Diana Shipping: Time Charter Contract & Fleet Expansion Plans

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Time Charter Contract

Diana Shipping Inc. (NYSE: DSX), a prominent global shipping company, specialising in the ownership and bareboat charter-in of dry bulk vessels,announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with ASL Bulk Shipping Limited, for one of its Panamax dry bulk vessels, the m/v Leto. The gross charter rate is US$16,000 per day, minus a 5% commission paid to third parties, for a period until minimum March 1, 2025 up to maximum April 30, 2025. The charter is expected to commence on May 2, 2024.

The “Leto” is a 81,297 dwt Panamax dry bulk vessel built in 2010.

Revenue Forecast & Fleet Update

The employment of “Leto” is anticipated to generate approximately US$4.75 million of gross revenue for the minimum scheduled period of the time charter.

With the recent sale of the m/v Houston, Diana Shipping Inc.’s fleet will comprise 38 dry bulk vessels, including various 4 Newcastlemax, 8 Capesize, 5 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 including the m/v Houston and excluding the two vessels not yet delivered, is approximately 4.4 million dwt with a weighted average age of 10.74 years.

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Source: Diana Shipping