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At the closing of the investment, scheduled for February 19, 2010, Diana Shipping’s wholly-owned management company will also enter into administrative and vessel management agreements with the new company, and certain Diana Shipping executives will also hold positions as executives of the new company. In addition, Diana Shipping has agreed with the new company so long as the administrative agreement or any of the vessel management agreements remain in effect not to invest in containerships, while the new company has agreed not to invest in dry bulk carriers. The closing of the transaction is subject to customary closing conditions. The shares of the company involved in the project described in this press release have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States or to U.S. persons (as such term is defined in Regulation S under the Securities Act) in the absence of an effective registration statement or exemption from registration. This press release is not an offer to sell or the solicitation of an offer to buy such shares. About Diana Shipping Inc. Diana Shipping Inc. is a global provider of shipping transportation services. The Company specializes in transporting dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes. Diana Shipping Inc. press release |
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Diana Shipping Inc. Agrees to Invest US$50 Million for a 38% Stake in Previously Announced New Containership Project