Diana Shipping Inc. Establishes Time Charter Agreement
Diana Shipping Inc. (NYSE: DSX), a prominent player in the global shipping industry, has made a significant stride in its operations. The company has recently finalized a time charter contract for its Ultramax dry bulk vessel, the m/v DSI Phoenix, through a wholly-owned subsidiary.
Details of the Charter Contract
The agreement, signed with Cargill Ocean Transportation (Singapore) Pte. Ltd., entails a gross charter rate set at US$13,500 per day. This figure reflects a commission of 4.75% payable to third parties.
Duration and Revenue Potential
The charter is scheduled to commence on August 3, 2025, and will remain valid until a minimum of October 1, 2026, and a maximum of November 30, 2026. Over the minimum duration of this charter, the revenue generated by the m/v DSI Phoenix is anticipated to reach approximately US$5.64 million.
About the DSI Phoenix Vessel
The m/v DSI Phoenix boasts a deadweight tonnage (dwt) of 60,456 and was constructed in 2017. This vessel is part of Diana Shipping's diverse fleet, which is comprised of various dry bulk vessels specialized in shipping an array of commodities such as iron ore, coal, and grain.
Diana Shipping Inc. Fleet Overview
Diana Shipping Inc. currently operates a total of 36 dry bulk vessels, including 4 Newcastlemax, 8 Capesize, 4 Post-Panamax, 6 Kamsarmax, 5 Panamax, and 9 Ultramax vessels. The company is set to expand its fleet further with the anticipated delivery of two new Kamsarmax vessels operating on methanol dual fuel by the end of 2027 and into 2028. This expansion reflects Diana Shipping's commitment to modernizing its fleet and adhering to ecological standards.
Company Profile and Services
Diana Shipping Inc. is not only a leading provider of shipping transport services but also excels in the ownership and charter of dry bulk vessels. These vessels primarily engage in short to medium-term time charters, facilitating the transportation of various dry bulk goods across global trading routes.
Contact Information
For further inquiries, Diana Shipping Inc. can be contacted through:
Corporate Contact:
Ioannis Zafirakis
Director, Co-Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary
Telephone: +30-210-9470-100
Email: izafirakis@dianashippinginc.com
Website: www.dianashippinginc.com
Investor Relations/Media Contact:
Nicolas Bornozis / Daniela Guerrero
Capital Link, Inc.
230 Park Avenue, Suite 1540
New York, N.Y. 10169
Tel.: (212) 661-7566
Email: diana@capitallink.com
Frequently Asked Questions
What is the purpose of the time charter contract?
The time charter contract allows Diana Shipping to lease its vessel, the m/v DSI Phoenix, to Cargill Ocean Transportation for a defined period and rate.
When will the charter for m/v DSI Phoenix commence?
The charter is expected to begin on August 3, 2025.
What is the expected revenue from this charter?
Approximately US$5.64 million is expected in gross revenue over the minimum charter period.
How many vessels does Diana Shipping currently operate?
Diana Shipping Inc. operates a total of 36 dry bulk vessels in its fleet.
What are the company’s expansion plans?
The company plans to add two new methanol dual fuel Kamsarmax vessels to its fleet by 2028, enhancing its operational capabilities and environmental standards.
