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Diana Shipping Inc. (NYSE: DSX) has extended its time charter contract with Cobelfret S.A., Luxembourg for the Post-Panamax vessel m/v Amphitrite. The new charter terms include a rate of $8,750 per day for the first 50 days and $12,100 per day thereafter, minus 5% commission. The contract runs from December 31, 2024, until minimum January 1, 2026, with potential extension to March 15, 2026.
The extension is expected to generate approximately $4.22 million in gross revenue for the minimum period. The Amphitrite is a 98,697 dwt vessel built in 2012. DSX’s current fleet comprises 38 dry bulk vessels with a combined capacity of 4.2 million dwt and an average age of 11.23 years. The company also anticipates delivery of two methanol dual fuel Kamsarmax vessels by 2027-2028.
Diana Shipping Inc. (NYSE: DSX) ha esteso il suo contratto di noleggio con Cobelfret S.A., Lussemburgo, per la nave Post-Panamax m/v Amphitrite. I nuovi termini del contratto includono una tariffa di $8.750 al giorno per i primi 50 giorni e $12.100 al giorno successivamente, meno una commissione del 5%. Il contratto è valido dal 31 dicembre 2024 fino a un minimo del 1 gennaio 2026, con possibilità di estensione fino al 15 marzo 2026.
L’estensione dovrebbe generare circa $4,22 milioni di entrate lorde per il periodo minimo. L’Amphitrite è una nave di 98.697 dwt costruita nel 2012. La flotta attuale di DSX comprende 38 navi per il trasporto di merci secche con una capacità combinata di 4,2 milioni di dwt e un’età media di 11,23 anni. L’azienda prevede inoltre la consegna di due navi Kamsarmax a doppio carburante a metanolo entro il 2027-2028.
Diana Shipping Inc. (NYSE: DSX) ha ampliado su contrato de chárter temporal con Cobelfret S.A., Luxemburgo, para el buque Post-Panamax m/v Amphitrite. Los nuevos términos del contrato incluyen una tarifa de $8,750 por día durante los primeros 50 días y $12,100 por día a partir de entonces, menos una comisión del 5%. El contrato será válido desde el 31 de diciembre de 2024 hasta un mínimo del 1 de enero de 2026, con una posible extensión hasta el 15 de marzo de 2026.
Se espera que la extensión genere aproximadamente $4.22 millones en ingresos brutos para el período mínimo. El Amphitrite es un buque de 98,697 dwt construido en 2012. La flota actual de DSX consta de 38 buques de carga a granel seco con una capacidad combinada de 4.2 millones de dwt y una edad media de 11.23 años. La empresa también anticipa la entrega de dos buques Kamsarmax de combustible dual de metanol para 2027-2028.
Diana Shipping Inc. (NYSE: DSX)는 룩셈부르크의 Cobelfret S.A.와 함께 포스트 파나막스 선박 m/v Amphitrite에 대한 임대 계약을 연장했습니다. 새로운 계약 조건은 처음 50일 동안 $8,750 하루와 이후 $12,100 하루에 5% 수수료를 뺀 금액을 포함합니다. 계약은 2024년 12월 31일부터 2026년 1월 1일 최소까지 유효하며, 2026년 3월 15일까지 연장 가능성이 있습니다.
이번 연장은 최소 기간 동안 약 $4.22 백만의 총 수익을 발생시킬 것으로 예상됩니다. Amphitrite는 2012년에 건조된 98,697 dwt 선박입니다. DSX의 현재 함대는 4.2 백만 dwt의 총 용량을 가진 38척의 드라이 벌크 선박으로 구성되어 있으며, 평균 연령은 11.23세입니다. 이 회사는 또한 2027-2028년까지 메탄올 이중 연료 Kamsarmax 선박 2척의 인도를 예상하고 있습니다.
Diana Shipping Inc. (NYSE: DSX) a prolongé son contrat de charter avec Cobelfret S.A., Luxembourg, pour le navire Post-Panamax m/v Amphitrite. Les nouveaux termes du contrat comprennent un tarif de 8 750 $ par jour pour les 50 premiers jours et 12 100 $ par jour par la suite, moins une commission de 5%. Le contrat s’étend du 31 décembre 2024 jusqu’au minimum du 1er janvier 2026, avec une éventuelle prolongation jusqu’au 15 mars 2026.
Cette prolongation devrait générer environ 4,22 millions de $ de revenus bruts pour la période minimale. L’Amphitrite est un navire de 98 697 dwt construit en 2012. La flotte actuelle de DSX comprend 38 navires de transport en vrac sec avec une capacité totale de 4,2 millions de dwt et un âge moyen de 11,23 ans. L’entreprise prévoit également la livraison de deux navires Kamsarmax à double carburant à méthanol d’ici 2027-2028.
