Diana Shipping Inc. Announces the Acquisition of a Kamsarmax Dry Bulk Vessel and a New-Building Capesize Dry Bulk Vessel
28 April 2015 - 9:30PM
Diana Shipping Inc. (NYSE:DSX), (the "Company"), a global shipping
company specializing in the ownership of dry bulk vessels, today
announced that on April 27, 2015 it signed, through a separate
wholly-owned subsidiary, a Memorandum of Agreement to acquire from
an unaffiliated third party the m/v Torm Island, a 2010 built
Kamsarmax dry bulk vessel of 82,194 dwt, for a purchase price of
US$18.05 million. The vessel (to be renamed "Medusa") is expected
to be delivered to the buyer during the second quarter of
2015.
The Company also announced that it signed, through a separate
wholly-owned subsidiary, an agreement to acquire from an different
unaffiliated third party a new-building Capesize dry bulk vessel of
approximately 180,000 dwt, being built by Shanghai Waigaoqiao
Shipbuilding Co., Ltd., for a purchase price of US$43.0 million.
The vessel, "Hull No. H1364" (to be renamed "New Oreleans"), is
expected to be delivered to the buyer during August 2015.
The second transaction is subject to final negotiation and
execution of a novation agreement among the builders, the buyer and
the seller.
Excluding the newly acquired vessels, as well as two
new-building Newcastlemax dry bulk vessels and one new-building
Kamsarmax dry bulk vessel expected to be delivered to the Company
during the second quarter of 2016, Diana Shipping Inc.'s fleet
currently consists of 40 dry bulk vessels (2 Newcastlemax, 12
Capesize, 3 Post-Panamax, 3 Kamsarmax and 20 Panamax). As of today,
the combined carrying capacity of the Company's fleet, excluding
the five vessels not yet delivered, is approximately 4.6 million
dwt with a weighted average age of 7.1 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, 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.
CONTACT: Corporate Contact:
Ioannis Zafirakis
Director, Chief Operating Officer and Secretary
Telephone: + 30-210-9470-100
Email: izafirakis@dianashippinginc.com
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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