ATHENS, Greece, May 26, 2023 (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 $22.7 million and net income attributed to common stockholders of $21.3 million for the first quarter of 2023. This compares to a net income of $26.0 million and net income attributed to common stockholders of $24.6 million reported in the first quarter of 2022. Earnings per share for the first quarter of 2023 was $0.22 basic and diluted, compared to earnings per share of $0.32 basic and $0.31 diluted in the same quarter in 2022.
Time charter revenues were $72.6 million for the first quarter of 2023, compared to $65.9 million for the same quarter of 2022. The increase in time charter revenues, compared to the same quarter of last year, was due to increased ownership days resulted from vessel acquisitions. This increase was partly offset by decreased average charter rates compared to the same quarter of last year.
Dividend Declaration
The Company has declared a dividend on its common stock based on the Company's results of operations during the quarter ended March 31, 2023, in the amount of $0.15 per share, which will be paid in shares of the Company's common stock or, upon the election of common shareholders, in cash. The dividend will be payable on or about July 10, 2023, to all shareholders of record as of June 12, 2023. The Company has 106,437,232 common shares issued and outstanding.
The Company is also re-affirming its previously announced dividend guidance that it intends to declare and pay quarterly dividends with respect to the next two quarters of 2023 in an amount of not less than $0.15 per share. The actual declaration of future dividends, the establishment of record and payment dates and the determination to pay future dividends in cash, in stock, or in a combination of cash and shares of common stock is subject to final determination by the Company's board of directors each quarter after its review of the Company's financial performance.
Other Matters
The Company is also announcing that it has signed a non-binding term sheet with a major European bank for a new sustainability linked loan facility in an amount of up to $100 million. If completed, the proceeds of the new facility will be used to refinance existing credit facilities secured by the ten vessels in the Company's current fleet securing the facility. The facility is expected to have a term of six and a half years. The Company has also signed a non-binding term sheet with a separate major European bank for an additional credit facility in the amount of up to $22.5 million. If completed, the proceeds of the $22.5 million facility will be used to refinance an existing credit facility secured by four of the Company's dry bulk vessels. The facility is expected to have a term of five years. Both facilities remain subject to successful negotiation of definitive documentation and satisfaction of other customary closing conditions and are expected to include customary financial and other covenants and conditions.
| Fleet Employment (As of May 22, 2023) | |||||||||
| VESSEL | SISTER SHIPS* | GROSS RATE (USD PER DAY) | COM** | CHARTERERS | DELIVERY DATE TO CHARTERERS*** | REDELIVERY DATE TO OWNERS**** | NOTES | ||
| BUILT DWT | |||||||||
| 10 Ultramax Bulk Carriers | |||||||||
| 1 | DSI Phoenix | A | 13,250 | 5.00 | % | ASL Bulk Marine Limited | 4-Nov-22 | 4/Mar/2024 - 4/May/2024 | |
| 2017 60,456 | |||||||||
