Diana Shipping secures time charter contract for Kamsarmax vessel

ATHENS - Diana Shipping Inc. (NYSE:DSX), a shipping company currently trading below its InvestingPro Fair Value with a market capitalization of $178.77 million, announced Monday it has entered into a time charter contract for one of its Kamsarmax dry bulk vessels, the m/v Astarte, with Propel Shipping Pte. Ltd.

The contract specifies a gross charter rate of $12,500 per day, minus a 5% commission paid to third parties. The charter period runs from August 2, 2025, until at least August 16, 2026, with a possible extension to October 16, 2026.

The Astarte, an 81,513 deadweight tonnage vessel built in 2013, is expected to generate approximately $4.68 million in gross revenue for the minimum scheduled period of the charter.

Diana Shipping’s current fleet consists of 36 dry bulk vessels with a combined carrying capacity of approximately 4.1 million deadweight tonnage and a weighted average age of 11.68 years. The company also expects delivery of two methanol dual fuel new-building Kamsarmax vessels by the second half of 2027 and first half of 2028, respectively.

The company specializes in the ownership and bareboat charter-in of dry bulk vessels that transport commodities such as iron ore, coal, and grain along worldwide shipping routes.

This information is based on a press release statement from Diana Shipping Inc.

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 (Singapore) Holding Pte. Ltd., at a daily gross charter rate of $25,000. This represents an increase from the current rate of $20,000 per day, with the contract expected to generate approximately $10.95 million in gross revenue for the minimum scheduled period. Additionally, Diana Shipping has signed an agreement to sell its Panamax vessel Selina for approximately $11.8 million to an unaffiliated third party, with delivery scheduled by August 15, 2025.

Further developments include a new time charter contract with Stone Shipping Ltd. for the Ice Class Panamax dry bulk vessel m/v Atalandi, which will earn a gross charter rate starting at $9,000 per day, increasing to $10,100 per day after the first 35 days. Diana Shipping has also secured a time charter contract with Cargill Ocean Transportation for its Ultramax dry bulk vessel, the m/v DSI Polaris, at a gross charter rate of $12,250 per day. These recent contracts underscore Diana Shipping’s active engagement in optimizing its fleet operations and revenue generation.

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