Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 309

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 19
Chunk 309
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obligation to

purchase the

vessel on

the expiration

of the

lease on
the tenth year.
On August 17, 2022, the

Company entered into
two
sale and leaseback agreements with two

unaffiliated
third parties for
New Orleans
and
Santa Barbara. The vessels

were delivered

to their buyers

on September
8, 2022 and

September 12,

2022, respectively

and the

Company chartered-in

both vessels

under bareboat
charter parties for a period of
eight years, each, under which the Company pays

fixed monthly hire. Under
the bareboat charter, the

Company has the

option to repurchase

the vessel at

specific prices, after

the end
of the

third year

of the

charter period

and for

each year

thereafter, and the

obligation to

purchase the

vessel
on the expiration of the lease on the eighth year.
On December 6, 2022, the Company

sold
DSI Andromeda
to an unrelated third party and leased

back the
vessel under

a bareboat

agreement, for

a period

of
ten years, under

which the

Company pays

fixed monthly
hire. The Company

has the

option to

repurchase the vessel

at specific prices,

after the end

of the

third year
of

the

charter

period

and

for

each

year

thereafter,

and

the

obligation

to

purchase

the

vessel

on

the
expiration of the lease on the tenth year.
The Company determined

that, under ACS

842-40 Sale and

Leaseback Transactions, the

transactions are
failed

sales

and

consequently the

assets

were not

derecognized from

the

financial

statements

and

the
proceeds from the sale of the vessels were accounted for as financial liabilities. As of December

31, 2024
and

2023,

finance

liability

amounted

to

$
9,608
and

$
9,221,

respectively,

included

in

finance

liabilities,
current and $
113,300
and $
122,908
respectively included in finance liabilities, net of

current portion. As of
December 31, 2024,