Diana Shipping Inc. Announces Time Charter Contracts for m/v DSI Aquila With Western Bulk and m/v Houston With EGPN

Rhea-AI Summary

Diana Shipping Inc. (NYSE: DSX) has announced time charter contracts for two of its dry bulk vessels, the m/v DSI Aquila and the m/v Houston. The DSI Aquila will operate at a gross rate of $13,300 per day, while the Houston will also earn $13,000 per day, both contracts running until 2023 and 2024, respectively. The anticipated gross revenue from these contracts is approximately $11.44 million. Diana Shipping's fleet currently includes 40 dry bulk vessels and is set to receive three additional Ultramax vessels in Q4 2022.

Positive

• New time charter contracts for DSI Aquila and Houston expected to generate approximately $11.44 million in gross revenue.
• Contracts secure steady income stream through 2023 and 2024, enhancing financial stability.

Negative

• None.

ATHENS, Greece, Nov. 18, 2022 (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 Western Bulk Carriers AS, for one of its Ultramax dry bulk vessels, the m/v DSI Aquila. The gross charter rate is US$13,300 per day, minus a 5% commission paid to third parties, for a period until minimum September 15, 2023 up to maximum November 15, 2023. The charter is expected to commence on November 22, 2022.

The “DSI Aquila” is a 60,309 dwt Ultramax dry bulk vessel built in 2015.

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with EGPN Bulk Carrier Co., Limited, for one of its Capesize dry bulk vessels, the m/v Houston. The gross charter rate is US$13,000 per day, minus a 5% commission paid to third parties, for a period until minimum July 1, 2024 up to maximum August 31, 2024. The charter is expected to commence on November 21, 2022.

The “Houston” is a 177,729 dwt Capesize dry bulk vessel built in 2009.

The employments of “DSI Aquila” and “Houston” are anticipated to generate approximately US$11.44 million of gross revenue for the minimum scheduled period of the time charters.

Diana Shipping Inc.’s fleet currently consists of 40 dry bulk vessels (4 Newcastlemax, 11 Capesize, 5 Post-Panamax, 6 Kamsarmax, 8 Panamax and 6 Ultramax). The Company also expects to take delivery of 3 Ultramax dry bulk vessels in the fourth quarter of 2022. As of today, the combined carrying capacity of our fleet, excluding the 3 Ultramax dry bulk vessels not yet delivered, is approximately 4.7 million dwt with a weighted average age of 10.17 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 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, 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 are the details of the time charter contracts announced by Diana Shipping Inc. on Nov 18, 2022?

Diana Shipping announced time charter contracts for the m/v DSI Aquila and the m/v Houston, generating a gross rate of $13,300 and $13,000 per day, respectively.

How much revenue is Diana Shipping expected to earn from the new contracts?

Diana Shipping expects to generate approximately $11.44 million in gross revenue from the time charters of DSI Aquila and Houston.

When will the time charters for DSI Aquila and Houston commence?

The time charter for DSI Aquila is expected to start on November 22, 2022, while the Houston's charter is anticipated to commence on November 21, 2022.

What is the current status of Diana Shipping's fleet?

Diana Shipping's fleet consists of 40 dry bulk vessels, with plans to take delivery of three additional Ultramax vessels in the fourth quarter of 2022.