Wednesday, July 27, 2011

Diana Shipping Inc. - Earnings Estimate For 2011 Q2

For the quarter ended June 30th, 2011, we estimate that Diana Shipping Inc. (NYSE: DSX) generated basic earnings per common share of $0.34 on net income of $27,200,00.

We estimate that TCE Revenues for the quarter were $61,500,000 and the net average TCE rate was $30,700.

As of June 30th, 2011, we estimate that book capitalization was $1.522 billion including shareholders’ equity of $1.160 billion, and long-term debt of $362 million. We also estimate that its debt to capitalization ratio stood at 23.8%. In addition to its existing debt, DSX has entered into a loan agreement for an amount of $82.6 million, to finance its two new-building vessels that are scheduled for delivery in 2012.

Following the recent acquisition of M/V ARETHUSA, the company presently owns a modern diversified fleet of 24 dry cargo vessels (consisting of 15 PANAMAX size vessels, one POST-PANAMAX vessel, and 8 CAPE SIZE vessels), with a total DWT carrying capacity of approximately 2,610,000 MT, and an average age per vessel of 6.4 years as of June 30th, 2011. The company also has two specialized CAPE SIZE vessels on order, with a total DWT carrying capacity of 412,000 MT, scheduled for delivery in 2012.

In addition, Diana Shipping has a 14.5% interest in Diana Containerships (NASDAQ: DCIX), a publicly traded company specializing in container ships.

Following the acquisition of M/V ARETHUSA we estimate that DSX has approximately $382 million cash on hand to finance future vessel acquisitions.