| 2 | DSI Pollux | A | 17,000 | 5.00 | % | Delta Corp Shipping Pte. Ltd. | 27-Oct-22 | 27/Dec/2023 - 27/Feb/2024 | |
| 2015 60,446 | |||||||||
| 3 | DSI Pyxis | A | 17,100 | 4.75 | % | Cargill Ocean Transportation Singapore Pte. Ltd. | 16-Oct-22 | 16/Aug/2023 - 16/Oct/2023 | |
| 2018 60,362 | |||||||||
| 4 | DSI Polaris | A | 13,100 | 5.00 | % | ASL Bulk Marine Limited | 12-Nov-22 | 12/May/2024 - 12/Jul/2024 | |
| 2018 60,404 | |||||||||
| 5 | DSI Pegasus | A | 14,000 | 5.00 | % | Reachy Shipping (SGP) Pte. Ltd. | 7-Dec-22 | 15/Jul/2024 - 15/Sep/2024 | |
| 2015 60,508 | |||||||||
| 6 | DSI Aquarius | B | 14,200 | 5.00 | % | Engelhart CTP Freight (Switzerland) SA | 1-Feb-23 | 10/Jan/2024 - 25/Mar/2024 | |
| 2016 60,309 | |||||||||
| 7 | DSI Aquila | B | 13,300 | 5.00 | % | Western Bulk Carriers AS | 22-Nov-22 | 15/Sep/2023 - 15/Nov/2023 | |
| 2015 60,309 | |||||||||
| 8 | DSI Altair | B | 14,400 | 5.00 | % | Western Bulk Pte. Ltd. | 28-Dec-22 | 25/Jun/2023 - 25/Aug/2023 | |
| 2016 60,309 | |||||||||
| 9 | DSI Andromeda | B | 14,250 | 5.00 | % | Western Bulk Carriers AS | 17-Nov-22 | 16/Oct/2023 - 16/Dec/2023 | 1, 2 |
| 2016 60,309 | |||||||||
| 10 | DSI Drammen | 18,250 | 5.00 | % | IMC Shipping Co. Pte. Ltd. | 22-Apr-23 | 10/Apr/2024 - 10/Jun/2024 | 3 | |
| 2016 63,379 | |||||||||
| 8 Panamax Bulk Carriers | |||||||||
| 11 | MELIA | 11,000 | 5.00 | % | Asahi Shipping Co., Ltd. | 10-Dec-22 | 4/Feb/2023 | 4 | |
| 2005 76,225 | |||||||||
| 12 | ARTEMIS | 21,250 | 4.75 | % | Cargill International S.A., Geneva | 21-Mar-22 | 20/Jun/2023 -20/Aug/2023 | ||
| 2006 76,942 | |||||||||
| 13 | LETO | 25,500 | 4.75 | % | Aquavita International S.A. | 3-Oct-21 | 29/Jan/2023 | 5 | |
| 2010 81,297 | 14,500 | 4.75 | % | Cargill International S.A., Geneva | 29-Jan-23 | 1/Mar/2024 - 30/Apr/2024 | |||
| 14 | SELINA | C | 22,000 | 5.00 | % | Speed Logistics Marine Limited | 18-Jun-22 | 12/May/2023 | 6 |
| 2010 75,700 | 12,000 | 4.75 | % | Cargill International S.A., Geneva | 20-May-23 | 15/Sept/2024 - 15/Nov/2024 | |||
| 15 | MAERA | C | 12,000 | 4.75 | % | Cargill International S.A., Geneva | 16-Dec-22 | 28/Oct/2023 - 28/Dec/2023 | |
| 2013 75,403 | |||||||||
| 16 | ISMENE | 18,500 | 4.75 | % | Cargill International S.A., Geneva | 23-Nov-21 | 10/Jan/2023 | ||
| 2013 77,901 | 14,000 | 5.00 | % | ST Shipping and Transport Pte. Ltd. | 10-Jan-23 | 20/Aug/2023 - 10/Oct/2023 | |||
| 17 | CRYSTALIA | D | 12,500 | 5.00 | % | Reachy Shipping (SGP) Pte. Ltd. | 12-Nov-22 | 1/Sep/2023 - 15/Oct/2023 | |
| 2014 77,525 | |||||||||
| 18 | ATALANDI | D | 24,500 | 4.75 | % | Aquavita International S.A. | 5-Oct-21 | 15/Feb/2023 | |
| 2014 77,529 | 13,250 | 4.75 | % | 15-Feb-23 | 5/Mar/2024 - 5/May/2024 | ||||
| 6 Kamsarmax Bulk Carriers | |||||||||
| 19 | MAIA | E | 25,000 | 5.00 | % | Hyundai Glovis Co. Ltd. | 24-May-22 | 20/Sep/2023 -20/Nov/2023 | 7 |
| 2009 82,193 | |||||||||
| 20 | MYRSINI | E | 15,000 | 5.00 | % | Salanc Pte. Ltd. | 22-Nov-22 | 20/Apr/2024 - 28/Jun/2024 | |
| 2010 82,117 | |||||||||
| 21 | MEDUSA | E | 26,000 | 4.75 | % | Cargill International S.A., Geneva | 9-Mar-22 | 14/May/2023 | |
| 2010 82,194 | 14,250 | 5.00 | % | ASL Bulk Shipping Limited | 14-May-23 | 10/Feb/2025 - 15/Apr/2025 | |||
| 22 | MYRTO | E | 18,000 | 5.00 | % | Tata NYK Shipping Pte. Ltd. | 3-Aug-22 | 15/Jul/2023 - 15/Sep/2023 | |
| 2013 82,131 | |||||||||
