Diana Shipping Secures Charter Contract with Mitsui O.S.K. Lines
Diana Shipping Inc. Engages Mitsui O.S.K. Lines for Charter
Diana Shipping Inc. (NYSE: DSX), a prominent name in global shipping, specializes in the ownership and bareboat charter-in of dry bulk vessels. This company has recently made a significant stride by entering into a time charter contract with Mitsui O.S.K. Lines, which will utilize the m/v Santa Barbara, a Capesize dry bulk vessel in its fleet.
Details of the Charter Agreement
The agreement outlines a gross charter rate of $22,000 per day, which includes a 5% commission payable to third parties. The contract runs from a minimum period until October 20, 2025, and can extend up to December 20, 2025. The commencement of this charter is expected to take place on December 28, 2024.
About the m/v Santa Barbara
The m/v Santa Barbara is noteworthy for its impressive capacity, with a deadweight tonnage of 179,426 dwt, and has been a part of the global shipping landscape since its construction in 2015. Such characteristics make it a valuable asset in Diana Shipping's diverse fleet.
Revenue Projections and Fleet Overview
By engaging the m/v Santa Barbara under this charter agreement, Diana Shipping anticipates generating around $6.42 million in gross revenue during the minimum charter period. This influx would enhance the financial performance of the company, which operates a fleet consisting of 38 dry bulk vessels, categorized into Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, and Ultramax ships.
Future Expansion Plans
The company is not only focused on current operations but also has plans for future expansion. Diana Shipping expects to receive two methanol dual fuel new-building Kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028. This is an indicative step towards adopting more sustainable practices within the shipping industry.
Current Fleet Status
As of now, the total carrying capacity of the fleet, not accounting for the two future vessels, stands at approximately 4.2 million dwt, with a weighted average age of 11.22 years. This age signifies a balanced mix of established operational experience and newer, more efficient technologies aboard
Company Profile
Diana Shipping Inc. is dedicated to providing high-quality shipping services across diverse global routes. Their expertise encompasses transporting various dry bulk cargoes, such as iron ore, coal, and grain. By engaging primarily in short to medium-term charters, Diana Shipping remains highly adaptable in an ever-evolving market.
Contact Information
For more inquiries, Ioannis Zafirakis, the Company's Chief Financial Officer, can be reached at +30-210-9470-100 or through email at izafirakis@dianashippinginc.com. Diana Shipping also maintains an online presence where additional details can be obtained via www.dianashippinginc.com.
Frequently Asked Questions
What type of vessel is the m/v Santa Barbara?
The m/v Santa Barbara is a Capesize dry bulk vessel with a deadweight tonnage of 179,426 dwt.
What is the gross charter rate for the m/v Santa Barbara?
The gross charter rate is set at $22,000 per day, with a 5% commission for third parties.
When does the charter for the m/v Santa Barbara commence?
The charter is expected to commence on December 28, 2024.
What financial impact does the charter have on Diana Shipping?
The contract is projected to generate approximately $6.42 million in gross revenue during the minimum specified period.
How many vessels does Diana Shipping operate?
Diana Shipping Inc. operates a fleet of 38 dry bulk vessels.
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