Diana Shipping Secures New Charter Contract for m/v Maera

Diana Shipping Secures Time Charter for the m/v Maera

ATHENS, Greece -- Diana Shipping Inc. (NYSE: DSX), a leading global shipping company, has recently announced a new time charter contract involving its Panamax dry bulk vessel, named the m/v Maera. This contract is made with China Resource Chartering Limited and is slated to bring in a gross charter rate of US$8,400 per day, minus a commission of 5% payable to third parties.

Details of the Charter Agreement

The time charter is set to commence from December 15, 2024, and will remain in effect until at least September 20, 2025, with an option to extend until November 20, 2025. This strategic partnership is expected to generate significant revenue, with projections indicating a gross total of approximately US$2.31 million over the minimum period of the contract.

Characteristics of the Vessel

The m/v Maera is a Kamsarmax dry bulk vessel that boasts a deadweight tonnage (dwt) of 75,403. It was constructed in 2013, demonstrating reliability and robustness in the ever-evolving maritime sector.

Financial Prospects of Diana Shipping

Diana Shipping Inc. continues to expand its operational footprint, having a diverse fleet that currently includes 38 dry bulk vessels across various categories: 4 Newcastlemax, 8 Capesize, 5 Post-Panamax, 6 Kamsarmax, 6 Panamax, and 9 Ultramax vessels. This broad spectrum allows the company to cater to a wide array of shipping needs and adapt to market demands.

Fleet Expansion Plans

Looking ahead, Diana Shipping Inc. is not resting on its laurels. The company anticipates the delivery of two cutting-edge, methanol dual-fuel new-building Kamsarmax vessels by the second half of 2027 and first half of 2028, respectively. These vessels represent a significant investment in sustainable shipping practices, reinforcing the company’s commitment to modernizing its fleet and enhancing operational efficiency.

Sustainability in Shipping

With increasing global emphasis on sustainability, Diana Shipping is progressively embracing eco-friendly technologies and practices. The introduction of dual-fuel vessels marks a step toward reducing emissions and complying with international regulations aimed at preserving the marine environment.

About Diana Shipping Inc.

Diana Shipping Inc. is recognized for its comprehensive shipping services, focusing on the ownership and bareboat charter-in of dry bulk vessels. Its operations primarily consist of short to medium-term time charters, facilitating the transport of a wide variety of dry bulk commodities. These include iron ore, coal, grain, and other essential materials, crucial for global development.

Final Thoughts on Diana Shipping's Future

The strategic moves made by Diana Shipping Inc. reflect its dedication to enhancing its market position while ensuring sustainable practices are at the forefront of its operations. The recent charter contract with the m/v Maera is a testament to its robust operational model and forward-thinking approach.

Frequently Asked Questions

What company recently announced a time charter contract?

Diana Shipping Inc. announced a time charter contract for the m/v Maera.

Who is the charter contract with?

The contract is made with China Resource Chartering Limited.

What is the expected revenue from the m/v Maera charter?

The m/v Maera is projected to generate approximately US$2.31 million in gross revenue during the initial contract period.

What types of vessels does Diana Shipping own?

Diana Shipping's fleet includes various vessel types such as Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, and Ultramax.

What are Diana Shipping's future plans?

The company plans to add two new methanol dual-fuel Kamsarmax vessels to its fleet by the late 2020s.

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