ATHENS, Greece, Feb. 25, 2025 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the "Company"), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today reported net income of $9.7 million and a net income attributed to common stockholders of $8.3 million for the fourth quarter of 2024. This compares to net income of $9.4 million and net income attributed to common stockholders of $7.9 million for the fourth quarter of 2023. Earnings per share for the fourth quarter of 2024 were $0.07 basic and $0.02 diluted, compared to earnings per share of $0.08 basic and $0.06 diluted in the same quarter of 2023.
Time charter revenues were $57.1 million for the fourth quarter of 2024, compared to $60.0 million for the same quarter of 2023. The decrease in time charter revenues, compared to the same quarter last year, was due to decreased ownership days.
Net income for 2024 amounted to $12.7 million and net income attributed to common stockholders amounted to $7.0 million. This compares to net income of $49.8 million and net income attributed to common stockholders of $44.1 million for 2023. Time charter revenues for 2024 were $228.2 million, compared to $262.1 million for 2023. Earnings per share for 2024 were $0.06 basic and $0.05 diluted, compared to earnings per share of $0.44 basic and $0.42 diluted for 2023.
Dividend Declaration
The Company has declared a cash dividend on its common stock of $0.01 per share, based on the Company's results of operations during the fourth quarter ended December 31, 2024. The cash dividend will be payable on March 21, 2025 to all common shareholders of record as of March 12, 2025. As of February 24, 2025, the Company has 113,763,924 common shares issued and outstanding and there were 6,394,709 warrants exercised.
| Fleet Employment (As of February 24, 2025) | ||||||||||
| VESSEL | SISTER SHIPS* | GROSS RATE (USD PER DAY) | COM** | CHARTERERS | DELIVERY DATE TO CHARTERERS*** | REDELIVERY DATE TO OWNERS**** | NOTES | |||
| BUILT DWT | ||||||||||
| 9 Ultramax Bulk Carriers | ||||||||||
| 1 | DSI Phoenix | A | 16,500 | 5.00 | % | Bulk Trading SA | 6-May-24 | 1/Aug/2025 - 30/Sep/2025 | ||
| 2017 60,456 | ||||||||||
| 2 | DSI Pollux | A | 14,000 | 4.75 | % | Cargill Ocean Transportation (Singapore) Pte. Ltd. | 28-Dec-23 | 20/Aug/2025 - 20/Oct/2025 | ||
| 2015 60,446 | ||||||||||
| 3 | DSI Pyxis | A | 14,250 | 5.00 | % | ASL Bulk Marine Limited | 24-Sep-23 | 8-Nov-24 | ||
| 2018 60,362 | 13,100 | 5.00 | % | Stone Shipping Ltd | 8-Nov-24 | 20/Feb/2026 - 20/Apr/2026 | ||||
| 4 | DSI Polaris | A | 15,400 | 5.00 | % | Stone Shipping Ltd | 20-Jul-24 | 1/Jun/2025 - 15/Aug/2025 | ||
| 2018 60,404 | ||||||||||
| 5 | DSI Pegasus | A | 15,250 | 4.75 | % | Cargill Ocean Transportation (Singapore) Pte. Ltd | 5-Sep-24 | 1/Jun/2025 - 1/Aug/2025 | ||
| 2015 60,508 | ||||||||||
| 6 | DSI Aquarius | B | 14,500 | 5.00 | % | Stone Shipping Ltd | 18-Jan-24 | 6-Dec-24 | ||
| 2016 60,309 | 13,300 | 5.00 | % | Bunge SA, Geneva | 6-Dec-24 | 6/Oct/2025 - 21/Dec/2025 | ||||
| 7 | DSI Aquila | B | 12,500 | 5.00 | % | Western Bulk Carriers AS | 11-Nov-23 | 23-Jan-25 | ||
| 2015 60,309 | 12,250 | 5.00 | % | 23-Jan-25 | 23/Jun/2025 - 8/Aug/2025 | 1 | ||||
| 8 | DSI Altair | B | 15,750 | 5.00 | % | Propel Shipping Pte. Ltd. | 28-Sep-24 | 1/Nov/2025 - 31/Dec/2025 | ||
