Diana Shipping Inc. Announces Delivery of the Ultramax Dry Bulk Vessel m/v DSI Drammen and Her Entry Into Time Charter Contract With IMC Shipping
Diana Shipping Inc. (NYSE: DSX) announced the delivery of the m/v DSI Drammen, a 2016 built Ultramax dry bulk vessel, purchased in February 2023. The vessel has a deadweight tonnage of 63,379 dwt and will be chartered to IMC Shipping Co. Pte. Ltd. at a gross rate of US$18,250 per day for a period up to June 10, 2024, starting April 15, 2023. This charter is expected to generate approximately US$6.5 million in gross revenue for the minimum charter period. Diana Shipping's current fleet consists of 42 vessels with a total carrying capacity of about 4.7 million dwt and a weighted average age of 9.98 years.
- Delivery of DSI Drammen enhances fleet capacity.
- Charter contract expected to generate US$6.5 million in revenue.
- None.
ATHENS, Greece, April 11, 2023 (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 Drammen (formerly “Nord Potomac”), a 2016 built Ultramax dry bulk vessel of 63,379 dwt that the Company entered into an agreement to purchase in February 2023.
The Company also announced that, through the same wholly-owned subsidiary, it entered into a time charter contract with IMC Shipping Co. Pte. Ltd., at a gross charter rate of US
The employment of “DSI Drammen” is anticipated to generate approximately US
Diana Shipping Inc.’s fleet currently consists of 42 dry bulk vessels (4 Newcastlemax, 10 Capesize, 5 Post-Panamax, 6 Kamsarmax, 7 Panamax and 10 Ultramax). As of today, the combined carrying capacity of our fleet is approximately 4.7 million dwt with a weighted average age of 9.98 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
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