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Diamond S Shipping Inc. Reports Second Quarter 2020 Results

08/13/2020

GREENWICH, Conn.--(BUSINESS WIRE)-- Diamond S Shipping Inc. (NYSE: DSSI) (“Diamond S”, or the “Company”), one of the largest publicly listed owners and operators of crude oil and product tankers, today announced results for the second quarter of 2020.

Highlights for the Second Quarter and Recent Events

-- Net income attributable to Diamond S of $45.7 million, or $1.15 per basic share, and Adjusted EBITDA (see Non-GAAP Measures section below) of $84.1 million.

-- Repaid $73.6 million of debt in the quarter, $40.0 million on revolving credit facilities in addition to $33.6 million of scheduled repayments. Net debt at June 30, 2020 was $640.0 million, implying a net debt to asset value leverage ratio of 41% based on broker valuations as of June 2020. At quarter end, total free liquidity available to the Company was $128.4 million.

-- Entered into a strategic partnership with NORDEN A/S, DiaNor, to facilitate the commercial consolidation of two of the world’s largest owner/operators of product tankers. As of June 30, 2020, five of the expected 28 vessels were delivered into the Norient Product Pool. The remaining 23 vessels are expected to deliver in the first half of Q3 2020.

-- Entered into floating-to-fixed LIBOR interest rate swaps on approximately 25% of the Company’s total outstanding debt. The average fixed LIBOR rate of 0.54% matures in December 2024.

-- As of August 12, 2020, fixed approximately 59% of Crude Fleet revenue days operating in the spot market at an average rate of approximately $25,700 per day and approximately 55% of Product Fleet revenue days operating in the spot market at an average rate of approximately $11,000 per day in the third quarter of 2020.

Craig H. Stevenson Jr., President and CEO of Diamond S, commented: “We are pleased with our performance in the second quarter, which is reflected in our strong financial results. Our primary focus is on positioning Diamond S to deliver outstanding cash flows in normalized market conditions. For this reason, we continue to lower our leverage, thereby improving our already competitive breakeven levels. We allocated excess capital in the quarter to paying down our debt by reducing exposure on our revolving credit facilities. These amounts may be redrawn in the future to provide liquidity or capital for opportunistic strategic moves. We remain positive in our long-term market outlook and we strongly believe the current market price of our shares does not reflect the underlying value of our vessels.”

Second Quarter 2020 Results

Net income attributable to Diamond S for the second quarter of 2020 was $45.7 million, or $1.15 basic and $1.14 diluted earnings per share, compared to a net loss of $8.5 million, or $0.21 basic and diluted loss per share, for the second quarter of 2019. The increase is primarily related to improved tanker market conditions in both the crude and product tanker segments.

The Company groups its business primarily by commodity transported and segments its fleet into a 16-vessel crude oil transportation fleet (the “Crude Fleet”) and a 50-vessel refined petroleum product transportation fleet (the “Product Fleet”). The Crude Fleet consists of 15 Suezmax vessels and one Aframax vessel. The Product Fleet consists of 44 medium range (“MR2”) vessels and 6 Handysize (“MR1”) vessels.

Net revenues for the Company, which represents voyage revenues less voyage expenses, were $134.2 million for the second quarter of 2020 compared to $83.4 million for the second quarter of 2019. Net revenues from the Crude Fleet were $55.2 million in the second quarter of 2020 compared to $24.4 million for the second quarter of 2019. Net revenues from the Product Fleet were $79.0 million in the second quarter of 2020 compared to $59.0 million for the second quarter of 2019. The increase in net revenues in both the Crude Fleet and Product Fleet was principally driven by stronger market conditions. Despite the demand destruction caused by the global pandemic, tanker markets were firm because of the sharp contango structure of the crude oil price curve, where the future price of oil was expected to be substantially greater than current prices. This led to a strong demand for the floating storage of oil and petroleum products on tankers, which effectively decreased the supply of ships for transport cargos and increased freight rates.

Vessel expenses were $41.7 million for the second quarter of 2020 compared to $42.4 million for the second quarter of 2019. Vessel expenses, which include crew costs, insurance, repairs and maintenance, lubricants and spare parts, technical management fees and other miscellaneous expenses, decreased by $0.7 million primarily due to the sale of the two MR2 vessels in the third quarter of 2019.