| 23 | ASTARTE | 21,500 | 5.00 | % | Tongli Shipping Pte. Ltd. | 30-Jan-22 | 29/Apr/2023 | ||
| 2013 81,513 | 15,000 | 5.00 | % | Reachy Shipping (SGP) Pte. Ltd. | 29-Apr-23 | 1/Aug/2024 - 1/Oct/2024 | |||
| 24 | LEONIDAS P. C. | 24,500 | 4.75 | % | Cargill International S.A., Geneva | 18-Feb-22 | 28/Feb/2023 | 8 | |
| 2011 82,165 | 17,000 | 4.75 | % | 17-Mar-23 | 17/Feb/2024 - 17/Apr/2024 | ||||
| 5 Post-Panamax Bulk Carriers | |||||||||
| 25 | ALCMENE | 17,100 | 5.00 | % | SwissMarine Pte. Ltd., Singapore | 25-Nov-21 | 2/Jan/2023 | ||
| 2010 93,193 | 13,000 | 5.00 | % | 2-Jan-23 | 10/Jan/2024 - 25/Mar/2024 | ||||
| 26 | AMPHITRITE | F | 14,250 | 5.00 | % | Cobelfret S.A. | 9-Nov-22 | 1/Dec/2023 - 15/Feb/2024 | |
| 2012 98,697 | |||||||||
| 27 | POLYMNIA | F | 24,750 | 5.00 | % | CLdN Cobelfret SA, Luxembourg | 4-Feb-22 | 14/Jan/2023 | |
| 2012 98,704 | 15,000 | 5.00 | % | 14-Jan-23 | 1/Apr/2024 - 31/May/2024 | 9 | |||
| 28 | ELECTRA | G | 17,500 | 5.00 | % | Refined Success Limited | 2-Jul-22 | 13/Apr/2023 | |
| 2013 87,150 | 14,500 | 5.00 | % | Cobelfret S.A. | 13-Apr-23 | 1/Jun/2024 - 1/Aug/2024 | |||
| 29 | PHAIDRA | G | 25,000 | 5.00 | % | Comerge Shipping Co., Limited | 24-Nov-22 | 4/Mar/2023 | |
| 2013 87,146 | 10,000 | 5.00 | % | Salanc Pte. Ltd. | 4-Mar-23 | 16/Apr/2023 | 10 | ||
| 12,250 | 4.75 | % | Aquavita International S.A. | 9-May-23 | 1/Sep/2024 - 15/Nov/2024 | 11 | |||
| 11 Capesize Bulk Carriers | |||||||||
| 30 | ALIKI | 24,500 | 5.00 | % | Koch Shipping Pte. Ltd., Singapore | 21-Feb-22 | 2/Feb/2023 | 4 | |
| 2005 180,235 | |||||||||
| 31 | SEMIRIO | H | 19,700 | 5.00 | % | C Transport Maritime Ltd., Bermuda | 15-Dec-21 | 15/Aug/2023 - 15/Nov/2023 | |
| 2007 174,261 | |||||||||
| 32 | BOSTON | H | 20,500 | 5.00 | % | Aquavita International S.A. | 15-Jul-22 | 6/May/2023 | |
| 2007 177,828 | 17,000 | 5.00 | % | ST Shipping and Transport Pte. Ltd. | 6-May-23 | 15/Jul/2024 - 15/Oct/2024 | |||
| 33 | HOUSTON | H | 13,000 | 5.00 | % | EGPN Bulk Carrier Co., Limited | 21-Nov-22 | 1/Jul/2024 - 31/Aug/2024 | |
| 2009 177,729 | |||||||||
| 34 | NEW YORK | H | 23,000 | 5.00 | % | C Transport Maritime Ltd., Bermuda | 2-Jul-22 | 10/Jun/2023 - 30/Jun/2023 | 12 |
| 2010 177,773 | |||||||||
| 35 | SEATTLE | I | 26,500 | 5.00 | % | Solebay Shipping Cape Company Limited, Hong Kong | 2-Mar-22 | 1/Oct/2023 - 15/Dec/2023 | |
| 2011 179,362 | |||||||||
| 36 | P. S. PALIOS | I | 31,000 | 5.00 | % | Classic Maritime Inc. | 11-Jun-22 | 15/Apr/2024 - 30/Jun/2024 | |
| 2013 179,134 | |||||||||
| 37 | G. P. ZAFIRAKIS | J | 22,750 | 4.75 | % | Cargill International S.A., Geneva | 1-Dec-21 | 12/Jan/2023 | 13 |
| 2014 179,492 | 17,000 | 5.00 | % | Solebay Shipping Cape Company Limited, Hong Kong | 12-Jan-23 | 15/Jun/2024 - 15/Aug/2024 | |||
| 38 | SANTA BARBARA | J | 29,500 | 4.75 | % | Cargill International S.A., Geneva | 19-Mar-22 | 7/May/2023 | 14 |
| 2015 179,426 | 21,250 | 5.00 | % | Smart Gain Shipping Co., Limited | 7-May-23 | 10/Oct/2024 - 10/Dec/2024 | |||
| 39 | NEW ORLEANS | 32,000 | 5.00 | % | Engelhart CTP Freight (Switzerland) SA | 25-Mar-22 | 20/Nov/2023 - 31/Jan/2024 | 14 | |
| 2015 180,960 | |||||||||
| 40 | 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 | |||||||||
| 41 | LOS ANGELES | K | 26,250 | 5.00 | % | Koch Shipping Pte. Ltd., Singapore | 30-Jan-22 | 15/Jan/2023 | |
| 2012 206,104 | 17,700 | 5.00 | % | Nippon Yusen Kabushiki Kaisha, Tokyo | 15-Jan-23 | 20/May/2024 - 5/Aug/2024 | |||
