Diana Shipping Inc. Ventures into New Time Charters
ATHENS, Greece — Diana Shipping Inc. (NYSE: DSX), a leading global shipping company focused on the ownership and bareboat chartering of dry bulk vessels, has recently made headlines with the announcement of new time charter contracts. These agreements involve the m/v DSI Pollux and the m/v DSI Andromeda, marking strategic advancements in the company’s chartering activities.
Details of the Contracts
In a promising deal, Diana Shipping has entered into a time charter arrangement with Stone Shipping Ltd. for one of its renowned Ultramax dry bulk vessels, the m/v DSI Pollux. The gross charter rate for this agreement is fixed at $14,750 per day, with a minor deduction of 5.00% in commission to third parties. This contract is set to extend until a minimum of January 1, 2027, and could last until on or before February 28, 2027. The charter is expected to commence imminently on December 8, 2025.
Current Engagement of m/v DSI Pollux
The m/v DSI Pollux is noteworthy, boasting a deadweight tonnage of 60,446 dwt and manufactured in 2015. Currently, it is chartered to Bunge SA in Geneva, earning a gross rate of $14,000 per day, also subject to a 5.00% commission.
More Contracts with Western Bulk Carriers
Furthermore, Diana Shipping has signed a time charter with Western Bulk Carriers AS for another Ultramax vessel, the m/v DSI Andromeda. This deal comes with a gross charter rate of $14,600 per day, minus a 5.00% commission, extending the contract from a minimum of April 1, 2027, up to a maximum of May 31, 2027. This charter is anticipated to begin on December 7, 2025.
Current Engagement of m/v DSI Andromeda
The m/v DSI Andromeda, built in 2016 with a deadweight of 60,309 dwt, was previously chartered to Cargill Ocean Transportation at a rate of $14,000 per day, subject to a slightly reduced commission of 4.75%.
Financial Implications of the New Contracts
The employment of both the m/v DSI Pollux and the m/v DSI Andromeda is projected to yield approximately $12.60 million in gross revenue for Diana Shipping during the minimum scheduled period of these time charters. This significant inflow will bolster the company's financial standing as it continues to grow its fleet and operations.
Diana Shipping’s Expanding Fleet
Diana Shipping Inc. has cultivated a robust fleet comprising 36 dry bulk vessels, which include categories such as Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, and Ultramax vessels. Excitingly, the company anticipates taking delivery of two new methanol dual fuel Kamsarmax vessels by the later halves of 2027 and 2028, promising a forward-thinking approach to sustainable shipping.
Understanding Diana Shipping Inc.’s Operations
As a key player in the shipping industry, Diana Shipping focuses primarily on short to medium-term time charters, transporting a diverse range of dry bulk cargoes. These include vital commodities like iron ore, coal, and grain, facilitating trade across global shipping routes. With their expert shipping solutions, Diana Shipping maintains a strong market presence.
Corporate Information
For more details on their operations, Diana Shipping encourages users to visit their website, although they clarify that information on the site does not constitute part of this announcement. Visitors can expect comprehensive insights into the company's fleet and its recent advancements there.
Frequently Asked Questions
What are the details of the time charters for the m/v DSI Pollux?
The m/v DSI Pollux is under a time charter with Stone Shipping Ltd. for $14,750 per day, lasting from December 8, 2025, until February 28, 2027.
Who is the charterer for the m/v DSI Andromeda?
The m/v DSI Andromeda is chartered to Western Bulk Carriers AS at a rate of $14,600 per day, with the charter expected to start on December 7, 2025.
How much revenue is expected from these charters?
Diana Shipping anticipates approximately $12.60 million in gross revenue from the charters of both vessels for the minimum scheduled period.
What types of vessels does Diana Shipping operate?
The fleet includes various types of dry bulk vessels, ranging from Ultramax to Newcastlemax and Capesize vessels, totaling 36 in number.
When can we expect new deliveries of vessels?
Diana Shipping is set to take delivery of two methanol dual fuel Kamsarmax dry bulk vessels by 2027 and 2028, enhancing their fleet capabilities.
