DIANA SHIPPING INC.
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(registrant)
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Dated: February 24, 2021
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By:
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/s/ Ioannis Zafirakis
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Ioannis Zafirakis
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Interim Chief Financial Officer
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Corporate Contact:
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Ioannis Zafirakis
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Director, Interim Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary
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Telephone: + 30-210-9470100
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Email: izafirakis@dianashippinginc.com
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Website: www.dianashippinginc.com
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Investor and Media Relations:
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Edward Nebb
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Comm-Counsellors, LLC
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Telephone: + 1-203-972-8350
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Email: enebb@optonline.net
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5 Kamsarmax Bulk Carriers
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||||||||
13
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MAIA
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D
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$11,200
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5.00%
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Aquavita International S.A.
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31-Jan-20
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31-Mar-21 - 15-Jun-21
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2009 82,193
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||||||||
14
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MYRSINI
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D
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$11,500
|
5.00%
|
Ausca Shipping Limited, Hong Kong
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4-Dec-19
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2-Mar-21 - 19-Mar-21
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2
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2010 82,117
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||||||||
15
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MEDUSA
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D
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$11,000
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4.75%
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Cargill International S.A., Geneva
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16-Nov-19
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19-Nov-20
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$11,000
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4.75%
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19-Nov-20
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10-Jan-22 - 20-Mar-22
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|||||
2010 82,194
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||||||||
16
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MYRTO
|
D
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$10,000
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4.75%
|
Cargill International S.A., Geneva
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3-Apr-20
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1-Jul-21 - 15-Sep-21
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2013 82,131
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||||||||
17
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ASTARTE
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$11,750
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5.00%
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Aquavita International S.A.
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18-Jan-20
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18-Mar-21 - 2-Jun-21
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||
2013 81,513
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||||||||
5 Post-Panamax Bulk Carriers
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||||||||
18
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ALCMENE
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$8,500
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4.75%
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Cargill International S.A., Geneva
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2-Apr-20
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17-Apr-21 - 2-Jul-21
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||
2010 93,193
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||||||||
19
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AMPHITRITE
|
E
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$10,250
|
5.00%
|
SwissMarine Pte. Ltd., Singapore
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21-Mar-20
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6-Apr-21 - 21-Jun-21
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2012 98,697
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||||||||
20
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POLYMNIA
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E
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$11,000
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4.75%
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Cargill International S.A., Geneva
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15-Nov-19
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22-Nov-20
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$12,100
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5.00%
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CLdN Cobelfret SA, Luxembourg
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22-Nov-20
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15-Oct-21 - 25-Dec-21
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||||
2012 98,704
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||||||||
21
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ELECTRA
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F
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$10,250
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5.00%
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Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany
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21-Nov-19
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4-Jan-21
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8
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$12,500
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5.00%
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SwissMarine Pte. Ltd., Singapore
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||||||
2013 87,150
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4-Jan-21
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30-Mar-21
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||||||
22
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PHAIDRA
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F
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$9,400
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5.00%
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Uniper Global Commodities SE, Düsseldorf
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29-May-20
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29-Apr-21 - 29-Jul-21
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2013 87,146
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||||||||
12 Capesize Bulk Carriers
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||||||||
23
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ALIKI
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$11,300
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5.00%
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Koch Shipping Pte. Ltd., Singapore
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23-Apr-20
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4-Mar-21 - 15-Mar-21
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2
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|
2005 180,235
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||||||||
24
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BALTIMORE
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$15,000
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5.00%
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Koch Shipping Pte. Ltd., Singapore
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19-May-19
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21-Dec-20
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$13,000
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5.00%
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21-Dec-20
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20-Jul-21 - 5-Oct-21
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|||||
2005 177,243
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||||||||
25
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SALT LAKE CITY
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$9,750
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4.75%
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Cargill International S.A., Geneva
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24-Mar-19