| 42 | PHILADELPHIA | K | 26,000 | 5.00 | % | C Transport Maritime Ltd., Bermuda | 12-Apr-22 | 1/Feb/2024 - 15/Apr/2024 | |
| 2012 206,040 | |||||||||
| 43 | SAN FRANCISCO | L | 30,500 | 5.00 | % | Koch Shipping Pte. Ltd., Singapore | 18-Feb-22 | 18/Feb/2023 | 15 |
| 2017 208,006 | 22,000 | 5.00 | % | SwissMarine Pte. Ltd., Singapore | 18-Feb-23 | 5/Jan/2025 - 5/Mar/2025 | |||
| 44 | NEWPORT NEWS | L | 28,000 | 5.00 | % | Koch Shipping Pte. Ltd., Singapore | 16-Dec-21 | 1/Jul/2023 - 30/Sep/2023 | |
| 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 The fixture includes the option for redelivery of vessel east of Suez against a gross ballast bonus of US$250,000. | |||||||||
| 2 Bareboat chartered-in for a period of ten years. | |||||||||
| 3 Maintaining 25% of the partnership interest. | |||||||||
| 4 Vessel sold and delivered to her new Owners on February 8, 2023. | |||||||||
| 5 Aquavita International S.A. has agreed to compensate the owners for the early redelivery of the vessel until the minimum agreed redelivery date, February 1, 2023. | |||||||||
| 6 Vessel on scheduled drydocking from May 12, 2023 to May 20, 2023. | |||||||||
| 7 Vessel off hire for 3.93 days. | |||||||||
| 8 Vessel on scheduled drydocking from February 28, 2023 to March 17, 2023. | |||||||||
| 9 The charter rate was US$10,000 per day for the first 30 days of the charter period. | |||||||||
| 10 Charter includes a one time ballast bonus payment of US$300,000. | |||||||||
| 11 Vessel on scheduled drydocking from April 16, 2023 to May 9, 2023. | |||||||||
| 12 Based on latest information. | |||||||||
| 13 The Charterers will compensate the Owners for the excess of the charter party period at the rate of 123% of the average of the Baltic Cape Index 5TC average for the days exceeding the period or the vessel's present charter party rate whichever is higher. | |||||||||
| 14 Bareboat chartered-in for a period of eight years. | |||||||||
| 15 Koch Shipping Pte. Ltd. has agreed to compensate the owners for the early redelivery of the vessel by paying the difference between the new rate and the previous rate, from the redelivery date from the Charterers, to March 1, 2023. | |||||||||
| Summary of Selected Financial & Other Data (unaudited) | |||||||
| Three months ended March 31, | |||||||
| 2023 | 2022 | ||||||
| STATEMENT OF OPERATIONS DATA (in thousands of US Dollars) | |||||||
| Time charter revenues | $ | 72,642 | $ | 65,933 | |||
| Voyage expenses | 3,811 | 1,714 | |||||
| Vessel operating expenses | 20,164 | 16,428 | |||||
| Net income | 22,713 | 26,044 | |||||
| Net income attributable to common stockholders | 21,271 | 24,602 | |||||
| FLEET DATA | |||||||
| Average number of vessels | 41.5 | 33.5 | |||||
| Number of vessels | 41.0 | 35.0 | |||||
| Weighted average age of vessels | 10.0 | 10.2 | |||||
| Ownership days | 3,737 | 3,017 | |||||
| Available days | 3,720 | 2,906 | |||||
| Operating days | 3,699 | 2,860 | |||||
| Fleet utilization | 99.4 | % | 98.4 | % | |||
| AVERAGE DAILY RESULTS | |||||||
| Time charter equivalent (TCE) rate (1) | $ | 18,503 | $ | 22,099 | |||
| Daily vessel operating expenses (2) | $ | 5,396 | $ | 5,445 | |||
Non-GAAP Measures
(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 available days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses or gain, 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.
