proceeds of the new facility will be used to refinance existing credit facilities secured by the ten vessels in the Company’s current fleet securing the facility. The facility is expected to have a term of six and a half years. The Company has also signed a non-binding term sheet with a separate major European bank for an additional credit facility in the amount of up to $22.5 million. If completed, the proceeds of the $22.5 million facility will be used to refinance an existing credit facility secured by four of the Company’s dry bulk vessels. The facility is expected to have a term of five years. Both facilities remain subject to successful negotiation of definitive documentation and satisfaction of other customary closing conditions and are expected to include customary financial and other covenants and conditions.

 

Fleet Employment (As of May 22, 2023)

 

 

 

 

 

 

 

 

 

 

VESSEL

SISTER SHIPS*

GROSS RATE (USD PER DAY)

COM**

CHARTERERS

DELIVERY DATE TO CHARTERERS***

REDELIVERY DATE TO OWNERS****

NOTES

 

BUILT DWT

10 Ultramax Bulk Carriers

1

DSI Phoenix

A

13,250

5.00

%

ASL Bulk Marine Limited

4-Nov-22

4/Mar/2024 - 4/May/2024

 

 

2017 60,456

 

 

 

 

 

 

 

2

DSI Pollux

A

17,000

5.00

%

Delta Corp Shipping Pte. Ltd.

27-Oct-22

27/Dec/2023 - 27/Feb/2024

 

 

2015 60,446

 

 

 

 

 

 

3

DSI Pyxis

A

17,100

4.75

%

Cargill Ocean Transportation Singapore Pte. Ltd.

16-Oct-22

16/Aug/2023 - 16/Oct/2023

 

 

2018 60,362

 

 

 

 

 

 

4

DSI Polaris

A

13,100

5.00

%

ASL Bulk Marine Limited

12-Nov-22

12/May/2024 - 12/Jul/2024

 

 

2018 60,404

 

 

 

 

 

 

 

5

DSI Pegasus

A

14,000

5.00

%

Reachy Shipping (SGP) Pte. Ltd.

7-Dec-22

15/Jul/2024 - 15/Sep/2024

 

 

2015 60,508

 

 

 

 

 

 

6

DSI Aquarius

B

14,200

5.00

%

Engelhart CTP Freight (Switzerland) SA

1-Feb-23

10/Jan/2024 - 25/Mar/2024

 

 

2016 60,309

 

 

 

 

 

 

7

DSI Aquila

B

13,300

5.00

%

Western Bulk Carriers AS

22-Nov-22

15/Sep/2023 - 15/Nov/2023

 

 

2015 60,309

 

 

 

 

 

 

 

8

DSI Altair

B

14,400

5.00

%

Western Bulk Pte. Ltd.

28-Dec-22

25/Jun/2023 - 25/Aug/2023

 

 

2016 60,309

 

 

 

 

 

 

 

9

DSI Andromeda

B

14,250

5.00

%

Western Bulk Carriers AS

17-Nov-22

16/Oct/2023 - 16/Dec/2023

1, 2

 

2016 60,309

 

 

 

 

 

 

 

10

DSI Drammen

 

18,250

5.00

%

IMC Shipping Co. Pte. Ltd.

22-Apr-23

10/Apr/2024 - 10/Jun/2024

3

 

2016 63,379

 

 

 

 

 

 

 

8 Panamax Bulk Carriers

11

MELIA

 

11,000

5.00

%

Asahi Shipping Co., Ltd.

10-Dec-22

4/Feb/2023

4

 

2005 76,225

 

 

 

 

 

 

 

12

ARTEMIS

 

21,250

4.75

%

Cargill International S.A., Geneva

21-Mar-22

20/Jun/2023 -20/Aug/2023

 

 

2006 76,942

 

 

 

 

 

 

13

LETO

 

25,500

4.75

%

Aquavita International S.A.

3-Oct-21

29/Jan/2023

5

 

2010 81,297

 

14,500

4.75

%

Cargill International S.A., Geneva

29-Jan-23

1/Mar/2024 - 30/Apr/2024

 

14

SELINA

C

22,000

5.00

%

Speed Logistics Marine Limited

18-Jun-22

12/May/2023

6

 

2010 75,700

 

12,000

4.75

%

Cargill International S.A., Geneva

20-May-23

15/Sept/2024 - 15/Nov/2024

 

15

MAERA

C

12,000

4.75

%

Cargill International S.A., Geneva

16-Dec-22

28/Oct/2023 - 28/Dec/2023

 

 

2013 75,403

 

 

 

 

 

 

16

ISMENE

 

18,500

4.75

%

Cargill International S.A., Geneva

23-Nov-21

10/Jan/2023

 

 

2013 77,901

 

14,000

5.00

%

ST Shipping and Transport Pte. Ltd.

