Diana Shipping Inc. Secures New Charter with Bunge for DSI Aquarius

Exciting New Charter for Diana Shipping Inc.

ATHENS, Greece — Diana Shipping Inc. (NYSE: DSX), a leader in the global shipping industry, is thrilled to announce a significant development in its operations. The company has successfully entered into a time charter contract with Bunge SA for its Ultramax dry bulk vessel, m/v DSI Aquarius. This agreement highlights the ongoing demand for Diana Shipping's fleet and its strategic partnerships within the shipping market.

Details of the Time Charter Agreement

The m/v DSI Aquarius will be chartered at a gross rate of US$13,300 per day, with a deduction of a 5% commission payable to third parties. This charter is slated for a minimum period of 10 months, potentially extending up to 12 months. Operations are expected to commence soon, on December 6, bringing fresh opportunities for revenue generation.

Revenue Projections from the Charter

With the DSI Aquarius projected to bring in approximately US$3.99 million in gross revenue during the minimum charter period, this contract is set to bolster Diana Shipping's financial performance. Such agreements underscore the company's focus on maximising its operational efficiency through strategic asset utilization.

Company Fleet Overview

Diana Shipping Inc. currently boasts a diverse fleet of 38 dry bulk vessels, comprising various class sizes including Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, and Ultramax vessels. This well-balanced composition allows the company to effectively respond to a range of shipping demands in the dry bulk market.

Future Fleet Expansions

Aiming for continuous growth, the company anticipates the delivery of two new methanol dual fuel Kamsarmax dry bulk vessels by the years 2027 and 2028. This enhancement of the fleet will not only increase capacity but also optimize operational sustainability, allowing Diana Shipping to meet evolving industry standards and customer expectations.

About Diana Shipping Inc.

Diana Shipping Inc. is dedicated to providing efficient transportation services through its ownership and leasing of dry bulk vessels. Focused on short to medium-term charters, the company's vessels predominantly carry crucial dry bulk commodities such as iron ore, coal, and grain across global shipping lanes. This commitment to excellence positions Diana Shipping as a trusted partner within the maritime sector.

Industry Environment and Challenges

In the dynamic world of shipping, various factors can impact performance. Changes in economic conditions, fluctuations in charter rates, and operational costs are just a few elements that can affect outcomes. Moreover, geopolitical events, including conflicts and regulatory changes, can pose additional challenges. Nevertheless, Diana Shipping remains resilient and committed to navigating these complexities effectively.

Frequently Asked Questions

What is the duration of the contract with Bunge SA?

The contract is for a minimum of ten months, with the potential to extend to twelve months.

What is the daily charter rate for the DSI Aquarius?

The gross charter rate for the DSI Aquarius is US$13,300 per day.

How much revenue is the company expecting from this charter?

Diana Shipping Inc. anticipates generating approximately US$3.99 million in gross revenue from the charter.

What types of vessels does Diana Shipping operate?

The company operates a variety of dry bulk vessels including Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, and Ultramax vessels.

What are the future plans for Diana Shipping's fleet?

Diana Shipping plans to receive two new methanol dual fuel Kamsarmax vessels by 2027 and 2028.

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