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9-Jan-21
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$13,000
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5.00%
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C Transport Maritime Ltd., Bermuda
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9-Jan-21
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1-Apr-22 - 30-Jun-22
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2005 171,810
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||||||||
-
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SIDERIS GS
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G
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$12,700
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5.00%
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Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany
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7-Mar-20
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15-Jan-21
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9,10
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2006 174,186
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||||||||
26
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SEMIRIO
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G
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$16,000
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4.75%
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Cargill International S.A., Geneva
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30-Jun-19
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1-Jan-21
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$13,500
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5.00%
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SwissMarine Pte. Ltd., Singapore
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1-Jan-21
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5-Oct-21 - 20-Dec-21
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2007 174,261
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||||||||
27
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BOSTON
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G
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$15,300
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5.00%
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Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany
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7-Jun-19
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1-Apr-21 - 30-Jun-21
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2007 177,828
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28
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HOUSTON
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G
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$12,400
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5.00%
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C Transport Maritime Ltd., Bermuda
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13-Apr-20
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1-Jul-21 - 30-Sep-21
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2009 177,729
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||||||||
29
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NEW YORK
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G
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$15,500
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5.00%
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Singapore Marine Pte. LTD., Singapore
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7-Jun-19
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29-Dec-20
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$14,000
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5.00%
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EGPN Bulk Carrier Co., Limited, Hong Kong
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29-Dec-20
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16-Apr-22 - 30-Jun-22
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||||
2010 177,773
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||||||||
30
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SEATTLE
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H
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$12,300
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5.00%
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Pacbulk Shipping Pte. Ltd., Singapore
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27-Apr-20
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1-Oct-21 - 31-Dec-21
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2011 179,362
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||||||||
31
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P. S. PALIOS
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H
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$12,050
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5.00%
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C Transport Maritime Ltd., Bermuda
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24-Mar-20
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9-Apr-21 - 24-Jun-21
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2013 179,134
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||||||||
32
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G. P. ZAFIRAKIS
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I
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$13,200
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5.00%
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Koch Shipping Pte. Ltd., Singapore
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31-May-20
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1-Oct-21 - 31-Dec-21
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2014 179,492
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||||||||
33
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SANTA BARBARA
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I
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$17,250
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5.00%
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Pacbulk Shipping Pte. Ltd., Singapore
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28-Dec-19
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9-Jan-21
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$17,250
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4.75%
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Cargill International S.A., Geneva
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9-Jan-21
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5-Jan-22 - 5-Mar-22
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2015 179,426
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||||||||
34
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NEW ORLEANS
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$15,000
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4.75%
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Cargill International S.A., Geneva
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10-Apr-19
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12-Nov-20
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11
|
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$15,500
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5.00%
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Nippon Yusen Kabushiki Kaisha
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3-Dec-20
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25-Jan-22 - 25-Mar-22
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2015 180,960
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||||||||
4 Newcastlemax Bulk Carriers
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||||||||
35
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LOS ANGELES
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J
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$14,250
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5.00%
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Engelhart CTP Freight (Switzerland) SA
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6-Jun-20
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1-Oct-21 - 31-Dec-21
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|
2012 206,104
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||||||||
36
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PHILADELPHIA
|
J
|
$14,500
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5.00%
|
BHP Billiton Freight Singapore Pte. Ltd
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5-Feb-20
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5-Apr-21 - 5-Jul-21
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|
2012 206,040
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||||||||
37
|
SAN FRANCISCO
|
K
|
$16,000
|
5.00%
|
Koch Shipping Pte. Ltd., Singapore
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5-Mar-19
|
11-Feb-21
|
12,13
|
2017 208,006
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||||||||
38
|
NEWPORT NEWS
|
K
|
$18,400
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5.00%
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Koch Shipping Pte. Ltd., Singapore
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8-Sep-20
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16-Oct-21 - 30-Dec-21
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2017 208,021
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* Each dry bulk carrier is a "sister ship", or closely similar, to other dry bulk carriers that have the same letter.