10-Jan-23

20/Aug/2023 - 10/Oct/2023

 

17

CRYSTALIA

D

12,500

5.00

%

Reachy Shipping (SGP) Pte. Ltd.

12-Nov-22

1/Sep/2023 - 15/Oct/2023

 

 

2014 77,525

 

 

 

 

 

 

18

ATALANDI

D

24,500

4.75

%

Aquavita International S.A.

5-Oct-21

15/Feb/2023

 

 

2014 77,529

 

13,250

4.75

%

 

15-Feb-23

5/Mar/2024 - 5/May/2024

 

6 Kamsarmax Bulk Carriers

19

MAIA

E

25,000

5.00

%

Hyundai Glovis Co. Ltd.

24-May-22

20/Sep/2023 -20/Nov/2023

7

 

2009 82,193

 

 

 

 

 

 

 

20

MYRSINI

E

15,000

5.00

%

Salanc Pte. Ltd.

22-Nov-22

20/Apr/2024 - 28/Jun/2024

 

 

2010 82,117

 

 

 

 

 

 

 

21

MEDUSA

E

26,000

4.75

%

Cargill International S.A., Geneva

9-Mar-22

14/May/2023

 

 

2010 82,194

 

14,250

5.00

%

ASL Bulk Shipping Limited

14-May-23

10/Feb/2025 - 15/Apr/2025

 

22

MYRTO

E

18,000

5.00

%

Tata NYK Shipping Pte. Ltd.

3-Aug-22

15/Jul/2023 - 15/Sep/2023

 

 

2013 82,131

 

 

 

 

 

 

 

23

ASTARTE

 

21,500

5.00

%

Tongli Shipping Pte. Ltd.

30-Jan-22

29/Apr/2023

 

 

2013 81,513

 

15,000

5.00

%

Reachy Shipping (SGP) Pte. Ltd.

29-Apr-23

1/Aug/2024 - 1/Oct/2024

 

24

LEONIDAS P. C.

 

24,500

4.75

%

Cargill International S.A., Geneva

18-Feb-22

28/Feb/2023

8

 

2011 82,165

 

17,000

4.75

%

17-Mar-23

17/Feb/2024 - 17/Apr/2024

 

5 Post-Panamax Bulk Carriers

25

ALCMENE

 

17,100

5.00

%

SwissMarine Pte. Ltd., Singapore

25-Nov-21

2/Jan/2023

 

 

2010 93,193

 

13,000

5.00

%

2-Jan-23

10/Jan/2024 - 25/Mar/2024

 

26

AMPHITRITE

F

14,250

5.00

%

Cobelfret S.A.

9-Nov-22

1/Dec/2023 - 15/Feb/2024

 

 

2012 98,697

 

 

 

 

 

 

 

27

POLYMNIA

F

24,750

5.00

%

CLdN Cobelfret SA, Luxembourg

4-Feb-22

14/Jan/2023

 

 

2012 98,704

 

15,000

5.00

%

14-Jan-23

1/Apr/2024 - 31/May/2024

9

28

ELECTRA

G

17,500

5.00

%

Refined Success Limited

2-Jul-22

13/Apr/2023

 

 

2013 87,150

 

14,500

5.00

%

Cobelfret S.A.

13-Apr-23

1/Jun/2024 - 1/Aug/2024

 

29

PHAIDRA

G

25,000

5.00

%

Comerge Shipping Co., Limited

24-Nov-22

4/Mar/2023

 

 

2013 87,146

 

10,000

5.00

%

Salanc Pte. Ltd.

4-Mar-23

16/Apr/2023

10

 

 

12,250

4.75

%

Aquavita International S.A.

9-May-23

1/Sep/2024 - 15/Nov/2024

11

11 Capesize Bulk Carriers

30

ALIKI

 

24,500

5.00

%

Koch Shipping Pte. Ltd., Singapore

21-Feb-22

2/Feb/2023

4

 

2005 180,235

 

 

 

 

 

 

31

SEMIRIO

H

19,700

5.00

%

C Transport Maritime Ltd., Bermuda

15-Dec-21

15/Aug/2023 - 15/Nov/2023

 

 

2007 174,261

 

 

 

 

 

 

32

BOSTON

H

20,500

5.00

%

Aquavita International S.A.

15-Jul-22

6/May/2023

 

 

2007 177,828

 

17,000

5.00

%

ST Shipping and Transport Pte. Ltd.

