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Stock Market & Financial Investment News

News Breaks
November 27, 2013
09:31 EDTDSXDiana Shipping announces termination of charter
Diana Shipping announced that its wholly-owned vessel subsidiary Gala Properties has received a notice from the charterers of the M/V "Houston" claiming that they are entitled to terminate the charter effective November 26 for purported breaches by the owners. The company believes that the owners have fully performed under the terms of the charter since its inception and that the charterers have no basis for the purported termination of the charter. The charterers have not previously alleged breaches by the owners. In contrast, payments by charterers under the charter have been late on numerous occasions. Despite efforts by the owners to resolve the dispute with the charterers, the charterers have been unwilling to remedy their breach and anticipatory repudiation and/or renunciation of the charter by withdrawing their wrongful termination and providing the vessel with employment orders in accordance with the charter. Owners will now seek to mitigate their losses as a result of the charterers' breach and reserve all their rights to claim such losses from charterers and/or to take appropriate steps to protect their position. As it has been previously announced, Gala Properties Inc. has time chartered the vessel to Shagang Shipping Company Limited a guaranteed nominee of the Jiangsu Shagang Group Co., at a gross charter hire rate of $55,000 per day for a period of a minimum of 59 months and a maximum of 62 months.
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April 15, 2014
05:59 EDTDSXScorpio, Diana Shipping trade well below NAV, says Deutsche Bank
Deutsche Bank says shares of Scorpio Bulkers (SALT) and Diana Shipping (DSX) are trading well below their net asset values following the recent pullback in the names. Deutsche points out that new and secondhand dry bulk asset prices have increased materially since the end of 2013. It reiterates Buy ratings on both stocks.

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