(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 Friday, May 26, 2023.
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 13738993.
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 medium to long-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 continuing impacts of the COVID-19 pandemic; 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, 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 | |||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||
| For the three months ended March 31, | |||||||
| 2023 | 2022 | ||||||
| REVENUES: | |||||||
| Time charter revenues | $ | 72,642 | $ | 65,933 | |||
| OPERATING EXPENSES | |||||||
| Voyage expenses | 3,811 | 1,714 | |||||
| Vessel operating expenses | 20,164 | 16,428 | |||||
| Depreciation and amortization of deferred charges | 13,254 | 9,792 | |||||
| General and administrative expenses | 7,682 | 7,059 | |||||
| Management fees to related party | 315 | 117 | |||||
| Gain on Sale of Vessels | (4,995 | ) | - | ||||
| Other operating income | (210 | ) | (240 | ) | |||
| Operating income, total | $ | 32,621 | $ | 31,063 | |||
| OTHER INCOME / (EXPENSES): | |||||||
| Interest expense and finance costs | (11,658 | ) | (5,222 | ) | |||
| Interest and other income | 1,774 | 238 | |||||
| Loss on extinguishment of debt | (44 | ) | - | ||||
| Gain/(loss) from equity method investments | 20 | (35 | ) | ||||
| Total other expenses, net | $ | (9,908 | ) | $ | (5,019 | ) | |
| Net income and comprehensive income | $ | 22,713 | $ | 26,044 | |||
| Dividends on series B preferred shares | (1,442 | ) | (1,442 | ) | |||
| Net income attributable to common stockholders | 21,271 | 24,602 | |||||
| Earnings per common share, basic | $ | 0.22 | $ | 0.32 | |||
| Earnings per common share, diluted | $ | 0.22 | $ | 0.31 | |||
| Weighted average number of common shares outstanding, basic | 97,323,011 | 76,336,785 | |||||
| Weighted average number of common shares outstanding, diluted | 98,500,961 | 78,786,949 | |||||
| CONDENSED CONSOLIDATED BALANCE SHEET DATA | |||||||
| (in thousands of U.S. Dollars) | |||||||
| March 31, 2023 | December 31, 2022** | ||||||
| ASSETS | (unaudited) | ||||||
| Cash, cash equivalents, restricted cash and time deposits | $ | 115,680* | $ | 143,928* | |||
| Investments in related parties, current | 10,000 | - | |||||
| Other current assets | 17,377 | 17,636 | |||||
| Fixed assets | 998,479 | 996,702 | |||||
| Investments in related parties | 8,403 | 8,250 | |||||
| Other noncurrent assets | 15,692 | 16,403 | |||||
| Total assets | $ | 1,165,631 | $ | 1,182,919 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Long-term debt and finance liabilities, net of deferred financing costs | $ | 630,759 | $ | 663,442 | |||
| Other liabilities | 42,901 | 32,149 | |||||
| Total stockholders' equity | 491,971 | 487,328 | |||||
| Total liabilities and stockholders' equity | $ | 1,165,631 | $ | 1,182,919 | |||
| * | Includes time deposits of $46.5 million | ||||||
| ** | The balance sheet data have been derived from the audited consolidated financial statements at that date. | ||||||
| OTHER FINANCIAL DATA (unaudited) | ||||||
| For the three months ended March 31, | ||||||
| 2023 | 2022 | |||||
| Net cash provided by operating activities | $ | 33,196 | $ | 37,100 | ||
| Net cash used in investing activities | (10,645 | ) | (21,302 | ) | ||
| Net cash used in financing activities | $ | (50,799 | ) | $ | (26,904 | ) |