6-May-23

15/Jul/2024 - 15/Oct/2024

 

33

HOUSTON

H

13,000

5.00

%

EGPN Bulk Carrier Co., Limited

21-Nov-22

1/Jul/2024 - 31/Aug/2024

 

 

2009 177,729

 

 

 

 

 

 

34

NEW YORK

H

23,000

5.00

%

C Transport Maritime Ltd., Bermuda

2-Jul-22

10/Jun/2023 - 30/Jun/2023

12

 

2010 177,773

 

 

 

 

 

 

35

SEATTLE

I

26,500

5.00

%

Solebay Shipping Cape Company Limited, Hong Kong

2-Mar-22

1/Oct/2023 - 15/Dec/2023

 

 

2011 179,362

 

 

 

 

 

 

36

P. S. PALIOS

I

31,000

5.00

%

Classic Maritime Inc.

11-Jun-22

15/Apr/2024 - 30/Jun/2024

 

 

2013 179,134

 

 

 

 

 

 

 

37

G. P. ZAFIRAKIS

J

22,750

4.75

%

Cargill International S.A., Geneva

1-Dec-21

12/Jan/2023

13

 

2014 179,492

 

17,000

5.00

%

Solebay Shipping Cape Company Limited, Hong Kong

12-Jan-23

15/Jun/2024 - 15/Aug/2024

 

38

SANTA BARBARA

J

29,500

4.75

%

Cargill International S.A., Geneva

19-Mar-22

7/May/2023

14

 

2015 179,426

 

21,250

5.00

%

Smart Gain Shipping Co., Limited

7-May-23

10/Oct/2024 - 10/Dec/2024

 

39

NEW ORLEANS

 

32,000

5.00

%

Engelhart CTP Freight (Switzerland) SA

25-Mar-22

20/Nov/2023 - 31/Jan/2024

14

 

2015 180,960

 

 

 

 

 

 

40

FLORIDA

 

25,900

5.00

%

Bunge S.A., Geneva

29-Mar-22

29/Jan/2027 - 29/May/2027

2

 

2022 182,063

 

 

 

 

 

 

 

4 Newcastlemax Bulk Carriers

41

LOS ANGELES

K

26,250

5.00

%

Koch Shipping Pte. Ltd., Singapore

30-Jan-22

15/Jan/2023

 

 

2012 206,104

 

17,700

5.00

%

Nippon Yusen Kabushiki Kaisha, Tokyo

15-Jan-23

20/May/2024 - 5/Aug/2024

 

42

PHILADELPHIA

K

26,000

5.00

%

C Transport Maritime Ltd., Bermuda

12-Apr-22

1/Feb/2024 - 15/Apr/2024

 

 

2012 206,040

 

 

 

 

 

 

43

SAN FRANCISCO

L

30,500

5.00

%

Koch Shipping Pte. Ltd., Singapore

18-Feb-22

18/Feb/2023

15

 

2017 208,006

 

22,000

5.00

%

SwissMarine Pte. Ltd., Singapore

18-Feb-23

5/Jan/2025 - 5/Mar/2025

 

44

NEWPORT NEWS

L

28,000

5.00

%

Koch Shipping Pte. Ltd., Singapore

16-Dec-21

1/Jul/2023 - 30/Sep/2023

 

 

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 The fixture includes the option for redelivery of vessel east of Suez against a gross ballast bonus of US$250,000.

2 Bareboat chartered-in for a period of ten years.

3 Maintaining 25% of the partnership interest.

4 Vessel sold and delivered to her new Owners on February 8, 2023.

5 Aquavita International S.A. has agreed to compensate the owners for the early redelivery of the vessel until the minimum agreed redelivery date, February 1, 2023.

6 Vessel on scheduled drydocking from May 12, 2023 to May 20, 2023.

7 Vessel off hire for 3.93 days.

8 Vessel on scheduled drydocking from February 28, 2023 to March 17, 2023.

9 The charter rate was US$10,000 per day for the first 30 days of the charter period.

10 Charter includes a one time ballast bonus payment of US$300,000.

11 Vessel on scheduled drydocking from April 16, 2023 to May 9, 2023.

12 Based on latest information.

13 The Charterers will compensate the Owners for the excess of the charter party period at the rate of 123% of the average of the Baltic Cape Index 5TC average for the days exceeding the period or the vessel’s present charter party rate whichever is higher.

14 Bareboat chartered-in for a period of eight years.

15 Koch Shipping Pte. Ltd. has agreed to compensate the owners for the early redelivery of the vessel by paying the difference between the new rate and the previous rate, from the redelivery date from the Charterers, to March 1, 2023.

