Diana Shipping Inc. Announces Time Charter Contract for m/v Electra With SwissMarine

Rhea-AI Summary

Diana Shipping Inc. (NYSE: DSX) has entered a time charter contract for its Post-Panamax vessel, m/v Electra, with SwissMarine Pte Ltd. at a gross rate of US$12,500 per day, effective January 4, 2021. This contract will run until at least March 30, 2021, generating an estimated gross revenue of approximately US$1.06 million. Following the sale of three vessels, the fleet will comprise 37 dry bulk vessels with a total carrying capacity of around 5 million dwt, with an average age of 10.27 years.

Positive

• New charter contract for m/v Electra at US$12,500/day, enhancing revenue streams.
• Anticipated gross revenue of approximately US$1.06 million from the charter.

Negative

• Previous charter rate was lower at US$10,250/day, indicating a potential declining trend in rates.

ATHENS, Greece, Jan. 11, 2021 (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 SwissMarine Pte Ltd., Singapore, for one of its Post-Panamax dry bulk vessels, the m/v Electra. The gross charter rate is US$12,500 per day, minus a 5% commission paid to third parties, for a period until maximum March 30, 2021. The charter commenced on January 4, 2021. The m/v Electra was chartered, as previously announced, to Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany, at a gross charter rate of US$10,250 per day, minus a 5% commission paid to third parties.

The “Electra” is a 87,150 dwt Post-Panamax dry bulk vessel built in 2013.

The employment of “Electra” is anticipated to generate approximately US$1.06 million of gross revenue for the minimum scheduled period of the time charter.

Upon completion of the previously announced sales of two Panamax dry bulk vessels, the m/v Coronis and the m/v Oceanis, and one Capesize dry bulk vessel, the m/v Sideris GS, Diana Shipping Inc.’s fleet will consist of 37 dry bulk vessels (4 Newcastlemax, 12 Capesize, 5 Post-Panamax, 5 Kamsarmax and 11 Panamax). As of today, the combined carrying capacity of the Company’s fleet, including the m/v Coronis, the m/v Oceanis and the m/v Sideris GS,  is approximately 5.0 million dwt with a weighted average age of 10.27 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 medium to long-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 current gross charter rate for Diana Shipping's m/v Electra?

The current gross charter rate for m/v Electra is US$12,500 per day.

When did the charter for m/v Electra start?

The charter commenced on January 4, 2021.

How long will the time charter for m/v Electra last?

The time charter will last until at least March 30, 2021.

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

The m/v Electra is expected to generate approximately US$1.06 million in gross revenue.

What is the status of Diana Shipping's fleet following recent sales?

After selling three vessels, Diana Shipping's fleet will consist of 37 dry bulk vessels.