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Diana Shipping Inc. Reports Financial Results For the Second Quarter and Six Months Ended June 30, 2022; Declares Cash Dividend of $0.275 Per Share For the Second Quarter 2022

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ATHENS, Greece, July 28, 2022 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today reported net income of $35.6 million and net income attributed to common stockholders of $34.2 million for the second quarter of 2022. This compares to net income of $2.8 million and net income attributed to common stockholders of $1.4 million for the second quarter of 2021. Earnings per share for the second quarter of 2022 was $0.44 basic and $0.42 diluted, compared to earnings per share of $0.02 basic and diluted in the same quarter of 2021.

Time charter revenues were $74.5 million for the second quarter of 2022, compared to $47.0 million for the same quarter of 2021. The increase in time charter revenues was due to increased average time charter rates that the Company achieved for its vessels during the quarter. This increase was partly offset by decreased revenues due to the decrease in the size of the fleet and increased off hire days during the quarter compared to the same quarter last year.

Net income for the six months ended June 30, 2022, amounted to $61.6 million and net income attributed to common stockholders amounted to $58.8 million. This compares to net income of $1.5 million and net loss attributed to common stockholders of $1.4 million for the same period of 2021. Time charter revenues were $140.5 million for the six months ended June 30, 2022, compared to $88.1 million for the same period of 2021.

Dividend Declaration

The Company has declared a cash dividend on its common stock of $0.275 per share, based on the Company’s results of operations during the second quarter ended June 30, 2022. The cash dividend will be payable on or about August 19, 2022 to all shareholders of record as of August 8, 2022. The Company currently has 86,142,258 common shares issued and outstanding.

Fleet Employment (As of July 27, 2022)

 

 

 

 

 

 

 

 

 

 

 

VESSEL

SISTER SHIPS*

GROSS RATE (USD PER DAY)

COM**

CHARTERERS

DELIVERY DATE TO CHARTERERS***

REDELIVERY DATE TO OWNERS****

NOTES

 

BUILT DWT

8 Panamax Bulk Carriers

1

MELIA

 

25,750

5.00

%

Viterra Chartering B.V., Rotterdam

11-Jun-21

28/May/2022

1

 

2005 76,225

 

20,000

5.00

%

Oldendorff GmbH & Co. KG

28-May-22

23/Aug/2022

2

ARTEMIS

 

21,250

4.75

%

Cargill International S.A., Geneva

21-Mar-22

20/Jun/2023-20/Aug/2023

 

 

2006 76,942

 

 

 

 

 

 

 

3

LETO

 

25,500

4.75

%

Aquavita International S.A.

03-Oct-21

1/Feb/2023 - 15/Apr/2023

 

 

2010 81,297

 

 

 

 

 

 

 

4

SELINA

A

26,500

5.00

%

ASL Bulk Shipping HK Limited

02-Sep-21

18/Jun/2022

 

 

2010 75,700

 

22,000

5.00

%

Speed Logistics Marine Limited

18-Jun-22

15/Apr/2023-20/Jun/2023

 

5

MAERA

A

26,000

5.00

%

ASL Bulk Shipping HK Limited

18-Sep-21

1/Oct/2022 - 15/Dec/2022

 

 

2013 75,403

 

 

 

 

 

 

 

6

ISMENE

 

18,500

4.75

%

Cargill International S.A., Geneva

23-Nov-21

15/Dec/2022 - 15/Feb/2023

 

 

2013 77,901

 

 

 

 

 

 

 

7

CRYSTALIA

B

26,100

5.00

%

Uniper Global Commodities SE, Dusseldorf

21-Sep-21

1/Oct/2022 - 15/Dec/2022

 

 

2014 77,525

 

 

 

 

 

 

 

8

ATALANDI

B

24,500

4.75

%

Aquavita International S.A.

05-Oct-21

15/Feb/2023 - 30/Apr/2023

 

 

2014 77,529

 

 

 

 

 

 

 

6 Kamsarmax Bulk Carriers

9

MAIA

C

25,000

5.00

%

Viterra Chartering B.V., Rotterdam

20-Jun-21

24/May/2022

 

 

2009 82,193

 

25,000

5.00

%

Hyundai Glovis Co. Ltd.

