Diana Shipping Inc. (DSX) recently announced that they have signed a Memorandum of Agreement for the sale of vessel Naias, on 16th of March 2021, to an unaffiliated third party, through a separate subsidiary, at a sale price of $11.25 million.
About Diana Shipping Inc.
Diana Shipping Inc., a Marshall Islands incorporated company, provides shipping transportation services all over the globe through its ownership of dry bulk vessels. Diana shipping specializes in the ownership of dry bulk vessels and its vessels transport a wide range of dry bulk cargoes, such as coal, iron ore, gran, and are employed mainly on medium to long-term time charters. Diana shipping owns a modern, high quality and massive fleet consisting of 37 dry bulk vessels along with the Naias, the Panamax dry bulk that has been recently sold. The fleet’s current carrying capacityis of 4.7 million deadweight tonnage (dwt) with an average lifespan of 10.07 years. Diana shipping aims to expand and manage its fleet in a way that enables them to enhance their shareholder value.
The Sale Agreement
On 17th march, 2021, Dianna Shipping announced that it has signed a Memorandum of Agreement for the sale of 2006-made vessel Naias, on 16th of March 2021, to an unaffiliated third party, through a separate subsidiary, at a sale price of $11.25 million, with the delivery date of 30th July, 2021. After the completion of this sale agreement, Diana shipping’s fleet will consist of 36 dry bulk vessels which includes 12 Capesize, 4 Newcastlemax, 10 Panamax, 5 Post-Panamax and 5 Kamsarmax.
Financial Performance of DSX
On 22nd February, 2021, DSX announced their fourth quarter results. The earnings per share decreased 66.67% year-over-year to $0.10, compared to the estimate of $0.06 per share. Their revenue has decreased 17.18% to $42.657 million compared to the estimate of $40.610 million. The DSX stock was unaffected by the announcement of the fourth quarter results.
On 18th march, the DSX stock closed at $3.37 and decreased 5.07% compared to the prior day close of $3.55.
The Effect of COVID-19 on Diana Shipping
Diana Shipping had recently announced on 10th March, 2021, that the 2021 Annual Meeting of shareholders will be held virtually because of the global COVID-19 pandemic. The board of directors have decided to schedule the meeting on 20th May, 2021.