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ATHENS - Diana Shipping Inc. (NYSE:DSX), currently valued at $175 million with impressive gross profit margins of 58%, has entered into a time charter contract with Cargill Ocean Transportation for its Ultramax dry bulk vessel, the m/v DSI Polaris, according to a company press release issued Thursday.
The contract specifies a gross charter rate of $12,250 per day, minus a 4.75% commission paid to third parties. The charter period runs from July 1, 2025, until at least July 21, 2026, with a possible extension to September 21, 2026.
The DSI Polaris, a 60,404 deadweight tonnage vessel built in 2018, is expected to generate approximately $4.66 million in gross revenue for the minimum scheduled period of the charter.
Following the completion of the previously announced sale of the m/v Selina, Diana Shipping’s fleet will consist of 36 dry bulk vessels with a combined carrying capacity of approximately 4.1 million deadweight tonnage and a weighted average age of 11.65 years.
The company’s fleet includes 4 Newcastlemax, 8 Capesize, 4 Post-Panamax, 6 Kamsarmax, 5 Panamax, and 9 Ultramax vessels. Diana Shipping also expects to take 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 Inc. is a global provider of shipping transportation services through ownership and bareboat charter-in of dry bulk vessels. The company’s vessels primarily operate on short to medium-term time charters, transporting commodities such as iron ore, coal, grain, and other materials along worldwide shipping routes.
In other recent news, Diana Shipping Inc. announced the sale of its Panamax vessel Selina for approximately $11.8 million, with delivery scheduled by August 15, 2025. This transaction will reduce Diana Shipping’s fleet to 36 dry bulk vessels. Additionally, the company has secured a time charter contract for its Ice Class Panamax vessel m/v Atalandi with Stone Shipping Ltd., expected to generate about $3.62 million in gross revenue. Another significant development is the charter agreement for the Newcastlemax vessel m/v Newport News with Bohai Ocean Shipping, set to commence in June 2025 at a daily gross rate of $25,000, marking an increase from the current rate. This charter is projected to bring in approximately $10.95 million in gross revenue. Diana Shipping also finalized a time charter contract for the m/v Ismene, expected to generate around $3.54 million in gross revenue. The company continues to expand its fleet, planning to add two methanol dual fuel Kamsarmax vessels by 2028. These developments reflect Diana Shipping’s ongoing business strategies and operations in the dry bulk shipping sector.
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