Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping
company specializing in the ownership of dry bulk vessels, today
announced that, through a separate wholly-owned subsidiary, it has
taken delivery of the m/v Leonidas P. C. (formerly “Magnolia”), a
2011 built Kamsarmax dry bulk vessel of 82,165 dwt that the Company
entered into an agreement to purchase in July 2021.
As previously announced, the m/v Leonidas P. C.
is time chartered to Cargill International S.A., Geneva, at a gross
charter rate of US$24,500 per day, minus a 4.75% commission paid to
third parties, for a period until minimum March 1, 2023 up to
maximum April 30, 2023. The charter is expected to commence on
February 18, 2022.
The Company also announced that, through a
separate wholly-owned subsidiary, it has entered into a time
charter contract with Solebay Shipping Cape Company Limited, Hong
Kong, for one of its Capesize dry bulk vessels, the m/v Seattle.
The gross charter rate is US$26,500 per day, minus a 5% commission
paid to third parties, for a period until minimum October 1, 2023
up to maximum December 15, 2023. The charter is expected to
commence on February 23, 2022. The m/v Seattle is currently
chartered, as previously announced, to Pacbulk Shipping Pte. Ltd.,
Singapore, at a gross charter rate of US$12,300 per day, minus a 5%
commission paid to third parties.
The “Seattle” is a 179,362 dwt Capesize dry bulk
vessel built in 2011.
The employments of “Leonidas P. C.” and
“Seattle” are anticipated to generate approximately US$24.41
million of gross revenue for the minimum scheduled period of the
time charters.
Including the newly delivered m/v Leonidas P.
C., Diana Shipping Inc.’s fleet currently consists of 34 dry bulk
vessels (4 Newcastlemax, 11 Capesize, 5 Post-Panamax, 6 Kamsarmax
and 8 Panamax). The Company also expects to take delivery of one
new-building Capesize dry bulk vessel by the end of the first
quarter of 2022. As of today, the combined carrying capacity of our
fleet, excluding the one vessel not yet delivered, is approximately
4.4 million dwt with a weighted average age of 10.48 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 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 severity, magnitude and
duration of the COVID-19 pandemic, including impacts of the
pandemic and of businesses’ and governments’ responses to the
pandemic on our operations, personnel, and on the demand for
seaborne transportation of bulk products; 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, 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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