Diana Shipping Inc. Announces Time Charter Contracts for m/v Amphitrite With Cobelfret, m/v Crystalia With Reachy and m/v DSI Phoenix With ASL
Diana Shipping Inc. (NYSE: DSX) announced three new time charter contracts for its dry bulk vessels: the m/v Amphitrite, m/v Crystalia, and m/v DSI Phoenix. The Amphitrite will generate $14,250 per day until February 2024, while the Crystalia will earn $12,500 per day up to October 2023. The DSI Phoenix has secured a rate of $13,250 per day for up to 18 months. Collectively, these charters are expected to yield approximately $15.45 million in gross revenue. Diana Shipping currently operates a fleet of 37 vessels, with a total carrying capacity of about 4.6 million dwt.
- Secured three time charter contracts generating approximately $15.45 million in gross revenue.
- Strong daily charter rates, $14,250 for Amphitrite, $12,500 for Crystalia, and $13,250 for DSI Phoenix.
- Diana Shipping's fleet consists of 37 vessels, enhancing operational capacity and market presence.
- Dependence on time charters exposes the company to market fluctuations in charter rates.
- Vessel employment periods are subject to uncertainties within the shipping industry.
ATHENS, Greece, Nov. 07, 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 Cobelfret S.A., for one of its Post-Panamax dry bulk vessels, the m/v Amphitrite. The gross charter rate is US
The “Amphitrite” is a 98,697 dwt Post-Panamax dry bulk vessel built in 2012.
The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Reachy Shipping (SGP) Pte. Ltd., for one of its Ice Class Panamax dry bulk vessels, the m/v Crystalia. The gross charter rate is US
The “Crystalia” is a 77,525 dwt Ice Class Panamax dry bulk vessel built in 2014.
In addition, the Company announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with ASL Bulk Marine Limited, for one of its Ultramax dry bulk vessels, the m/v DSI Phoenix. The gross charter rate is US
The “DSI Phoenix” is a 60,456 dwt Ultramax dry bulk vessel built in 2017.
The employments of “Amphitrite”, “Crystalia” and “DSI Phoenix” are anticipated to generate approximately US
Diana Shipping Inc.’s fleet currently consists of 37 dry bulk vessels (4 Newcastlemax, 11 Capesize, 5 Post-Panamax, 6 Kamsarmax, 8 Panamax and 3 Ultramax). The Company also expects to take delivery of 6 Ultramax dry bulk vessels in the fourth quarter of 2022. As of today, the combined carrying capacity of our fleet, excluding the 6 Ultramax dry bulk vessels not yet delivered, is approximately 4.6 million dwt with a weighted average age of 10.30 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 latest charter contracts announced by Diana Shipping Inc.?
What is the revenue expectation from the new charter contracts of DSX?
When is the charter for the m/v Amphitrite expected to commence?
How many vessels does Diana Shipping Inc. operate?
What is the significance of the time charter contracts for DSX?
