Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 128

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 4
Chunk 128
---
detention

of

a

vessel

or

additional

security

measures, and

the risk

of uninsured

losses could

significantly affect

our business.

Costs are

incurred in

taking

additional

security

measures

in

accordance

with

Best

Management

Practices

to

Deter

Piracy,

notably those contained in the BMP5 industry standard.

67

Inspection by Flag administration and Classification Societies

The flag represents the nationality of the ship, showing that it’s under the control of the registered country

and must comply with international and maritime law of it. The flag is required to take measures

to ensure

safety at sea

and should verify that

ships under its

authority,

conform relevant international standards,

in

regard to construction, design, equipment and manning of ships,

through on board physical inspections.

The hull and machinery of every commercial vessel

must be classed by a classification society

authorized

by

its

country

of

registry.

The

classification

society

certifies

that

a

vessel

is

safe

and

seaworthy

in

accordance with the

applicable rules and

regulations of the

country of registry of

the vessel and

SOLAS.

Most

insurance

underwriters

make

it

a

condition

for

insurance

coverage

and

lending

that

a

vessel

be

certified

“in

class”

by

a

classification

society

which

is

a

member

of

the

International

Association

of

Classification Societies, the IACS.

The IACS has adopted harmonized Common Structural Rules, or “the

Rules”, which

apply to

oil tankers

and bulk

carriers contracted

for construction

on or after

July 1,

2015.

The

Rules attempt to create a level of consistency between IACS Societies.

All of our vessels are certified as

being “in

class” by

all the

applicable Classification Societies

(e. g., American

Bureau of

Shipping, Lloyd's

Register of Shipping).

A vessel must undergo annual surveys,

intermediate surveys, drydockings and special surveys. In

lieu of

a special survey,

a vessel’s machinery may be

on a continuous survey cycle, under

which the machinery

would

be