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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 two time charter contracts for its vessels, boosting revenue potential. The m/v San Francisco will be chartered at a gross rate of US$17,750 per day for the first 105 days, increasing to US$24,700 thereafter, generating approximately US$13.56 million over the initial period. The m/v Aliki will be chartered for US$20,500 per day starting March 19, 2021. Following the sale of the m/v Oceanis, the fleet will consist of 37 vessels with a total capacity of around 4.8 million dwt and a weighted average age of 10.21 years.
Diana Shipping Inc. (NYSE: DSX) announced that its 2021 Annual Meeting of Shareholders will be conducted virtually on May 20, 2021, due to the COVID-19 pandemic. The record date for shareholders eligible to vote is set for March 31, 2021. Further details on how to access the meeting and voting procedures will be included in the company’s proxy statement. Shareholders are encouraged to vote in advance to enhance the virtual meeting experience.
Diana Shipping Inc. (NYSE: DSX) announced a time charter contract with Tongli Shipping Pte. Ltd. for its Panamax vessel, m/v Ismene, with a gross rate of $16,500 per day, starting March 7, 2021. This contract is expected to generate approximately $3.60 million in gross revenue for the minimum period until December 15, 2021. Following the sale of the m/v Oceanis, the company will operate 37 dry bulk vessels, including the m/v Ismene, with a combined capacity of about 4.8 million dwt.
Diana Shipping Inc. (NYSE: DSX) announced senior management appointments effective March 1, 2021, aimed at ensuring strategic continuity. Ms. Semiramis Paliou is appointed Chief Executive Officer, succeeding her roles as Chief Operating Officer and Deputy Chief Executive Officer. Mr. Ioannis Zafirakis continues as Chief Financial Officer, and Mr. Eleftherios Papatrifon joins the company as Chief Operating Officer. The Board emphasized the importance of an orderly succession to navigate the evolving shipping landscape.
Diana Shipping Inc. (NYSE: DSX) reported a net loss of $7.4 million for Q4 2020, down from $14.0 million in Q4 2019, with revenues at $42.7 million, a decline from $51.5 million year-over-year. For FY 2020, the net loss totaled $134.2 million, compared to $10.5 million in 2019. The decrease in revenues is attributed to fewer vessels in operation and reduced charter rates. The fleet utilization remains strong at 99.6% for Q4 2020. The company continues to engage in charter contracts amidst challenging market conditions.
Diana Shipping Inc. (NYSE: DSX) announced a time charter contract for one of its Panamax dry bulk vessels, the m/v Protefs, with Reachy International (HK) Co., Limited. The gross charter rate is set at US$10,650 per day, effective from February 8, 2021, until a minimum of March 10, 2022, up to a maximum of May 20, 2022. This contract is expected to generate approximately US$4.17 million in gross revenue for the minimum scheduled period. Following the upcoming sale of another vessel, the fleet will comprise 37 dry bulk vessels, totaling around 4.8 million dwt.
Diana Shipping Inc. (NYSE: DSX) announced the preliminary results of its tender offer to buy back up to 6,000,000 shares at $2.50 each. The offer, which expired on January 28, 2021, received 9,711,973 shares tendered, indicating oversubscription. Consequently, the purchase will be prorated, with an estimated total cost of $15 million. Final numbers, including the proration factor, will be confirmed later. Shareholders are encouraged to review the Offer to Purchase and related documents for comprehensive details.
Diana Shipping Inc. (NYSE: DSX) will announce its financial results for Q4 and full-year 2020 on February 22, 2021, before U.S. markets open. Following this announcement, management will host a conference call at 9:00 A.M. ET to discuss the results. Investors can access the call through Diana Shipping's website or by telephone. Additionally, a replay of the call will be available for 30 days. The company focuses on dry bulk vessel ownership and operates on medium to long-term time charters, transporting commodities globally.
Diana Shipping Inc. (NYSE: DSX) has secured a time charter contract for its Panamax vessel, m/v Calipso, with Viterra Chartering B.V., at a gross rate of US$10,400 per day until December 15, 2021. The charter is anticipated to generate approximately US$2.59 million in gross revenue. This follows a prior charter with Uniper Global Commodities SE at US$8,250 per day. After the sale of m/v Oceanis, the fleet will comprise 37 vessels with a carrying capacity of 4.8 million dwt and an average age of 10.08 years.
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