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ATHENS - Diana Shipping Inc. (NYSE:DSX), a shipping company with a market capitalization of approximately $200 million and impressive gross profit margins of 58%, has entered into a time charter contract with Nippon Yusen Kabushiki Kaisha of Tokyo for its Kamsarmax dry bulk vessel, the m/v Leonidas P. C., according to a company press release. According to InvestingPro analysis, the company is currently trading below its Fair Value.
The charter, scheduled to commence on September 24, 2025, specifies a gross rate of $14,000 per day, minus a 5% commission paid to third parties. The contract period extends until at least September 15, 2026, with a potential extension to November 15, 2026.
Diana Shipping expects the employment of the Leonidas P. C., an 82,165 deadweight tonnage vessel built in 2011, to generate approximately $4.93 million in gross revenue for the minimum scheduled charter period.
The company’s fleet currently consists of 36 dry bulk vessels with a combined carrying capacity of approximately 4.1 million deadweight tonnage and a weighted average age of 11.83 years. The fleet includes 4 Newcastlemax, 8 Capesize, 4 Post-Panamax, 6 Kamsarmax, 5 Panamax, and 9 Ultramax vessels.
Diana Shipping also anticipates taking delivery of two methanol dual fuel new-building Kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028, respectively.
The company specializes in the ownership and bareboat charter-in of dry bulk vessels, primarily employing its vessels on short to medium-term time charters to transport commodities such as iron ore, coal, grain, and other materials along worldwide shipping routes. With an EBITDA of $86.22 million in the last twelve months and trading at a price-to-book ratio of 0.41, the company demonstrates strong operational performance and attractive valuation metrics.
In other recent news, Diana Shipping Inc. has signed an agreement to sell its 2016-built Ultramax dry bulk vessel, m/v DSI Drammen, for approximately $26.86 million before commissions. This transaction involves a limited partnership where Diana Shipping holds a 25% interest, with the remainder owned by Ecobulk AS, and delivery to the buyer is anticipated by October 31, 2025. Additionally, Diana Shipping has secured several time charter contracts for its vessels, enhancing its operational revenue stream. The m/v Polymnia, a Post-Panamax vessel, has been chartered to Oldendorff Carriers GmbH & Co. KG at a gross rate of $14,000 per day, with the contract period extending from August 17, 2025, to at least April 10, 2026. Another Ultramax vessel, the m/v DSI Pegasus, has been chartered to Cargill Ocean Transportation at a rate of $14,250 per day, starting August 15, 2025, and running until at least May 20, 2026. Furthermore, Diana Shipping’s Kamsarmax vessel, m/v Astarte, has been chartered to Propel Shipping Pte. Ltd. at a rate of $12,500 per day, commencing August 2, 2025. Lastly, the m/v DSI Polaris, another Ultramax vessel, has been chartered to Cargill Ocean Transportation for $12,250 per day, beginning July 1, 2025. These developments reflect Diana Shipping’s active engagement in securing lucrative contracts for its fleet.
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