Diana Shipping, Inc. - DSX STOCK NEWS

Diana Shipping Inc. (NYSE: DSX) has successfully signed a US$80.2 million seven-year secured term loan facility with Danish Ship Finance A/S on October 18, 2024. This amended and restated loan, maturing in April 2031, refinances the Company's existing loan facility of the same balance, originally due in April 2028. The new loan is secured by seven vessels, down from nine in the previous agreement, releasing two mortgaged vessels.

Mr. Ioannis Zafirakis, CFO and CSO, emphasized that this refinancing demonstrates the Company's commitment to enhancing its capital structure and operational flexibility. Diana Shipping Inc.'s fleet currently comprises 38 dry bulk vessels with a combined carrying capacity of approximately 4.2 million dwt and a weighted average age of 11.06 years. The Company also anticipates the delivery of two methanol dual fuel new-building Kamsarmax vessels by 2028.

Diana Shipping Inc. (NYSE: DSX) has announced a new time charter contract for its Panamax dry bulk vessel, m/v Selina, with Raffles Shipping International Pte. The contract features a gross charter rate of US$10,500 per day, minus a 5% commission to third parties, for a period until minimum March 1, 2025, up to maximum April 20, 2025. The charter is set to commence on October 17, 2024.

The m/v Selina, a 75,700 dwt Panamax vessel built in 2010, is expected to generate approximately US$1.39 million in gross revenue for the minimum scheduled period. Diana Shipping's fleet currently consists of 38 dry bulk vessels with a combined carrying capacity of about 4.2 million dwt and an average age of 11.04 years. The company is also awaiting delivery of two methanol dual fuel new-building Kamsarmax vessels by 2028.

Diana Shipping Inc. (NYSE: DSX) has announced the extension of a time charter contract for its Post-Panamax dry bulk vessel, the m/v Phaidra, with Aquavita International S.A. The new charter period is set to begin on October 11, 2024, with a gross charter rate of US$12,000 per day, minus a 4.75% commission paid to third parties. The contract duration is from a minimum of May 1, 2025, to a maximum of July 15, 2025.

The employment of Phaidra is expected to generate approximately US$2.4 million of gross revenue for the minimum scheduled period. Diana Shipping's fleet currently consists of 38 dry bulk vessels with a combined carrying capacity of about 4.2 million dwt and a weighted average age of 11.01 years. The company is also anticipating the delivery of two methanol dual fuel new-building Kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028.

Diana Shipping Inc. (NYSE: DSX) has announced a new time charter contract for its Ultramax dry bulk vessel, m/v DSI Altair, with Propel Shipping Pte. The contract offers a gross charter rate of US$15,750 per day, minus a 5% commission, for a period until minimum November 1, 2025, up to maximum December 31, 2025. This new charter, commencing on September 26, 2024, is expected to generate approximately US$6.24 million in gross revenue for the minimum scheduled period.

The m/v DSI Altair, a 60,309 dwt vessel built in 2016, is currently chartered to Western Bulk Carrier AS at a lower rate of US$13,800 per day. Diana Shipping's fleet consists of 38 dry bulk vessels with a combined carrying capacity of about 4.2 million dwt and an average age of 10.97 years. The company is also expecting delivery of two methanol dual fuel new-building Kamsarmax vessels by 2028.

Diana Shipping Inc. (NYSE: DSX) has announced a new time charter contract for its Ultramax dry bulk vessel, m/v DSI Pegasus, with Cargill Ocean Transportation. The contract offers a gross charter rate of $15,250 per day, with a 4.75% commission to third parties, for a period until minimum June 1, 2025, up to maximum August 1, 2025. The charter is set to begin on September 4, 2024, and is expected to generate approximately $4.09 million in gross revenue for the minimum scheduled period.

The m/v DSI Pegasus, a 60,508 dwt vessel built in 2015, is currently under charter to Reachy Shipping at $14,000 per day. Upon completion of a previously announced vessel sale, Diana Shipping's fleet will consist of 38 dry bulk vessels with a combined carrying capacity of about 4.4 million dwt and an average age of 11.07 years. The company is also expecting delivery of two methanol dual fuel new-building Kamsarmax vessels by 2028.

Diana Shipping Inc. (NYSE: DSX) has announced a new time charter contract for its Capesize dry bulk vessel, m/v G. P. Zafirakis, with Nippon Yusen Kabushiki Kaisha, Tokyo. The contract offers a gross charter rate of $26,800 per day, minus a 5% commission, for a period of 23-26 months starting September 9, 2024. This new charter is expected to generate approximately $18.49 million in gross revenue for the minimum scheduled period.

The m/v G. P. Zafirakis, a 179,492 dwt vessel built in 2014, was previously chartered at a lower rate of $17,000 per day. Upon completion of a previously announced vessel sale, Diana Shipping's fleet will consist of 38 dry bulk vessels with a combined carrying capacity of about 4.4 million dwt and an average age of 11.06 years. The company also anticipates the delivery of two methanol dual fuel new-building Kamsarmax vessels by 2028.

Diana Shipping Inc. (NYSE: DSX) has announced a new time charter contract for its Kamsarmax dry bulk vessel, m/v Astarte. The contract, with Paralos Shipping Pte., , offers a gross charter rate of $14,000 per day, minus a 5% commission. The charter period is from August 18, 2024, until at least July 15, 2025, with a potential extension to September 15, 2025. This agreement is expected to generate approximately $4.58 million in gross revenue for the minimum scheduled period.

Following the sale of m/v Houston, Diana Shipping's fleet will comprise 38 dry bulk vessels, with a combined carrying capacity of about 4.4 million dwt and an average age of 11.03 years. The company is also anticipating the delivery of two methanol dual fuel new-building Kamsarmax vessels by 2028.

Diana Shipping Inc. (NYSE: DSX) reported a net loss of $2.8 million for Q2 2024, compared to a net income of $10.4 million in Q2 2023. Time charter revenues decreased to $56.0 million from $67.4 million year-over-year. The company declared a cash dividend of $0.075 per common share for Q2 2024, payable on August 30, 2024. For the six months ended June 30, 2024, Diana Shipping reported a net loss of $0.7 million, compared to a net income of $33.1 million in the same period of 2023. The decrease in financial performance was primarily due to lower average charter rates and fewer ownership days.

Diana Shipping Inc. (NYSE: DSX) has successfully signed and drawn down a US$167.3 million six-year secured term loan facility with Nordea Bank Abp, filial i Norge on July 25, 2024. This new loan, maturing in July 2030, is secured by ten vessels and refinances two existing loan facilities with Nordea: one for US$149.3 million and another for US$18.0 million. As a result, two of the Company's mortgaged vessels have been released.

This refinancing strategy aims to optimize Diana Shipping's capital structure and enhance operational flexibility. Upon completion of the previously announced sale of m/v Houston, the Company's fleet will consist of 38 dry bulk vessels with a combined carrying capacity of approximately 4.4 million dwt and a weighted average age of 10.98 years. Additionally, Diana Shipping expects to take delivery of two methanol dual fuel new-building Kamsarmax dry bulk vessels by 2027 and 2028.