| 2016 60,309 | ||||||||||
| 9 | DSI Andromeda | B | 13,500 | 5.00 | % | Bunge SA, Geneva | 27-Nov-23 | 28/Feb/2025 - 20/Apr/2025 | 2 | |
| 2016 60,309 | ||||||||||
| 6 Panamax Bulk Carriers | ||||||||||
| 10 | LETO | 16,000 | 5.00 | % | ASL Bulk Shipping Limited | 3-May-24 | 6-Mar-25 | 3 | ||
| 2010 81,297 | ||||||||||
| 11 | SELINA | C | 12,000 | 4.75 | % | Cargill International S.A., Geneva | 20-May-23 | 17-Oct-24 | ||
| 2010 75,700 | 10,500 | 5.00 | % | Raffles Shipping International Pte. Ltd. | 17-Oct-24 | 1/Mar/2025 - 20/Apr/2025 | ||||
| 12 | MAERA | C | 13,750 | 5.00 | % | ST Shipping and Transport Pte. Ltd. | 29-Jan-24 | 15-Dec-24 | ||
| 2013 75,403 | 8,400 | 5.00 | % | China Resource Chartering Limited | 15-Dec-24 | 20/Sep/2025-20/Nov/2025 | ||||
| 13 | ISMENE | 12,650 | 5.00 | % | Paralos Shipping Pte., Ltd. | 13-Sep-23 | 15/Apr/2025 - 30/Jun/2025 | |||
| 2013 77,901 | ||||||||||
| 14 | CRYSTALIA | D | 13,900 | 5.00 | % | Louis Dreyfus Company Freight Asia Pte. Ltd. | 4-May-24 | 4/Feb/2026 - 4/Jun/2026 | ||
| 2014 77,525 | ||||||||||
| 15 | ATALANDI | D | 14,600 | 4.75 | % | Cargill International SA, Geveva | 20-Jul-24 | 1/Jun/2025 - 31/Jul/2025 | ||
| 2014 77,529 | ||||||||||
| 6 Kamsarmax Bulk Carriers | ||||||||||
| 16 | MAIA | E | 13,000 | 5.00 | % | Viterra Chartering B.V. | 16-Sep-24 | 9-Dec-24 | ||
| 2009 82,193 | 11,600 | 5.00 | % | Paralos Shipping Pte. Ltd. | 9-Dec-24 | 1/Nov/2025 - 31/Dec/2025 | ||||
| 17 | MYRSINI | E | 17,100 | 5.00 | % | Cobelfret S.A. Luxembourg | 25-Jun-24 | 11-Feb-25 | 4 | |
| 2010 82,117 | 13,000 | 4.75 | % | Cargill International SA, Geneva | 26-Feb-25 | 1/Jan/2026 - 28/Feb/2026 | 5 | |||
| 18 | MEDUSA | E | 14,250 | 5.00 | % | ASL Bulk Shipping Limited | 14-May-23 | 21-Feb-25 | 4 | |
| 2010 82,194 | ||||||||||
| 19 | MYRTO | E | 12,650 | 5.00 | % | Cobelfret S.A., Luxemburg | 15-Jul-23 | 23-Dec-24 | ||
| 2013 82,131 | 12,000 | 5.00 | % | Nippon Yusen Kabushiki Kaisha, Tokyo | 23-Dec-24 | 1/Mar/2026 - 15/May/2026 | ||||
| 20 | ASTARTE | 14,000 | 5.00 | % | Paralos Shipping Pte. Ltd. | 19-Aug-24 | 15/Jul/2025 - 15/Sep/2025 | |||
| 2013 81,513 | ||||||||||
| 21 | LEONIDAS P. C. | 17,000 | 5.00 | % | Ming Wah International Shipping Company Limited | 22-Feb-24 | 20/Aug/2025 - 20/Oct/2025 | |||
| 2011 82,165 | ||||||||||
| 5 Post-Panamax Bulk Carriers | ||||||||||
| 22 | ALCMENE | 12,000 | 5.00 | % | China Steel Express Corporation | 30-Sep-24 | 19-Nov-24 | 6 | ||
| 2010 93,193 | 6,000 | 5.00 | % | Lestari Shipping Pte Ltd | 28-Dec-24 | 16-Jan-25 | ||||
| 2,000 | 5.00 | % | Pan Ocean Co., Ltd. | 16-Jan-25 | 6-Mar-25 | 7,8 | ||||
| 23 | AMPHITRITE | F | 15,000 | 5.00 | % | Cobelfret S.A., Luxembourg | 13-Jan-24 | 8-Jan-25 | 9 | |
| 2012 98,697 | 12,100 | 5.00 | % | 8-Jan-25 | 1/Jan/2026 - 15/Mar/2026 | 10 | ||||
| 24 | POLYMNIA | F | 17,500 | 5.00 | % | Reachy Shipping (SGP) Pte. Ltd. | 8-Jun-24 | 1/Aug/2025 - 30/Sept/2025 | ||
| 2012 98,704 | ||||||||||
| 25 | ELECTRA | G | 14,000 | 4.75 | % | Aquavita International S.A. | 3-Jun-24 | 15/Oct/2025 - 31/Dec/2025 | ||
| 2013 87,150 | ||||||||||
| 26 | PHAIDRA | G | 12,250 | 4.75 | % | Aquavita International S.A. | 9-May-23 | 12-Oct-24 | ||
