Diana Shipping secures time charter for bulk vessel

ATHENS - Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in dry bulk vessels with a market capitalization of $172 million, announced today that it has secured a time charter contract with Stone Shipping Ltd. for the Ice Class Panamax dry bulk vessel m/v Atalandi. According to InvestingPro analysis, the company currently trades below its Fair Value, presenting a potential opportunity for value investors. The contract is set to commence on Monday and will extend until at least June 15, 2026, with the possibility of extension up to August 15, 2026.

Under the terms of the agreement, the m/v Atalandi will earn a gross charter rate of $9,000 per day for the first 35 days, followed by $10,100 per day for the remainder of the charter, minus a 5% commission paid to third parties.

The Atalandi, a 77,529 dwt Ice Class Panamax dry bulk vessel built in 2014, is expected to generate approximately $3.62 million in gross revenue for the minimum scheduled period of the charter.

Diana Shipping’s current fleet includes 37 dry bulk vessels, with a combined carrying capacity of about 4.1 million dwt and an average age of 11.60 years. The company also plans to expand its fleet with the addition of two methanol dual fuel new-building Kamsarmax dry bulk vessels scheduled for delivery in the second half of 2027 and the first half of 2028, respectively.

The company provides transportation services through ownership and bareboat charter-in of dry bulk vessels, transporting commodities such as iron ore, coal, grain, and other materials along worldwide shipping routes. With impressive gross profit margins of nearly 58% and a strong free cash flow yield, Diana Shipping maintains robust operational efficiency. For deeper insights into Diana Shipping’s financial health and growth potential, InvestingPro subscribers can access comprehensive analysis and additional ProTips.

This new charter agreement is part of Diana Shipping’s ongoing business strategy and operations in the dry bulk shipping sector, and the information is based on a press release statement. Diana Shipping Inc. has not provided any further details or comments regarding the future implications of this charter on its overall business performance or the dry bulk shipping market. Trading at just 0.36 times book value, the stock currently sits near its 52-week low, though analysts maintain a positive outlook. Get exclusive access to Diana Shipping’s complete financial analysis and future prospects through the detailed Pro Research Report, available on InvestingPro.

In other recent news, Diana Shipping Inc. has secured several new time charter contracts for its fleet of dry bulk vessels. The company announced a significant contract for its Newcastlemax vessel, m/v Newport News, with Bohai Ocean Shipping, starting June 2025, at a daily rate of $25,000, an increase from the current $20,000 rate. This new agreement is expected to generate approximately $10.95 million in revenue for the minimum charter period. Additionally, Diana Shipping has entered into a contract for its Panamax vessel, m/v Ismene, with China Resource Chartering at a daily rate of $11,000, generating an estimated $3.54 million. Another contract involves the Panamax vessel, m/v Leto, chartered to Cargill International at a daily rate of $12,750, expected to bring in around $5.93 million.

The company also announced a new time charter for its Ultramax vessel, m/v DSI Andromeda, with Cargill Ocean Transportation, at a rate of $14,000 per day, generating approximately $3.18 million. Beyond these charters, Diana Shipping has expanded its operations by taking an 80% equity interest in a joint venture, Ecogas Holding AS, to construct new LPG vessels. This strategic partnership includes plans for two new semi-refrigerated LPG vessels, with options for two additional ships. These developments reflect Diana Shipping’s ongoing efforts to enhance its fleet and expand its market presence.

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