Diana Shipping Inc. is a holding company incorporated under the laws of Liberia
in March 1999 as Diana Shipping Investments Corp. In February 2005, the Companys
articles of incorporation were amended. Under the amended and restated articles
of incorporation, the Company was renamed Diana Shipping Inc. and was re-domiciled
from the Republic of Liberia to the Marshall Islands. Our executive offices
are located at Pendelis 16, 175 64 Palaio Faliro, Athens, Greece. Our telephone
number at this address is +30-210-947-0100. Our agent and authorized representative
in the United States is our wholly-owned subsidiary, Bulk Carriers (USA) LLC,
established in September 2006, in the State of Delaware, which is located at
2711 Centerville Road, Suite 400, Wilmington, Delaware 19808.
We are 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. Currently, our operating
fleet consists of 40 dry bulk carriers, of which 20 are Panamax, three are Kamsarmax,
three are Post-Panamax, twelve are Capesize and two are Newcastlemax vessels,
having a combined carrying capacity of approximately 4.6 million dwt. In addition,
we expect to take delivery of three vessels under construction in 2016.
The business of Diana Shipping Inc. is the ownership of dry bulk vessels. The
parent holding company wholly owns, directly or indirectly, the subsidiaries
which own the vessels that comprise our fleet. The holding company sets general
overall direction for the company and interfaces with various financial markets.
The commercial and technical management of our fleet, as well as providing administrative
services relating to the fleets operations, are carried out by our wholly-owned
subsidiary, Diana Shipping Services S.A., which we refer to as DSS, or our fleet
manager. In exchange for providing us with commercial and technical services,
personnel and office space, we pay our fleet manager a commission that is equal
to 2% of our revenues, a fixed management fee of $15,000 per month for each
vessel in operation and a fixed monthly fee of $7,500 for vessels under construction
and for laid up vessels. The administrative services of Diana Shipping Inc and
its subsidiaries are also carried out by DSS. On October 1, 2013, Diana Shipping
Inc., entered into an agreement with DSS for the provision of administrative
services for a fixed monthly fee of $10,000. Such services may include budgeting,
reporting, monitoring of bank accounts, compliance with banks, payroll services
and any other possible service that Diana Shipping Inc. or its subsidiaries
would require to perform their operations. The amounts deriving from these agreements
with DSS are considered inter-company transactions and, therefore, are eliminated
from our consolidated financial statements.
The global dry bulk carrier fleet could be divided into seven categories based
on a vessels carrying capacity. These categories consist of:
Very Large Ore Carriers (VLOC). Very large ore carriers have a carrying capacity
of more than 200,000 dwt and are a comparatively new sector of the dry bulk
carrier fleet. VLOCs are built to exploit economies of scale on long-haul iron
ore routes.
Capesize. Capesize vessels have a carrying capacity of 110,000-199,999 dwt.
Only the largest ports around the world possess the infrastructure to accommodate
vessels of this size. Capesize vessels are primarily used to transport iron
ore or coal and, to a much lesser extent, grains, primarily on long-haul routes.
Post-Panamax. Post-Panamax vessels have a carrying capacity of 80,000-109,999
dwt. These vessels tend to have a shallower draft and larger beam than a standard
Panamax vessel with a higher cargo capacity. These vessels have been designed
specifically for loading high cubic cargoes from draught restricted ports, although
they cannot transit the Panama Canal.
Panamax. Panamax vessels have a carrying capacity of 60,000-79,999 dwt. These
vessels carry coal, iron ore, grains, and, to a lesser extent, minor bulks,
including steel products, cement and fertilizers. Panamax vessels are able to
pass through the Panama Canal, making them more versatile than larger vessels
with regard to accessing different trade routes. Most Panamax and Post-Panamax
vessels are "gearless," and therefore must be served by shore-based
cargo handling equipment. However, there are a small number of geared vessels
with onboard cranes, a feature that enhances trading flexibility and enables
operation in ports which have poor infrastructure in terms of loading and unloading
facilities.
Handymax/Supramax. Handymax vessels have a carrying capacity of 40,000-59,999
dwt. These vessels operate in a large number of geographically dispersed global
trade routes, carrying primarily grains and minor bulks. Within the Handymax
category there is also a sub-sector known as Supramax. Supramax bulk carriers
are ships between 50,000 to 59,999 dwt, normally offering cargo loading and
unloading flexibility with on-board cranes, or "gear," while at the
same time possessing the cargo carrying capability approaching conventional
Panamax bulk carriers.
Handysize. Handysize vessels have a carrying capacity of up to 39,999 dwt.
These vessels are primarily involved in carrying minor bulk cargoes. Increasingly,
ships of this type operate within regional trading routes, and may serve as
trans-shipment feeders for larger vessels. Handysize vessels are well suited
for small ports with length and draft restrictions. Their cargo gear enables
them to service ports lacking the infrastructure for cargo loading and unloading.
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