Diana Shipping Inc. is a global provider of shipping transportation services. We specialize in transporting dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes. Since January 28, 2010 our fleet has consisted of fourteen Panamax vessels and eight Capesize vessels (including one new building expected to be delivered to the Company in March 2010). As of January 28, 2010 and without taking into account the one vessel still not delivered to the Company, our combined carrying capacity is 2.3 million dwt with a weighted average age of 5.0 years.
Among the distinguishing strengths that we believe provide us with a competitive advantage in the dry bulk shipping industry are the following:
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We own a modern, high quality fleet of dry bulk carriers.
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Our fleet includes four groups of sister ships, providing operational and scheduling flexibility, as well as cost efficiencies.
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We have an experienced management team.
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We manage our vessel operations internally.
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We benefit from strong relationships with members of the shipping and financial industries.
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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: continuing to operate 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.
MANAGEMENT:
Simeon P. Palios, Chief Executive Officer
Anastassis C. Margaronis, President
Andreas Michalopoulos, Chief Financial Officer and Treasurer
Ioannis Zafirakis, Executive Vice-President and Secretary
Maria Dede, Chief Accounting Officer