Diana Shipping Inc. (NYSE:DSX) Q3 2019 Earnings Conference Call - Preliminary Transcript

Dec 02, 2019 • 09:00 am ET


Diana Shipping Inc. (NYSE:DSX) Q3 2019 Earnings Conference Call - Preliminary Transcript


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Simeon Palios

of deferred financing fees including the current 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 share valued at a combined $17.5 million subsequent self-tender offer to purchase up to 2,739 million 726 shares, at the price of $3.65 per share. Which announced in November, and we will expire at 5:00 PM Eastern Time. On December 11th 2019. In connection with our active management of the company's fleet,

we have announced agreements to sell two vessels since the start of two of the 2019 third Quarter Nirefs for a sale price of $6.71 million before commissions and (ph) clear for a sale price $7.4 million before commissions these vessels were -- 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 Mr (ph) Sameer Amish by due to the newly created of Deputy Chief Executive officer work share affecting immediate.

This is by you has share I'd say Director, Diana shipping inc bringing (inaudible) 2016. And that's, Chief Operating Officer. (ph) Ashish 2018 and we will continue the share 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 they will continue to serve as Chairman and CEO.

So for the foreseeable future. That said, the Board has recognized the importance of planning for an orderly and seamless success to ensure that a new generation of senior leadership is prepared to continue the strategic vision and so management of the company for the future.

The summarize the company has remained profitable and finance and strong while continuing to return capital to shareholders and taking steps to continue our strategy for the long term.

With that I will now turn the call over to our president Anastasios 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.

Anastasios Margaronis

Thank you, Simon. And welcome to all the participants of this. The conference call of Diana Shipping, this quarter we will not be looking at detailed levels of the various Baltic Exchange indices as the quarterly movement during the year have been relatively small compared to other quarterly periods that 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. We're very slightly below where they still 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