Depreciation and amortization expense was $28.8 million in the second quarter of 2020 compared to $29.2 million for the second quarter of 2019. The decrease in depreciation and amortization expense was primarily due to the sale of two MR2 vessels in the third quarter of 2019.

General and administrative expenses were $7.5 million in the second quarter of 2020 compared to $7.3 million for the second quarter of 2019.

Interest expense was $9.7 million in the second quarter of 2020 compared to $13.4 million for the second quarter of 2019. Interest expense decreased in the second quarter of 2020 due to a lower average debt balance as a result of mandatory debt repayments and a decrease in the effective interest rate.

Other income, which consists primarily of interest income, was less than $0.1 million in the second quarter of 2020, compared to $0.3 million for the second quarter of 2019.

Liquidity

As of June 30, 2020, the Company had $124.1 million in cash and restricted cash. Restricted cash and minimum cash required by debt covenants was $55.7 million. In the second quarter of 2020, the Company repaid $40.0 million drawn from its revolving credit facilities, increasing available liquidity to $128.4 million net of minimum cash requirements as of June 30, 2020.

Outlook

Tanker market conditions are expected to weaken in the third quarter as the inventory storage cycle reverses during a seasonally weak period for demand. Demand has not yet fully recovered from the impact of COVID-19, although it has improved from low levels at the start of the second quarter of 2020. In the near term, however, effective fleet supply is expected to increase as the number of vessels used for storage decreases, while tanker demand is expected to be low due to drawdowns of inventory coupled with seasonal market weakness.

As of August 12, 2020, approximately 59% of the Crude Fleet revenue days operating in the spot market in the third quarter of 2020 have been fixed at an average rate of $25,700 per day. Approximately 55% of the Product Fleet revenue days operating in the spot market have been fixed at an average rate of $11,000 per day in the third quarter of 2020.

Conference Call

The Company will hold a conference call on August 13, 2020 at 8:00 a.m. Eastern Time to discuss its results for the second quarter of 2020.

To access the call, participants should dial +1 866 211-4137 for domestic callers and +1 647 689-6723 for international callers. Participants are encouraged to dial in ten minutes prior to the call. Please enter passcode 3179296.

A live webcast of the conference call will be available from the Company’s website at www.diamondsshipping.com.

An audio replay of the conference call will be available starting at 11 a.m. ET on Thursday August 13, 2020 through Thursday, August 20, 2020 by dialing in +1 800 585-8367 or +1 416 621-4642 and entering the passcode 3179296.

About Diamond S Shipping Inc.

Diamond S Shipping Inc. (NYSE: DSSI) owns and operates 66 vessels on the water, including 15 Suezmax vessels, one Aframax and 50 medium-range (MR) product tankers. Diamond S is one of the largest energy shipping companies providing seaborne transportation of crude oil, refined petroleum and other petroleum products. The Company is headquartered in Greenwich, CT. More information about Diamond S can be found at www.diamondsshipping.com.

Disclosure Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward‐looking statements including statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, there can be no assurance that the Company will achieve or accomplish these expectations, beliefs or projections. Some of the factors that could cause our actual results or conditions to differ materially include unforeseen liabilities; future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of the Company’s operations; risks relating to the integration of assets or operations of entities that it has or may in the future acquire and the possibility that the anticipated synergies and other benefits of such acquisitions may not be realized within expected timeframes or at all; the failure of counterparties to fully perform their contracts with the Company; the strength of world economies and currencies; the duration and impact of the COVID-19 (coronavirus) outbreak; general market conditions, including fluctuations in charter rates and vessel values; changes in demand for tanker vessel 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; charter counterparty performance; ability to obtain financing and comply with covenants in such financing arrangements; 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; potential disruption of shipping routes due to accidents or political events; vessels breakdowns and instances of off‐hires; and other factors. Please see the Company's filings with the SEC for a more complete discussion of certain of these and other risks and uncertainties. The Company undertakes no obligation, and specifically declines any obligation, except as required by law, to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise.

