Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 294

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 19
Chunk 294
---
 of the

purchase price of

the vessel. On

the same
date, the Company entered into a

corporate guarantee with Nordea to secure

Bergen’s obligations under
the loan. On April 28, 2023,

the Company entered into (i)

an investment agreement with an

unrelated third
party to

acquire
75
% of

the limited

partnership interests;

(ii) an

amended limited

partnership agreement
under

which

the

Company

acts

as

the

General

Partner

of

the

partnership

through

its

wholly

owned
subsidiary Diana General

Partner Inc.; (iii)

an administrative service

agreement under which

DSS provides
administrative

services

to

Bergen;

(iv)

a

commission

agreement

under

which

the

Company

is

paid

a
commission

on

the

outstanding

balance

of

the

loan,

as

compensation

for

the

guarantee

it

provided

to
Nordea and (v)

a convertible loan with

Bergen under which Bergen

would have to repay

all expenditures
made by the

Company for the acquisition

of the vessel.

Pursuant to the

terms of the

convertible loan, on
April

28,

2023,

the

Company

received

from

Bergen

$
25,189
in

cash

while

an

amount

of

$
3,675
was
converted into partnership interests in Bergen, representing
25
% of the total partnership interests.
The Company

evaluated its variable

interests in Bergen

under ASC

810 and concluded

that Bergen

is a
VIE and that the Company does

not individually have the power

to direct the activities of the

VIE that most
significantly affect the partnership’s performance. From April 28, 2023 the Company no

longer retains the
power to

control the board

of directors. On

the same date,

Bergen was considered

an affiliate

entity and
not a controlled subsidiary of the Company. The Company accounted for the deconsolidation

of Bergen in
accordance

with

ASC

610

and

the

retained

noncontrolling

interest

was

accounted

for

under

the

equity
method due to the Company