Q2 2024 Diana Shipping Inc Earnings Call Transcript
Key Points
- Fleet utilization reached 99.5% in the second quarter of 2024, reflecting efficient vessel management.
- Secured revenue for 74% of the remaining ownership rate of 2024, amounting to approximately USD76.8 million.
- Declared a quarterly cash dividend of $0.075 per common share, totaling approximately USD9.4 million.
- Re-charted 8 vessels year-to-date with an average charter rate increase of 11%.
- Raised USD25.3 million from the exercise of warrants under the ongoing warrant program, with a further USD65 million possible.
- Reported a net loss of $2.8 million for the second quarter of 2024.
- Time charter equivalent rate decreased to USD15,106 compared to USD17,311 in the same quarter last year.
- Ownership days have decreased compared to the same quarter in 2023.
- The average Baltic time charter rate for Capesize vessels fell around 7%.
- Projected fleet growth of 2.5% in 2025 may outpace dry bulk trade growth of 1% in ton-miles.
Hello and welcome to the Diana Shipping 2024 first quarter conference call and webcast. At this time, all participants are in a listen-only mode. The question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.
I would now like to turn the call over to Edward Nebb, Investor Relations Advisor. Thank you. You may begin.
Thank you, Darrell, and thanks to everyone who is joining us today for the Diana Shipping Inc. 2024 second quarter conference call. With us today from management is Semiramis Paliou, Chief Executive Officer who will introduce the other members of the management team.
And so, without further due, I will turn the call over to Ms. Paliou.
Thank you, Ed. Good morning, ladies and gentlemen, and welcome to Diana Shipping Inc.'s second quarter 2024 Financial Results Conference Call. I'm as
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