 

DIAMOND S SHIPPING INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

as of June 30, 2020 and December 31, 2019

(In Thousands, except for share and per share data)

(Unaudited)

 

 

June 30,

2020

December 31,

2019

Assets

 

 

Current assets:

 

 

Cash and cash equivalents

$

118,392

 

$

83,609

 

Due from charterers – Net of provision for doubtful accounts of $1,717 and $1,415, respectively

 

80,663

 

 

80,691

 

Inventories

 

21,730

 

 

32,071

 

Prepaid expenses and other current assets

 

13,815

 

 

13,179

 

Total current assets

 

234,600

 

 

209,550

 

 

 

 

Noncurrent assets:

 

 

Vessels – Net of accumulated depreciation of $605,350 and $553,483, respectively

 

1,821,428

 

 

1,865,738

 

Other property – Net of accumulated depreciation of $737 and $584, respectively

 

508

 

 

642

 

Deferred drydocking costs – Net of accumulated amortization of $21,505 and $17,975, respectively

 

35,720

 

 

37,256

 

Restricted cash

 

5,679

 

 

5,610

 

Advances to Norient pool

 

1,390

 

 

 

Time charter contracts acquired – Net of accumulated amortization of $3,914 and $2,296, respectively

 

3,486

 

 

5,004

 

Other noncurrent assets

 

3,543

 

 

4,582

 

Total noncurrent assets

 

1,871,754

 

 

1,918,832

 

Total

$

2,106,354

 

$

2,128,382

 

 

 

 

Liabilities and Equity

 

 

Current liabilities:

 

 

Current portion of long-term debt

$

134,389

 

$

134,389

 

Accounts payable and accrued expenses

 

37,569

 

 

44,062

 

Deferred charter hire revenue

 

6,482

 

 

1,934

 

Derivative liability

 

456

 

 

 

Total current liabilities

 

178,896

 

 

180,385

 

 

 

 

Long-term debt – Net of deferred financing costs of $14,258 and $15,866, respectively

 

633,468

 

 

744,055

 

Derivative liability

 

440

 

 

 

Total liabilities

 

812,804

 

 

924,440

 

 

 

 

 

 

 

Equity:

 

 

Common stock, par value $0.001; 100,000,000 shares authorized; issued and outstanding 39,912,877 and 39,890,699 shares at June 30, 2020 and December 31, 2019, respectively

 

40

 

 

40

 

Treasury stock – at cost; 137,289 shares at June 30, 2020

 

(1,418

)

 

 

Additional paid-in capital

 

1,239,408

 

 

1,237,658

 

Accumulated other comprehensive loss

 

(896

)

 

 

Retained earnings (accumulated deficit)

 

22,189

 

 

(68,567

)

Total Diamond S Shipping Inc. equity

 

1,259,323

 

 

1,169,131

 

Noncontrolling interests

 

34,227

 

 

34,811

 

Total equity

 

1,293,550

 

 

1,203,942

 

Total

$

2,106,354

 

$

2,128,382

 

 

DIAMOND S SHIPPING INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

for the Three and Six Months Ended June 30, 2020 and 2019

(In Thousands, except for share and per share data)

(Unaudited)

 

 

For the Three Months Ended
June 30,

For the Six Months Ended
June 30,

 

2020

2019

2020

2019

Revenue:

 

 

 

 

Spot revenue

$

162,419

 

$

129,344

 

$

350,071

 

$

227,793

 

Time charter revenue

 

20,815

 

 

19,951

 

 

42,888

 

 

24,158

 

Pool revenue

 

319

 

 

 

 

319

 

 

 

Total revenue

 

183,553

 

 

149,295

 

 

393,278

 

 

251,951

 

 

 

 

 

 

Operating expenses:

 

 

 

 

Voyage expenses

 

49,349

 

 

65,895

 

 

124,030

 

 

107,473

 

Vessel expenses

 

41,738

 

 

42,376

 

 

83,274

 

 

67,177

 

Depreciation and amortization expense

 

28,771

 

 

29,243

 

 

57,531

 

 

51,199

 

General and administrative expenses

 

7,485

 

 

7,320

 

 

15,609

 

 

13,608

 

Total operating expenses

 

127,343

 

 

144,834

 

 

280,444

 

 