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** Total commission percentage paid to third parties.
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*** In case of newly acquired vessel with time charter attached, this date refers to the expected/actual date of delivery of the vessel to the Company.
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**** Range of redelivery dates, with the actual date of redelivery being at the Charterers’ option, but subject to the terms, conditions, and exceptions of the particular
charterparty.
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1 Vessel sold and expected to be delivered to her new Owners at the latest by April 16, 2021.
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2 Based on latest information.
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3 The compensation for the overlapping period from December 31, 2020 until January 22, 2021, which is beyond the maximum contractual period, is still pending to be agreed
between Owners and Uniper Global Commodities SE, Düsseldorf.
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4 Redelivery date based on an estimated time charter trip duration of about 50 days.
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5 "Coronis" sold and delivered to her new owners on January 13, 2021.
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6 Charter includes a one time ballast bonus payment of US$500,000.
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7 Vessel on scheduled drydocking from October 24, 2020 to November 30, 2020.
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8 Charterers have agreed to pay the average of the daily published rates for p3a-82 route of the baltic panamax index for the days that index was published (i.e. 21/12-24/12
and 04/12) for the excess period commencing from December 21, 2020.
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9 "Sideris GS" sold and delivered to her new owners on January 20, 2021.
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10 The compensation for the overlapping period from December 31, 2020 until January 15, 2021, which is beyond the maximum contractual period, is still pending to be agreed
between Owners and Oldendorff Carriers GMBH & Co. KG, Lübeck, Germany.
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11 Vessel on scheduled drydocking from November 12, 2020 to December 3, 2020.
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12 Charterers have agreed to pay US$18,000 per day, for the excess period commencing from January 20, 2021 till February 11, 2021.
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13 Currently without an active charterparty.
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(1) |
Time charter equivalent rates, or TCE rates, are defined as our time charter revenues less voyage expenses during a period divided by the number of our available days during the period,
which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions. TCE is a non-GAAP measure. TCE rate is a standard shipping industry performance measure used
primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day
amounts while charter hire rates for vessels on time charters are generally expressed in such amounts.
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(2) |
Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores,
tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period.
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DIANA SHIPPING INC.
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FINANCIAL TABLES
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Expressed in thousands of U.S. Dollars, except share and per share data
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||||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)
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||||||||||||||||
Three months ended December 31,
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Year ended December 31,
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|||||||||||||||
2020
