Diana Shipping Secures Time Charter for m/v New York with SwissMarine

Diana Shipping Inc. Announces New Charter for m/v New York

ATHENS, Greece — Diana Shipping Inc. (NYSE: DSX), a key player in the global shipping industry, has recently secured a significant time charter contract for its Capesize dry bulk vessel, the m/v New York. This deal is a collaboration with SwissMarine Pte. Ltd., based in Singapore, and reflects the company’s ongoing commitment to expand its operations in the dry bulk segment.

Charter Details and Financial Implications

The charter is set to commence shortly, specifically on January 12, 2025. For the initial trip of the charter period, the gross rate is established at US$6,300 per day. Following this, the rate will increase considerably to US$17,600 per day for the remaining charter period. Notably, these figures are subject to a 5.00% commission payable to third parties, ensuring that all agreements are clear and above board.

Projected Revenue

Employing the m/v New York is projected to yield approximately US$6.03 million in gross revenue during the minimum scheduled period of the time charter. This revenue generation highlights the robust business strategy and market positioning of Diana Shipping.

A Closer Look at the m/v New York

The m/v New York is a well-built vessel, carrying a deadweight tonnage of 177,773 dwt, and has been operational since 2010. Its design and capabilities allow for efficient transportation of various dry bulk commodities, including iron ore, coal, and grain, making it a valuable asset in the company’s fleet.

Current Fleet Overview

Diana Shipping's current fleet boasts 38 dry bulk vessels, which include a diverse range of categories such as Newcastlemax, Capesize, and more. The company is also expanding its fleet with plans to take delivery of two new methanol dual fuel Kamsarmax dry bulk vessels by 2027 and 2028. This expansion strategy reflects Diana Shipping's commitment to modernizing its operations and improving environmental performance.

About Diana Shipping Inc.

Diana Shipping Inc. is dedicated to providing exceptional shipping transportation services through its ownership and charter-in of dry bulk vessels. The company primarily engages in short to medium-term time charters, ensuring steady shipping of essential commodities within global markets.

Market Outlook and Company Strategy

As part of its strategic outlook, Diana Shipping emphasizes flexibility and responsiveness to market conditions. The shipping industry is often influenced by fluctuating demand for dry bulk cargoes, impacting freight rates significantly. The management’s proactive approach aims to navigate these challenges effectively.

Future Expectations

With the ongoing shifts in global economies and potential challenges like rising operational costs and geopolitical tensions, the company remains focused on enhancing its operational efficiency. The executive team continually assesses market trends and adjusts their strategies to optimize performance while minimizing risks.

Frequently Asked Questions

What is the purpose of the time charter contract for m/v New York?

The time charter contract allows Diana Shipping to lease the m/v New York to SwissMarine, generating revenue for the company over a specified period.

What is the gross charter rate for the m/v New York?

The gross charter rate is US$6,300 per day for the first trip and US$17,600 per day for the following periods, excluding a 5% commission.

How much revenue is expected from this charter?

The expected gross revenue from this time charter is approximately US$6.03 million for the minimum scheduled period.

What type of vessel is the m/v New York?

The m/v New York is a Capesize dry bulk vessel with a deadweight tonnage of 177,773 dwt, built in 2010.

What is Diana Shipping Inc.'s fleet composition?

Diana Shipping's fleet consists of 38 dry bulk vessels, including various classifications such as Newcastlemax, Capesize, and Kamsarmax vessels.

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