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ATHENS - Diana Shipping Inc. (NYSE:DSX), a shipping company currently valued at $168.9 million, announced Friday it has entered into a time charter contract with Cargill Ocean Transportation for one of its Ultramax dry bulk vessels, the m/v DSI Pegasus. According to InvestingPro analysis, the company appears undervalued based on its Fair Value assessment.
The charter rate is $14,250 per day, minus a 4.75% commission paid to third parties, for a period until minimum May 20, 2026, up to maximum July 20, 2026. The arrangement is expected to commence on August 15, 2025, according to the company’s press release.
The DSI Pegasus, a 60,508 deadweight tonnage vessel built in 2015, is anticipated to generate approximately $3.92 million in gross revenue for the minimum scheduled period of the charter.
Diana Shipping’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 11.71 years. The company also expects 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 Athens-based shipping company specializes in the ownership and bareboat charter-in of dry bulk vessels, primarily employing its ships on short to medium-term time charters for transporting commodities such as iron ore, coal, grain, and other materials along worldwide shipping routes.
In other recent news, Diana Shipping Inc. has announced several significant developments. The company has secured a time charter contract for its Newcastlemax dry bulk vessel, the m/v Newport News, with Bohai Ocean Shipping, offering a daily gross charter rate of $25,000, which marks an increase from the previous rate of $20,000. This new contract is expected to generate approximately $10.95 million in gross revenue for the minimum scheduled period. Additionally, Diana Shipping has signed a time charter contract for its Ultramax vessel, the m/v DSI Polaris, with Cargill Ocean Transportation at a gross rate of $12,250 per day. Another contract has been secured for the Ice Class Panamax vessel, m/v Atalandi, with Stone Shipping Ltd., which will earn a gross charter rate of $9,000 per day initially, increasing to $10,100 per day. The company is also set to sell its Panamax vessel Selina for approximately $11.8 million to an unaffiliated third party. Furthermore, Diana Shipping has entered into a time charter contract for its Kamsarmax vessel, m/v Astarte, with Propel Shipping at a rate of $12,500 per day. These recent developments highlight Diana Shipping’s active engagement in securing new contracts and optimizing its fleet operations.
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