Diana Shipping Charters Vessel, Expands Offshore Wind Fleet

TL;DR

**Diana Shipping just locked in a new charter and is doubling down on offshore wind vessels!**

AI Summary

Diana Shipping Inc. announced two key developments on January 22, 2024. First, its wholly-owned subsidiary secured a time charter contract with ST Shipping and Transport Pte. Ltd. for the Panamax dry bulk vessel m/v Maera. Second, its joint venture with Blue Star Group GmbH & Cie. KG, SeaRenergy Offshore Holding GmbH, and SeraVerse GmbH exercised an option to acquire two additional newbuilding offshore wind service vessels (CSOVs) from VARD. These actions matter to investors because the charter contract provides stable revenue for an existing vessel, while the CSOV acquisition expands the company's presence in the growing offshore wind sector, potentially boosting future earnings and diversification.

Why It Matters

The new charter provides immediate revenue stability for an existing vessel, while the acquisition of additional offshore wind service vessels signals strategic growth into a high-demand, renewable energy sector.

Risk Assessment

Risk Level: medium — While the charter provides stability, the expansion into offshore wind service vessels involves significant capital expenditure and market risks associated with new construction and a developing industry.

Analyst Insight

A smart investor would view these announcements as positive for Diana Shipping, indicating both stable income from existing assets and strategic expansion into a growing renewable energy market. Further research into the terms of the charter and the financial implications of the CSOV acquisitions would be prudent.

Key Players & Entities

• DIANA SHIPPING INC. (company) — registrant and company making announcements
• ST Shipping and Transport Pte. Ltd. (company) — counterparty for the time charter contract
• m/v Maera (company) — Panamax dry bulk vessel chartered
• Blue Star Group GmbH & Cie. KG (company) — joint venture partner
• SeaRenergy Offshore Holding GmbH (company) — joint venture partner
• SeraVerse GmbH (company) — joint venture partner
• VARD (company) — supplier of newbuilding CSOVs
• Anastasios Margaronis (person) — President of Diana Shipping Inc. who signed the report

Forward-Looking Statements

• Diana Shipping Inc. will see increased revenue stability from the m/v Maera charter. (DIANA SHIPPING INC.) — high confidence, target: 2024-12-31
• The acquisition of additional CSOVs will position Diana Shipping for growth in the offshore wind sector. (DIANA SHIPPING INC.) — medium confidence, target: 2025-12-31

FAQ

Key Financial Figures

• $13,750, m — m/v Maera. The gross charter rate is US$13,750, minus a 5% commission paid to third parti
• $12,000 — ., Geneva, at a gross charter rate of US$12,000 per day, minus a 4.75% commission paid
• $4.03 million — anticipated to generate approximately US$4.03 million of gross revenue for the minimum schedu

Filing Documents

• d10941182_6k.htm (6-K) — 33KB
• 0000919574-24-000478.txt ( ) — 34KB

SIGNATURES

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: January 22, 2024 By: /s/ Anastasios Margaronis Anastasios Margaronis President Exhibit 99.1 Corporate Contact: Ioannis Zafirakis Director, Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary Telephone: + 30-210-9470-100 Email: izafirakis@dianashippinginc.com Website: www.dianashippinginc.com X: @Dianaship For Immediate Release Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: enebb@optonline.net DIANA SHIPPING INC. ANNOUNCES TIME CHARTER CONTRACT FOR M/V MAERA WITH ST SHIPPING ATHENS, GREECE, January 22, 2024 – 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 ST Shipping and Transport Pte. Ltd., for one of its Panamax dry bulk vessels, the m/v Maera. The gross charter rate is US$13,750, minus a 5% commission paid to third parties, for a period until minimum November 20, 2024 up to maximum January 20, 2025. The charter is expected to commence on January 28, 2024. The m/v Maera is currently chartered, as previously announced, to Cargill International S.A., Geneva, at a gross charter rate of US$12,000 per day, minus a 4.75% commission paid to third parties. The "Maera" is a 75,403 dwt Panamax dry bulk vessel built in 2013. The employment of "Maera" is anticipated to generate approximately US$4.03 million of gross revenue for the minimum scheduled period of the time charter. Diana Shipping Inc.'s fleet currently consists of 40 dry bulk vessels: 4 Newcastlemax, 9 Capesize, 5 Post-Panamax, 6 Kamsarmax, 7 Panamax and 9 Ultramax

View Full Filing

View this 6-K filing on SEC EDGAR