Diana Shipping secures new charter at higher rate

ATHENS - Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in dry bulk vessels, has secured a time charter contract for its Newcastlemax dry bulk vessel, the m/v Newport News, with Bohai Ocean Shipping (Singapore) Holding Pte. Ltd. The contract, commencing on June 14, 2025, comes with a daily gross charter rate of $25,000, less a 5% commission to third parties, and is set to last until at least September 1, 2026, with a maximum extension to October 31, 2026. According to InvestingPro data, the company maintains impressive gross profit margins of 57.89%, demonstrating strong operational efficiency in its charter operations.

The m/v Newport News, a 208,021 dwt Newcastlemax dry bulk vessel built in 2017, is currently chartered to Nippon Yusen Kabushiki Kaisha, Tokyo, at a gross rate of $20,000 per day, also with a 5% third-party commission. The new charter rate represents a notable increase from the current rate and is expected to generate approximately $10.95 million in gross revenue for the minimum scheduled period. The company’s strong free cash flow yield and low Price/Book ratio of 0.34 suggest potential value opportunity, as indicated by InvestingPro analysis.

Diana Shipping’s fleet currently comprises 37 dry bulk vessels, including 4 Newcastlemax, 8 Capesize, 4 Post-Panamax, 6 Kamsarmax, 6 Panamax, and 9 Ultramax vessels. Additionally, the company anticipates the delivery of two methanol dual fuel new-building Kamsarmax dry bulk vessels in the second half of 2027 and the first half of 2028, respectively. Excluding the two vessels yet to be delivered, Diana Shipping’s combined carrying capacity stands at approximately 4.1 million dwt with a weighted average age of 11.59 years. With a market capitalization of $166.71 million and current InvestingPro analysis indicating the stock is undervalued, investors seeking detailed insights can access the comprehensive Pro Research Report, available exclusively to subscribers.

The company provides shipping transportation services globally, primarily employing its vessels on short to medium-term time charters to transport a range of dry bulk cargoes, including iron ore, coal, grain, and other materials along worldwide shipping routes.

This announcement is based on a press release statement from Diana Shipping Inc. and does not constitute an endorsement of the company’s claims. The forward-looking statements included in the press release are based on assumptions that are subject to uncertainties and contingencies, which could cause actual results to differ materially from those projected.

In other recent news, Diana Shipping Inc. has announced several new time charter contracts for its vessels. The company secured a contract with China Resource Chartering Pte. Ltd. for the m/v Ismene, which is expected to generate approximately $3.54 million in gross revenue. Another contract was signed with Cargill International SA for the m/v Leto, projected to bring in around $5.93 million. Additionally, a new charter for the Ultramax vessel m/v DSI Andromeda with Cargill Ocean Transportation is anticipated to generate $3.18 million. Diana Shipping also entered into a contract for the Kamsarmax vessel m/v Medusa, expected to yield about $5.46 million in gross revenue.

Beyond these charters, Diana Shipping has expanded its fleet through a strategic partnership with Ecogas Holding AS, acquiring an 80% equity interest in a venture for the construction of new LPG vessels. The company’s fleet, excluding two new-building vessels, currently has a carrying capacity of approximately 4.1 million dwt. Diana Shipping continues to operate globally, focusing on short to medium-term time charters for transporting a variety of dry bulk commodities. These recent developments are based on press release statements from the company.

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