Diana Shipping Inc. Becomes Partner in a Commissioning Service Operation Vessels Project
October 23 2023 - 9:18AM
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, through a separate
wholly-owned subsidiary, it has signed a term sheet relating to its
participation in a joint venture entity that is expected to own and
operate offshore wind vessels. In the initial phase of this
collaboration, the joint venture entity has ordered two high spec
Commissioning Service Operation Vessels (CSOVs) from VARD and holds
the option to acquire two additional offshore wind service vessels,
in an effort to become a leading provider to that sector. The
Company’s partners in this venture include Blue Star Group GmbH
& Cie. KG, SeaRenergy Offshore Holding GmbH and SeraVerse GmbH,
who share its commitment to innovation and excellence in the
offshore wind sector. The transaction remains subject to the
negotiation of definitive documentation relating to the Company’s
participation in the joint venture entity and the satisfaction of
customary closing conditions.
Mrs. Semiramis Paliou, Director and Chief
Executive Officer of the Company, stated: “We are excited to
announce our intention to enter into a new sector of the shipping
industry through a strategic partnership involving the acquisition
of two CSOV vessels. We view this investment as another attestation
to our commitment for a greener and more sustainable future.
Together with our esteemed partners, we embark on an exciting
journey that should contribute to a cleaner and more eco-friendly
world.”
Upon the completion of the previously announced
sale of m/v Boston, Diana Shipping Inc.’s fleet will consist of 40
dry bulk vessels: 4 Newcastlemax, 9 Capesize, 5 Post-Panamax, 6
Kamsarmax, 7 Panamax and 9 Ultramax. As of today, the combined
carrying capacity of the Company’s fleet, including the m/v Boston,
is approximately 4.7 million dwt with a weighted average age of
10.55 years. A table describing the current Diana Shipping Inc.
fleet can be found on the Company’s website,
www.dianashippinginc.com. Information contained on the Company’s
website does not constitute a part of this press release.
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 Company’s ability to
successfully complete its entrance into the joint venture agreement
described in this press release, the continuing demand for CSOVs,
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, including the escalation of the conflict in
the Middle East, 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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