Direct Continuation of Time Charter Contract for m/v Oceanis With Ausca and a New Time Charter Contract for m/v
Clio With Ausca
ATHENS, Greece, Nov. 12, 2018 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global
shipping company specializing in the ownership of dry bulk vessels, today announced that it has signed, through a separate
wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party, the 2001-built vessel “Alcyon”, with
delivery to the buyer latest by January 7, 2019, for a sale price of US$7.45 million before commissions.
The Company also announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present
time charter contract with Ausca Shipping Limited, Hong Kong, for one of its Panamax dry bulk vessels, the m/v Oceanis. The gross
charter rate is US$10,350 per day, minus a 5% commission paid to third parties, for a period until minimum January 1, 2020 up to
maximum March 31, 2020. The new charter period is expected to commence on November 16, 2018. The m/v Oceanis is currently
chartered, as previously announced, at a gross charter rate of US$7,000 per day, minus a 5% commission paid to third parties.
The “Oceanis” is a 75,211 dwt Panamax dry bulk vessel built in 2001.
Additionally, the Company announced that, through a separate wholly-owned subsidiary, it has entered into
a time charter contract with Ausca Shipping Limited, Hong Kong, for one of its Pamanax dry bulk vessels, the m/v Clio. The gross
charter rate is US$10,600 per day, minus a 5% commission paid to third parties, for a period of minimum ten (10) months to maximum
thirteen (13) months. The charter commenced on November 10, 2018. The m/v Clio was chartered, as previously announced, to Phaethon
International Company AG, at a gross charter rate of US$8,550 per day, minus a 5% commission paid to third parties.
The “Clio” is a 73,691 dwt Panamax dry bulk vessel built in 2005.
The employment extension of “Oceanis” as well as the employment of “Clio” are anticipated to generate
approximately US$7.37 million of gross revenue for the minimum scheduled period of the time charters.
Upon completion of the aforementioned sale and the previously announced sale of a Panamax dry bulk vessel, the
m/v Triton, Diana Shipping Inc.’s fleet will consist of 48 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5
Kamsarmax and 20 Panamax). As of today, the combined carrying capacity of the Company’s fleet, including the m/v Triton and m/v
Alcyon, is approximately 5.8 million dwt with a weighted average age of 9.22 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, Company management’s examination of historical operating
trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that
these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and
contingencies that are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that
it will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in the Company’s 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 the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market
for the Company’s 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 the Company’s filings with the U.S. Securities and Exchange Commission for a more
complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any
forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events
or otherwise.
Corporate Contact:
Ioannis Zafirakis
Director, Chief Strategy 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