| 2013 87,146 | 12,000 | 4.75 | % | 12-Oct-24 | 1/May/2025 - 15/Jul/2025 | |||||
| 8 Capesize Bulk Carriers | ||||||||||
| 27 | SEMIRIO | H | 14,150 | 5.00 | % | Solebay Shipping Cape Company Limited, Hong Kong | 18-Aug-23 | 11-Feb-25 | ||
| 2007 174,261 | 16,650 | 5.00 | % | 11-Feb-25 | 15/Feb/2026 - 15/Apr/2026 | |||||
| 28 | NEW YORK | H | 16,000 | 5.00 | % | SwissMarine Pte. Ltd., Singapore | 11-Jun-23 | 30-Nov-24 | ||
| 2010 177,773 | 16,000 | 5.00 | % | STX Green Logis Ltd | 30-Nov-24 | 11-Jan-25 | ||||
| 17,600 | 5.00 | % | SwissMarine Pte. Ltd., Singapore | 11-Jan-25 | 15/Jan/2026 - 30/Mar/2026 | 11,12 | ||||
| 29 | SEATTLE | I | 17,500 | 5.00 | % | Solebay Shipping Cape Company Limited, Hong Kong | 1-Oct-23 | 15/Jul/2025 - 30/Sep/2025 | ||
| 2011 179,362 | ||||||||||
| 30 | P. S. PALIOS | I | 27,150 | 5.00 | % | Bohai Shipping (HEBEI) Co., Ltd | 7-May-24 | 1/Nov/2025 - 31/Dec/2025 | ||
| 2013 179,134 | ||||||||||
| 31 | G. P. ZAFIRAKIS | J | 26,800 | 5.00 | % | Nippon Yusen Kabushiki Kaisha, Tokyo | 16-Sep-24 | 16/Aug/2026 - 16/Nov/2026 | ||
| 2014 179,492 | ||||||||||
| 32 | SANTA BARBARA | J | 21,250 | 5.00 | % | Smart Gain Shipping Co., Limited | 7-May-23 | 3-Dec-24 | ||
| 2015 179,426 | 22,000 | 5.00 | % | Mitsui O.S.K. Lines, Ltd. | 27-Dec-24 | 20/Oct/2025 - 20/Dec/2025 | 13,14 | |||
| 33 | NEW ORLEANS | 20,000 | 5.00 | % | Kawasaki Kisen Kaisha, Ltd. | 7-Dec-23 | 15/Aug/2025 - 31/Oct/2025 | 14 | ||
| 2015 180,960 | ||||||||||
| 34 | FLORIDA | 25,900 | 5.00 | % | Bunge S.A., Geneva | 29-Mar-22 | 29/Jan/2027 - 29/May/2027 | 2 | ||
| 2022 182,063 | ||||||||||
| 4 Newcastlemax Bulk Carriers | ||||||||||
| 35 | LOS ANGELES | K | 28,700 | 5.00 | % | Nippon Yusen Kabushiki Kaisha, Tokyo | 20-Jul-24 | 1/Oct/2025 - 15/Dec/2025 | ||
| 2012 206,104 | ||||||||||
| 36 | PHILADELPHIA | K | 22,500 | 5.00 | % | Nippon Yusen Kabushiki Kaisha, Tokyo | 4-Feb-24 | 20/Apr/2025 - 20/Jul/2025 | ||
| 2012 206,040 | ||||||||||
| 37 | SAN FRANCISCO | L | 22,000 | 5.00 | % | SwissMarine Pte. Ltd., Singapore | 18-Feb-23 | 28-Feb-25 | 15 | |
| 2017 208,006 | 26,000 | 5.00 | % | 28-Feb-25 | 25/Oct/2026 - 25/Dec/2026 | 5 | ||||
| 38 | NEWPORT NEWS | L | 20,000 | 5.00 | % | Nippon Yusen Kabushiki Kaisha, Tokyo | 20-Sep-23 | 10/Mar/2025 - 10/Jun/2025 | ||
| 2017 208,021 | ||||||||||
| * Each dry bulk carrier is a "sister ship", or closely similar, to other dry bulk carriers that have the same letter. | ||||||||||
| ** Total commission percentage paid to third parties. | ||||||||||
| *** In case of newly acquired vessel with time charter attached, this date refers to the expected/actual date of delivery of the vessel to the Company. | ||||||||||
| **** Range of redelivery dates, with the actual date of redelivery being at the Charterers' option, but subject to the terms, conditions, and exceptions of the particular charterparty. | ||||||||||
| 1 Charterers will compensate the Owners at a rate of 115% of the average Baltic Tess 58 Supramax Index as published by the Baltic Exchange on a daily basis or double the vessel's present charter party rate, whichever is higher, for the excess period commencing from January 10, 2025 until the actual redelivery date. | ||||||||||
| 2 Bareboat chartered-in for a period of ten years. | ||||||||||
| 3 Based on latest information. | ||||||||||
