Diamond S Shipping Inc.

CIK:0001761940|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue:
Revenue	$ 87,720	$ 209,725
Operating expenses:
Voyage expenses	33,050	74,681
Vessel expenses	41,962	41,536
Depreciation and amortization expense	28,051	28,760
General and administrative expenses	6,518	8,124
Other corporate expenses	4,780
Total operating expenses	114,361	153,101
Operating (loss) income	(26,641)	56,624
Other (expense) income:
Interest expense	(6,171)	(11,376)
Other income	2	333
Total other expense - Net	(6,169)	(11,043)
Net (loss) income	(32,810)	45,581
Less: Net income attributable to noncontrolling interest	832	537
Net (loss) income attributable to Diamond S Shipping Inc.	$ (33,642)	$ 45,044
Net (loss) income per share - basic	$ (0.84)	$ 1.13
Net (loss) income per share - diluted	$ (0.84)	$ 1.12
Weighted average common shares outstanding - basic (in shares)	39,974,360	39,891,346
Weighted average common shares outstanding - diluted (in shares)	39,974,360	40,159,966
Voyage revenue
Revenue:
Revenue	$ 48,801	$ 187,652
Time charter revenue
Revenue:
Revenue	14,851	$ 22,073
Pool revenue
Revenue:
Revenue	$ 24,068

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from Operating Activities:
Net (loss) income	$ (32,810)	$ 45,581
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization expense	28,051	28,760
Amortization of deferred financing costs	895	884
Amortization of time charter hire contracts acquired	581	740
Stock-based compensation expense	1,086	1,334
Changes in assets and liabilities	(5,160)	(4,827)
Payments for drydocking	(1,330)	(1,533)
Changes in assets and liabilities:
Net cash (used in) provided by operating activities	(8,687)	70,939
Cash flows from Investing Activities:
Proceeds from sale of vessels	46,240
Payments for vessel additions and other property	(1,722)	(1,513)
Net cash provided by (used in) investing activities	44,518	(1,513)
Cash flows from Financing Activities:
Principal payments on long-term debt	(57,302)	(33,597)
Repayments on revolving credit facilities		(5,000)
Shares repurchased		(1,418)
NT Suez Holdco LLC distribution	(637)	(1,568)
Cash paid to net settle employee withholding taxes on equity awards		(485)
Net cash used in financing activities	(57,939)	(42,068)
Net (decrease) increase in cash, cash equivalents and restricted cash	(22,108)	27,358
Cash, cash equivalents and restricted cash - Beginning of period	104,199	89,219
Cash, cash equivalents and restricted cash - End of period	82,091	116,577
Supplemental disclosures:
Cash paid for interest	5,156	11,889
Unpaid vessel additions in Accounts payable and accrued expenses at the end of the period	$ 406	$ 151

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 75,824	$ 98,059
Due from charterers - Net of provision for doubtful accounts of $1,766 and $1,577, respectively	41,048	39,141
Inventories	21,124	17,457
Vessels held for sale		45,351
Prepaid expenses and other current assets	10,934	7,737
Restricted cash	6,267	6,140
Total current assets	155,197	213,885
Noncurrent assets:
Advances to Norient pool	8,001	8,001
Derivative asset	424
Other noncurrent assets	4,216	2,244
Total noncurrent assets	1,721,695	1,747,958
Total assets	1,876,892	1,961,843
Current liabilities:
Current portion of long-term debt	169,923	196,325
Accounts payable and accrued expenses	29,071	25,817
Deferred charter hire revenue	3,190	3,051
Derivative liabilities	510	580
Total current liabilities	202,694	225,773
Long-term debt - Net of deferred financing costs of $11,636 and $12,531, respectively	476,060	506,065
Derivative liabilities		569
Total liabilities	678,754	732,407
Commitments and contingencies (Note 15)
Equity:
Common stock, par value $0.001; 100,000,000 shares authorized; issued and outstanding 39,974,360 and 39,968,323 shares at March 31, 2021 and December 31, 2020, respectively	40	40
Treasury stock - at cost; 137,289 shares at March 31, 2021 and December 31, 2020	(1,418)	(1,418)
Additional paid-in capital	1,242,908	1,241,822
Accumulated other comprehensive loss	(86)	(1,149)
Accumulated deficit	(78,892)	(45,250)
Total Diamond S Shipping Inc. equity	1,162,552	1,194,045
Noncontrolling interests	35,586	35,391
Total equity	1,198,138	1,229,436
Total liabilities and equity	1,876,892	1,961,843
Vessels
Noncurrent assets:
Property, Plant and Equipment, Net	1,677,758	1,702,749
Other property
Noncurrent assets:
Property, Plant and Equipment, Net	288	359
Deferred drydocking costs
Noncurrent assets:
Property, Plant and Equipment, Net	29,375	32,391
Time charter contracts acquired
Noncurrent assets:
Property, Plant and Equipment, Net	$ 1,633	$ 2,214