Diana Shipping Inc. (NYSE: DSX) is a global provider of shipping transportation services. We specialize in the ownership of dry bulk vessels. As of May 4, 2016 our fleet consists of 45 dry bulk vessels (2 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 22 Panamax). The Company also expects to take delivery of one Panamax dry bulk vessel at the beginning of May 2016, one new-building Newcastlemax dry bulk vessel during the third quarter of 2016, as well as one new-building Newcastlemax dry bulk vessel and one new-building Kamsarmax dry bulk vessel during the fourth quarter of 2016. As of the same date, the combined carrying capacity of our fleet, excluding the four vessels not yet delivered, is approximately 5.2 million dwt with a weighted average age of 7.6 years.
Our fleet is managed by our wholly-owned subsidiary Diana Shipping Services S.A. and our newly established 50/50 joint venture with Wilhelmsen Ship Management named Diana Wilhelmsen Management Limited in Cyprus.
Diana Shipping Inc. also owns approximately 25.7% of the issued and outstanding shares of Diana Containerships Inc. (NASDAQ: DCIX), a global provider of shipping transportation services through its ownership of containerships, that currently owns and operates thirteen container vessels (6 Post-Panamax and 7 Panamax).
Among the distinguishing strengths that we believe provide us with a competitive advantage in the dry bulk shipping industry are the following:
- We own a modern, high quality fleet of dry bulk carriers.
- Our fleet includes groups of sister ships, providing operational and scheduling flexibility, as well as cost efficiencies.
- We have an experienced management team.
- We benefit from the experience and reputation of Diana Shipping Services S.A. and the relationship with Wilhelmsen Ship Management through the Diana Wilhelmsen Management Limited joint venture.
- We benefit from strong relationships with members of the shipping and financial industries.
- We have a strong balance sheet and a low level of indebtedness.
Our main objective is to manage and expand our fleet in a manner that will enable us to enhance shareholder value. To accomplish this objective, we intend to pursue highly focused business strategies, including: maintaining a high quality fleet; strategically expanding the size of our fleet; pursuing an appropriate balance of short-term and long-term time charters; maintaining a strong balance sheet; and maintaining low cost, highly efficient operations. In addition, we intend to capitalize on our reputation for high standards of performance, reliability and safety to establish and maintain relationships with major international charterers and financial institutions.
Simeon P. Palios
Chief Executive Officer
Anastasios C. Margaronis
Chief Financial Officer and Treasurer
Chief Operating Officer and Secretary
Chief Accounting Officer