Diana Shipping Inc. announced two time charters, generating approximately $10.03 million in expected gross revenue.
Quiver AI Summary
Diana Shipping Inc. announced the signing of time charter contracts for two of its vessels: the Newcastlemax m/v Philadelphia and the Post-Panamax m/v Phaidra. The Philadelphia will earn a gross charter rate of $21,500 per day starting May 29, 2025, while the Phaidra will bring in $9,750 per day from May 31, 2025. The charter for Philadelphia lasts until at least June 9, 2026, and for Phaidra until at least January 1, 2026. Together, these contracts are expected to generate approximately $10.03 million in gross revenue during their minimum duration. Diana Shipping's fleet currently consists of 37 dry bulk vessels, and the company is expecting to take delivery of two new Kamsarmax vessels by 2027 and 2028.
Potential Positives
- Announcement of time charter contracts for two vessels (m/v Philadelphia and m/v Phaidra) is expected to generate approximately US$10.03 million of gross revenue for the minimum scheduled periods.
- The charter contracts extend the company's revenue stream, with the m/v Philadelphia charter lasting until a minimum of June 9, 2026 and the m/v Phaidra until a minimum of January 1, 2026.
- The company continues to expand its fleet, indicating growth potential with the expected delivery of two new methanol dual fuel Kamsarmax vessels by 2028.
- Diana Shipping Inc. maintains a sizable and diverse fleet of 37 dry bulk vessels, which supports operational flexibility and risk management in varying market conditions.
Potential Negatives
- The expected revenues from the charters may not be sufficient to offset potential fluctuations in operating expenses, such as bunker prices and drydocking costs, which could negatively impact financial results.
- The company emphasizes caution regarding forward-looking statements, indicating uncertainty and potential risks that could affect future performance.
- The average age of the fleet is 11.57 years, which could imply higher maintenance costs or reduced competitiveness compared to newer vessels in the market.
FAQ
What recent deals has Diana Shipping Inc. announced?
Diana Shipping Inc. announced time charter contracts for the m/v Philadelphia and m/v Phaidra with Refined Success Limited and SwissMarine Pte. Ltd.
What is the gross charter rate for the m/v Philadelphia?
The gross charter rate for the m/v Philadelphia is US$21,500 per day, minus a 5.00% commission.
When are the charters for the new vessels expected to start?
The charter for the m/v Philadelphia is expected to commence on May 29, 2025, and for the m/v Phaidra on May 31, 2025.
How many vessels are currently in Diana Shipping Inc.'s fleet?
Diana Shipping Inc.'s fleet currently consists of 37 dry bulk vessels.
What types of vessels does Diana Shipping Inc. operate?
Diana Shipping Inc. operates a range of dry bulk vessels, including Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, and Ultramax vessels.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
ATHENS, Greece, May 27, 2025 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced that through a separate wholly-owned subsidiary, it has entered into a time charter contract with Refined Success Limited, for one of its Newcastlemax dry bulk vessels, the m/v Philadelphia. The gross charter rate is US$21,500 per day, minus a 5.00% commission paid to third parties, for a period until minimum June 9, 2026 up to maximum August 8, 2026. The charter is expected to commence on May 29, 2025.
The “Philadelphia” is a 206,040 dwt Newcastlemax dry bulk vessel built in 2012.
The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with SwissMarine Pte. Ltd., Singapore, for one of its Post-Panamax dry bulk vessels, the m/v Phaidra. The gross charter rate is US$9,750 per day, minus a 5.00% commission paid to third parties, for a period until minimum January 1, 2026 up to maximum February 28, 2026. The charter is expected to commence on May 31, 2025.
The “Phaidra” is an 87,146 dwt Post-Panamax dry bulk vessel built in 2013.
The employments of “Philadelphia” and “Phaidra” are anticipated to generate approximately US$10.03 million of gross revenue for the minimum scheduled periods of the time charters.
Diana Shipping Inc.’s fleet currently consists of 37 dry bulk vessels (4 Newcastlemax, 8 Capesize, 4 Post-Panamax, 6 Kamsarmax, 6 Panamax and 9 Ultramax). The Company 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. As of today, the combined carrying capacity of the Company’s fleet, excluding the two vessels not yet delivered, is approximately 4.1 million dwt, with a weighted average age of 11.57 years. A table describing the current Diana Shipping Inc. fleet can be found on the Company’s website,
www.dianashippinginc.com
. Information contained on the Company’s website does not constitute part of this press release.
About the Company
Diana Shipping Inc. is a global provider of shipping transportation services through its ownership and bareboat charter-in of dry bulk vessels. The Company’s vessels are employed primarily on short to medium-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, including risks associated with the continuing conflict between Russia and Ukraine and related sanctions, potential disruption of shipping routes due to accidents or political events, including the escalation of the conflict in the Middle East, vessel breakdowns and instances of off-hires and other factors. Please see the Company’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Corporate Contact:
Ioannis Zafirakis
Director, Co-Chief Financial Officer,
Chief Strategy Officer,
Treasurer and Secretary
Telephone: + 30-210-9470-100
Email:
izafirakis@dianashippinginc.com
Website:
www.dianashippinginc.com
X: @Dianaship
Investor Relations/Media Contact:
Nicolas Bornozis / Daniela Guerrero
Capital Link, Inc.
230 Park Avenue, Suite 1540
New York, N.Y. 10169
Tel.: (212) 661-7566
Email:
diana@capitallink.com
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