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Diana Shipping, Inc. DSX
Q3 2010 Earnings Call Transcript

Transcript Call Date 11/15/2010

Operator: Greetings and welcome to the Diana Shipping 2010 Third Quarter Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Mr. Edward Nebb, IR Advisor for Diana Shipping. Thank you, Mr. Nebb, you may begin.

Edward Nebb - IR: Thank you, Jessie and greetings to everyone. I want to welcome you to the Diana Shipping, Inc. 2010 third quarter conference call. The members of the Diana Shipping management team who are with us today include Mr. Simeon Palios, Chairman and Chief Executive Officer; Mr. Anastasios Margaronis, President; Mr. Andreas Michalopoulos, Chief Financial Officer; Mr. Ioannis Zafirakis, Executive Vice President and Secretary; and Ms. Maria Dede, Chief Accounting Officer.

Before management begins their remarks, let me briefly summarize the Safe Harbor notice, which you can see in its entirety in today's news release. Certain statements made during this conference call, which are not statements of historical fact are forward-looking statements and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act.

Such forward-looking statements are based on assumptions, expectations, projections, intentions, and beliefs as to future events that may not prove to be accurate. For a description of the risks, uncertainties, and other factors that may cause future results to differ materially from what is expressed or forecast in forward-looking statements, please refer to the Company's filings with the Securities and Exchange Commission.

Now with that, let me turn the call over to Mr. Simeon Palios, Chairman and Chief Executive Officer.

Simeon P. Palios - Chairman and CEO: Good morning and thank you for joining us today. It is my pleasure to report that during the 2010 third quarter and year to date, Diana Shipping has made significant strategic progress. We have continued our focus and determined growth strategy of acquiring additional vessels to expand the Company's revenue generating capacity. We have maintained relationships with high-quality charterers to help ensure the continuing employment of our fleet with reliable partners.

We entered into a milestone loan agreement with the Export-Import Bank of China that has significantly broadened the financial resources available to support our future growth. I would review each of these important developments in further detail in a few moments, but first, I would like to point out several highlights of our recent financial results.

Net income was $33.8 million for the third quarter of 2010. Voyage and time charter revenues grew to $71.6 million, largely due to fleet expansion. Our average daily time charter equivalent rate was $31,593 for the 2010 third quarter, which covers daily vessels operating expenses by a quarter of nearly 5.3 times.

Once again, we have maintained a healthy balance sheet, which is reflected in our cash position of over $311 million as of September 30, 2010. Also the Company's long-term debt, including the current portion was $344.6 million at the end of the third quarter, compared with stockholders equity of $1.1 billion. Throughout 2010, we have maintained our commitment to grow Diana's revenue generation capacity through our fleet expansion strategy.

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