Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 296

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 19
Chunk 296
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, respectively, due from Bergen included in due from related parties, current and non-current.
c)

Windward Offshore

GmbH,

or Windward:
On November

7, 2023,

the Company

through its

wholly
owned subsidiary Diana

Energize Inc., or Diana

Energize, entered into a

joint venture agreement, with
two
unrelated companies

to form Windward

Offshore GmbH &

Co. KG or

Windward, based

in Germany, for the
purpose of

establishing and

operating an

offshore wind

vessel company

with the

aim of

becoming a

leading
provider

of

service

vessels

to

the

growing

offshore

wind

industry

and

acquire

certain

vessels.

Diana
Energize agreed

to contribute
25,000,000
Euro, being
45.45
% of

the limited

partnership’s capital

for the
construction of two CSOVs, and

in January 2024 agreed to

increase its contribution to
50,000,000
Euro or
45.87
% of the limited partnership’s capital pursuant to

a novated agreement in order for the

partnership to
place orders for two

additional CSOVs. As of

December 31, 2024 and 2023,

the investment in Windward
amounted to

$
36,631
and $
10,063,

respectively,

consisting

of

advances to

fund

the

construction of

the
vessels and working capital. In 2024 and 2023,

the investment in Windward resulted in a

loss of $
518
and
$
671,

respectively,

included

in

gain/(loss)

from

equity

method

investments

in

the

accompanying
consolidated statements of income.
d)

Diana Mariners

Inc., or

Diana Mariners:
On September

12, 2023,

the Company

through its

wholly
owned subsidiary Cebu Shipping

Company Inc., or Cebu, acquired
24
% of Cohen Global Maritime Inc., or
Cohen,

a

company

organized

in

the

Republic

of

the

Philippines

for

the

purpose

of

providing

manning
agency services.

In August