DIANA SHIPPING INC.
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(registrant)
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Dated: May 21, 2021
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By:
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/s/ Ioannis Zafirakis
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Ioannis Zafirakis
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Chief Financial Officer
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Corporate Contact:
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Ioannis Zafirakis
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Director, Chief Financial Officer, Chief Strategy Officer,
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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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Fleet Employment Profile (As of May 19, 2021)
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Diana Shipping Inc.’s fleet is employed as follows:
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Vessel
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Sister Ships*
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Gross Rate
(USD Per Day)
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Com**
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Charterers
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Delivery Date to Charterers***
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Redelivery Date to Owners****
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Notes
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BUILT DWT
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||||||||
11 Panamax Bulk Carriers
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||||||||
-
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OCEANIS
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$9,200
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5.00%
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Phaethon International Company AG
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9-Jan-20
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27-Feb-21
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1
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2001 75,211
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||||||||
1
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PROTEFS
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A
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$9,900
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5.00%
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Phaethon International Company AG
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30-Nov-19
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8-Feb-21
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$10,650
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5.00%
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Reachy International (HK) Co., Limited
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8-Feb-21
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10-Mar-22 - 20-May-22
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2004 73,630
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||||||||
2
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CALIPSO
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A
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$8,250
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5.00%
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Uniper Global Commodities SE, Düsseldorf
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13-Apr-20
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22-Jan-21
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2
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$10,400
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5.00%
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Viterra Chartering B.V., Rotterdam
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22-Jan-21
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1-Oct-21 - 15-Dec-21
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2005 73,691
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||||||||
3
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NAIAS
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A
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$10,000
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5.00%
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Phaethon International Company AG
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26-Jan-19
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27-Jan-21
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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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27-Jan-21
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17-May-21
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3
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$25,000
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5.00%
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Nasshipping Inc.
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17-May-21
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6-Jun-21 - 16-Jun-21
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4
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2006 73,546
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||||||||
-
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CORONIS
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$8,000
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5.00%
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Koch Shipping Pte. Ltd., Singapore
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20-Feb-20
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31-Dec-20
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5
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2006 74,381
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||||||||
4
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MELIA
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$10,000
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5.00%
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Ausca Shipping Limited, Hong Kong
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20-Aug-20
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31-May-21 - 20-Jun-21
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6,7
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2005 76,225
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||||||||
5
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ARTEMIS
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$10,250
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5.00%
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Glencore Agriculture B.V., Rotterdam
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30-Nov-20
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5-Jan-22 - 30-Mar-22
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2006 76,942
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||||||||
6
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LETO
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$9,000
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4.75%
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Cargill International S.A., Geneva
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21-May-20
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15-Jul-21 - 30-Sep-21
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2010 81,297
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||||||||
7
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SELINA
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B
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$11,000
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5.00%
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ST Shipping and Transport Pte. Ltd., Singapore
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5-Jul-20
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5-Jul-21 - 5-Sep-21
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2010 75,700
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||||||||
8
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MAERA
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B
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$8,600
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5.00%
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Ausca Shipping Limited, Hong Kong
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11-Jun-20
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1-Jul-21 - 30-Sep-21
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2013 75,403
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9
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ISMENE
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$10,800
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5.00%
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Phaethon International Company AG
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10-Jan-20
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11-Mar-21
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$16,500
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5.00%
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Tongli Shipping Pte. Ltd.
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11-Mar-21
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15-Oct-21 - 15-Dec-21
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2013 77,901
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10
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CRYSTALIA
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C
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$8,750
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5.00%
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Glencore Agriculture B.V., Rotterdam
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22-May-20
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1-Jul-21 - 30-Sep-21
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2014 77,525
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11
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ATALANDI
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C
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$9,300
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5.00%
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Uniper Global Commodities SE, Düsseldorf
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14-Jun-20
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14-Jul-21 - 14-Oct-21
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2014 77,529
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5 Kamsarmax Bulk Carriers
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12
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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-May-21 - 15-Jun-21
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7
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2009 82,193
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13
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MYRSINI
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D
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$11,500
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5.00%
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Ausca Shipping Limited, Hong Kong
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4-Dec-19
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11-May-21
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$27,750
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5.00%
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Bocimar International N.V.
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11-May-21
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15-Oct-21 - 30-Nov-21
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2010 82,117
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14
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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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19-Nov-20
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10-Jan-22 - 20-Mar-22
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2010 82,194
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15
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MYRTO
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D
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$10,000
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4.75%
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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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16
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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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20-May-21
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8
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$25,000
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5.00%
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Mitsui O.S.K. Lines Ltd.
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20-May-21
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1-Nov-21 - 15-Dec-21
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9
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2013 81,513
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5 Post-Panamax Bulk Carriers
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17
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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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30-May-21 - 2-Jul-21
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7
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2010 93,193
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18
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AMPHITRITE
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E
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$10,250
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5.00%
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SwissMarine Pte. Ltd., Singapore
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21-Mar-20
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1-Jun-21 - 21-Jun-21
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7
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2012 98,697
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19
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POLYMNIA
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E
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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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20
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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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10
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$12,500
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5.00%
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SwissMarine Pte. Ltd., Singapore
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4-Jan-21
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23-Mar-21
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$23,500
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5.00%
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Refined Success Limited
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23-Mar-21
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28-Apr-21
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$21,000
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5.00%
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Tongli Shipping Pte. Ltd.
