Diana Shipping Inc - DSX STOCK NEWS

Diana Shipping Inc. (NYSE: DSX) has scheduled its financial results for Q3 2020 to be released on November 23, 2020, before U.S. markets open. Management will hold a conference call at 9:00 A.M. ET on the same day for a detailed review. Investors can access the live webcast on the company's website or by phone. A replay of the call will be available for 30 days. The company specializes in dry bulk vessel ownership, primarily operating under medium to long-term time charters, transporting various commodities globally.

Diana Shipping Inc. (NYSE: DSX) announced the sale of the 2006-built vessel 'Sideris GS' to an unaffiliated buyer for $11.5 million, to be delivered by January 20, 2021. Following this sale and the previous sale of the m/v Coronis, Diana Shipping's fleet will consist of 38 vessels with a combined capacity of approximately 5.0 million dwt. The weighted average age of the fleet will be 9.96 years. This transaction highlights the Company's strategy to optimize its fleet portfolio and improve operational efficiency.

Diana Shipping Inc. (NYSE: DSX) has signed a Memorandum of Agreement to sell the 2006-built vessel ‘Coronis’ to an unrelated third party for US$7.1 million, scheduled for delivery by January 20, 2021. Post-sale, Diana's fleet will consist of 39 dry bulk vessels, with a combined carrying capacity of approximately 5.0 million dwt and an average age of 9.95 years. The company focuses on transporting dry bulk cargoes via medium to long-term time charters.

Diana Shipping Inc. (NYSE: DSX) announced a time charter contract with Koch Shipping Pte. Ltd. for its Newcastlemax vessel, m/v Newport News. The charter, starting later today, will generate approximately US$7.3 million in gross revenue over its minimum period, set until October 16, 2021. The gross charter rate is US$18,400 per day, with a 5% commission. Currently, the vessel is chartered to SwissMarine Services S.A. at US$16,500 per day. Diana Shipping operates a fleet of 40 dry bulk vessels with a combined capacity of 5.0 million dwt and a weighted average age of 9.92 years.

Diana Shipping Inc. (NYSE: DSX) has announced a new time charter contract with Ausca Shipping Limited for its Panamax vessel, the m/v Melia. The agreement is set for approximately 8 to 10 months, beginning August 20, 2020, at a gross rate of $10,000 per day, plus a $500,000 ballast bonus, yielding an anticipated gross revenue of about $2.75 million. Following the sale of the m/v Arethusa, Diana Shipping's fleet will consist of 40 vessels, totaling approximately 5.1 million dwt capacity, with a weighted average age of 9.89 years.

Diana Shipping reported a net loss of $10.8 million for Q2 2020, compared to a net loss of $1.3 million in Q2 2019. Net loss attributed to common stockholders was $12.2 million, including a $2.6 million impairment loss. Time charter revenues fell to $41 million from $55.4 million year-over-year, due to reduced fleet size and lower average charter rates. For the first half of 2020, the net loss reached $113.6 million, significantly higher than net income of $1.7 million in the same period last year. The company's fleet utilization remains strong at 98.3%.

Diana Shipping Inc. (NYSE: DSX) announced a new time charter for its Panamax dry bulk vessel, the m/v Selina, with ST Shipping and Transport. The charter, effective July 5, 2020, will last between 12 to 14 months at a gross rate of $11,000 per day, generating approximately $3.96 million in revenue. Previously, the vessel was chartered to Cargill at $4,750 per day. The company’s fleet will consist of 40 vessels post-sale of m/v Arethusa, with a total capacity of about 5.1 million dwt and an average age of 9.81 years.

Diana Shipping Inc. (NYSE: DSX) announced a buyback of $8.0 million in senior unsecured bonds from its 18/23 9.50% USD C bond issue. Following this repurchase, the company retains an equal amount of $8.0 million in outstanding bonds. This strategic move may enhance shareholder value and reduce future interest expenses. The company highlights its commitment to financial management amidst uncertainties, including the impacts of COVID-19 on global shipping demand and economic conditions.

Diana Shipping Inc. (NYSE: DSX) announced its Q2 2020 financial results will be released on July 27, 2020, before U.S. markets open. The company specializes in dry bulk vessel ownership and has its ships primarily on medium to long-term time charters. A conference call to discuss the results will occur at 9:00 A.M. ET on the release date, with access via their website or by telephone. A replay will be available for 30 days post-call. For more information on their operations, visit dianashippinginc.com.