Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 194

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 7
Chunk 194
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, 2024, on

the date

of issuance.

Bergen Ultra

Bergen Ultra,

or Bergen,

is a

limited partnership

which owns

a dry

bulk carrier.

One of

our subsidiaries,

Diana

General

Partner

Inc.,

owns

3%

of

the

partnership

and

acts

as

the

General

Partner

and

another

subsidiary, Komi Shipping

Company Inc.,

owns 22%

of the

partnership.

The remaining

partnership interests

97

are owned by unaffiliated parties. On March 30, 2023, we entered into a

corporate guarantee with Nordea

to secure Bergen’s

obligations under

a $15.4

million loan

facility and

a commission

agreement under

which

the

Company

is

paid

a

commission

of

0.8%

per

annum,

on

the

outstanding

balance

of

the

loan,

as

compensation for the

guarantee it

provided to Nordea.

We have also

entered into

an administrative

service

agreement

under

which

DSS

provides

administrative

services

to

Bergen.

In

2024,

income

from

administrative

fees

amounted

to

$15,000

and

we

received

$116,395

as

payment

for

the

guarantee

commission.

Windward Offshore GmbH

Windward

Offshore

GmbH

&

Co.

KG,

or

Windward,

is

a

limited

partnership operating

an

offshore

wind

vessel

company

based

in

Germany.

One

of

our

subsidiaries,

Diana

Energize

Inc.,

or

Diana

Energize,

entered

into

a

novated

agreement

to

contribute

capital

for

Windward’s

construction

of

four

CSOVs,

ultimately

contributing

45.87%

of

Windward’s

capital.

As

of

December

31,

2024,

the

investment

in

Windward amounted

to $36.6

million consisting

of advances

to fund

the construction

of the

vessels,

working

capital and our portion in Windward’s results.

Diana