Diana Shipping Inc. Continues to Expand its Global Shipping Portfolio with New Time Charter Contracts
ATHENS, Greece, Jan. 16, 2024 - Diana Shipping Inc. (NYSE: DSX), a leading global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, has recently announced its entrance into multiple time charter contracts. These contracts mark a significant step towards further strengthening the company’s position in the shipping industry.
One of the contracts is a time charter agreement with Stone Shipping Ltd for the m/v DSI Aquarius, an Ultramax dry bulk vessel. Under this agreement, the vessel will be chartered at a gross rate of US$14,500 per day, with a charter period extending from January 19, 2024, until at least December 1, 2024, and potentially until February 1, 2025. Following a 5% commission paid to third parties, Diana Shipping Inc. anticipates earning substantial revenues from this venture.
In addition, Diana Shipping Inc. has also secured a time charter contract for the m/v DSI Pollux, another Ultramax dry bulk vessel, with Cargill Ocean Transportation (Singapore) Pte. Ltd. This agreement, which commenced on December 27, 2023, will see the vessel chartered at a rate of US$14,000 per day. The charter is expected to continue until at least August 20, 2025, with a maximum duration of until October 20, 2025. After accounting for a 4.75% commission paid to third parties, this contract is set to yield significant profits for Diana Shipping Inc.
Furthermore, Diana Shipping Inc. has also widened its market reach by entering into a time charter contract with Kawasaki Kisen Kaisha, Ltd. The charter involves the m/v New Orleans, a Capesize dry bulk vessel, and is expected to commence on December 7, 2023. At a gross charter rate of US$20,000 per day, the contract is set to extend until at least August 15, 2025, and potentially until October 31, 2025. After factoring in a 5% commission paid to third parties, Diana Shipping Inc. anticipates lucrative returns from this venture.
By successfully securing these time charter contracts, Diana Shipping Inc. has not only enlarged its shipping fleet but has also solidified its relationships with key industry players like Stone Shipping Ltd, Cargill Ocean Transportation (Singapore) Pte. Ltd. and Kawasaki Kisen Kaisha, Ltd. These partnerships demonstrate the confidence that leading companies have in Diana Shipping Inc.’s expertise and reliability within the shipping sector.
As an industry leader, Diana Shipping Inc. continues to exhibit an unwavering commitment to sustained growth and value creation. With an expanding portfolio of time charter contracts, the company is well-positioned to capitalize on favorable market conditions and drive profitability in the coming months. Investors and industry stakeholders can expect Diana Shipping Inc. to remain a trusted and dependable player in the global shipping arena.
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