SEC Form 6-K filed by Diana Shipping inc.

Non-GAAP Measures

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, July 31, 2024.

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 13747673.

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 short to medium-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, 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, including the escalation of the conflict in the Middle East, 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 COMPREHENSIVE INCOME/(LOSS)
		Three months ended June 30,								Six months June 30,
		2024				2023				2024				2023
REVENUES:
Time charter revenues		$	56,000			$	67,379			$	113,648			$	140,021
OPERATING EXPENSES
Voyage expenses			3,145				3,553				6,413				7,364
Vessel operating expenses			21,269				22,599				42,133				42,763
Depreciation and amortization of deferred charges			11,004				13,407				22,106				26,661
General and administrative expenses			8,197				8,013				16,729				15,695
Management fees to a related party			333				333				666				647
Gain on sale of vessels			-				-				(1,572	)			(4,995	)
Other operating income/ (loss)			(104	)			20				(389	)			(189	)
Operating income, total		$	12,156			$	19,454			$	27,562			$	52,075
OTHER INCOME / (EXPENSES):
Interest expense and finance costs			(11,594	)			(12,187	)			(23,650	)			(23,845	)
Interest and other income			2,041				1,972				3,776				3,746
Gain on derivative instruments			23				-				361				-
Loss on extinguishment of debt			-				(704	)			-				(748	)
Gain on deconsolidation of subsidiary			-				844				-				844
Gain/(loss) on investments			(3,467	)			761				(1,751	)			761
Loss on warrants			(2,090	)			-				(6,773	)			-
Gain/(loss) from equity method investments			167				224				(231	)			244
Total other expenses, net		$	(14,920	)		$	(9,090	)		$	(28,268	)		$	(18,998	)
Net comprehensive income/(loss)		$	(2,764	)		$	10,364			$	(706	)		$	33,077
Dividends on series B preferred shares			(1,442	)			(1,442	)			(2,884	)			(2,884	)
Net comprehensive income/(loss) attributable to common stockholders			(4,206	)			8,922				(3,590	)			30,193
Earnings/(loss) per common share, basic		$	(0.04	)		$	0.09			$	(0.03	)		$	0.31
Earnings/(loss) per common share, diluted		$	(0.04	)		$	0.09			$	(0.03	)		$	0.30
Weighted average number of common shares outstanding, basic			115,236,048				99,643,396				112,818,414				98,489,613
Weighted average number of common shares outstanding, diluted			115,236,048				101,058,849				112,818,414				99,762,411