Diana Shipping Inc. Announces Time Charter Contract for m/v Myrto With Cobelfret S.A.

Rhea-AI Summary

Diana Shipping Inc. has entered into a time charter contract with Cobelfret S.A. for its Kamsarmax dry bulk vessel, the m/v Myrto. The charter rate is $12,650 per day, with the charter expected to commence on July 15, 2023. The employment of 'Myrto' is anticipated to generate approximately $5.91 million of gross revenue for the minimum scheduled period of the time charter.

ATHENS, Greece, July 13, 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 entered into a time charter contract with Cobelfret S.A., Luxembourg, for one of its Kamsarmax dry bulk vessels, the m/v Myrto. The gross charter rate is US$12,650 per day, minus a 5% commission paid to third parties, for a period until minimum November 1, 2024 up to maximum January 15, 2025. The charter is expected to commence on July 15, 2023.

The “Myrto” is an 82,131 dwt Kamsarmax dry bulk vessel built in 2013.

The employment of “Myrto” is anticipated to generate approximately US$5.91 million of gross revenue for the minimum scheduled period of the time charter.

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 (including a partial interest through a joint venture arrangement in one Ultramax). As of today, the combined carrying capacity of the Company’s fleet is approximately 4.7 million dwt with a weighted average age of 10.23 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 continuing impacts of the COVID-19 pandemic; 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 name of the company in the press release?

The company mentioned in the press release is Diana Shipping Inc.

Who is the charter contract with?

The charter contract is with Cobelfret S.A.

What is the charter rate per day?

The charter rate is $12,650 per day.

When is the charter expected to commence?

The charter is expected to commence on July 15, 2023.

How much gross revenue is anticipated to be generated for the minimum scheduled period of the time charter?

Approximately $5.91 million of gross revenue is anticipated to be generated.