Diana Shipping Inc. Announces Time Charter Contracts for m/v Atalandi and m/v Leto With Aquavita

Rhea-AI Summary

Diana Shipping Inc. (NYSE: DSX) announced two time charter contracts for its Panamax dry bulk vessels, Atalandi and Leto, with Aquavita International S.A. The contracts will provide gross charter rates of US$24,500 and US$25,500 per day, respectively, for periods extending until February to April 2023. The charters are set to commence on October 2 and 3, 2021. The anticipated revenue from these charters is approximately US$24.27 million. Diana Shipping currently operates a fleet of 36 vessels with a combined capacity of 4.6 million dwt.

Positive

• New time charter contracts for the m/v Atalandi and m/v Leto with gross rates of US$24,500 and US$25,500 per day.
• Anticipated gross revenue of approximately US$24.27 million from the new charters.
• Expansion of fleet employment, enhancing revenue potential.

Negative

• Current charters at significantly lower rates (US$9,300 and US$9,000) prior to new contracts.

ATHENS, Greece, Sept. 28, 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 Aquavita International S.A., for one of its Ice Class Panamax dry bulk vessels, the m/v Atalandi. The gross charter rate is US$24,500 per day, minus a 4.75% commission paid to third parties, for a period until minimum February 15, 2023 up to maximum April 30, 2023. The charter is expected to commence on October 3, 2021. The m/v Atalandi is currently chartered, as previously announced, to Uniper Global Commodities SE, Düsseldorf, at a gross charter rate of US$9,300 per day, minus a 5% commission paid to third parties.

The “Atalandi” is a 77,529 dwt Ice Class Panamax dry bulk vessel built in 2014.

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Aquavita International S.A, for one of its Panamax dry bulk vessels, the m/v Leto. The gross charter rate is US$25,500 per day, minus a 4.75% commission paid to third parties, for a period until minimum February 1, 2023 up to maximum April 15, 2023. The charter is expected to commence on October 2, 2021. The m/v Leto is currently chartered, as previously announced, to Cargill International S.A., Geneva, at a gross charter rate of US$9,000 per day, minus a 4.75% commission paid to third parties.

The “Leto” is a 81,297 dwt Panamax dry bulk vessel built in 2010.

The employments of “Atalandi” and “Leto” are anticipated to generate approximately US$24.27 million of gross revenue for the minimum scheduled period of the time charters.

Diana Shipping Inc.’s fleet currently consists of 36 dry bulk vessels (4 Newcastlemax, 12 Capesize, 5 Post-Panamax, 5 Kamsarmax and 10 Panamax). The Company also expects to take delivery of one Kamsarmax dry bulk vessel by the end of February 2022. As of today, the combined carrying capacity of the Company’s fleet, excluding the one vessel not yet delivered, is approximately 4.6 million dwt with a weighted average age of 10.53 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 are the terms of the new charter contracts for Diana Shipping (DSX)?

Diana Shipping has entered into two time charter contracts for the m/v Atalandi at US$24,500 per day and the m/v Leto at US$25,500 per day, starting October 2 and 3, 2021, respectively.

How much revenue is Diana Shipping (DSX) expecting from the new charters?

The company anticipates approximately US$24.27 million in gross revenue from the new charters.

When does the new charter for the m/v Atalandi commence?

The charter for the m/v Atalandi is expected to commence on October 3, 2021.

What is the current fleet size of Diana Shipping (DSX)?

Diana Shipping currently operates a fleet of 36 dry bulk vessels.

What is the carrying capacity of Diana Shipping's fleet?

The combined carrying capacity of the fleet is approximately 4.6 million dwt.