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28-Apr-21
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10-Feb-22 - 10-Apr-22
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2013 87,150
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21
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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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1-Jun-21 - 29-Jul-21
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7
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2013 87,146
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12 Capesize Bulk Carriers
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22
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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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18-Mar-21
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11
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$20,500
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5.00%
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Solebay Shipping Cape Company Limited, Hong Kong
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18-Mar-21
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15-Jan-22 - 15-Mar-22
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2005 180,235
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23
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BALTIMORE
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$13,000
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5.00%
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Koch Shipping Pte. Ltd., Singapore
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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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24
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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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12,13
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2006 174,186
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25
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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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* 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 "Oceanis" sold and delivered to her new owners on March 15, 2021.
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2 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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3 Vessel sold and expected to be delivered to her new owners at the latest by July 30, 2021.
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4 Redelivery date based on an estimated time charter trip duration of about 20-30 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 Based on latest information.
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8 Expected redelivery date from the charterers.
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9 Expected delivery date to the charterers.
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10 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 till January 4, 2021.
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11 The compensation for the overlapping period from March 15, 2021 until the actual redelivery date, which is beyond the maximum contractual period, is still pending to be
agreed between Owners and Koch Shipping Pte. Ltd., Singapore.
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12 "Sideris GS" sold and delivered to her new owners on January 20, 2021.
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13 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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14 Vessel currently off-hire for drydocking.
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15 Charterers have agreed to pay US$18,000 per day, for the excess period commencing from January 20, 2021 until February 11, 2021.
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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 LOSS
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Three months ended March 31,
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||||||||
2021
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2020
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|||||||
REVENUES:
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Time charter revenues
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$
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41,051
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$
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43,760
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||||
EXPENSES:
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||||||||
Voyage expenses
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1,780
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3,734
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||||||
Vessel operating expenses
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18,552
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21,317
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||||||
Depreciation and amortization of deferred charges
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10,049
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11,547
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General and administrative expenses
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6,697
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9,546
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Management fees to related party
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449
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517
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Vessel impairment charges
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-
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93,137
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||||||
Loss on sale of vessels
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206
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1,078
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||||||
Other income
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(106
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)
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(241
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)
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Operating income/(loss)
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$
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3,424
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$
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(96,875
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)
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OTHER INCOME / (EXPENSES):
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||||||||
Interest expense and finance costs
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(4,636
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)
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(6,354
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)
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||||
Interest income
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28
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436
|
||||||
Loss from equity method investment
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(111
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)
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(30
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)
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||||
Total other expenses, net
|
$
|
(4,719
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)
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$
|
(5,948
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)
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Net loss
|
$
|
(1,295
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)
|
$
|
(102,823
|
)
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||
Dividends on series B preferred shares
|
(1,442
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)
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(1,442
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)
|
||||
Net loss attributed to common stockholders
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(2,737
|
)
|
(104,265
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)
|
||||
Loss per common share, basic and diluted
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$
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(0.03
|
)
|
$
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(1.21
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)
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||
Weighted average number of common shares, basic and diluted
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83,572,221
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86,473,606
|
||||||
Three months ended March 31,
|
||||||||
2021
|
2020
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|||||||
Net loss
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$
|
(1,295
|
)
|
$
|
(102,823
|
)
|
||
Other comprehensive loss (Actuarial loss)
|
-
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(7
|
)
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|||||
Comprehensive loss
|
$
|
(1,295
|
)
|
$
|
(102,830
|
)
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CONDENSED CONSOLIDATED BALANCE SHEET DATA
|
||||||||
(in thousands of U.S. Dollars)
|
||||||||
March 31, 2021
|
December 31, 2020*
|
|||||||
ASSETS
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(unaudited)
|
|||||||
Cash, cash equivalents and restricted cash
|
$
|
86,035
|
$
|
82,909
|
||||
Other current assets
|
27,383
|
41,752
|
||||||
Vessels, net
|
698,693
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716,178
|
||||||
Other fixed assets, net
|
21,700
|
21,704
|
||||||
Other non-current assets
|
8,893
|
9,867
|
||||||
Total assets
|
$
|
842,704
|
$
|
872,410
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Long-term debt, net of deferred financing costs
|
$
|
411,445
|
$
|
420,314
|
||||
Other liabilities
|
19,162
|
23,526
|
||||||
Total stockholders' equity
|
412,097
|
428,570
|
||||||
Total liabilities and stockholders' equity
|
$
|
842,704
|
$
|
872,410
|
||||
*
|
The balance sheet data have been derived from the audited consolidated financial statements at that date.
|
OTHER FINANCIAL DATA (unaudited)
|
||||||||
Three months ended March 31,
|
||||||||
2021
|
2020
|
|||||||
Net cash provided by operating activities
|
$
|
6,419
|
$
|
7,290
|
||||
Net cash provided by/(used in) investing activities
|
22,558
|
(1,164
|
)
|
|||||
Net cash used in financing activities
|
$
|
(25,851
|
)
|
$
|
(23,214
|
)
|