Diana Shipping Inc. Announces Time Charter Contract for M/V P. S. Palios With
ATHENS, Greece, Nov. 15, 2013 (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 entered into a time
charter contract with RWE Supply & Trading GmbH, Essen, Germany, through a
separate wholly-owned subsidiary, for one of its Capesize dry bulk vessels,
the m/v "JK Pioneer" (to be renamed "P. S. Palios"). The gross charter rate is
US$18,350 per day, minus a 5% commission paid to third parties, for a period
of about twenty-two (22) months to maximum December 31, 2015. The charter is
expected to commence upon delivery of the vessel to the Company, by the end of
As previously announced on October 8, 2013, the above mentioned vessel is a
2013 built Capesize dry bulk carrier of 179,134 dwt that the Company entered
into an agreement to purchase in October 2013. On the same date it was also
announced that the vessel was chartered to Oldendorff Carriers GmbH & Co. KG,
Luebeck, Germany, ("Oldendorff") at a gross charter rate of US$11,500 per day,
where the charterer had the option to redeliver the vessel at any time before,
but not later than, March 30, 2014. Oldendorff is now expected to redeliver
the vessel back to the sellers before the new owners take delivery of same.
This employment is anticipated to generate approximately US$11.8 million of
gross revenue for the minimum scheduled period of the charter.
Including the aforementioned vessel Diana Shipping Inc.'s fleet currently
consists of 36 dry bulk vessels (2 Newcastlemax, 10 Capesize, 3 Post-Panamax,
3 Kamsarmax and 18 Panamax). The Company also expects to take delivery of 2
new-building Ice Class Panamax dry bulk vessels during the first quarter of
2014, and 2 new-building Newcastlemax dry bulk vessels during the second
quarter of 2016. As of today, the combined carrying capacity of our fleet,
excluding the five vessels not yet delivered, is approximately 3.9 million dwt
with a weighted average age of 6.7 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 leading 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, vessels 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.
CONTACT: Corporate Contact:
Director, Executive Vice-President and Secretary
Telephone: + 30-210-9470-100
Investor and Media Relations:
Telephone: + 1-203-972-8350
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