Diana Shipping Inc. Expands Through New Charter and Vessel Sale
Diana Shipping Inc. (NYSE: DSX), a prominent global shipping company, has made significant strides in its operations with two major announcements. Through one of its wholly-owned subsidiaries, the company has secured a time charter contract with SwissMarine Pte. Ltd. for their Capesize bulk vessel, the m/v Seattle. This new contract, effective from November 26, 2025, sets a gross charter rate of US$24,500 per day, after deducting a 5% commission.
Details of the Time Charter Agreement
The m/v Seattle, weighing in at 179,362 dwt and built in 2011, is poised to generate an estimated US$12.62 million in gross revenue for the initial period of this time charter. Prior to this agreement, the vessel was chartered to Solebay Shipping Cape Company Limited, bringing in US$17,500 per day.
Sale of m/v DSI Drammen
In addition to the charter, Diana Shipping Inc. announced the sale of the m/v DSI Drammen, a Ultramax dry bulk vessel that was built in 2016. Through a limited partnership, the company has agreed to a sale price of approximately US$26.40 million, with delivery to the buyer scheduled latest by March 31, 2026. This transaction follows the sale of the vessel to a buyer who is completely unrelated to the previous parties involved, enhancing flexibility and business opportunities for the company.
Current Fleet and Future Expectations
Diana Shipping's fleet encompasses a total of 36 dry bulk vessels, which includes various types such as Newcastlemax, Capesize, Kamsarmax, and Panamax. The company is not only focused on current operations but is also planning to expand its fleet with the expected delivery of two methanol dual-fuel Kamsarmax vessels by mid-2027 and early 2028. Presently, the combined carrying capacity of their fleet is around 4.1 million dwt, showcasing a strong operational backbone.
About Diana Shipping Inc.
Diana Shipping Inc. specializes in providing global shipping transportation services through the ownership and bareboat charter-in of dry bulk vessels. Their operations primarily involve short to medium-term charters, transporting various dry bulk commodities like iron ore, coal, and grain across worldwide shipping lanes.
Corporate Contact Information
For inquiries, Ioannis Zafirakis is available as the Director and Co-Chief Financial Officer, reachable at +30-210-9470-100 or via email at izafirakis@dianashippinginc.com. More information is accessible on their official website at www.dianashippinginc.com.
Frequently Asked Questions
What is the value of the charter contract for the m/v Seattle?
The charter contract for the m/v Seattle is valued at US$24,500 per day, leading to an expected gross revenue of around US$12.62 million.
Who is the buyer of the m/v DSI Drammen?
The m/v DSI Drammen has been sold to an unaffiliated third party, ensuring a fresh acquisition that supports Diana Shipping's goals.
When is the delivery date for the vessel sale?
The m/v DSI Drammen is set to be delivered to the buyer no later than March 31, 2026.
How many vessels are in Diana Shipping's fleet?
Diana Shipping Inc. has a fleet comprising 36 dry bulk vessels, covering various classes including Newcastlemax, Capesize, and Panamax.
What type of fuel will the new Kamsarmax vessels utilize?
The upcoming Kamsarmax vessels will be powered by methanol dual fuel, aligning with the company's commitment to environmental efficiency.
