Diana Shipping Inc. (NYSE: DSX) (the “Company”), a global shipping
company specializing in the ownership of dry bulk vessels, today
announced the final results of its tender offer to purchase up to
3,333,333 shares of its common stock, par value of US$0.01 per
share (the "common stock"), at a price of US$4.50 per share, net to
the seller in cash, less any applicable withholding taxes and
without interest. The tender offer expired at 5:00 p.m., Eastern
Time, on August 16, 2021.
Based on the final count by Computershare Trust
Company, N.A., the depositary for the tender offer, the total
number of shares tendered in the tender offer was 7,189,985.48
shares. Because the tender offer was oversubscribed, the number of
shares that the Company purchased from each tendering shareholder
was prorated so that the Company purchased a total of 3,333,333
shares in the tender offer for an aggregate purchase price of
US$15,000,000.
If shareholders have any questions, please call
our information agent, Georgeson LLC, by telephone, toll free at
(800) 248-7690.
About the Company
Diana Shipping Inc. is a global provider of
shipping transportation services through its ownership of dry bulk
vessels. The Company’s vessels are employed primarily on medium to
long-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
This press release, including the information we
incorporate by reference, include "forward-looking statements," as
defined by U.S. federal securities laws, with respect to our
financial condition, results of operations and business and our
expectations or beliefs concerning future events. Words such as,
but not limited to, "believe," "expect," "anticipate," "estimate,"
"intend," "plan," "targets," "projects," "likely," "will," "would,"
"could" and similar expressions or phrases may identify
forward-looking statements.
All forward-looking statements involve risks and
uncertainties. The occurrence of the events described, and the
achievement of the expected results, depend on many events, some or
all of which are not predictable or within our control. Actual
results may differ materially from expected results.
The forward-looking statements in this document
are based upon various assumptions, many of which are based, in
turn, upon further assumptions, including without limitation,
management’s examination of historical operating trends, data
contained in its records and other data available from third
parties. Although Diana Shipping Inc. (the “Company”) 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 its control, cannot assure you that it will achieve or
accomplish these expectations, beliefs or projections.
Such statements reflect the Company’s current
views with respect to future events and are subject to certain
risks, uncertainties and assumptions. Should one or more of these
risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described herein as anticipated, believed, estimated,
expected or intended. The Company is making investors aware that
such forward-looking statements, because they relate to future
events, are by their very nature subject to many important factors
that could cause actual results to differ materially from those
contemplated.
In addition to these important factors and
matters discussed elsewhere herein, important factors that, in its
view, could cause actual results to differ materially from those
discussed in the forward-looking statements include, but are not
limited to (i) the outcome of the tender offer, (ii) the strength
of world economies, (iii) fluctuations in currencies and interest
rates, (iv) general market conditions, including fluctuations in
charter hire rates and vessel values, (v) changes in demand in the
dry-bulk shipping industry, (vi) changes in the supply of vessels,
including when caused by new newbuilding vessel orders or changes
to or terminations of existing orders, and vessel scrapping levels,
(vii) changes in the Company's operating expenses, including bunker
prices, crew costs, drydocking and insurance costs, (viii) the
Company’s future operating or financial results, (ix) availability
of financing and refinancing and changes to the Company’s financial
condition and liquidity, including the Company’s ability, (x) to
pay amounts that it owes and obtain additional financing to fund
capital expenditures, acquisitions and other general corporate
activities and the Company’s ability to obtain financing and comply
with the restrictions and other covenants in the Company’s
financing arrangements, (xi) changes in governmental rules and
regulations or actions taken by regulatory authorities, (xii)
potential liability from pending or future litigation, (xiii)
compliance with governmental, tax, environmental and safety
regulation, any non-compliance with the U.S. Foreign Corrupt
Practices Act of 1977 (FCPA) or other applicable regulations
relating to bribery, (xiv) the impact of the discontinuance of
LIBOR after 2021 on interest rates of any of the Company’s debt
that reference LIBOR, (xv) the failure of counter parties to fully
perform their contracts with the Company, (xvi) the Company’s
dependence on key personnel, (xvii) adequacy of insurance coverage,
(xviii) the volatility of the price of the Company’s common shares,
(xix) the Company’s incorporation under the laws of the Marshall
Islands and the different rights to relief that may be available
compared to other countries, including the United States, (xx)
general domestic and international political conditions or labor
disruptions, (xxi) acts by terrorists or acts of piracy on
ocean-going vessels, (xxii) the length and severity of the recent
novel coronavirus (COVID-19) outbreak and its impact in the
dry-bulk shipping industry, (xxiii) potential disruption of
shipping routes due to accidents or political events, and (xiv)
other important factors described from time to time in the reports
filed by the Company with the Securities and Exchange Commission,
or the SEC, and the New York Stock Exchange, or the NYSE.
We have based these statements on assumptions
and analyses formed by applying our experience and perception of
historical trends, current conditions, expected future developments
and other factors we believe are appropriate in the circumstances.
All future written and verbal forward-looking statements
attributable to us or any person acting on our behalf are expressly
qualified in their entirety by the cautionary statements contained
or referred to in this section. We undertake no obligation, and
specifically decline 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. In
light of these risks, uncertainties and assumptions, the
forward-looking events discussed in this press release might not
occur.
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
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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