Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 121

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 4
Chunk 121
---
frequent inspections

of high-risk ships,

as determined

by type, age,

and flag as

well as the

number of

times

the ship has been detained. The European Union

also adopted and extended a ban on substandard

ships

and enacted

a minimum

ban period

and a

definitive ban

for repeated

offenses. The

regulation also

provided

the

European

Union

with

greater

authority

and

control

over

classification

societies,

by

imposing

more

requirements on classification societies and providing for fines or

penalty payments for organizations that

failed to comply. Furthermore,

the EU has implemented

regulations requiring

vessels to use

reduced sulfur

content

fuel

for

their

main

and

auxiliary

engines.

The

EU

Directive

2005/33/EC

(amending

Directive

1999/32/EC) introduced requirements parallel to those in Annex VI relating to the sulfur content of marine

fuels. In

addition, the EU imposed

a 0.1% maximum

sulfur requirement for

fuel used

by ships at

berth in

the

Baltic,

the

North

Sea

and

the

English

Channel

(the

so

called

“ SOx-Emission

Control

Area”).

As

of

January 2020, EU member states must also ensure that ships in all

EU waters, except the SOx-Emission

Control Area, use fuels with a 0.5% maximum sulfur content.

On September

15, 2020,

the European

Parliament voted

to include

greenhouse gas

emissions from

the

maritime sector in the European Union’s carbon

market, the EU Emissions Trading System (“ EU ETS”)

as

part of its “ Fit-for-55”

legislation to reduce

net greenhouse gas

emissions by at

least 55% by 2030.

On July

14, 2021, the European Parliament

formally proposed its plan, which

would involve gradually including

the

maritime sector from

2023 and phasing the

sector in over

three-year period. This will

require shipowners

to

buy permits

to

cover these

emissions. The

Environment Council

adopted a

general approach

on

the

proposal

in

June