DIANA SHIPPING INC.
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(registrant)
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Dated: May 25, 2022
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By:
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/s/ Ioannis Zafirakis
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Ioannis Zafirakis
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Chief Financial Officer
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Corporate Contact:
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Ioannis Zafirakis
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Director, Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary
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Telephone: + 30-210-9470100
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Email: izafirakis@dianashippinginc.com
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Website: www.dianashippinginc.com
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Twitter: @Dianaship
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For Immediate Release
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Investor and Media Relations:
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Edward Nebb
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Comm-Counsellors, LLC
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Telephone: + 1-203-972-8350
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Email: enebb@optonline.net
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4 Newcastlemax Bulk Carriers
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||||||||
32
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LOS ANGELES
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I
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$26,250
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5.00%
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Koch Shipping Pte. Ltd., Singapore
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30-Jan-22
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15-Jan-23 - 15-Mar-23
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16
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2012 206,104
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||||||||
33
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PHILADELPHIA
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I
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$28,500
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5.00%
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Classic Maritime Inc.
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22-Apr-21
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7-Mar-22
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17
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$26,000
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5.00%
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C Transport Maritime Ltd., Bermuda
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12-Apr-22
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1-Feb-24 - 15-Apr-24
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||||
2012 206,040
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||||||||
34
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SAN FRANCISCO
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J
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$24,700
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5.00%
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Olam International Limited, Singapore
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11-Feb-21
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18-Feb-22
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18
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$30,500
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5.00%
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Koch Shipping Pte. Ltd., Singapore
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18-Feb-22
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1-Mar-23 - 15-May-23
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||||
2017 208,006
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||||||||
35
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NEWPORT NEWS
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J
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$28,000
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5.00%
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Koch Shipping Pte. Ltd., Singapore
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16-Dec-21
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1-Jul-23 - 30-Sep-23
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19
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2017 208,021
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* Each dry bulk carrier is a “sister ship”, or closely similar, to other dry bulk carriers that have the same letter.
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** Total commission percentage paid to third parties.
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*** 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.
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**** 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.
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1 Based on latest information.
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2 Expected redelivery date from the charterers.
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3 Expected delivery date to the charterers.
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4 Vessel on scheduled drydocking from December 28, 2021 to January 30, 2022.
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5 Vessel was delivered to the Company on February 16, 2022.
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6 Charterers agreed to compensate the owners, for all the days over and above the new maximum redelivery date (January 13, 2022), with hire rate equal to the
average of Baltic Panamax 82 Index 5TC weighted time charter average plus 15% or vessel’s present Charter Party rate, whichever is higher.
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7 Charterers agreed to compensate the owners, for all the days over and above the maximum redelivery date (April 10, 2022), with hire rate equal to the
average of Baltic Panamax Index 5TC weighted time charter average minus 10% or vessel’s present Charter Party rate, whichever is higher.
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8 For two laden legs of maximum duration up to June 30, 2022.
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9 Charter included a one time ballast bonus payment of US$1,000,000.
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10 Redelivery date based on an estimated time charter trip duration of about 80-100 days.
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11 Redelivery date based on an estimated time charter trip duration of about 41 days.
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12 Charterers agreed to compensate the owners, for all the days over and above the maximum redelivery date (April 15, 2022), with hire rate equal to the
average of Baltic Cape Index 5TC weighted time charter average plus 10% or vessel’s present Charter Party rate, whichever is higher.
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13 Currently without an active charterparty. Vessel on scheduled drydocking.
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14 Charterers agreed to compensate the owners, for all the days over and above the maximum redelivery date (March 5, 2022), with hire rate equal to the
average of Baltic Cape Index 5TC weighted time charter average plus 23% or vessel’s present Charter Party rate, whichever is higher.
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15 Bareboat chartered-in for a period of ten years at US$13,500 per day.
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16 Vessel on scheduled drydocking from December 23, 2021 to January 30, 2022.
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17 Vessel on scheduled drydocking from March 7, 2022 to April 12, 2022.
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18 The charter rate was US$17,750 per day for the first one hundred five (105) days of the charter period.
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19 Vessel on scheduled drydocking from February 4, 2022 to March 2, 2022.
