Diana Shipping Inc. operates as a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels. Its news commonly covers time charter contracts and extensions for Panamax, Kamsarmax, Post-Panamax, Capesize, Newcastlemax and Ultramax vessels, including vessel employment terms, charter counterparties and fleet composition.
Company updates also address shareholder meetings, proxy materials, governance actions, equity incentive matters and capital-structure disclosures. Diana Shipping’s operating news is tied to dry bulk transportation markets for commodities such as coal, iron ore, grains, steel products, cement and fertilizers.
Diana Shipping Inc. (NYSE: DSX) announced a time charter contract with C Transport Maritime Ltd. for the m/v Boston, a Capesize dry bulk vessel. The charter, starting June 15, 2021, has a gross rate of $25,500 per day, expected to generate approximately $7.65 million in revenue for the minimum period until April 15, 2022, extendable to June 15, 2022. The m/v Boston will transition from its current charter with Oldendorff Carriers at a lower rate of $15,300 per day. Post-sale of the m/v Naias, the fleet will consist of 36 vessels with a total carrying capacity of 4.7 million dwt.
Diana Shipping announced a private placement of senior unsecured bonds totaling US$125 million, maturing in June 2026 with a fixed-rate coupon of 8.375%. The oversubscribed offering is expected to close by June 22, 2021. Proceeds will refinance the remaining portion of existing bonds and support general corporate purposes. In tandem, the company repurchased US$78.25 million of prior bonds due 2023. The bonds will be listed on the Oslo Stock Exchange.
Diana Shipping Inc. (NYSE: DSX) announced time charter contracts for two of its dry bulk vessels, the m/v P. S. Palios and m/v Maia, generating an estimated gross revenue of approximately US$14.62 million. The P. S. Palios will charter at a rate of US$26,500 per day, starting June 6, 2021, while the Maia will charter for US$25,000 daily from June 10, 2021. The company’s total fleet consists of 36 vessels with a combined carrying capacity of 4.7 million dwt.
Diana Shipping Inc. (NYSE:DSX) has mandated Arctic Securities AS and Nordea Bank Abp for potential investor calls regarding a USD senior unsecured bond issue with a five-year tenor. Proceeds will refinance DIASH01 and support general corporate purposes. A conditional buyback of DIASH01 maturing on September 27, 2023, is also under consideration. The bonds will target qualified institutional buyers under Rule 144A of the Securities Act. This press release does not constitute an offer to sell or solicit securities.
Diana Shipping Inc. (NYSE: DSX) held its Annual Meeting of Shareholders on May 20, 2021, where all resolutions were approved. Key decisions include the election of Simeon Palios, Anastasios Margaronis, and Ioannis Zafirakis as Class I Directors until 2024. The shareholders appointed Ernst & Young (Hellas) as independent auditors for fiscal year 2021. Additionally, a reverse stock split was authorized, allowing a ratio of one-for-two to one-for-ten. These steps are part of the company’s strategy to enhance shareholder value and financial stability.
Diana Shipping Inc. (NYSE: DSX) reported a net loss of $1.3 million for Q1 2021, significantly improved from a $102.8 million loss in Q1 2020, which included a $93.1 million impairment. The loss per share was $0.03, compared to $1.21 in the previous year. Time charter revenues decreased to $41.1 million from $43.8 million, attributed to a decline in ownership days due to vessel sales. However, improved time charter rates and fleet utilization were noted, with a utilization rate of 98.6%.
Diana Shipping Inc. (NYSE: DSX) has entered into a time charter contract with Mitsui O.S.K. Lines, Ltd. for its Kamsarmax vessel, the m/v Astarte. This agreement secures a gross charter rate of $25,000 per day for a period running from tomorrow until December 15, 2021. This contract is expected to generate approximately $4.03 million in gross revenue. Following the sale of another vessel, the company will have 36 dry bulk vessels in its fleet, with a total carrying capacity of about 4.7 million dwt.
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Diana Shipping Inc. (NYSE: DSX) announced a time charter contract for the Kamsarmax vessel m/v Myrsini with Bocimar International N.V. The contract features a gross charter rate of US$27,750 per day, effective from May 10, 2021, until late November 2021. This agreement is expected to generate approximately US$4.3 million in gross revenue over the minimum charter period. The m/v Myrsini is currently chartered at a lower rate of US$11,500 per day. Post-sale of the m/v Naias, Diana Shipping's fleet will include 36 vessels with a total capacity of 4.7 million dwt.
Diana Shipping Inc. (NYSE: DSX) will announce its first-quarter financial results for 2021 on May 21, 2021, before U.S. markets open. Management will discuss the results during a conference call at 9:00 A.M. Eastern Time on the same day, accessible via the company's website. The firm specializes in owning dry bulk vessels and offers shipping services primarily through medium to long-term time charters. Investors can expect an accompanying presentation during the call.