| 4 Currently without an active charterparty. Vessel on scheduled drydocking. | ||||||||||
| 5 Estimated delivery date to the Charterers. | ||||||||||
| 6 Vessel on scheduled drydocking from November 19, 2024 until December 17, 2024. | ||||||||||
| 7 Redelivery date based on an estimated time charter trip duration of about 40 days. | ||||||||||
| 8 Vessel has been sold and it is expected to be delivered to her new Owners by latest March 7, 2025. | ||||||||||
| 9 The charter rate was US$12,250 per day for the first thirty (30) days of the charter period. | ||||||||||
| 10 The charter rate will be US$8,750 per day for the first fifty (50) days of the charter period. | ||||||||||
| 11 The charter rate will be US$6,300 per day for the first trip of the charter period. | ||||||||||
| 12 Vessel currently off hire for drydocking. | ||||||||||
| 13 Vessel on scheduled drydocking from December 3, 2024 until December 27, 2024. | ||||||||||
| 14 Bareboat chartered-in for a period of eight years. | ||||||||||
| 15 Estimated redelivery date from the Charterers. | ||||||||||
| Summary of Selected Financial & Other Data (unaudited) | |||||||||||||
| Three months ended December 31, | Year ended December 31, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| STATEMENT OF INCOME DATA (in thousands of US Dollars) | |||||||||||||
| Time charter revenues | $ | 57,073 | $ | 60,016 | $ | 228,209 | $ | 262,098 | |||||
| Voyage expenses | 3,540 | 3,326 | 13,607 | 13,621 | |||||||||
| Vessel operating expenses | 19,215 | 21,520 | 82,587 | 85,486 | |||||||||
| Net income | 9,737 | 9,382 | 12,746 | 49,844 | |||||||||
| Net income attributable to common stockholders | 8,295 | 7,940 | 6,977 | 44,075 | |||||||||
| FLEET DATA | |||||||||||||
| Average number of vessels | 38.0 | 40.7 | 38.9 | 41.1 | |||||||||
| Number of vessels | 38.0 | 40.0 | 38.0 | 40.0 | |||||||||
| Weighted average age of vessels | 11.3 | 10.5 | 11.3 | 10.5 | |||||||||
| Ownership days | 3,496 | 3,746 | 14,219 | 14,986 | |||||||||
| Available days | 3,434 | 3,739 | 14,057 | 14,867 | |||||||||
| Operating days | 3,423 | 3,727 | 14,009 | 14,824 | |||||||||
| Fleet utilization | 99.7 | % | 99.7 | % | 99.7 | % | 99.7 | % | |||||
| AVERAGE DAILY RESULTS | |||||||||||||
| Time charter equivalent (TCE) rate (1) | $ | 15,589 | $ | 15,162 | $ | 15,267 | $ | 16,713 | |||||
| Daily vessel operating expenses (2) | $ | 5,496 | $ | 5,745 | $ | 5,808 | $ | 5,704 | |||||
Non-GAAP Measures
| (1) | Time charter equivalent rate, or TCE, is defined as our time charter revenues less voyage expenses during a period divided by the number of our available days during the period, which is consistent with industry standards. TCE is a non-GAAP measure, and management believes it is useful to investors because it is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts. TCE is used by management to assess and compare the vessels' profitability. |
| (2) | Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period. |
Conference Call and Webcast Information
The Company's management will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Time) on Tuesday, February 25, 2025.