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Summary of Selected Financial & Other Data (unaudited)
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Three months ended March 31,
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2022
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2021
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|||||||
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
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Revenues
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$
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65,933
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$
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41,051
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Voyage expenses
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1,714
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1,780
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Vessel operating expenses
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16,428
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18,552
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Net income/(loss) and Comprehensive Income/(Loss)
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26,044
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(1,295
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)
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Net Income/(Loss) and Comprehensive Income/(Loss), Attributable to Common Shareholders
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24,602
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(2,737
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)
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FLEET DATA
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Average number of vessels
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33.5
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38.2
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Number of vessels
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35.0
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37.0
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Weighted average age of vessels
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10.2
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10.1
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Ownership days
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3,017
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3,434
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Available days
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2,906
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3,434
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Operating days
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2,860
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3,387
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Fleet utilization
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98.4
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%
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98.6
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%
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AVERAGE DAILY RESULTS
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Time charter equivalent (TCE) rate (1)
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$
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22,099
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$
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11,436
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Daily vessel operating expenses (2)
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$
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5,445
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$
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5,402
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(1) |
Time charter equivalent rates, or TCE rates, are 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. Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions. TCE is a non-GAAP measure. TCE rate 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.
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(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.
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DIANA SHIPPING INC.
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FINANCIAL TABLES
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Expressed in thousands of U.S. Dollars, except share and per share data
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UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)
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Three months ended March 31,
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2022
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2021
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REVENUES:
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Revenues
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$
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65,933
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$
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41,051
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OPERATING EXPENSES
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Voyage Expenses
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1,714
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1,780
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Vessel Operating Expenses
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16,428
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18,552
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Depreciation and Amortization of Deferred Charges
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9,792
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10,049
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General and Administrative Expenses
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7,059
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6,697
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Management Fees to Related Party
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117
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449
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Loss on Sale of Vessels
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-
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206
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Other Operating Income
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(240
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)
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(106
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)
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Operating Income, Total
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$
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31,063
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$
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3,424
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OTHER INCOME / (EXPENSES):
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Interest Expense and Finance Costs
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(5,222
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)
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(4,636
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)
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Interest and Other Income
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238
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28
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||||||
Loss from Equity Method Investments
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(35
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)
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(111
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)
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Total Other Expenses, Net
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$
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(5,019
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)
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$
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(4,719
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)
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Net income/(loss) and Comprehensive Income/(Loss)
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$
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26,044
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$
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(1,295
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)
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Dividends on series B preferred shares
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(1,442
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)
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(1,442
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)
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Net Income/(Loss) and Comprehensive Income/(Loss), Attributable to Common Shareholders
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24,602
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(2,737
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)
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Earnings/(Loss) Per Common Share, Basic
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$
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0.32
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$
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(0.03
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)
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Earnings/(Loss) Per Common Share, Diluted
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$
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0.31
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$
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(0.03
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)
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Weighted Average Number of Common Shares Outstanding, Basic
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76,336,785
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83,572,221
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Weighted Average Number of Common Shares Outstanding, Diluted
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78,786,949
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83,572,221
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CONDENSED CONSOLIDATED BALANCE SHEET DATA
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(in thousands of U.S. Dollars)
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March 31, 2022
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December 31, 2021*
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ASSETS
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(unaudited)
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Cash and Cash Equivalents and Restricted Cash
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$
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115,682
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$
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126,788
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Other current assets
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19,036
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15,357
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Total Fixed Assets
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744,395
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682,579
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Investments in Related Parties
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7,744
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7,644
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Other Noncurrent Assets
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11,149
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9,582
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Total assets
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$
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898,006
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$
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841,950
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LIABILITIES AND EQUITY
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Long-Term Debt and Lease Obligation, net of Deferred Financing Costs
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$
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463,411
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$
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423,675
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Other Liabilities
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31,991
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25,080
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||||||
Total Stockholders' Equity
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402,604
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393,195
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||||||
Total Liabilities and Equity
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$
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898,006
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$
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841,950
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*
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The balance sheet data have been derived from the audited consolidated financial statements at that date.
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OTHER FINANCIAL DATA (unaudited)
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||||||||
Three months ended March 31,
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||||||||
2022
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2021
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|||||||
Net cash provided by operating activities
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$
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37,100
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$
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6,419
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Net cash provided by/(used in) investing activities
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(21,302
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)
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22,558
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|||||
Net cash used in financing activities
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$
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(26,904
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)
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$
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(25,851
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)
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