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ATHENS - Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in dry bulk vessels with a market capitalization of $186 million, has entered into a time charter contract with Cargill International SA for its Panamax dry bulk vessel, the m/v Leto, the company announced Monday. According to InvestingPro analysis, the company’s stock is currently trading near its 52-week low, suggesting potential value opportunity for investors interested in the shipping sector. The contract, set to commence on March 31, 2025, stipulates a daily gross charter rate of $12,750, with a 4.75% commission deducted for third parties.
The time charter for the Leto, a 2010-built vessel with a dry weight tonnage (dwt) of 81,297, is scheduled to last until at least July 16, 2026, and could extend up to September 16, 2026. This engagement is expected to generate approximately $5.93 million in gross revenue for the minimum scheduled period. Want deeper insights? InvestingPro subscribers get access to exclusive financial metrics, including the company’s impressive 57.85% gross profit margins and comprehensive valuation analysis through Pro Research Reports.
Diana Shipping’s current fleet comprises 37 dry bulk vessels, including 4 Newcastlemax, 8 Capesize, 4 Post-Panamax, 6 Kamsarmax, 6 Panamax, and 9 Ultramax ships. Additionally, the company anticipates the 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. Excluding the two vessels still pending delivery, the combined carrying capacity of Diana Shipping’s fleet stands at approximately 4.1 million dwt with a weighted average age of 11.40 years. The company generated $228.21 million in revenue over the last twelve months, maintaining strong operational efficiency with an EBITDA of $97.9 million.
Diana Shipping Inc. provides transportation services globally through ownership and bareboat charter-in of dry bulk vessels. Trading at a price-to-book ratio of just 0.37, the company’s vessels primarily engage in short to medium-term time charters, transporting a variety of dry bulk commodities such as iron ore, coal, grain, and other materials across worldwide shipping routes.
The information in this article is based on a press release statement from Diana Shipping Inc. and does not include any forward-looking statements provided by the company. Diana Shipping has made clear that forward-looking statements are inherently subject to uncertainties and contingencies outside the company’s control, and there can be no assurance that such statements will prove accurate. The company has also stated it will not undertake any obligation to revise or update these statements.
In other recent news, Diana Shipping Inc. reported its fourth-quarter 2024 earnings, revealing an earnings per share of $0.02, which met analyst expectations. The company’s revenue slightly surpassed forecasts, reaching $57.1 million compared to the projected $54.7 million. In a strategic move to expand its fleet, Diana Shipping announced an 80% equity interest in a joint venture, Ecogas Holding AS, for constructing new semi-refrigerated LPG vessels, with deliveries scheduled for 2027. Additionally, Diana Shipping secured new time charter contracts with Cargill Ocean Transportation and Cargill International SA, involving its Ultramax and Kamsarmax dry bulk vessels, expected to generate significant gross revenues. The company continues to focus on fleet modernization, with plans to introduce methanol dual-fuel Kamsarmax vessels by 2027 and 2028. Diana Shipping’s fleet currently consists of 37 dry bulk vessels, with a combined carrying capacity of approximately 4.1 million deadweight tonnage. The company has maintained high fleet utilization at 99.7% for the year, ensuring revenue visibility through substantial time charters. These developments highlight Diana Shipping’s strategic efforts to enhance its operational capacity and market reach.
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