Diana Shipping secures higher-rate charter for Ultramax vessel

ATHENS - Diana Shipping Inc. (NYSE:DSX), currently valued at $194 million and trading below its InvestingPro Fair Value, announced Monday it has entered into a new time charter contract with Bunge SA for its Ultramax dry bulk vessel, the m/v DSI Aquila, at a higher rate than its previous agreement.

The company said in a press release that the gross charter rate will be $14,500 per day, minus a 5% commission paid to third parties, for a period lasting until at least February 25, 2027, with a possible extension to April 25, 2027. The charter is expected to begin on October 12, 2025.

This new arrangement represents an improvement over the vessel’s previous charter with Western Bulk Carriers AS, which had a gross charter rate of $12,250 per day, also with a 5% commission to third parties.

The DSI Aquila, a 60,309 deadweight tonnage Ultramax bulk vessel built in 2015, is expected to generate approximately $7.15 million in gross revenue for the minimum scheduled period of the time 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 11.85 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.

Diana Shipping describes itself as a global provider of shipping transportation services through ownership and bareboat charter-in of dry bulk vessels, primarily employed on short to medium-term time charters transporting commodities such as iron ore, coal, and grain along worldwide shipping routes.

In other recent news, Diana Shipping Inc. has been active with several significant developments. The company announced a time charter contract for its Kamsarmax vessel, the m/v Leonidas P. C., with Nippon Yusen Kabushiki Kaisha, set to begin in September 2025 at a rate of $14,000 per day, minus a 5% commission. Additionally, Diana Shipping has agreed to sell its 2016-built Ultramax vessel, m/v DSI Drammen, for approximately $26.86 million, with the transaction expected to conclude by October 31, 2025. The company also secured a time charter contract for its Post-Panamax vessel, m/v Polymnia, with Oldendorff Carriers GmbH & Co. KG, at a rate of $14,000 per day, minus a 5% commission, starting in August 2025. Furthermore, Diana Shipping has entered into a contract with Cargill Ocean Transportation for its Ultramax vessel, m/v DSI Pegasus, at $14,250 per day, minus a 4.75% commission, commencing on August 15, 2025. Another time charter agreement was made for the Kamsarmax vessel, m/v Astarte, with Propel Shipping Pte. Ltd., at a rate of $12,500 per day, minus a 5% commission. These recent developments underscore Diana Shipping’s active engagement in securing profitable contracts and strategic asset sales.

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