Diana Shipping Expands Its Fleet Through New Charter Agreement
Diana Shipping Announces New Charter for m/v Newport News
ATHENS, Greece — Diana Shipping Inc. (NYSE: DSX), a global entity in the shipping industry known for its expertise in owning and operating dry bulk vessels, has recently revealed an exciting time charter contract. This new agreement involves the m/v Newport News, a Newcastlemax dry bulk vessel, under a contract with Bohai Ocean Shipping (Singapore) Holding Pte. Ltd.
Details of the Charter Agreement
The charter will bring in a notable gross rate of US$25,000 per day, with a small deduction of 5.00% for third-party commissions. The contract is set to extend from June 14, 2025, until at least September 1, 2026, with a capability to stretch until October 31, 2026. The m/v Newport News is presently chartered to Nippon Yusen Kabushiki Kaisha in Tokyo, earning a lower rate of US$20,000 per day.
About the m/v Newport News
The m/v Newport News, built in 2017, boasts a Deadweight Tonnage (dwt) of 208,021 and falls under the Newcastlemax category, which indicates its size and capacity to carry substantial dry bulk cargoes. With this new employment, Diana Shipping anticipates generating roughly US$10.95 million in gross revenue over the minimum charter duration.
Fleet Overview
Diana Shipping Inc. maintains a robust fleet comprising 37 dry bulk vessels of various sizes, including Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, and Ultramax classes. The company is also on track to introduce two new dual-fuel Kamsarmax vessels, designed to utilize methanol, expected for delivery by 2027 and 2028 respectively. Excluding the soon-to-be-delivered ships, the total carrying capacity of their operating fleet stands around 4.1 million dwt with an average fleet age of approximately 11.59 years.
Shipping Operations and Market Strategy
As a leader in maritime transport, Diana Shipping’s vessels are predominantly utilized on short to medium-term charters, which allows them to effectively manage their operations against fluctuating market demands. The transport of a diverse array of dry bulk commodities, such as iron ore, coal, and grains, positions the company favorably within various global shipping lanes.
Current Market Conditions
The shipping industry is experiencing dynamics due to geopolitical tensions and changes in trade policies. Market participants, including Diana Shipping, must remain adaptable amidst these shifting circumstances, which can impact shipping rates and vessel demand significantly. These influences underline the importance of strategic planning and risk management within the operations of shipping companies.
The Company’s Commitment to Growth and Earnings
As Diana Shipping continues to advance its fleet capabilities and embrace new charter agreements, the company is poised to leverage its operational efficiencies for sustainable growth. Their strategic engagements ensure that the financial health of the company remains strong, providing opportunities for future expansion and profit maximization.
Frequently Asked Questions
What is the m/v Newport News?
The m/v Newport News is a Newcastlemax dry bulk vessel with a deadweight tonnage of 208,021, built in 2017, and recently chartered to Bohai Ocean Shipping.
How much will the new charter generate in revenue?
The time charter for the m/v Newport News is expected to generate approximately US$10.95 million of gross revenue over the minimum scheduled contract period.
What types of vessels does Diana Shipping operate?
Diana Shipping's fleet comprises various types of vessels, including Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, and Ultramax vessels, totaling 37 dry bulk ships.
When is the charter set to begin?
The charter for the m/v Newport News is expected to commence on June 14, 2025.
What is the average age of Diana Shipping’s fleet?
The weighted average age of Diana Shipping’s fleet is approximately 11.59 years, reflecting a balance between modern vessels and operational experience.
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