Diana Shipping Inc. Announces Direct Continuation of Time Charter Contract for m/v Medusa With Cargill
Diana Shipping Inc. (NYSE: DSX) announced a new time charter contract with Cargill International S.A. for its Kamsarmax dry bulk vessel, the m/v Medusa. The charter rate is set at US$26,000 per day, effective from March 5, 2022, extending to a minimum of May 15, 2023 and a maximum of July 15, 2023. This contract is expected to generate approximately US$11.18 million in gross revenue. Currently, the Medusa is chartered at US$11,000 per day, indicating a significant revenue increase.
- New time charter with Cargill boosts revenue with a rate increase from US$11,000 to US$26,000 per day.
- Projected gross revenue of approximately US$11.18 million for the 430-day charter period.
- None.
ATHENS, Greece, Feb. 28, 2022 (GLOBE NEWSWIRE) -- 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 entered into a time charter contract with Cargill International S.A., Geneva, for one of its Kamsarmax dry bulk vessels, the m/v Medusa. The gross charter rate is US
The “Medusa” is a 82,194 dwt Kamsarmax dry bulk vessel built in 2010.
The employment of “Medusa” is anticipated to generate approximately US
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 the Company’s fleet, excluding the one vessel not yet delivered, is approximately 4.4 million dwt with a weighted average age of 10.51 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.
FAQ
What is the new charter rate for the m/v Medusa by Diana Shipping Inc. (DSX)?
When does the new time charter for the m/v Medusa commence?
How much gross revenue is expected from the new charter contract for the m/v Medusa?
What is the duration of the new charter contract for the m/v Medusa?
What type of vessel is the m/v Medusa?