Investors may access the webcast by visiting the Company's website at www.dianashippinginc.com, and clicking on the webcast link. An accompanying investor presentation also will be available via the webcast link and on the Company's website. The conference call also may be accessed by telephone by dialing 1-877-407-8291 (for U.S.-based callers) or 1-201-689-8345 (for international callers) and asking the operator for the Diana Shipping Inc. conference call.
A replay of the webcast will be available soon after the completion of the call and will be accessible for 30 days on www.dianashippinginc.com. A telephone replay also will be available for 30 days by dialing 1-877-660-6853 (for U.S.-based callers) or 1-201-612-7415 (for international callers) and providing the Replay ID number 13751556.
About the Company
Diana Shipping Inc. is a global provider of shipping transportation services through its ownership and bareboat charter-in of dry bulk vessels. The Company's vessels are employed primarily on short to medium-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management's examination of historical operating trends, data contained in the Company's records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company's control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in the Company's view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company's operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company's vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, including risks associated with the continuing conflict between Russia and Ukraine and related sanctions, potential disruption of shipping routes due to accidents or political events, including the escalation of the conflict in the Middle East, vessel breakdowns and instances of off-hires and other factors. Please see the Company's filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
(See financial tables attached)
| DIANA SHIPPING INC. | |||||||||||||
| FINANCIAL TABLES | |||||||||||||
| Expressed in thousands of U.S. Dollars, except share and per share data | |||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||
| Three months ended December 31, | Year ended December 31, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| REVENUES: | |||||||||||||
| Time charter revenues | $ | 57,073 | $ | 60,016 | $ | 228,209 | $ | 262,098 | |||||
| OPERATING EXPENSES | |||||||||||||
| Voyage expenses | 3,540 | 3,326 | 13,607 | 13,621 | |||||||||
| Vessel operating expenses | 19,215 | 21,520 | 82,587 | 85,486 | |||||||||
| Depreciation and amortization of deferred charges | 11,368 | 11,508 | 44,691 | 49,785 | |||||||||
| General and administrative expenses | 8,322 | 8,364 | 33,435 | 32,968 | |||||||||
| Management fees to a related party | 333 | 333 | 1,332 | 1,313 | |||||||||
| Gain on sale of vessels | - | (329 | ) | (5,799 | ) | (5,323 | ) | ||||||
| Other operating income | (215 | ) | (572 | ) | (422 | ) | (1,464 | ) | |||||
| Operating income, total | $ | 14,510 | $ | 15,866 | $ | 58,778 | $ | 85,712 | |||||
| OTHER INCOME/(EXPENSE) | |||||||||||||
| Interest expense and finance costs | (11,620 | ) | (12,649 | ) | (47,468 | ) | (49,331 | ) | |||||
| Interest and other income | 2,361 | 2,129 | 8,369 | 8,170 | |||||||||
| Gain/(loss) on derivative instruments | 461 | (592 | ) | 274 | (439 | ) | |||||||
