Diana Shipping Inc. Announces the Signing of Shipbuilding Contracts for Two 81,200 Dwt Methanol Dual Fuel New-Building Kamsarmax Dry Bulk Vessels
February 14 2024 - 9:18AM
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 it has signed shipbuilding
contracts for two 81,200 dwt methanol dual fuel new-building
Kamsarmax dry bulk vessels, for a purchase price of US$46 million
each. As previously announced in September 2023, the Company placed
the order through an unaffiliated third-party nominee of Marubeni
Corporation, for the two vessels to be built at Tsuneishi Group
(Zhoushan) Shipbuilding Inc., China. The vessels are expected to be
delivered to the Company by the second half of 2027 and the first
half of 2028, respectively.
The new-building Kamsarmax dry bulk vessels are
designed to meet the requirements for energy efficiency levels and
associated Greenhouse Gas (GHG) emissions, as set forth in the
Energy Efficiency Design Index (EEDI) Phase 3, as well as to comply
with the NOx emissions regulations (NOx-Tier III) of the
International Maritime Organization (IMO).
The vessels are capable of operating on either
methanol or fuel oil interchangeably. When powered by green
methanol, the vessels are designed to produce near-zero GHG
emissions based on the well-to-wake (WTW) fuel life cycle
assessment (LCA) methodology.
Excluding the aforementioned vessels, and upon
completion of the previously announced sale of m/v Artemis, Diana
Shipping Inc.’s fleet will consist of 39 dry bulk vessels: 4
Newcastlemax, 9 Capesize, 5 Post-Panamax, 6 Kamsarmax, 6 Panamax
and 9 Ultramax. As of today, the combined carrying capacity of the
Company’s fleet including the m/v Artemis, is approximately 4.5
million dwt with a weighted average age of 10.65 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 continuing impacts of the
COVID-19 pandemic; 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,
including the escalation of the conflict in the Middle East, 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 Financial Officer,
Chief Strategy Officer, Treasurer and Secretary
Telephone: + 30-210-9470-100
Email: izafirakis@dianashippinginc.com
X: @Dianaship
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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