Diana Shipping Inc. Announces New Charter Agreement
Diana Shipping Inc. (NYSE: DSX), a prominent player in the global shipping industry specializing in dry bulk vessels, recently revealed its new time charter arrangement involving the vessel m/v Seattle. This charter marks a significant milestone for the company, which has continually focused on expanding and optimizing its fleet.
Details of the Charter Agreement
Under the terms of the agreement with SwissMarine Pte. Ltd., the m/v Seattle will operate at a gross charter rate of US$24,500, subject to a 5% commission. This contract will extend until at least May 1, 2027, with a chance for maximum duration up to June 30, 2027. The charter is expected to kick off on November 26, 2025. Before this contract, the m/v Seattle had a previous charter with Solebay Shipping Cape Company Limited at a rate of US$17,500 per day.
Insights into m/v Seattle
The m/v Seattle is an impressive Capesize bulk vessel with a deadweight tonnage of 179,362 dwt produced in 2011. Its upcoming employment within this charter agreement is projected to generate approximately US$12.62 million in revenue minimum during the duration of this charter. This contract showcases Diana Shipping’s strategic planning in leveraging their assets effectively to maximize revenue.
Sale of m/v DSI Drammen
In addition to the charter announcement, Diana Shipping has also disclosed the sale of its Ultramax dry bulk vessel m/v DSI Drammen. This vessel, built in 2016, will be sold to an unaffiliated third party, with the complete transaction expected by March 31, 2026. The sale price is estimated to be around US$26.40 million prior to commissions, marking a significant liquidity event for the company. This transaction follows an earlier attempt to sell the vessel, which did not materialize.
Current Fleet Operations
As of now, Diana Shipping Inc. has a robust fleet comprising 36 dry bulk vessels, including 4 Newcastlemax, 8 Capesize, 4 Post-Panamax, 6 Kamsarmax, 5 Panamax, and 9 Ultramax vessels. The company is poised to receive two new dual-fuel Kamsarmax dry bulk vessels by the second half of 2027 and 2028, respectively. Excluding the m/v DSI Drammen and the yet-to-be-delivered vessels, the company’s fleet boasts a carrying capacity of around 4.1 million dwt and an average age of approximately 11.99 years.
About Diana Shipping Inc.
Diana Shipping Inc. has positioned itself as a leader in the shipping transportation sector through its ownership and chartering of dry bulk vessels. The company primarily engages in time charters when diverting a wide variety of dry bulk cargo, such as iron ore, coal, grains, and various other materials along extensive global shipping routes.
Corporate Contact Information
For more information about the company or its operations, individuals can reach out to the Director and Chief Financial Officer, Ioannis Zafirakis, via telephone at +30-210-9470-100 or send an email to izafirakis@dianashippinginc.com. More comprehensive information is available on their website www.dianashippinginc.com.
Frequently Asked Questions
What recent contracts has Diana Shipping Inc. entered into?
Diana Shipping has recently signed a time charter contract for the m/v Seattle and completed the sale of the m/v DSI Drammen.
What is the gross charter rate for m/v Seattle?
The gross charter rate for the m/v Seattle is set at US$24,500, minus a 5% commission.
What type of vessel is the m/v Seattle?
The m/v Seattle is classified as a Capesize bulk vessel with a carrying capacity of 179,362 dwt.
What is the estimated revenue from the m/v Seattle charter?
The employment of the m/v Seattle is expected to generate about US$12.62 million in gross revenue during the charter period.
How many vessels does Diana Shipping's fleet comprise?
Diana Shipping Inc. operates a fleet of 36 dry bulk vessels, including various classes of bulk carriers.
