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
Diana Shipping Inc. (NYSE: DSX) announced the delivery of the m/v DSI Pyxis, a 2018-built Ultramax dry bulk vessel, expanding its fleet to 35 vessels. The acquisition follows an agreement to purchase nine Ultramax vessels, and the new vessel will be chartered to Cargill Ocean Transportation for a minimum of 10 months at a gross rate of $17,100 per day. This charter is expected to generate approximately $5.13 million in gross revenue. The fleet's total carrying capacity stands at around 4.4 million dwt with a weighted average age of 10.34 years.
- Delivery of m/v DSI Pyxis enhances fleet size to 35 vessels.
- Charter contract with Cargill expected to generate approximately $5.13 million in gross revenue.
- None.
ATHENS, Greece, Oct. 13, 2022 (GLOBE NEWSWIRE) -- 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
The employment of “DSI Pyxis” is anticipated to generate approximately US
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.
FAQ
What is the significance of the m/v DSI Pyxis delivery for Diana Shipping (DSX)?
What charter agreement did Diana Shipping (DSX) enter into for the m/v DSI Pyxis?
How much revenue is expected from the m/v DSI Pyxis charter?
What is the current state of Diana Shipping's fleet after the recent delivery?
When will the charter for the m/v DSI Pyxis commence?