24-May-22

20/Sep/2023 - 20/Nov/2023

 

10

MYRSINI

C

22,000

4.75

%

Cargill International S.A., Geneva

15-Nov-21

1/Dec/2022 - 31/Jan/2023

 

 

2010 82,117

 

 

 

 

 

 

 

11

MEDUSA

C

26,000

4.75

%

Cargill International S.A., Geneva

09-Mar-22

15/May/2023-15/Jul/2023

 

 

2010 82,194

 

 

 

 

 

 

 

12

MYRTO

C

28,500

5.00

%

Solebay Shipping Transocean Company Limited

10-Sep-21

15/Aug/2022 - 15/Oct/2022

 

 

2013 82,131

 

 

 

 

 

 

 

13

ASTARTE

 

21,500

5.00

%

Tongli Shipping Pte. Ltd.

30-Jan-22

15/Apr/2023 - 15/Jun/2023

 

 

2013 81,513

 

 

 

 

 

 

 

14

LEONIDAS P. C.

 

24,500

4.75

%

Cargill International S.A., Geneva

18-Feb-22

1/Mar/2023-30/Apr/2023

 

 

2011 82,165

 

 

 

 

 

 

 

5 Post-Panamax Bulk Carriers

15

ALCMENE

 

17,100

5.00

%

SwissMarine Pte. Ltd., Singapore

25-Nov-21

20/Dec/2022 - 5/Mar/2023

 

 

2010 93,193

 

 

 

 

 

 

 

16

AMPHITRITE

D

27,000

5.00

%

BG Shipping Co., Limited, Hong Kong

13-Sep-21

15/Oct/2022 - 15/Dec/2022

 

 

2012 98,697

 

 

 

 

 

 

 

17

POLYMNIA

D

24,750

5.00

%

CLdN Cobelfret SA, Luxembourg

04-Feb-22

15/Jan/2023-15/Mar/2023

 

 

2012 98,704

 

 

 

 

 

 

 

18

ELECTRA

E

21,000

5.00

%

Tongli Shipping Pte. Ltd.

28-Apr-21

13/Apr/2022

2

 

2013 87,150

 

16,500

5.00

%

Raffles Shipping International Pte. Ltd.

13-Apr-22

7/Jun/2022

3

 

 

17,500

5.00

%

Refined Success Limited

02-Jul-22

1/Apr/2023 - 30/May/2023

 

19

PHAIDRA

E

28,000

5.00

%

Uniper Global Commodities SE, Düsseldorf

02-Sep-21

1/Aug/2022 - 25/Aug/2022

4

 

2013 87,146

 

 

 

 

 

 

 

12 Capesize Bulk Carriers

20

ALIKI

 

24,500

5.00

%

Koch Shipping Pte. Ltd., Singapore

21-Feb-22

1/Feb/2023 - 15/Apr/2023

 

 

2005 180,235

 

 

 

 

 

 

 

21

BALTIMORE

 

10,500

5.00

%

Trafigura Maritime Logistics Pte. Ltd.

08-Feb-22

8/Apr/2022

5

 

2005 177,243

 

16,000

5.00

%

Solebay Shipping Cape Company Limited, Hong Kong

08-Apr-22

11/Jul/2022

6,7

22

SEMIRIO

F

19,700

5.00

%

C Transport Maritime Ltd., Bermuda

15-Dec-21

15/Aug/2023 - 15/Nov/2023

8

 

2007 174,261

 

 

 

 

 

 

 

23

BOSTON

F

25,500

5.00

%

C Transport Maritime Ltd., Bermuda

16-Jun-21

20/Apr/2022

9

 

2007 177,828

 

13,000

5.00

%

Richland Bulk Pte. Ltd.

20-Apr-22

28/May/2022

 

 

20,500

5.00

%

Aquavita International S.A.

