Diana Shipping Secures Time Charter Contract for m/v Selina
Diana Shipping Inc. (NYSE: DSX), a renowned global shipping company, has announced a significant development with the signing of a time charter contract for the m/v Selina with Raffles Shipping International Pte. Ltd. This contract involves the vessel operating at a gross charter rate of US$10,500 per day, which will incur a 5.00% commission paid to third parties. The duration of the charter is expected to last from a minimum of March 1, 2025, to a maximum of April 20, 2025, with operations commencing soon.
Understanding the Fleet's Addition
The m/v Selina is a Panamax dry bulk vessel with a deadweight tonnage of 75,700 dwt, constructed in 2010. This addition to Diana's fleet is poised to generate approximately US$1.39 million in gross revenue during the minimum scheduled charter period. Such strategic charters contribute significantly to the company’s revenue and operational efficiency.
The Current State of Diana Shipping's Fleet
Diana Shipping Inc. boasts an extensive fleet of 38 dry bulk vessels, categorized into various segments: 4 Newcastlemax, 8 Capesize, 5 Post-Panamax, 6 Kamsarmax, 6 Panamax, and 9 Ultramax. This diverse fleet allows the company to cater to an array of shipping needs efficiently. Moreover, Diana Shipping is set to expand further with the expected delivery of two new methanol dual fuel Kamsarmax vessels by 2027 and 2028, which will enhance its operational capabilities even more.
Revenue and Capacity Growth
The combined carrying capacity of Diana's current fleet, excluding future deliveries, is approximately 4.2 million dwt with an impressive weighted average age of 11.04 years. This well-maintained fleet not only ensures reliable service but also positions the company favorably in the fluctuating shipping market.
About Diana Shipping Inc.
Diana Shipping Inc. specializes in providing shipping transportation services through the ownership and bareboat charter of dry bulk vessels. Their operations are primarily based on short to medium-term time charters, transporting essential commodities such as iron ore, coal, and grain along major shipping routes worldwide. By focusing on efficient shipping operations, Diana maintains a strong presence in the global market.
Frequently Asked Questions
What is the newly announced contract for the m/v Selina?
The contract is a time charter agreement with Raffles Shipping International, where the vessel will operate at a rate of $10,500 per day.
How many vessels are currently in Diana Shipping's fleet?
Diana Shipping's fleet includes 38 dry bulk vessels across various categories, allowing for versatile operations.
What is the expected revenue from the m/v Selina?
The employment of the m/v Selina is estimated to generate around $1.39 million in gross revenue for the minimum charter period.
When is the charter for the m/v Selina expected to commence?
The charter for the m/v Selina is expected to begin shortly following the announcement of the contract.
What future expansions does Diana Shipping have planned?
The company anticipates receiving two new methanol dual fuel Kamsarmax vessels by the second half of 2027 and the first half of 2028.