 


 

Summary of Selected Financial & Other Data (unaudited)

 

 

 

Three months ended March 31,

 

 

 

2023

 

2022

 

 

 

 

 

 

STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)

 

Time charter revenues

$

72,642

 

$

65,933

 

 

Voyage expenses

 

3,811

 

 

1,714

 

 

Vessel operating expenses

 

20,164

 

 

16,428

 

 

Net income

 

22,713

 

 

26,044

 

 

Net income attributable to common stockholders

 

21,271

 

 

24,602

 

FLEET DATA

 

Average number of vessels

 

41.5

 

 

33.5

 

 

Number of vessels

 

41.0

 

 

35.0

 

 

Weighted average age of vessels

 

10.0

 

 

10.2

 

 

Ownership days

 

3,737

 

 

3,017

 

 

Available days

 

3,720

 

 

2,906

 

 

Operating days

 

3,699

 

 

2,860

 

 

Fleet utilization

 

99.4

%

 

98.4

%

AVERAGE DAILY RESULTS

 

Time charter equivalent (TCE) rate (1)

$

18,503

 

$

22,099

 

 

Daily vessel operating expenses (2)

$

5,396

 

$

5,445

 

 

 

 

 

 

 

 

 

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 available days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses or gain, 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 Friday, May 26, 2023.

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 13738993.

About the Company

Diana Shipping Inc. is a global provider of shipping transportation services through its ownership and bareboat charter-in 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 continuing impacts of the COVID-19 pandemic; 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, including risks associated with the continuing conflict between Russia and Ukraine and related sanctions, 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)

 

DIANA SHIPPING INC.

FINANCIAL TABLES

Expressed in thousands of U.S. Dollars, except share and per share data

 

 

 

 

 

 

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

 

 

 

 

For the three months ended March 31,

 

 

 

2023

 

2022

REVENUES:

 

 

 

 

 

Time charter revenues

$

72,642

 

$

65,933

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

Voyage expenses

 

3,811

 

 

1,714

 

 

Vessel operating expenses

 

20,164

 

 

16,428

 

 

Depreciation and amortization of deferred charges

 

13,254

 

 

9,792

 

 

General and administrative expenses

 

7,682

 

 

7,059

 

 

Management fees to related party

 

315

 

 

117

 

 

Gain on Sale of Vessels

 

(4,995

)

 

-

 

 

Other operating income

 

(210

)

 

(240

)

 

Operating income, total

$

32,621

 

$

31,063

 

 

 

 

 

 

 

OTHER INCOME / (EXPENSES):

 

 

 

 

 

Interest expense and finance costs

 

(11,658

)

 

(5,222

)

 

Interest and other income

 

1,774

 

 

238

 

 

Loss on extinguishment of debt

 

(44

)

 

-

 

 

Gain/(loss) from equity method investments

 

20

 

 

(35

)

 

Total other expenses, net

$

(9,908

)

$

(5,019

)

 

 

 

 

 

 

Net income and comprehensive income

$

22,713

 

$

26,044

 

Dividends on series B preferred shares

 

(1,442

)

 

(1,442

)

Net income attributable to common stockholders

 

21,271

 

 

24,602

 

Earnings per common share, basic

$

0.22

 

$

0.32

 

 

 

 

 

 

 

Earnings per common share, diluted

$

0.22

 

$

0.31

 

Weighted average number of common shares outstanding, basic

 

97,323,011

 

 

76,336,785

 

 

 

 

 

 

 

Weighted average number of common shares outstanding, diluted

 

98,500,961

 

 

78,786,949

 

 

 

 

 

 

 

 


 

CONDENSED CONSOLIDATED BALANCE SHEET DATA

(in thousands of U.S. Dollars)

 

 

 

 

 

 

 

 

 

 

 

March 31, 2023

 

December 31, 2022**

ASSETS

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents, restricted cash and time deposits

$

115,680*

 

$

143,928*

 

Investments in related parties, current

 

10,000

 

 

-

 

Other current assets

 

17,377

 

 

17,636

 

Fixed assets

 

998,479

 

 

996,702

 

Investments in related parties

 

8,403

 

 

8,250

 

Other noncurrent assets

 

15,692

 

 

16,403

 

 

Total assets

$

1,165,631

 

$

1,182,919

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt and finance liabilities, net of deferred financing costs

$

630,759

 

$

663,442

 

Other liabilities

 

42,901

 

 

32,149

 

Total stockholders' equity

 

491,971

 

 

487,328

 

 

Total liabilities and stockholders' equity

$

1,165,631

 

$

1,182,919

 

 

 

 

 

 

 

 

 

*

Includes time deposits of $46.5 million

**

The balance sheet data have been derived from the audited consolidated financial statements at that date.

 

 


 

OTHER FINANCIAL DATA (unaudited)

 

 

For the three months ended March 31,

 

 

2023

 

2022

 

 

 

 

 

Net cash provided by operating activities

$

33,196

 

$

37,100

 

Net cash used in investing activities

 

(10,645

)

 

(21,302

)

Net cash used in financing activities

$

(50,799

)

$

(26,904

)

 

 

 

 

 

 

 


CONTACT: 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 Twitter: @Dianaship Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: enebb@optonline.net