Diana Shipping Inc. Secures Time Charter for m/v Myrsini

Author: Caleb Price Updated: 02-19-2025 10:03 AM

Diana Shipping Inc. Announces Time Charter Contract

Diana Shipping Inc. (NYSE: DSX), a prominent global shipping company, has made a significant move by entering into a time charter contract for its dry bulk vessel, the m/v Myrsini. The contract, established with Cargill International SA, reflects the company's commitment to enhancing its operational capabilities and revenue generation.

Details of the Charter Agreement

The m/v Myrsini, a Kamsarmax dry bulk vessel built in 2010, will be chartered at a gross rate of US$13,000 per day. This arrangement includes a payment of a 4.75% commission to third parties and is set to last until at least January 1, 2026, with a maximum extension until February 28, 2026. The charter is expected to commence on February 28, 2025, which marks a significant achievement for the company.

Revenue Generation Insights

The time charter for the m/v Myrsini is projected to yield approximately US$3.95 million in gross revenue during the minimum scheduled period. This estimate underscores the strategic foresight of Diana Shipping in securing contracts that optimize their fleet's utilization and enhance their financial performance.

Current Fleet and Future Plans

After the anticipated sale of the m/v Alcmene, Diana Shipping Inc.'s fleet will encompass 37 dry bulk vessels, categorized into various types including Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, and Ultramax. Moreover, the company is set to receive two new methanol dual fuel Kamsarmax dry bulk vessels by 2027 and 2028, which further diversifies and modernizes its fleet.

Fleet Composition

As of now, the total carrying capacity of the fleet stands at about 4.2 million deadweight tons (dwt), with a weighted average age of 11.39 years. This efficient fleet composition positions Diana Shipping to meet global shipping demands while capitalizing on market opportunities.

About Diana Shipping Inc.

Diana Shipping Inc. specializes in providing shipping transportation services through the ownership and bareboat charter-in of dry bulk vessels. Their fleet is primarily engaged in short to medium-term time charters, transporting essential bulk commodities such as iron ore, coal, grain, and more across worldwide shipping routes.

Corporate Contact Information

For any inquiries, interested parties can reach out to Ioannis Zafirakis, the Director and Co-Chief Financial Officer, at +30-210-9470-100 or via email at izafirakis@dianashippinginc.com. More information can be found on the company's website: www.dianashippinginc.com.

Frequently Asked Questions

What is the significance of the time charter for m/v Myrsini?

The time charter for m/v Myrsini ensures consistent revenue generation for Diana Shipping Inc., enhancing its operational stability.

How long is the charter agreement for the m/v Myrsini?

The charter agreement is set for a minimum duration until January 1, 2026, with a possibility of extension up to February 28, 2026.

What is the projected revenue from this charter?

The employment of the m/v Myrsini is anticipated to generate approximately US$3.95 million in gross revenue.

What types of vessels are in Diana Shipping's fleet?

Diana Shipping's fleet includes Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, and Ultramax vessels.

Who should be contacted for more information regarding Diana Shipping?

Interested parties should contact Ioannis Zafirakis, Director and Co-Chief Financial Officer, for further inquiries.

About The Author

Hey there I'm Caleb Price, a writer and financial specialist who loves to assist others in understanding the financial world. Having years of practical experience and a solid background in finance, my area of expertise is converting difficult financial ideas into useful, doable insights for my blog and publications. My goal with my writing is to give readers the information and assurance they need to successfully negotiate their financial journeys.

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