Diana Shipping Inc. (NYSE:DSX), (the “Company”), a global shipping
company specializing in the ownership of dry bulk vessels, today
announced that, through a separate wholly-owned subsidiary, it has
entered into a time charter contract with Koch Shipping Pte. Ltd.,
Singapore, for one of its Capesize dry bulk vessels, the m/v New
York. The gross charter rate is US$14,450 per day, minus a 5%
commission paid to third parties, for a period of about six (6)
months up to December 29, 2017. The charter commenced on April 23,
2017.
The “New York” is a 177,773 dwt Capesize dry
bulk vessel built in 2010.
The Company also announced that, through a
separate wholly-owned subsidiary, it has entered into a time
charter contract with Trafigura Maritime Logistics Pte. Ltd.,
Singapore, for one of its Capesize dry bulk vessels, the m/v
Norfolk. The gross charter rate is US$12,000 per day, minus a 5%
commission paid to third parties, for a period of about six (6)
months to maximum eight (8) months. The charter commenced on April
26, 2017.
The “Norfolk” is a 164,218 dwt Capesize dry bulk
vessel built in 2002.
In addition, the Company announced that, through
a separate wholly-owned subsidiary, it has entered into a time
charter contract with Jaldhi Overseas Pte. Ltd., Singapore, for one
of its Panamax dry bulk vessels, the m/v Nirefs. The gross charter
rate is US$9,400 per day, minus a 5% commission paid to third
parties, for a period of minimum thirteen (13) months to maximum
sixteen (16) months. The charter is expected to commence on May 4,
2017.
The “Nirefs” is a 75,311 dwt Panamax dry bulk
vessel built in 2001.
The employments of “New York”, “Norfolk” and “
Nirefs” are anticipated to generate approximately US$8.03 million
of gross revenue for the minimum scheduled period of the time
charters.
Diana Shipping Inc.’s fleet currently consists
of 48 dry bulk vessels (4 Newcastlemax, 14 Capesize, 3
Post-Panamax, 4 Kamsarmax and 23 Panamax). The Company also expects
to take delivery of one Post-Panamax dry bulk vessel by the middle
of May 2017, one Post-Panamax dry bulk vessel by the middle of June
2017 as well as one Kamsarmax dry bulk vessel by the middle of June
2017. As of today, the combined carrying capacity of the Company’s
fleet, excluding the three vessels not yet delivered, is
approximately 5.7 million dwt with a weighted average age of 7.91
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 of dry bulk
vessels. The Company’s vessels are employed primarily on medium to
long-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, our management’s examination of historical operating
trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were
reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond our control, we
cannot assure you that we will achieve or accomplish these
expectations, beliefs or projections.
In addition to these important factors, other
important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward-looking
statements include 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 our operating expenses, including bunker
prices, drydocking and insurance costs, the market for our 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, potential
disruption of shipping routes due to accidents or political events,
vessel breakdowns and instances of off-hires and other factors.
Please see our filings with the Securities and Exchange Commission
for a more complete discussion of these and other risks and
uncertainties.
Corporate Contact:
Ioannis Zafirakis
Director, Chief Operating Officer and Secretary
Telephone: + 30-210-9470-100
Email: izafirakis@dianashippinginc.com
Website: www.dianashippinginc.com
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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