Diana Shipping Secures Time Charter Contract for DSI Phoenix

Diana Shipping Inc. Highlights New Charter Agreement with Cargill

Diana Shipping Inc. (NYSE: DSX), a prominent player in the global shipping industry, has made significant strides by securing a time charter contract for its Ultramax dry bulk vessel, the m/v DSI Phoenix. This contract, in collaboration with Cargill Ocean Transportation, marks an exciting opportunity for the company, further establishing its reputation in the shipping domain.

Details About the Time Charter Contract

The time charter agreement with Cargill, set to commence on August 3, 2025, outlines a gross charter rate of US$13,500 per day. This rate is subject to a 4.75% commission to third parties. The contract will run until at least October 1, 2026, with the possibility of extending until November 30 of the same year. Such arrangements not only bolster Diana Shipping's revenue but also demonstrate its commitment to maintaining a robust operational framework.

Revenue Expectations from the m/v DSI Phoenix

With the m/v DSI Phoenix scheduled under a time charter, Diana Shipping anticipates generating approximately US$5.64 million in gross revenue during the minimum period of the contract. This projection showcases the financial potential of the vessel and reinforces the strategic decisions made by the company.

About the m/v DSI Phoenix

The m/v DSI Phoenix is a state-of-the-art Ultramax dry bulk vessel, boasting a deadweight tonnage of 60,456. Built in 2017, this vessel exemplifies the efficiency and reliability that Diana Shipping offers its clients. The modern design and capabilities of the DSI Phoenix make it an asset in the dry bulk market.

Diana Shipping's Fleet Composition

The current fleet of Diana Shipping Inc. encompasses 36 dry bulk vessels, distributed across various categories tailored to meet market demands. This includes 4 Newcastlemax, 8 Capesize, 4 Post-Panamax, 6 Kamsarmax, 5 Panamax, and 9 Ultramax vessels. The diversity within their fleet positions Diana Shipping favorably within the competitive shipping landscape.

Future Expansion Strategies

Looking ahead, the company plans to enhance its fleet further by introducing two new methanol dual fuel Kamsarmax dry bulk vessels. These vessels are expected to be delivered in the second half of 2027 and the first half of 2028. Such developments signify Diana Shipping's commitment to sustainability and modernization within its operations.

Conclusion: A Bright Future Ahead

Diana Shipping Inc. continues to establish itself as a leader in the shipping industry with its strategic partnerships and ongoing fleet enhancements. The recent charter contract for the m/v DSI Phoenix with Cargill Ocean Transportation is just one example of how the company is evolving in response to market demands while securing profitable opportunities. Investors and stakeholders can look forward to exciting developments from Diana Shipping as they navigate through an ever-changing shipping market.

Frequently Asked Questions

What is the purpose of the time charter contract?

The time charter contract aims to provide Diana Shipping Inc. with a steady revenue stream through the leasing of the m/v DSI Phoenix to Cargill Ocean Transportation.

When does the charter for m/v DSI Phoenix start?

The charter for the m/v DSI Phoenix is set to commence on August 3, 2025.

How much revenue is expected from the DSI Phoenix?

Diana Shipping anticipates generating approximately US$5.64 million in gross revenue from the charter during its minimum duration.

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

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

What future plans does Diana Shipping have for their fleet?

The company plans to introduce two new methanol dual fuel Kamsarmax vessels to enhance their fleet by 2028.

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