239,457

 

Operating income

 

56,210

 

 

4,461

 

 

112,834

 

 

12,494

 

Other (expense) income:

 

 

 

 

Interest expense

 

(9,711

)

 

(13,422

)

 

(21,087

)

 

(22,792

)

Other income

 

3

 

 

384

 

 

336

 

 

901

 

Total other expense – Net

 

(9,708

)

 

(13,038

)

 

(20,751

)

 

(21,891

)

Net income (loss)

 

46,502

 

 

(8,577

)

 

92,083

 

 

(9,397

)

Less: Net income (loss) attributable to noncontrolling interest

 

790

 

 

(74

)

 

1,327

 

 

132

 

Net income (loss) attributable to Diamond S Shipping Inc.

$

45,712

 

$

(8,503

)

$

90,756

 

$

(9,529

)

 

 

 

 

 

Net earnings (loss) per share – basic

$

1.15

 

$

(0.21

)

$

2.28

 

$

(0.28

)

Net earnings (loss) per share – diluted

$

1.14

 

$

(0.21

)

$

2.26

 

$

(0.28

)

 

 

 

 

 

Weighted average common shares outstanding – basic

 

39,920,559

 

 

39,890,698

 

 

39,861,943

 

 

33,774,260

 

Weighted average common shares outstanding – diluted

 

40,111,348

 

 

39,890,698

 

 

40,091,647

 

 

33,774,260

 

(1)

The Company is a 51% owner in NT Suez Holdco LLC (“NT Suez”), a joint venture that owns two Suezmax vessels. The Company also performs commercial, technical and administrative services for this joint venture.

 

DIAMOND S SHIPPING INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

for the Six Months Ended June 30, 2020 and 2019

(In Thousands)

(Unaudited)

 

 

For the Six Months Ended
June 30,

 

2020

2019

Cash flows from Operating Activities:

 

 

Net income (loss)

$

92,083

 

$

(9,397

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

Depreciation and amortization expense

 

57,531

 

 

51,199

 

Amortization of deferred financing costs

 

1,771

 

 

1,892

 

Amortization of time charter hire contracts acquired

 

1,518

 

 

872

 

Amortization of the realized gain from recouponing swaps

 

 

 

(1,377

)

Stock-based compensation expense

 

2,443

 

 

861

 

Changes in assets and liabilities

 

6,802

 

 

(24,313

)

Cash paid for drydocking

 

(3,014

)

 

(7,691

)

Net cash provided by operating activities

 

159,134

 

 

12,046

 

 

 

 

Cash flows from Investing Activities:

 

 

Acquisition costs, net of cash acquired of $16,568

 

 

 

(292,683

)

Transaction costs

 

 

 

(18,804

)

Payments for vessel additions and other property

 

(7,481

)

 

(7,388

)

Net cash used in investing activities

 

(7,481

)

 

(318,875

)

 

 

 

Cash flows from Financing Activities:

 

 

Borrowings on long-term debt

 

 

 

300,000

 

Principal payments on long-term debt

 

(67,195

)

 

(35,496

)

Borrowings on revolving credit facilities

 

 

 

56,000

 

Repayments on revolving credit facilities

 

(45,000

)

 

(26,323

)

NT Suez Holdco LLC distribution

 

(1,911

)

 

 

Shares repurchased

 

(1,418

)

 

 

Cash paid to net settle employee withholding taxes on equity awards

 

(693

)

 

 

Proceeds from partners’ contributions in subsidiaries

 

 

 

980

 

Payments for deferred financing costs

 

(584

)

 

(6,959

)

Net cash (used in) provided by financing activities

 

(116,801

)

 

288,202

 

Net increase (decrease) in cash, cash equivalents and restricted cash

 

34,852

 

 

(18,627

)

Cash, cash equivalents and restricted cash – Beginning of period

 

89,219

 

 

88,158

 

Cash, cash equivalents and restricted cash – End of period

$

124,071

 

$

69,531

 

 

 

 

Supplemental disclosures:

 

 

Cash paid for interest

$

20,538

 

$

22,075

 

Unpaid transaction costs in Accounts payable and

accrued expenses at the end of the period

$

 

$

280

 