15-Jul-22

1/Apr/2023 - 31/May/2023

24

HOUSTON

F

27,000

5.00

%

Koch Shipping Pte. Ltd., Singapore

30-Aug-21

5/Aug/2022 - 15/Oct/2022

4

 

2009 177,729

 

 

 

 

 

 

 

25

NEW YORK

F

14,000

5.00

%

EGPN Bulk Carrier Co., Limited, Hong Kong

29-Dec-20

2/Jul/2022

 

 

2010 177,773

 

23,000

5.00

%

C Transport Maritime Ltd., Bermuda

02-Jul-22

10/Jun/2023 - 25/Aug/2023

 

26

SEATTLE

G

26,500

5.00

%

Solebay Shipping Cape Company Limited, Hong Kong

02-Mar-22

1/Oct/2023-15/Dec/2023

 

 

2011 179,362

 

 

 

 

 

 

27

P. S. PALIOS

G

26,500

4.75

%

Olam International Limited, Singapore

05-Jun-21

23/Apr/2022

10

 

2013 179,134

 

31,000

5.00

%

Classic Maritime Inc.

11-Jun-22

15/Apr/2024-30/Jun/2024

 

28

G. P. ZAFIRAKIS

H

22,750

4.75

%

Cargill International S.A., Geneva

01-Dec-21

1/Nov/2022 - 31/Dec/2022

 

 

2014 179,492

 

 

 

 

 

 

 

29

SANTA BARBARA

H

29,500

4.75

%

Cargill International S.A., Geneva

19-Mar-22

10/May/2023-10/Jul/2023

 

 

2015 179,426

 

 

 

 

 

 

 

30

NEW ORLEANS

 

32,000

5.00

%

Engelhart CTP Freight (Switzerland) SA

25-Mar-22

20/Nov/2023-31/Jan/2024

 

 

2015 180,960

 

 

 

 

 

 

 

31

FLORIDA

 

25,900

5.00

%

Bunge S.A., Geneva

29-Mar-22

29/Jan/2027-29/May/2027

11

 

2022 182,063

 

 

 

 

 

 

 

4 Newcastlemax Bulk Carriers

32

LOS ANGELES

I

26,250

5.00

%

Koch Shipping Pte. Ltd., Singapore

30-Jan-22

15/Jan/2023-15/Mar/2023

 

 

2012 206,104

 

 

 

 

 

 

 

33

PHILADELPHIA

I

26,000

5.00

%

C Transport Maritime Ltd., Bermuda

12-Apr-22

1/Feb/2024-15/Apr/2024

12

 

2012 206,040

 

 

 

 

 

 

 

34

SAN FRANCISCO

J

30,500

5.00

%

Koch Shipping Pte. Ltd., Singapore

18-Feb-22

1/Mar/2023-15/May/2023

 

 

2017 208,006

 

 

 

 

 

 

 

35

NEWPORT NEWS

J

28,000

5.00

%

Koch Shipping Pte. Ltd., Singapore

16-Dec-21

1/Jul/2023 - 30/Sep/2023

 

 

2017 208,021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Each dry bulk carrier is a “sister ship”, or closely similar, to other dry bulk carriers that have the same letter.

** Total commission percentage paid to third parties.

*** In case of newly acquired vessel with time charter attached, this date refers to the expected/actual date of delivery of the vessel to the Company.

**** Range of redelivery dates, with the actual date of redelivery being at the Charterers’ option, but subject to the terms, conditions, and exceptions of the particular charterparty.

 

1 Redelivery date based on an estimated time charter trip duration of about 87 days.

2 Charterers agreed to compensate the owners, for all the days over and above the maximum redelivery date (April 10, 2022), with hire rate equal to the average of Baltic Panamax Index 5TC weighted time charter average minus 10% or vessel’s present Charter Party rate, whichever is higher.

3 Vessel on scheduled drydocking from June 7, 2022 to July 2, 2022.

4 Based on latest information.

5 Charter included a one time ballast bonus payment of US$1,000,000.

6 Currently without an active charterparty. Vessel on scheduled drydocking.

7 Vessel sold and expected to be delivered to her new owners in the third quarter of 2022.

8 Vessel currently off hire for drydocking.

9 Vessel on scheduled drydocking from May 28, 2022 to July 15, 2022.

10 Charterers agreed to compensate the owners, for all the days over and above the maximum redelivery date (April 15, 2022), with hire rate equal to the average of Baltic Cape Index 5TC weighted time charter average plus 10% or vessel’s present Charter Party rate, whichever is higher.

