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Diana Shipping Inc. (NYSE: DSX) is a prominent global provider of shipping transportation services, primarily focusing on dry bulk cargoes. The company operates an extensive fleet of vessels including Panamax, Kamsarmax, Post-Panamax, Capesize, and Newcastlemax types, which are employed on medium to long-term time charters. These vessels transport a variety of commodities such as iron ore, coal, grain, steel products, cement, and fertilizers across international shipping routes.
Founded and incorporated in the Marshall Islands, Diana Shipping Inc. is headquartered in Athens, Greece. The company made its debut on the New York Stock Exchange on March 23, 2005, following its initial public offering. The company’s business model relies heavily on the operation of its fleet, with revenue generated through the services provided by these vessels in a uniformly regulated economic environment.
Recent achievements of Diana Shipping include expanding its fleet and securing long-term charters with reputable clients, ensuring reliable revenue streams. The company continues to focus on operational efficiency and fleet management to maintain its competitive edge in the shipping industry.
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Diana Shipping Inc. (NYSE: DSX) has announced the acquisition of a new Capesize dry bulk vessel for $60.16 million, expected delivery by Q1 2022. This vessel, with a capacity of approximately 181,500 dwt, will enhance the company's fleet of 33 dry bulk vessels, which totals about 4.3 million dwt with an average age of 10.27 years. The firm operates primarily through medium to long-term charters, transporting commodities like iron ore and coal globally.
Diana Shipping Inc. (NYSE: DSX) announced the spin-off of its subsidiary, OceanPal Inc., effective November 29, 2021. Shareholders received one share of OceanPal for every 10 shares of Diana Shipping held as of the record date, November 3, 2021. This distribution rounded fractional shares of OceanPal up to the next whole number. For additional details, refer to the OceanPal registration statement filed with the SEC.
Diana Shipping Inc. (NYSE: DSX) announced that the spin-off of its subsidiary, OceanPal Inc., is set for November 29, 2021. This follows the effective registration of OceanPal under the Securities Exchange Act of 1934. The spin-off will proceed on the previously outlined terms, with no changes to the record date. For more details on OceanPal and the transaction, interested parties can refer to the registration statement available at the SEC website. This announcement does not constitute a securities offer.
Diana Shipping Inc. (NYSE: DSX) announced a time charter contract for its Capesize vessel, m/v Semirio, with C Transport Maritime Ltd. The contract will generate a gross charter rate of US$19,700 per day, expected to commence on December 9, 2021, and will last until November 15, 2023. This charter is anticipated to yield approximately US$11.94 million in gross revenue during the minimum scheduled period. Currently, the m/v Semirio is chartered at a lower rate of US$13,500 per day.
Diana Shipping Inc. (NYSE: DSX) has announced a tender offer to buy back up to 3,529,411 shares, approximately 4.0% of its outstanding stock, at a price of $4.25 per share, using cash reserves. The offer is set to expire on December 21, 2021, unless extended. The Board believes this repurchase is beneficial given the company’s cash position. Notably, the tender offer is contingent on the completion of the spin-off of OceanPal Inc. Shareholders participating will receive OceanPal shares.
Diana Shipping Inc. (NYSE: DSX) has entered into time charter contracts for three dry bulk vessels, generating approximately US$21.13 million in gross revenue. The contracts include:
- m/v Alcmene: US$17,100 per day, chartering until March 2023.
- m/v G. P. Zafirakis: US$22,750 per day, chartering until December 2022.
- m/v Ismene: US$18,500 per day, chartering until February 2023.
Currently, the fleet includes 36 vessels with a combined carrying capacity of 4.6 million dwt.
Diana Shipping Inc. (NYSE: DSX) reported a net income of $14.7 million for Q3 2021, a significant recovery from a net loss of $13.2 million in Q3 2020. Net income attributed to common stockholders rose to $13.3 million compared to a loss of $14.6 million last year. Time charter revenues increased to $57.3 million from $42.3 million in the same quarter of 2020, driven by higher charter rates, though partially offset by reduced ownership days due to vessel sales. For the nine months ending September 30, 2021, net income was $16.3 million, up from a loss of $126.8 million in 2020.
Diana Shipping Inc. (NYSE: DSX) announced an extension for the distribution date of its spin-off, OceanPal Inc. The new date, to be confirmed soon, will occur post-registration effectiveness under the Securities Exchange Act of 1934. The spin-off is anticipated to be completed in approximately two weeks on the previously announced terms. The record date for shareholders remains unchanged. Additional details are available in the Registration Statement filed with the SEC, but the transaction's consummation is still subject to SEC approval.
Diana Shipping Inc. (NYSE: DSX) has announced a change in the distribution date for the spin-off of its subsidiary OceanPal Inc., moving it from November 9, 2021, to November 17, 2021, due to procedural delays. The record date remains unchanged. The cash dividend payment of $0.10 per common share will still occur on November 10, 2021, for shareholders of record as of November 3, 2021. The spin-off transaction's terms remain consistent with previous announcements, pending regulatory approval.
Diana Shipping (NYSE: DSX) announced a time charter contract with Cargill International S.A. for its Kamsarmax vessel, m/v Myrsini. The charter, commencing November 14, 2021, will last until at least December 1, 2022, generating approximately US$8.29 million in gross revenue. The Myrsini, built in 2010, is part of Diana Shipping's fleet of 36 dry bulk vessels with a combined carrying capacity of about 4.6 million dwt.
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