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Must-know: An overview of Diana Shipping’s earnings

Must-know: An overview of Diana Shipping’s earnings (Part 1 of 9)

Must-know: Diana Shipping’s earnings

Diana Shipping’s earnings

Diana Shipping Inc. (or DSX) was incorporated under the laws of Liberia as Diana Shipping Investments Corp. in March, 1999. In February, 2005 it was renamed as Diana Shipping Inc. It was re-domiciled from the Republic of Liberia to the Marshall Islands. Diana Shipping Services S.A., a wholly-owned subsidiary of Diana Shipping, manages its fleet. DSX also owns ~9.51% of the issued and outstanding shares of Diana Containerships Inc. (DCIX), a global shipping company that currently owns eight container vessels—two Post-Panamax and six Panamax.

DSX Price ChartEnlarge Graph

Fleet

DSX is a global provider of shipping transportation services. The DSX fleet consists of 38 dry bulk vessels—two Newcastlemax, ten Capesize, three Post-Panamax, three Kamsarmax, and 20 Panamax—as of May 12, 2014. It plans to take delivery of two new-building Newcastlemax dry bulk vessels and one Kamsarmax dry bulk vessel during 2Q16. DSX’s combined fleet carrying capacity, excluding the three vessels not yet delivered, is ~4.21 million deadweight tonnage (or dwt) with a weighted average age of 6.83 years.

Industry and peers

Diana Shipping operates in an industry with peers like DryShips (DRYS), Navios Maritime Holdings (NM), Safe Bulkers (SB), and Diana Containerships Inc. (DCIX). The Guggenheim Shipping ETF (SEA) tracks shipping companies.

In this series, we’ll discuss how Diana Shipping performed in the second quarter ending June, 2014, its fleet revenue analysis, and the outlook for remaining 2014. Diana announced its second quarter results on July 29, 2014. On July 31, 2014, the stock moved significantly in trade posting—a decline of almost 12% over the past one-month trade.

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