| Loss on extinguishment of debt | - | - | (3,475 | ) | (748 | ) | |||||||
| Gain on deconsolidation of subsidiary | - | - | - | 844 | |||||||||
| Gain/(loss) on related party investments | (1,606 | ) | 740 | (3,905 | ) | 1,502 | |||||||
| Gain/(loss) on equity securities | - | 2,813 | (400 | ) | 2,813 | ||||||||
| Gain on warrants | 5,519 | 1,583 | 719 | 1,583 | |||||||||
| Gain/(loss) from equity method investments | 112 | (508 | ) | (146 | ) | (262 | ) | ||||||
| Total other expenses, net | $ | (4,773 | ) | $ | (6,484 | ) | $ | (46,032 | ) | $ | (35,868 | ) | |
| Net income | $ | 9,737 | $ | 9,382 | $ | 12,746 | $ | 49,844 | |||||
| Dividends on series B preferred shares | (1,442 | ) | (1,442 | ) | (5,769 | ) | (5,769 | ) | |||||
| Net income attributable to common stockholders | 8,295 | 7,940 | 6,977 | 44,075 | |||||||||
| Earnings per common share, basic | $ | 0.07 | $ | 0.08 | $ | 0.06 | $ | 0.44 | |||||
| Earnings per common share, diluted | $ | 0.02 | $ | 0.06 | $ | 0.05 | $ | 0.42 | |||||
| Weighted average number of common shares outstanding, basic | 119,087,512 | 102,910,653 | 115,956,249 | 100,166,629 | |||||||||
| Weighted average number of common shares outstanding, diluted | 119,685,417 | 105,488,012 | 118,655,243 | 101,877,142 | |||||||||
| Three months ended December 31, | Year ended December 31, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Net Income | $ | 9,737 | $ | 9,382 | $ | 12,746 | $ | 49,844 | |||||
| Other comprehensive income (Defined benefit plan) | 4 | 55 | 4 | 55 | |||||||||
| Comprehensive Income | $ | 9,741 | $ | 9,437 | $ | 12,750 | $ | 49,899 | |||||
| CONDENSED CONSOLIDATED BALANCE SHEET DATA | |||||||
| (in thousands of U.S. Dollars) | |||||||
| 2024 | 2023* | ||||||
| ASSETS | (unaudited) | ||||||
| Cash, cash equivalents, restricted cash and time deposits | $ | 207,166** | $ | 161,592** | |||
| Investments in equity securities | - | 20,729 | |||||
| Other current assets | 18,443 | 19,900 | |||||
| Fixed assets | 880,145 | 924,474 | |||||
| Investments in related parties and equity method investments | 47,240 | 24,087 | |||||
| Other noncurrent assets | 18,024 | 15,628 | |||||
| Total assets | $ | 1,171,018 | $ | 1,166,410 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Long-term debt and finance liabilities, net of deferred financing costs | $ | 637,525 | $ | 642,772 | |||
| Other liabilities | 28,436 | 34,617 | |||||
| Total stockholders' equity | 505,057 | 489,021 | |||||
| Total liabilities and stockholders' equity | $ | 1,171,018 | $ | 1,166,410 | |||
| * | The balance sheet data has been derived from the audited consolidated financial statements at that date. | ||||||
| ** | Includes time deposits of $64 million and $40 million as of December 31, 2024 and 2023, respectively. | ||||||
| OTHER FINANCIAL DATA (unaudited) | ||||||||||||
| Three months ended December 31, | Year ended December 31, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Net cash provided by/(used in) operating activities | $ | 15,144 | $ | (2,235 | ) | $ | 83,530 | $ | 70,380 | |||
| Net cash provided by/(used in) investing activities | (30,660 | ) | 31,037 | (39,783 | ) | 24,929 | ||||||
| Net cash provided by/(used in) financing activities | $ | 7,377 | $ | (16,762 | ) | $ | (21,673 | ) | $ | (71,145 | ) | |
