Diana Shipping Inc. Announces Time Charter Contracts for m/v P. S. Palios With Olam and m/v Maia With Viterra

Rhea-AI Summary

Diana Shipping Inc. (NYSE: DSX) announced time charter contracts for two of its dry bulk vessels, the m/v P. S. Palios and m/v Maia, generating an estimated gross revenue of approximately US$14.62 million. The P. S. Palios will charter at a rate of US$26,500 per day, starting June 6, 2021, while the Maia will charter for US$25,000 daily from June 10, 2021. The company’s total fleet consists of 36 vessels with a combined carrying capacity of 4.7 million dwt.

Positive

• Time charter contracts expected to generate approximately US$14.62 million in revenue.
• The P. S. Palios charter rate is significantly higher than the previous rate of US$12,050.
• The Maia charter rate has increased from US$11,200.

Negative

• None.

ATHENS, Greece, June 04, 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 Olam International Limited, Singapore, for one of its Capesize dry bulk vessels, the m/v P. S. Palios. The gross charter rate is US$26,500 per day, minus a 4.75% commission paid to third parties, for a time charter period until minimum February 15, 2022 up to maximum April 15, 2022. The charter is expected to commence on June 6, 2021. The m/v P. S. Palios is currently chartered, as previously announced, to C Transport Maritime Ltd., Bermuda, at a gross charter rate of US$12,050 per day, minus a 5% commission paid to third parties.

The “P. S. Palios” is a 179,134 dwt Capesize dry bulk vessel built in 2013.

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Viterra Chartering B.V., Rotterdam, for one of its Kamsarmax dry bulk vessels, the m/v Maia. The gross charter rate is US$25,000 per day, minus a 5% commission paid to third parties, for a period until minimum May 1, 2022 up to June 30, 2022. The charter is expected to commence on June 10, 2021. The m/v Maia is currently chartered, as previously announced, to Aquavita International S.A., at a gross charter rate of US$11,200 per day, minus a 5% commission paid to third parties.

The “Maia” is a 82,193 dwt Kamsarmax dry bulk vessel built in 2009.

The employments of “P. S. Palios” and “Maia” are anticipated to generate approximately US$14.62 million of gross revenue for the minimum scheduled period of the time charters.

Upon completion of the previously announced sale of one Panamax dry bulk vessel, the m/v Naias, Diana Shipping Inc.’s fleet will consist of 36 dry bulk vessels (4 Newcastlemax, 12 Capesize, 5 Post-Panamax, 5 Kamsarmax and 10 Panamax). As of today, the combined carrying capacity of the Company’s fleet, including the m/v Naias, is approximately 4.7 million dwt with a weighted average age of 10.29 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 details of the time charter contracts announced by Diana Shipping Inc.?

Diana Shipping Inc. announced time charter contracts for m/v P. S. Palios at US$26,500 per day and m/v Maia at US$25,000 per day.

When do the charters for P. S. Palios and Maia begin?

The P. S. Palios charter begins on June 6, 2021, and the Maia charter starts on June 10, 2021.

How much gross revenue is anticipated from the new charters?

The charters are expected to generate approximately US$14.62 million in gross revenue.

What is the current fleet size of Diana Shipping Inc.?

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

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

The total carrying capacity of the fleet is approximately 4.7 million dwt.