Diana Shipping Inc. Announces Time Charter Contract for m/v Newport News With Koch

Rhea-AI Summary

Diana Shipping Inc. (NYSE: DSX) announced a time charter contract with Koch Shipping Pte. Ltd. for its Newcastlemax vessel, m/v Newport News. The charter, starting later today, will generate approximately US$7.3 million in gross revenue over its minimum period, set until October 16, 2021. The gross charter rate is US$18,400 per day, with a 5% commission. Currently, the vessel is chartered to SwissMarine Services S.A. at US$16,500 per day. Diana Shipping operates a fleet of 40 dry bulk vessels with a combined capacity of 5.0 million dwt and a weighted average age of 9.92 years.

Positive

• New time charter contract with Koch Shipping expected to generate approximately US$7.3 million in gross revenue.
• Increased charter rate of US$18,400 per day compared to the previous rate of US$16,500.

Negative

• None.

ATHENS, Greece, Sept. 08, 2020 (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 Koch Shipping Pte. Ltd., Singapore, for one of its Newcastlemax dry bulk vessels, the m/v Newport News. The gross charter rate is US$18,400 per day, minus a 5% commission paid to third parties, for a period until minimum 16 October 2021 up to maximum 30 December 2021. The charter is expected to commence later today. The m/v Newport News is currently chartered, as previously announced, to SwissMarine Services S.A., Geneva, at a gross charter rate of US$16,500 per day, minus a 5% commission paid to third parties.

The “Newport News” is a 208,021 dwt Newcastlemax dry bulk vessel built in 2017.

This employment is anticipated to generate approximately US$7.3 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping Inc.’s fleet currently consists of 40 dry bulk vessels (4 Newcastlemax, 13 Capesize, 5 Post-Panamax, 5 Kamsarmax and 13 Panamax). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.0 million dwt with a weighted average age of 9.92 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.

Corporate Contact:
Ioannis Zafirakis
Director, Interim Chief Financial Officer, 
Chief Strategy Officer, Treasurer and Secretary
Telephone: + 30-210-9470-100
Email: 
Website: www.dianashippinginc.com

Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email:

FAQ

What is the time charter rate for Diana Shipping's vessel m/v Newport News?

The time charter rate for m/v Newport News is US$18,400 per day.

When does the charter for the m/v Newport News commence?

The charter is expected to commence on September 8, 2020.

What is the minimum duration for the charter of m/v Newport News?

The minimum duration for the charter is until October 16, 2021.

How much revenue is expected from the new charter contract?

The new charter contract is anticipated to generate approximately US$7.3 million in gross revenue.

What was the previous charter rate for m/v Newport News?

The previous charter rate for m/v Newport News was US$16,500 per day.