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Diamond S Shipping Inc.

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2021 10-Q, filed May 10, 2021. Its latest SEC filing is a 15-12B from Jul 26, 2021.

The sections below describe the company as of the FY2020 annual report.

What Did They Do?

Transports crude oil, refined petroleum and other products by sea for oil companies, traders and governments.

How Did They Make Money?

Charterers pay for cargo transport under spot voyages priced per ton or at a set freight amount, or hire a vessel for a defined time-charter period.

FY2020 revenue

Who Were Their Customers?

Oil companies and refiners, traders and distributors, and governments and storage operators charter the vessels, primarily in spot and short-duration time-charter markets.

Did Revenues Turn Into Profits?

Yes. It kept 4 cents of every revenue dollar as net income in FY2020 and turned 34 cents into free cash flow.

Operating income, FY2020
10% of revenue
▲ +56% vs FY2019 ($38.9M, 7%)
Net income, FY2020
4% of revenue
▲ Now profitable vs FY2019 (−$9.3M, −2%)
Free cash flow, FY2020
34% of revenue
▲ +308% vs FY2019 ($49M, 8%)

How Were They Changing?

Since the FY2020 annual report
Latest quarter: Q1 FY2021, the three months to Mar 31, 2021
Revenue
▼ −58%
vs $209.7M in Q1 FY2020
Net income
▼ Now a loss
vs $45M in Q1 FY2020
  • Jul 16, 2021 International Seaways completed its acquisition of Diamond S Diamond S became a wholly owned subsidiary, and its shares ceased trading on the NYSE.
  • Apr 5, 2021 Diamond S and International Seaways agreed to a stock-for-stock merger The deal called for Diamond S to become a wholly owned subsidiary of International Seaways.

Grew. Revenue grew 97% in 2 years, from $302.9M in FY2017 to $595.9M in FY2020, about 40% a year.

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