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Diana Shipping

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Trevor Tkach

on 8 May 2010

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Transcript of Diana Shipping

Diana Shipping Fleet Positioning Map Diana's fleet is one of the newest in the world, being over nine years younger than the average merchant fleet.

The company earns its revenues by chartering its vessels to other companies for periods of two to five years for a fixed daily fee.
Source: Wikinvest Source: Wikinvest Baltic Dry Index and Industry Comparison (Past 3 Yrs) EPS Industry Comparison (4 Qtrs) ROE Trend (10 Qtrs) ROE Industry Comparison (4 Qtrs) Net Income (10 Qtrs) Net Income Industry Comparison (4 Qtrs) Stock Price Industry Comparison ( 1yr) Stock Price (1 Yr) DSX 6 months stock price DSX (Past 2 Yrs) DSX Current Assets VS Current Liabilities
(Current Ratio -9) DSX ROE - 5Q DSX Debt to Equity (5 Qtrs) DSX Revenue 5Q Demand Drivers Trade Growth
World GDP growth – increased economic activity means increased demand for raw materials

Oil demand and supply – the higher the demand and supply of oil, the greater the need for tankers to transport

Oil inventory levels – the amount of oil held in storage to meet future requirements has an impact on the demand for oil tankers in the future; seasonality often plays a critical role

Steel production – Since iron ore and coal represent about 42% of global dry bulk trade, steel production is a significant factor in determining the demand for dry bulk carriers 
Demand Drivers Trade Patterns
Refinery locations – varying levels of capacity and the sophistication of refineries’ processing capabilities affect the oil markets

Sourcing – The distance between the place of origin and place of destination affects tonnage-mile demand for vessels

Regional grain production – global grain trade depends on harvest of a particular year which, can significantly affect supply of cargo to transport
Supply Drivers Ordering
Ship building capacity – ship builders generally cannot cope with sudden increases in demand due to a time constraint to making ships; the current backlog of global shipyards reach out as far as the mid 2010’s

Ship building prices – Lower prices can lead to increased orders thereby increasing the total tonnage available in the market
Supply Drivers Scrapping
Economic life – The higher the age of the fleet the higher the expected scrapping and lower the net fleet growth; the current average age of global shipping fleet is 19 years

Regulations – Regulations on age and safety set by the International Maritime Organization and the EU can place restrictions on the particular kinds of vessels and fleets
Other Factors Pirates In 2009
217 attempted hijackings
47 successful hijackings
Estimated $80m of paid ransomResults
Voyages re-routed around the Cape
Adds 26 days to trip (63% increase)
Increased costs
Delayed shipments
The NEW YORK Newest to Fleet
March 2010
292 m long
Marshall Islands flag
EPS Trend (10 Qtrs) History and Overview Global shipping transportation of dry bulk goods such as iron ore, coal, and grain
Known for modern fleet of vessels
As of April 2010 – 22 vessels with 2 new to be delivered 2Q and 3Q 2012
HIGH cash reserves, LOW debt
“Our main objective is to manage and expand our fleet in a manner that will enable us to enhance shareholder value.“
Heather Harback, Philip Lieffers,
Filious Louis,
Jill McKeague,
Trevor Tkach
Our Recommendation? BUY! Strong company – Top Industry Performer

Well capitalized for growth

Strong Industry

Not paying dividends

Not playing by the rules
Full transcript