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2019
|
2020
|
2019
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|||||||||||||
REVENUES:
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(audited)
|
|||||||||||||||
Time charter revenues
|
$
|
42,657
|
$
|
51,508
|
$
|
169,733
|
$
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220,728
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||||||||
EXPENSES:
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||||||||||||||||
Voyage expenses
|
3,020
|
4,488
|
13,525
|
13,542
|
||||||||||||
Vessel operating expenses
|
22,407
|
23,368
|
85,847
|
90,600
|
||||||||||||
Depreciation and amortization of deferred charges
|
10,309
|
12,063
|
42,991
|
48,904
|
||||||||||||
General and administrative expenses
|
7,030
|
7,819
|
32,778
|
28,601
|
||||||||||||
Management fees to related party
|
506
|
589
|
2,017
|
2,155
|
||||||||||||
Vessel impairment charges
|
1,869
|
6,467
|
104,395
|
13,987
|
||||||||||||
Loss on sale of vessels
|
-
|
3,336
|
1,085
|
6,171
|
||||||||||||
Other income
|
(359
|
)
|
(298
|
)
|
(230
|
)
|
(854
|
)
|
||||||||
Operating income/(loss)
|
$
|
(2,125
|
)
|
$
|
(6,324
|
)
|
$
|
(112,675
|
)
|
$
|
17,622
|
|||||
OTHER INCOME / (EXPENSES):
|
||||||||||||||||
Interest expense and finance costs
|
(4,632
|
)
|
(6,722
|
)
|
(21,514
|
)
|
(29,432
|
)
|
||||||||
Interest and other income
|
35
|
602
|
728
|
2,858
|
||||||||||||
Gain on extinguishment of debt
|
-
|
-
|
374
|
-
|
||||||||||||
Loss from related party investments
|
(708
|
)
|
(1,537
|
)
|
(1,110
|
)
|
(1,583
|
)
|
||||||||
Total other expenses, net
|
$
|
(5,305
|
)
|
$
|
(7,657
|
)
|
$
|
(21,522
|
)
|
$
|
(28,157
|
)
|
||||
Net loss
|
$
|
(7,430
|
)
|
$
|
(13,981
|
)
|
$
|
(134,197
|
)
|
$
|
(10,535
|
)
|
||||
Dividends on series B preferred shares
|
(1,442
|
)
|
(1,442
|
)
|
(5,769
|
)
|
(5,769
|
)
|
||||||||
Net loss attributed to common stockholders
|
(8,872
|
)
|
(15,423
|
)
|
(139,966
|
)
|
(16,304
|
)
|
||||||||
Loss per common share, basic and diluted
|
$
|
(0.10
|
)
|
$
|
(0.17
|
)
|
$
|
(1.62
|
)
|
$
|
(0.17
|
)
|
||||
Weighted average number of common shares, basic and diluted
|
86,799,922
|
90,017,536
|
86,143,556
|
95,191,116
|
||||||||||||
Three months ended December 31,
|
Year ended December 31,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
(audited)
|
||||||||||||||||
Net loss
|
$
|
(7,430
|
)
|
$
|
(13,981
|
)
|
$
|
(134,197
|
)
|
$
|
(10,535
|
)
|
||||
Other comprehensive loss (Actuarial loss)
|
(20
|
)
|
(151
|
)
|
(40
|
)
|
(178
|
)
|
||||||||
Comprehensive loss
|
$
|
(7,450
|
)
|
$
|
(14,132
|
)
|
$
|
(134,237
|
)
|
$
|
(10,713
|
)
|
CONDENSED CONSOLIDATED BALANCE SHEET DATA
|
||||||||
(in thousands of U.S. Dollars)
|
||||||||
December 31, 2020
|
December 31, 2019*
|
|||||||
ASSETS
|
(unaudited)
|
|||||||
Cash, cash equivalents and restricted cash
|
$
|
82,909
|
$
|
128,288
|
||||
Other current assets
|
41,752
|
29,751
|
||||||
Vessels, net
|
716,178
|
882,297
|
||||||
Other fixed assets, net
|
21,704
|
22,077
|
||||||
Investments in related parties
|
-
|
1,680
|
||||||
Other non-current assets
|
9,867
|
7,187
|
||||||
Total assets
|
$
|
872,410
|
$
|
1,071,280
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Long-term debt, net of deferred financing costs
|
$
|
420,314
|
$
|
474,951
|
||||
Other liabilities
|
23,526
|
26,265
|
||||||
Total stockholders' equity
|
428,570
|
570,064
|
||||||
Total liabilities and stockholders' equity
|
$
|
872,410
|
$
|
1,071,280
|
||||
*
|
The balance sheet data have been derived from the audited consolidated financial statements at that date.
|
OTHER FINANCIAL DATA (unaudited)
|
||||||||||||||||
Three months ended December 31,
|
Year ended December 31,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
(audited)
|
||||||||||||||||
Net cash provided by operating activities
|
$
|
5,927
|
$
|
5,407
|
$
|
17,234
|
$
|
49,882
|
||||||||
Net cash provided by/(used in) investing activities
|
(1,114
|
)
|
6,013
|
10,484
|
38,397
|
|||||||||||
Net cash used in financing activities
|
$
|
(12,290
|
)
|
$
|
(32,486
|
)
|
$
|
(73,097
|
)
|
$
|
(111,398
|
)
|