Unpaid vessel additions in Accounts payable and

accrued expenses at the end of the period

$

 

$

2,485

 

 

DIAMOND S SHIPPING INC. AND SUBSIDIARIES

Other Operating Data

(Unaudited)

 

For the Three Months Ended June 30,

 

For the Six Months Ended June 30,

2020

 

2019

 

2020

 

 

2019

Crude
Fleet

Product
Fleet

 

Crude
Fleet

Product
Fleet

 

Crude
Fleet

 

Product
Fleet

 

 

Crude
Fleet

 

Product
Fleet

Time Charter TCE per day(1)

$

26,372

$

14,558

$

26,105

$

13,953

$

26,380

$

14,352

$

26,117

$

14,335

Spot TCE per day (1),(2)

 

44,214

 

18,956

 

15,528

 

12,815

 

45,510

 

17,686

 

17,862

 

13,463

Total TCE per day (1),(2)

$

40,626

$

18,073

$

16,200

$

13,118

$

41,769

$

16,999

$

18,174

$

13,639

Vessel operating expenses per day(3)

$

7,030

$

6,407

$

7,195

$

6,677

$

7,367

$

6,535

$

6,745

$

6,590

Revenue days(4)

 

1,357

 

4,422

 

1,433

 

4,617

 

2,786

 

8,937

 

2,516

 

7,399

Operating days(4)

 

1,456

 

4,550

 

1,456

 

4,732

 

2,912

 

9,100

 

2,552

 

7,606

(1)

Time charter equivalent (“TCE”) revenue represents voyage revenues, which commence at the time a vessel departs its last discharge port and end at the time the discharge of cargo at the next discharge port is complete, less voyage expenses incurred over such time. TCE rates are a non-GAAP measure, generally used in the shipping industry, used to compare revenue generated from voyage charters to revenue generated from time charters. TCE rates assist the Company’s management in making decisions regarding the deployment and use of its vessels and in evaluating the financial performance of vessels under commercial management. See Non-GAAP Measures below.

(2)

Revenues are derived on a discharge-to-discharge basis less voyage expenses which primarily consist of fuel costs and port charges incurred over the same period. Voyage revenues, as presented in the income statement, are reported under a load-to-discharge basis under U.S. GAAP. A reconciliation is provided in the Non-GAAP Measures section of the press release.

(3)

The vessel operating expenses primarily consist of crew wages and associated costs, insurance premiums, lubricants and spare parts, technical management fees and repair and maintenance costs and excludes nonrecurring items.

(4)

Operating days include the calendar days in the period of owned vessels. Revenue days represent operating days less technical off-hire and drydocking.

Non-GAAP Measures

To supplement the Company’s financial information presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”), management uses certain “non-GAAP financial measures” as such term is defined in Regulation G promulgated by the Securities and Exchange Commission (the “SEC”). Generally, a non-GAAP financial measure is a numerical measure of a company’s operating performance, financial position or cash flows that excludes or includes amounts that are included in, or excluded from, the most directly comparable measure calculated and presented in accordance with GAAP. Management believes the presentation of these measures provides investors with greater transparency and supplemental data relating to the Company’s financial condition and results of operations, and therefore a more complete understanding of factors affecting its business than GAAP measures alone.

TCE revenue, TCE per day, earnings before interest, taxes, depreciation and amortization (“EBITDA”), and EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance (“Adjusted EBITDA”) are non-GAAP financial measures that are presented in this press release and that the Company believes provide investors with a means of evaluating and understanding how the Company’s management evaluates the Company’s operating performance. These non-GAAP financial measures should not be considered in isolation from, as substitutes for, nor superior to financial measures prepared in accordance with GAAP. Please see below for reconciliations of TCE revenue, TCE per day, EBITDA and Adjusted EBITDA.

