Diana Shipping Inc. Announces Direct Continuation of Time Charter Contract for m/v Polymnia With CLdN Cobelfret

Rhea-AI Summary

Diana Shipping Inc. (NYSE: DSX) has extended the time charter for its Post-Panamax vessel, the m/v Polymnia, to CLdN Cobelfret SA at a gross charter rate of US$24,750 per day. This new contract, effective from February 2, 2022, runs until a minimum of January 15, 2023, up to a maximum of March 15, 2023. The expected gross revenue from this charter is approximately US$8.49 million. Diana Shipping's fleet comprises 33 vessels, with plans to add two more by the end of Q1 2022. The current fleet has a total carrying capacity of approximately 4.3 million dwt.

Positive

• Extended charter contract with CLdN Cobelfret SA, increasing revenue potential.
• New charter rate increases from US$12,100 to US$24,750 per day.
• Expected gross revenue of US$8.49 million for the minimum charter period.
• Plans to expand fleet with two new vessels by end of Q1 2022.

Negative

• None.

ATHENS, Greece, Jan. 18, 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 extended the time charter contract with CLdN Cobelfret SA, Luxembourg, for one of its Post-Panamax dry bulk vessels, the m/v Polymnia. The gross charter rate is US$24,750 per day, minus a 5% commission paid to third parties, for a period until minimum January 15, 2023 up to maximum March 15, 2023. The new charter period is expected to commence on February 2, 2022. The m/v Polymnia is currently chartered, as previously announced, at a gross charter rate of US$12,100 per day, minus a 5% commission paid to third parties.

The “Polymnia” is a 98,704 dwt Post-Panamax dry bulk vessel built in 2012.

The employment of “Polymnia” is anticipated to generate approximately US$8.49 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping Inc.’s fleet currently consists of 33 dry bulk vessels (4 Newcastlemax, 11 Capesize, 5 Post-Panamax, 5 Kamsarmax and 8 Panamax). The Company also expects to take delivery of one Kamsarmax dry bulk vessel and one new-building Capesize dry bulk vessel by the end of February 2022 and by the end of the first quarter of 2022, respectively. As of today, the combined carrying capacity of the Company’s fleet, excluding the two vessels not yet delivered, is approximately 4.3 million dwt with a weighted average age of 10.40 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 Polymnia by Diana Shipping Inc.?

The new charter rate for the m/v Polymnia is US$24,750 per day.

When does the new charter for the m/v Polymnia start?

The new charter for the m/v Polymnia is expected to commence on February 2, 2022.

What is the expected revenue from the m/v Polymnia's charter?

The expected gross revenue from the m/v Polymnia's charter is approximately US$8.49 million.

How many vessels are currently in Diana Shipping Inc.'s fleet?

Diana Shipping Inc. currently has 33 dry bulk vessels in its fleet.

When is Diana Shipping Inc. expected to take delivery of new vessels?

Diana Shipping Inc. expects to take delivery of one Kamsarmax and one new-building Capesize vessel by the end of Q1 2022.