Welcome to our dedicated page for Diana Shipping news (Ticker: DSX), a resource for investors and traders seeking the latest updates and insights on Diana Shipping stock.
Diana Shipping Inc. (NYSE: DSX) is a global shipping company in the deep sea freight transportation industry, specializing in the ownership and bareboat charter-in of dry bulk vessels. Its vessels are employed primarily on short to medium-term time charters and transport dry bulk cargoes such as iron ore, coal, grain and other materials along worldwide shipping routes. This news page focuses on company announcements and regulatory disclosures that relate to these activities.
Visitors to this DSX news section can review press releases on new and renewed time charter contracts for specific vessels across Diana Shipping’s Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax and Ultramax fleet. The company regularly reports charter rates, charter durations, counterparties and anticipated gross revenues for these contracts, providing insight into fleet employment and utilization.
The news feed also includes fleet and asset updates, such as Memoranda of Agreement for vessel sales and changes to previously announced sale transactions. In addition, Diana Shipping publishes financial results for defined reporting periods, including time charter revenues, net income, fleet data and non-GAAP metrics such as time charter equivalent (TCE) rates and daily vessel operating expenses.
Another category of DSX news involves corporate and strategic developments, for example proposals to acquire remaining shares of another dry bulk shipping company and related communications, as well as announcements about officer resignations and appointments approved by the Board of Directors. Investors and analysts who follow the dry bulk shipping market can use this page to monitor Diana Shipping’s chartering activity, fleet composition, financial performance communications and corporate actions over time.
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.
On June 29, 2020, Diana Shipping Inc. (DSX) extended the maturity of a secured loan agreement with BNP Paribas by 2.5 years, now due May 19, 2024. The company also announced the sale of the vessel ‘Arethusa’ for $7.85 million, with delivery expected by August 31, 2020. Following this sale, Diana Shipping’s fleet will comprise 40 vessels with a total carrying capacity of approximately 5.1 million dwt and an average vessel age of 9.79 years. The company focuses on dry bulk shipping, transporting cargoes like iron ore and coal globally.
Diana Shipping Inc. (NYSE: DSX) has secured a time charter contract with Engelhart CTP Freight for its Newcastlemax dry bulk vessel, the m/v Los Angeles. The charter will generate approximately US$6.77 million in gross revenue at a rate of US$14,250 per day, effective from June 6, 2020, until a minimum of October 1, 2021. The vessel, built in 2012, adds to Diana Shipping's fleet of 41 dry bulk vessels with a combined carrying capacity of 5.1 million dwt. The company continues to focus on medium to long-term charters for transporting various dry bulk commodities.
Diana Shipping Inc. (NYSE: DSX) has signed a time charter contract with Uniper Global Commodities SE for the m/v Atalandi, an Ice Class Panamax dry bulk vessel. The contract, effective from June 9, 2020, is set for a minimum of 13 months and a maximum of 16 months at a rate of US$9,300 daily, generating approximately US$3.63 million in gross revenue. The company's fleet comprises 41 vessels with a total capacity of about 5.1 million dwt, and the Atalandi, built in 2014, adds to this robust fleet.
Diana Shipping Inc. (NYSE: DSX) has announced a time charter contract with Koch Shipping Pte. Ltd. for its Capesize dry bulk vessel, the m/v G. P. Zafirakis. The charter rate is set at US$13,200 per day, excluding a 5% third-party commission, commencing on May 31, 2020, and running until at least October 1, 2021. This agreement is expected to yield approximately US$6.34 million in gross revenue for the initial charter period. Currently, Diana Shipping operates a fleet of 41 dry bulk vessels, with a carrying capacity of 5.1 million dwt.
Diana Shipping Inc. (NYSE: DSX) has secured a time charter contract for its Post-Panamax vessel, m/v Phaidra, with Uniper Global Commodities SE. The charter, effective from May 29, 2020, guarantees a gross rate of $9,400 per day for a minimum of 11 months, projected to yield approximately $3.1 million in gross revenue. The Company operates a fleet of 41 dry bulk vessels with a total capacity of about 5.1 million dwt, averaging 9.71 years in age.
Diana Shipping Inc. (NYSE: DSX) announced a time charter contract with Glencore Agriculture B.V. for its Ice Class Panamax vessel, the m/v Crystalia. The charter, effective from May 22, 2020, has a gross rate of $8,750 per day and is set to last until September 30, 2021. The contract is expected to generate approximately $3.49 million in gross revenue during the minimum charter period. Diana Shipping's fleet, comprising 41 vessels, has a combined capacity of about 5.1 million dwt.
FAQ
What is the current stock price of Diana Shipping (DSX)?
What is the market cap of Diana Shipping (DSX)?
