Diana Shipping Inc. Announces Special Stock Dividend Election and Distribution Date
May 12 2023 - 9:23AM
Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping
company specializing in the ownership and bareboat charter-in of
dry bulk vessels, today announced that its previously announced
special stock dividend payment to common shareholders of record as
of April 24, 2023 (the “Record Date”) of an aggregate of 13,157
Series D Convertible Preferred Shares of OceanPal Inc. held by the
Company, is now expected to be paid on or around May 30, 2023 (the
“Stock Dividend Payment Date”). Because there is no public market
currently existing or expected to develop for the Series D
Convertible Preferred Shares of OceanPal Inc., as an accommodation
to its common shareholders the Company will automatically convert
the Series D Convertible Preferred Shares into OceanPal Inc. common
shares on or around the Stock Dividend Payment Date and distribute
such common shares to each common shareholder in lieu of Series D
Convertible Preferred Shares of OceanPal Inc. Common shareholders
of the Company will have the opportunity to elect to opt out, in
whole but not in part, of the conversion of the Series D
Convertible Preferred Shares and instead receive Series D
Convertible Preferred Shares in connection with the special
dividend.
OceanPal Inc. has filed a registration statement
with the U.S. Securities and Exchange Commission registering the
OceanPal Inc. common shares and Series D Convertible Preferred
Shares in the stock distribution which has been declared effective
as of May 11, 2023. The OceanPal Inc. registration statement and
the prospectus included therein contains additional information
regarding the special dividend and the conversion of the Series D
Convertible Preferred Shares.
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 short to medium-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.
Corporate Contact:
Ioannis Zafirakis
Director, Chief Financial Officer,
Chief Strategy Officer, Treasurer and Secretary
Telephone: + 30-210-9470-100
Email: izafirakis@dianashippinginc.com
Website: www.dianashippinginc.com
Twitter: @Dianaship
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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