Diana Shipping Inc. Announces Delivery of the Ultramax Dry Bulk Vessel m/v DSI Pyxis and Entry Into Time Charter Contract With Cargill Ocean Transportation
October 13 2022 - 9:25AM
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 taken delivery of the m/v DSI Pyxis
(formerly “STH Montreal”), a 2018 built Ultramax dry bulk vessel of
60,362 dwt. The vessel is one of nine modern Ultramax dry bulk
vessels that the Company entered into an agreement to purchase in
August 2022.
The Company also announced that, through the
same wholly-owned subsidiary, it entered into a time charter
contract with Cargill Ocean Transportation Singapore Pte. Ltd. at a
gross charter rate of US$17,100 per day, minus a 4.75% commission
paid to third parties, for a period of minimum ten (10) months to
maximum twelve (12) months. The charter is expected to commence on
October 15, 2022.
The employment of “DSI Pyxis” is anticipated to
generate approximately US$5.13 million of gross revenue for the
minimum scheduled period of the time charter.
Including the newly delivered m/v DSI Pyxis,
Diana Shipping Inc.’s fleet currently consists of 35 dry bulk
vessels (4 Newcastlemax, 11 Capesize, 5 Post-Panamax, 6 Kamsarmax,
8 Panamax and 1 Ultramax). The Company also expects to take
delivery of eight Ultramax dry bulk vessels in the fourth quarter
of 2022. As of today, the combined carrying capacity of our fleet,
excluding the eight Ultramax dry bulk vessels not yet delivered, is
approximately 4.4 million dwt with a weighted average age of 10.34
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 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, 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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