Reconciliation of Voyage Revenue to TCE per Day

(in thousands of U.S. dollars, except fleet data)

For the Three Months Ended June 30,

 

For the Six Months Ended June 30,

2020

 

2019

 

2020

 

2019

Crude
Fleet

Product
Fleet

 

Crude
Fleet

Product
Fleet

 

Crude
Fleet

Product
Fleet

 

Crude
Fleet

Product
Fleet

Voyage revenue

$

69,873

 

$

113,680

 

$

51,474

 

$

97,821

 

$

160,502

 

$

232,776

 

$

86,883

 

$

165,068

 

Voyage expense

 

(14,660

)

 

(34,689

)

 

(27,094

)

 

(38,801

)

 

(43,009

)

 

(81,021

)

 

(41,464

)

 

(66,009

)

Amortization of time charter contracts acquired

 

581

 

 

197

 

 

581

 

 

215

 

 

1,162

 

 

356

 

 

600

 

 

272

 

Off-hire bunkers in voyage expenses

 

147

 

 

227

 

 

211

 

 

230

 

 

281

 

 

301

 

 

211

 

 

603

 

Commercial management pool fees

 

-

 

 

9

 

 

 

-

 

 

-

 

 

 

-

 

 

9

 

 

 

-

 

 

-

 

Load-to-discharge/Discharge-to-discharge

 

(793

)

 

481

 

 

(1,955

)

 

1,096

 

 

(2,562

)

 

(495

)

 

(501

)

 

943

 

Revenue from sold vessels

 

-

 

 

4

 

 

-

 

 

-

 

 

-

 

 

(11

)

 

-

 

 

30

 

TCE Revenue

$

55,148

 

$

79,909

 

$

23,217

 

$

60,561

 

$

116,374

 

$

151,915

 

$

45,729

 

$

100,907

 

Operating days

 

1,456

 

 

4,550

 

 

1,456

 

 

4,732

 

 

2,912

 

 

9,100

 

 

2,552

 

 

7,606

 

Off-hire/Dry Docking days

 

99

 

 

128

 

 

23

 

 

115

 

 

126

 

 

163

 

 

36

 

 

207

 

Revenue days

 

1,357

 

 

4,422

 

 

1,433

 

 

4,617

 

 

2,786

 

 

8,937

 

 

2,516

 

 

7,399

 

TCE per day

$

40,626

 

$

18,073

 

$

16,200

 

$

13,118

 

$

41,769

 

$

16,999

 

$

18,174

 

$

13,639

 

Reconciliation of Net Income/(Loss) to EBITDA and Adjusted EBITDA

EBITDA represents net income (loss) before interest expense, income taxes and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA are presented to provide investors with meaningful additional information that management uses to monitor ongoing operating results and evaluate trends over comparative periods. EBITDA and Adjusted EBITDA do not represent, and should not be considered a substitute for, net income (loss) or cash flows from operations determined in accordance with GAAP. EBITDA and Adjusted EBITDA have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of our results reported under GAAP. Some limitations are:

  • EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments;
  • EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and
  • EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debt.

While EBITDA and Adjusted EBITDA are frequently used by companies as a measure of operating results and performance, neither of those items as prepared by the Company is necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles net income/(loss), as reflected in the consolidated statements of operations, to EBITDA and Adjusted EBITDA:

(in thousands of U.S. dollars)

For the Three Months
Ended June 30,

 

For the Six Months
Ended June 30,

2020

 

2019

 

2020

 

2019

Net income (loss)

$

46,502

 

$

(8,577

)

$

92,083

 

$

(9,397

)

Total other expense, net

 

9,708

 

 

13,038

 

 

20,751

 

 

21,891

 

Operating income

 

56,210

 

 

4,461

 

 

112,834

 

 

12,494

 

Depreciation and amortization

 

28,771

 

 

29,243

 

 

57,531

 

 

51,199

 

Noncontrolling interest

 

(1,695

)

 

(869

)

 

(3,137

)

 

(2,026

)

EBITDA

 

83,286

 

 

32,835

 

 

167,228

 

 

61,667

 

Fair value of TC amortization

 

778

 

 

 

796

 

 

 

1,518

 

 

 

872

 

Nonrecurring corporate expenses

 

-

 

 

 

-

 

 

 

-

 

 

 

1,392

 

Adjusted EBITDA

$

84,064

 

$

33,631

 

$

168,746

 

$

63,931

 

 

Investor Relations Inquiries:
Robert Brinberg
Tel: +1-212-517-0810
E-mail: IR@diamondsshipping.com

Source: Diamond S Shipping Inc.

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