Close

Form 6-K DIANA SHIPPING INC. For: Jul 31

July 5, 2022 5:18 PM EDT

News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
FORM 6-K

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2022
Commission File Number:  001-32458

DIANA SHIPPING INC.
(Translation of registrant's name into English)
Pendelis 16, 175 64 Palaio Faliro, Athens, Greece
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [X]       Form 40-F [  ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [  ].

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [  ].

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.




INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached to this Report on Form 6-K as Exhibit 99.1 is a press release dated July 5, 2022 of Diana Shipping Inc. (the "Company") announcing that through a separate wholly-owned subsidiary, it has entered into a time charter contract with Refined Success Limited, for one of its Post-Panamax dry bulk vessels, the m/v Electra.
The information contained in this Report on Form 6-K is hereby incorporated by reference into the Company's registration statement on Form F-3 (File No. 333-256791) that was filed with the U.S. Securities and Exchange Commission and became effective on July 9, 2021.




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


 
DIANA SHIPPING INC.
 
(registrant)
   
   
Dated: July 5, 2022
By:
/s/ Anastassis Margaronis
   
Anastassis Margaronis
   
President
     
     





Exhibit 99.1

     
Corporate Contact:
     
Ioannis Zafirakis
     
Director, Chief Financial Officer,
     
Chief Strategy Officer, Treasurer and Secretary
     
Telephone: + 30-210-9470-100
     
     
Website: www.dianashippinginc.com
     
Twitter: @Dianaship
             
     
Investor and Media Relations:
     
Edward Nebb
     
Comm-Counsellors, LLC
     
Telephone: + 1-203-972-8350
     

DIANA SHIPPING INC. ANNOUNCES TIME CHARTER
CONTRACTS FOR M/V ELECTRA WITH REFINED SUCCESS AND M/V NEW YORK WITH C TRANSPORT


ATHENS, GREECE, July 5, 2022 – Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Refined Success Limited, for one of its Post-Panamax dry bulk vessels, the m/v Electra. The gross charter rate is US$17,500 per day, minus a 5% commission paid to third parties, for a period until minimum April 1, 2023 up to maximum May 30, 2023. The charter commenced on July 2, 2022. The m/v Electra was chartered to Raffles Shipping International Pte. Ltd., at a gross charter rate of US$16,500 per day, minus a 5% commission paid to third parties.

The “Electra” is a 87,150 dwt Post-Panamax dry bulk vessel built in 2013.

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with C Transport Maritime Ltd., Bermuda, for one of its Capesize dry bulk vessels, the m/v New York. The gross charter rate is US$23,000 per day, minus a 5% commission paid to third parties, for a period until minimum June 10, 2023 up to maximum August 25, 2023. The charter commenced on July 2, 2022. The m/v New York was chartered, as previously announced, to EGPN Bulk Carrier Co., Limited, Hong Kong, at a gross charter rate of US$14,000 per day, minus a 5% commission paid to third parties.

The “New York” is a 177,773 dwt Capesize dry bulk vessel built in 2010.


The employments of “Electra” and “New York” are anticipated to generate approximately US$12.48 million of gross revenue for the minimum scheduled period of the time charters.

Upon completion of the previously announced sale of one Capesize dry bulk vessel, the m/v Baltimore, Diana Shipping Inc.’s owned and bareboat chartered-in fleet will consist of 34 dry bulk vessels (4 Newcastlemax, 11 Capesize, 5 Post-Panamax, 6 Kamsarmax and 8 Panamax). As of today, the combined carrying capacity of our fleet, including the m/v Baltimore, is approximately 4.5 million dwt with a weighted average age of 10.43 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 and bareboat charter-in of dry bulk vessels. The Company’s vessels are employed primarily on short to medium-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 severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses’ and governments’ responses to the pandemic on our operations, personnel, and on the demand for seaborne transportation of bulk products; 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, including risks associated with the continuing conflict between Russia and Ukraine and related sanctions, 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.




Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

SEC Filings