11 Bareboat chartered-in for a period of ten years at US$13,500 per day.

12 Vessel on scheduled drydocking from March 7, 2022 to April 12, 2022.


Summary of Selected Financial & Other Data (unaudited)

 

 

 

Three months ended June 30,

 

For the six months ended June 30,

 

 

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

 

 

STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)

 

Time Charter Revenues

$

74,522

 

$

47,023

 

$

140,456

 

$

88,074

 

 

Voyage Expenses

 

(1,051

)

 

2,292

 

 

663

 

 

4,072

 

 

Vessel Operating Expenses

 

18,394

 

 

19,179

 

 

34,822

 

 

37,731

 

 

Net Income

 

35,606

 

 

2,815

 

 

61,649

 

 

1,520

 

 

Net Income/(Loss) Attributable to Common Stockholders

 

34,164

 

 

1,373

 

 

58,765

 

 

(1,364

)

FLEET DATA

 

Average number of vessels

 

35.0

 

 

37.0

 

 

34.3

 

 

37.6

 

 

Number of vessels

 

35.0

 

 

37.0

 

 

35.0

 

 

37.0

 

 

Weighted average age of vessels

 

10.4

 

 

10.4

 

 

10.4

 

 

10.4

 

 

Ownership days

 

3,185

 

 

3,367

 

 

6,202

 

 

6,801

 

 

Available days

 

3,068

 

 

3,319

 

 

5,974

 

 

6,753

 

 

Operating days

 

3,059

 

 

3,305

 

 

5,919

 

 

6,692

 

 

Fleet utilization

 

99.7

%

 

99.6

%

 

99.1

%

 

99.1

%

AVERAGE DAILY RESULTS

 

Time charter equivalent (TCE) rate (1)

$

24,633

 

$

13,477

 

$

23,400

 

$

12,439

 

 

Daily vessel operating expenses (2)

$

5,775

 

$

5,696

 

$

5,615

 

$

5,548

 

Non-GAAP Measures

(1) Time charter equivalent rates, or TCE rates, are defined as our time charter revenues less voyage expenses during a period divided by the number of available days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions. TCE is a non-GAAP measure. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts.

(2) Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period.

Conference Call and Webcast Information

The Company’s management will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Time) on Thursday, July 28, 2022.

Investors may access the webcast by visiting the Company’s website at www.dianashippinginc.com and clicking on the webcast link. An accompanying investor presentation also will be available via the webcast link and on the Company’s website. The conference call also may be accessed by telephone by dialing 1-877-407-8291 (for U.S.-based callers) or 1-201-689-8345 (for international callers) and asking the operator for the Diana Shipping Inc. conference call.

A replay of the webcast will be available soon after the completion of the call and will be accessible for 30 days on www.dianashippinginc.com. A telephone replay also will be available for 30 days by dialing 1-877-660-6853 (for U.S.-based callers) or 1-201-612-7415 (for international callers) and providing the Replay ID number 13731381.

About the Company

Diana Shipping Inc. is a global provider of shipping transportation services through its ownership and bareboat charter-in of dry bulk vessels. The Company’s vessels are employed primarily on short to medium-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.

Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses’ and governments’ responses to the pandemic on our operations, personnel, and on the demand for seaborne transportation of bulk products; the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, including risks associated with the continuing conflict between Russia and Ukraine and related sanctions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see the Company’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

(See financial tables attached)

DIANA SHIPPING INC.

FINANCIAL TABLES

Expressed in thousands of U.S. Dollars, except share and per share data

 

 

 

 

 

 

 

 

 

 

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

 

 

 

Three months ended June 30,

 

For the six months ended June 30,

 

 

 

2022

 

2021

 

2022

 

2021

REVENUES:

 

 

 

 

 

 

 

 

 

Time Charter Revenues

$

74,522

 

$

47,023

 

$

140,456

 

$

88,074

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

Voyage Expenses

 

(1,051

)

 

2,292

 

 

663

 

 

4,072

 

 

Vessel Operating Expenses

 

18,394

 

 

19,179

 

 

34,822

 

 

37,731

 

 

Depreciation and Amortization of Deferred Charges

 

10,665

 

 

10,092

 

 

20,457

 

 

20,141

 

 

General and Administrative Expenses

 

7,888

 

 

7,211

 

 

14,947

 

 

13,909

 

 

Management Fees to Related Party

 

111

 

 

405

 

 

228

 

 

854

 

 

Loss/(Gain) on Sale of Vessels

 

