Diana Shipping Inc. Announces Delivery of the Ultramax Dry Bulk Vessel m/v DSI Altair and Her Entry Into Time Charter Contract With Western Bulk; A Time Charter Contract for m/v Ismene With ST Shipping

Rhea-AI Summary

Diana Shipping Inc. (NYSE: DSX) has taken delivery of the m/v DSI Altair, a 2016-built Ultramax dry bulk vessel, expanding its fleet to 42 vessels. The company signed a time charter contract with Western Bulk Pte. Ltd. for DSI Altair at a gross rate of US$14,400 per day, starting December 29, 2022. Additionally, it entered a charter with ST Shipping for the m/v Ismene at US$14,000 per day, beginning December 31, 2022. These charters are projected to generate approximately US$5.77 million in gross revenue for the minimum duration.

Positive

• Delivery of m/v DSI Altair expands fleet to 42 vessels.
• Time charter agreements expected to generate approx. US$5.77 million in gross revenue.

Negative

• None.

ATHENS, Greece, Dec. 27, 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 Altair (formerly “STH Sydney”), a 2016 built Ultramax dry bulk vessel of 60,309 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 Western Bulk Pte. Ltd. at a gross charter rate of US$14,400 per day, minus a 5.0% commission paid to third parties, for a period until minimum June 25, 2023 up to maximum August 25, 2023. The charter is expected to commence on December 29, 2022.

In addition, the Company announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with ST Shipping and Transport Pte. Ltd., for one of its Panamax dry bulk vessels, the m/v Ismene. The gross charter rate is US$14,000 per day, minus a 5% commission paid to third parties, for a period until minimum August 20, 2023 to maximum October 10, 2023. The charter is expected to commence on December 31, 2022.

The “Ismene” is a 77,901 dwt Panamax dry bulk vessel built in 2013.

The employments of “DSI Altair” and “Ismene” are anticipated to generate approximately US$5.77 million of gross revenue for the minimum scheduled period of the time charters.

Including the newly delivered m/v DSI Altair, Diana Shipping Inc.’s fleet currently consists of 42 dry bulk vessels (4 Newcastlemax, 11 Capesize, 5 Post-Panamax, 6 Kamsarmax, 8 Panamax and 8 Ultramax). The Company also expects to take delivery of 1 Ultramax dry bulk vessel in the fourth quarter of 2022. As of today, the combined carrying capacity of our fleet, excluding the 1 Ultramax dry bulk vessel not yet delivered, is approximately 4.9 million dwt with a weighted average age of 10.20 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 Diana Shipping's latest press release?

The press release announces the delivery of the m/v DSI Altair and two new time charter contracts, indicating fleet expansion and revenue generation.

What are the charter rates for the m/v DSI Altair and m/v Ismene?

The m/v DSI Altair is contracted at US$14,400 per day, while m/v Ismene is at US$14,000 per day.

When do the charters for DSI Altair and Ismene begin?

The charter for DSI Altair begins on December 29, 2022, and for Ismene on December 31, 2022.

How many vessels does Diana Shipping own after acquiring DSI Altair?

Diana Shipping's fleet consists of 42 dry bulk vessels after the acquisition of DSI Altair.

What is the projected revenue from the new charters announced by Diana Shipping?

The new charters are expected to yield approximately US$5.77 million in gross revenue.