Diana Shipping Inc. (NYSE: DSX) hat seinen Zeitchartervertrag mit Cobelfret S.A., Luxemburg, für das Post-Panamax-Schiff m/v Amphitrite verlängert. Die neuen Vertragsbedingungen beinhalten einen Tarif von 8.750 $ pro Tag für die ersten 50 Tage und 12.100 $ pro Tag danach, abzüglich einer Provision von 5%. Der Vertrag läuft vom 31. Dezember 2024 bis mindestens zum 1. Januar 2026, mit einer möglichen Verlängerung bis zum 15. März 2026.
Die Verlängerung wird voraussichtlich etwa 4,22 Millionen $ an Bruttoumsatz für den Mindestzeitraum generieren. Die Amphitrite ist ein 98.697 dwt Schiff, das 2012 gebaut wurde. Die aktuelle Flotte von DSX umfasst 38 Schüttgutfrachter mit einer Gesamtkapazität von 4,2 Millionen dwt und einem Durchschnittsalter von 11,23 Jahren. Das Unternehmen erwartet außerdem die Lieferung von zwei Kamsarmax-Schiffen mit Dual-Diezel-Antrieb bis 2027-2028.
Positive
- Secured charter extension generating $4.22 million minimum gross revenue
- Higher rate of $12,100/day for majority of charter period compared to initial $8,750/day
- Fleet expansion with two methanol dual fuel vessels on order
Negative
- 5% commission reducing effective charter rates
Insights
This charter extension for the m/v Amphitrite represents a strategic move in the current dry bulk market environment. The two-tier rate structure – $8,750 for the first 50 days followed by $12,100 per day – reflects market expectations of improving rates in 2025. The minimum guaranteed revenue of $4.22 million provides stable cash flow through early 2026.
The deal timing is particularly noteworthy as it secures employment during a traditionally volatile period in the dry bulk sector. For context, current Post-Panamax rates have been under pressure, making this rate structure relatively competitive. The 5% commission is standard for the industry, maintaining operational cost efficiency.
Diana Shipping’s fleet diversification strategy is evident – their 38-vessel portfolio spans multiple vessel classes, providing flexibility across different trade routes and cargo types. The upcoming addition of two methanol dual-fuel vessels also positions them well for future environmental regulations.
The charter extension’s financial structure merits attention. The initial $8,750 daily rate for 50 days, followed by $12,100, represents a 38.3% rate increase, suggesting strong market fundamentals for 2025. This stepped-rate structure helps bridge the current market softness while positioning for anticipated market improvement.
For retail investors, this translates to predictable revenue streams through early 2026, with the contract’s flexibility window (January-March 2026) providing strategic optionality. The $4.22 million minimum revenue commitment strengthens DSX’s forward earnings visibility, particularly valuable given the company’s 234.7 million market capitalization.
ATHENS, Greece, Dec. 24, 2024 (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 extended the time charter contract with Cobelfret S.A., Luxembourg, for one of its Post-Panamax dry bulk vessels, the m/v Amphitrite. The gross charter rate is US$8,750 per day for the first fifty (50) days of the charter period and US$12,100 per day for the balance period of the time charter, in each case minus a 5.00% commission paid to third parties, for a period until minimum January 1, 2026 up to maximum March 15, 2026. The new charter period is expected to commence on December 31, 2024.
The “Amphitrite” is a 98,697 dwt Post-Panamax dry bulk vessel built in 2012.
The employment extension of “Amphitrite” is anticipated to generate approximately US$4.22 million of gross revenue for the minimum scheduled period of the time charter.
Diana Shipping Inc.’s fleet currently consists of 38 dry bulk vessels: 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, excluding the two vessels not yet delivered, is approximately 4.2 million dwt with a weighted average age of 11.23 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 a 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.
FAQ
What are the new charter rates for DSX’s m/v Amphitrite vessel?
The new charter rates are $8,750 per day for the first 50 days and $12,100 per day for the remaining period, minus a 5% commission.
How much revenue will DSX generate from the Amphitrite charter extension?
The charter extension is expected to generate approximately $4.22 million in gross revenue for the minimum scheduled period.
What is the duration of DSX’s new charter contract for Amphitrite?
The charter period runs from December 31, 2024, until minimum January 1, 2026, with possible extension until March 15, 2026.
How many vessels are in Diana Shipping’s (DSX) current fleet?
DSX’s fleet consists of 38 dry bulk vessels with a combined carrying capacity of 4.2 million dwt and an average age of 11.23 years.
When will DSX receive its new methanol dual fuel vessels?
DSX expects to take delivery of two methanol dual fuel Kamsarmax vessels by the second half of 2027 and the first half of 2028.
