Diana Shipping Inc. (NYSE:DSX) Q3 2019 Earnings Conference Call - Final Transcript
Dec 02, 2019 • 09:00 am ET
portion, was $485.5 million compared to stockholders' equity of approximately $603.9 million. Reflecting our ongoing commitment to deliver value to shareholders, the company completed two self-tender offers in July and October, purchasing shares valued at a combined $17.5 million. A subsequent self-tender offer to purchase up to 2,739,726 shares at a price of $3.65 per share was announced in November and will expire at 5 PM Eastern Time on December 11, 2019. In connection with our active management of the company's fleet, we have announced agreements to sell two vessels since the start of the 2019 third quarter. Nirefs, for a sale price of $6.71 million before commissions and Clio for a sale price of $7.4 million before commissions. These vessels were built between 2001 and 2005 and were among the oldest vessels in the fleet. We will continue to manage our fleet in a responsible manner that promotes a balance of time charter maturities and produces a predictable revenue stream. On October 25, 2019, the company announced the appointment of Mrs. Semiramis Paliou to the newly created office of Deputy Chief Executive Officer effecting immediately. Mrs. Paliou has served as a Director of Diana Shipping Inc. since 2015, and as Chief Operating Officer since 2018 and will continue to serve in this role. The appointment was made by the unanimous decision of the board of directors upon the recommendation of the company's independent nominating committee. It is fully expected that I will continue to serve as Chairman and CEO For the foreseeable future. That said, the board has recognized the importance of planning for an orderly and seamless succession to ensure that a new generation of senior leadership is prepared to continue the strategic vision and sound management of the Company for the future. To summarize, the company has remained profitable and financially strong, while continuing to return capital to shareholders and taking steps to continue our strategic -- strategies for the long term. With that, I will now turn the call over to our President, Stasi Margaronis, for a perspective on industry conditions. He will then be followed by our Chief Financial Officer, Andreas Michalopoulos, who will provide a more detailed financial overview. Thank you.
Thank you, Simeon, and welcome to all the participants of this quarterly conference call of Diana Shipping Inc. This quarter, we'll not be looking at detailed levels of the various Baltic Exchange indices as the quarterly movements during the year have been relatively small compared to other quarterly periods. Instead, we will look at large bulk carrier earnings and how they developed in the course of this year.
Earnings of Capesize vessels until the end of September 2019 were very slightly below where they stood during the same period in 2018. The average earnings for Panamaxes during the same period in 2019 was $10,935 per day, which was 4% lower than the same period in 2018. According to Gibson Shipbrokers, during the last quarter of this year, Capesize vessel should benefit by mild