Diana Shipping Inc. Secures Time Charter for m/v Ismene Vessel

Diana Shipping Inc. Secures Time Charter for m/v Ismene

Diana Shipping Inc. (NYSE: DSX), a leading global shipping company based in Athens, Greece, has taken a significant step in advancing its operational portfolio. The company recently informed stakeholders that through its wholly-owned subsidiary, it successfully executed a time charter contract with China Resource Chartering Pte. Ltd. for its Panamax dry bulk vessel, the m/v Ismene. This charter agreement sets a gross daily rate of US$11,000, following the deduction of a 5% commission paid to third parties. The charter period will range until at least March 20, 2026, with a maximum extension date of May 20, 2026. It's anticipated that the charter will commence on April 26, 2025.

Details About the m/v Ismene

The m/v Ismene is no ordinary vessel; it boasts a deadweight tonnage (dwt) of 77,901 and was built in 2013. This Panamax dry bulk carrier is equipped to handle various types of cargo, making it a pivotal asset for Diana Shipping’s operations.

Revenue Expectations from the Charter

For the duration of the minimum scheduled period of the time charter, the employment of the Ismene is projected to generate approximately US$3.54 million in gross revenue. This deal marks a vital contribution to the company’s revenue stream, further solidifying its status in the shipping industry.

Diana Shipping's Evolving Fleet

As of now, Diana Shipping Inc. operates a diverse fleet comprising 37 dry bulk vessels, categorized into Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, and Ultramax types. The company is dedicated to meeting the growing demand for dry bulk shipping through its well-maintained vessels. In the industry, the company is recognized for its efficient operations and commitment to service excellence. Looking ahead, Diana Shipping expects to add two innovative methanol dual-fuel new-building Kamsarmax dry bulk vessels to its fleet, with deliveries expected by the second half of 2027 and the first half of 2028.

Current Fleet Capacity

At present, the combined carrying capacity of Diana Shipping’s fleet, excluding the two vessels not yet delivered, stands at an impressive 4.1 million dwt. The company prides itself on operating a fleet with a weighted average age of 11.46 years, demonstrating its investment in maintaining modern and efficient vessels.

About Diana Shipping Inc.

Diana Shipping Inc. plays a crucial role in global shipping transportation through the ownership and bareboat chartering of dry bulk vessels. The company primarily engages in transporting a broad range of dry bulk cargo, including vital commodities like iron ore, coal, and grain across various international shipping routes.

Frequently Asked Questions

1. What is the significance of the time charter for m/v Ismene?

The time charter allows Diana Shipping to secure consistent revenue and optimize its operational capacity, enhancing its overall profitability.

2. How does the m/v Ismene contribute to the company's fleet?

The m/v Ismene adds significant value to Diana Shipping's diverse fleet, showcasing the company’s commitment to supporting a wide range of shipping needs.

3. What is Diana Shipping’s approach to managing its fleet?

Diana Shipping focuses on maintaining its vessels in optimal condition while adapting its fleet strategy to meet market demands and emerging trends.

4. Who can be contacted for more information about Diana Shipping's operations?

For inquiries, individuals can contact Ioannis Zafirakis, the Director and Co-Chief Financial Officer, through the company's official email or website.

5. What future plans does Diana Shipping have for fleet expansion?

In addition to the current time charter, the company plans to introduce two new methanol dual-fuel Kamsarmax vessels by the end of the 2020s, further enhancing its fleet capabilities.

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