Diana Shipping Inc. - Earnings Estimate For 2012 Q3

For the quarter ended September 30th, 2012, we estimate that Diana Shipping Inc. (NYSE: DSX) generated basic earnings per common share of $0.16 on net income of $12,850,000. We estimate that TCE Revenues were $53,150,000 and the average TCE rate was $20,650.

As of September 30th, 2012, we estimate that book capitalization was $1.716 billion including shareholders’ equity of $1.257 billion, and debt outstanding of $459 million. Its debt to capitalization ratio stood at 26.8%. We also estimate that DSX had approximately $448 million cash on hand as of the end of the quarter.

Following the acquisition of M/V Amphitrite during the quarter, the company owned a fleet of 29 dry cargo vessels (consisting of 17 panamax size vessels, two post-panamax vessels, and 10 cape size vessels), with a total DWT carrying capacity of 3,278,000 MT, and an average age per vessel of 6.8 years as of September 30th, 2012.

During the quarter DSX acquired one post-panamax new building vessel, scheduled for delivery ex-yard in November 2012, for a purchase price of $24.6 million. The company also has on order two panamax vessels, scheduled for delivery in the fourth quarter of 2013, at a contract price of $29 million per vessel.

In addition, Diana Shipping has a 10.4% interest in Diana Containerships (NASDAQ: DCIX), a publicly traded company specializing in container ships.

Diana Containerships Inc. - Earnings Estimate For 2012 Q3

For the quarter ended September 30th, 2012, we estimate that Diana Containerships Inc. (NASDAQ: DCIX) generated net income of $2,000,000 or $0.07 basic earnings per common share. We also estimate that TCE revenues were $14,500,000 and the net average TCE rate was $17,500.

As of September 30th, 2012, we estimate that the company had a total book capitalization of $341,9 million, including debt outstanding of $92.7 million. The debt to capitalization ratio stood at 27.1%. Following the secondary offering of 9,115,803 shares during the quarter (at a gross price per share of $6.25), we estimate that DCIX had approximately $65 million cash on hand (excluding restricted cash of $9.2 million) as of September 30th, 2012.

Based on the company’s revised dividend policy, DCIX intends to declare a variable quarterly dividend equal to its operating cash flow minus any cash expenses and reserves for vessel dry-dock maintenance and special surveys. According to our estimates for the quarter, the company generated cash from operations of $8,600,000. On this basis, we forecast that DCIX will declare a quarterly dividend of $0.30 per share as per the company’s official guidance.

Diana Containerships owns a fleet of nine panamax containerships, with an aggregate capacity of 37,422 TEU, and an average age of 14.2 years as of September 30th, 2012.

The company recently announced the acquisition of a 1995-built panamax containership, for a purchase price of $30 million. The vessel will be delivered to the company on November 19th, 2012.

Based on yesterday’s closing price of $5.33 per share, the company has a market capitalization of $171.6 million.

Eagle Bulk Shipping Inc. - Earnings Estimate for 2012 Q3

For the quarter ended September 30th, 2012, we estimate that Eagle Bulk Shipping Inc. (NASDAQ: EGLE) generated a net loss of ($31,000,000) or basic earnings per common share of ($1.85). Basic earnings per share reflect the company’s 4:1 reverse stock split during the second quarter.

We estimate that the company’s fleet of 45 owned-vessels generated net TCE Revenues of $41,000,000 for an average TCE of $9,900. We also estimate that EBITDA was $9,700,000, and Adjusted EBITDA (for credit agreement purposes – excludes stock compensation expense) was $12,150,000.

According to our estimates, EGLE burned through $1,800,000 in cash for its operating activities during the third quarter, and had approximately $12,500,000 cash on hand (including restricted cash), as of September 30th, 2012.

Eagle Bulk Shipping owns a fleet of 45 SUPRAMAX dry cargo vessels with a total DWT capacity of approximately 2,450,000 MT, and an average age per vessel of 5.5 years as of September 30th, 2012.