-

 

 

(2

)

 

-

 

 

203

 

 

Insurance Recoveries

 

(1,471

)

 

-

 

 

(1,789

)

 

-

 

 

Other Operating (Income)/Loss

 

(420

)

 

102

 

 

(341

)

 

(4

)

 

Operating Income, Total

$

40,406

 

$

7,744

 

$

71,469

 

$

11,168

 

 

 

 

 

 

 

 

 

 

 

OTHER INCOME / (EXPENSES):

 

 

 

 

 

 

 

 

 

Interest Expense and Finance Costs

 

(5,986

)

 

(4,706

)

 

(11,209

)

 

(9,342

)

 

Interest and Other Income

 

385

 

 

22

 

 

622

 

 

50

 

 

Loss on Extinguishment of Debt

 

-

 

 

(158

)

 

-

 

 

(158

)

 

Gain/(Loss) from Equity Method Investments

 

801

 

 

(87

)

 

767

 

 

(198

)

 

Total Other Expenses, Net

$

(4,800

)

$

(4,929

)

$

(9,820

)

$

(9,648

)

 

 

 

 

 

 

 

 

 

 

Net Income

$

35,606

 

$

2,815

 

$

61,649

 

$

1,520

 

Dividends on series B preferred shares

 

(1,442

)

 

(1,442

)

 

(2,884

)

 

(2,884

)

Net Income/(Loss) Attributable to Common Stockholders

 

34,164

 

 

1,373

 

 

58,765

 

 

(1,364

)

Earnings/(Loss) Per Common Share, Basic

$

0.44

 

$

0.02

 

$

0.76

 

$

(0.02

)

 

 

 

 

 

 

 

 

 

 

Earnings/(Loss) Per Common Share, Diluted

$

0.42

 

$

0.02

 

$

0.73

 

$

(0.02

)

Weighted Average Number of Common Shares Outstanding, Basic

 

78,339,851

 

 

82,020,353

 

 

77,343,851

 

 

82,792,000

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Number of Common Shares Outstanding, Diluted

 

81,918,389

 

 

85,576,754

 

 

80,308,679

 

 

82,792,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30,

 

For the six months ended June 30,

 

 

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

 

 

Net Income

$

35,606

 

$

2,815

 

$

61,649

 

$

1,520

 

Other comprehensive income (Actuarial income)

 

-

 

 

-

 

 

1

 

 

-

 

Comprehensive Income

$

35,606

 

$

2,815

 

$

61,650

 

$

1,520

 


CONDENSED CONSOLIDATED BALANCE SHEET DATA

 

 

(in thousands of U.S. Dollars)

 

 

 

 

 

 

 

 

 

 

 

June 30, 2022

 

December 31, 2021*

ASSETS

 

(unaudited)

 

 

 

 

 

 

 

 

Cash and Cash Equivalents and Restricted Cash

$

130,342

$

126,788

Other Current Assets

 

34,797

 

15,357

Fixed Assets

 

720,347

 

682,579

Investments in Related Parties

 

8,122

 

7,644

Other Noncurrent Assets

 

15,309

 

9,582

 

Total assets

$

908,917

$

841,950

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

Long-Term Debt and Lease Obligation, net of Deferred Financing Costs

$

451,718

$

423,675

Other Liabilities

 

35,094

 

25,080

Total Stockholders' Equity

 

422,105

 

393,195

 

Total Liabilities and Stockholders' Equity

$

908,917

$

841,950

 

 

 

 

 

 

*

The balance sheet data have been derived from the audited consolidated financial statements at that date.


OTHER FINANCIAL DATA (unaudited)

 

 

 

Three months ended June 30,

 

For the six months ended June 30,

 

 

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

$

43,737

 

$

21,023

 

$

80,837

 

$

27,442

Net cash provided by/(used in) investing activities

 

2,533

 

 

(483

)

 

(18,769

)

 

22,075

Net cash provided by/(used in) financing activities

$

(31,610

)

$

48,420

 

$

(58,514

)

$

22,569


CONTACT: Corporate Contact: Ioannis Zafirakis Director, Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary Telephone: + 30-210-9470100 Email: izafirakis@dianashippinginc.com Website: www.dianashippinginc.com Twitter: @Dianaship           Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: enebb@optonline.net


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