Diana Shipping Inc. Announces Direct Continuation of Time Charter Contract for m/v Polymnia with Oldendorff Carriers

Rhea-AI Summary

Diana Shipping (NYSE:DSX) extended the time charter for its Post-Panamax vessel m/v Polymnia with Oldendorff Carriers. The new gross rate is $20,000/day (previously $14,000/day) from around June 1, 2026 until at least March 1, 2027, up to April 30, 2027.

The extension is expected to generate about $5.36 million in gross revenue for the minimum period. Diana Shipping’s fleet comprises 36 dry bulk vessels totaling about 4.1 million dwt, with a weighted average age of 12.47 years, and two methanol dual fuel Kamsarmax newbuilds expected by 2027–2028.

Positive

• Polymnia charter rate raised to $20,000/day from $14,000/day
• Charter extension expected to add about $5.36 million gross revenue
• Fixed employment for Polymnia to at least March 1, 2027
• Fleet size at 36 vessels with about 4.1 million dwt capacity
• Two methanol dual fuel Kamsarmax newbuilds scheduled for 2027–2028 delivery

Negative

• None.

News Market Reaction – DSX

-3.26%

-3.26% Session close to close

In the May 15 session, DSX declined 3.26%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement extends the m/v Polymnia time charter at a higher gross rate of US$20,000 per day ...

Analysis

This announcement extends the m/v Polymnia time charter at a higher gross rate of US$20,000 per day versus US$14,000 previously, with expected minimum revenue of US$5.36 million. It adds contracted visibility within a fleet of 36 vessels totaling about 4.1 million dwt. Investors may watch how future charter renewals, newbuild deliveries in 2027–2028, and broader dry bulk rate trends shape overall earnings resilience.

Key Figures

New charter rate: US$20,000 per day Prior charter rate: US$14,000 per day Third-party commission: 5.00% +5 more

8 metrics

New charter rate US$20,000 per day m/v Polymnia time charter extension

Prior charter rate US$14,000 per day Existing m/v Polymnia charter

Third-party commission 5.00% Commission on Polymnia charter revenues

Minimum charter revenue US$5.36 million Minimum scheduled period for Polymnia extension

Charter start June 1, 2026 Expected commencement of new Polymnia charter period

Vessel size 98,704 dwt Post-Panamax dry bulk vessel Polymnia

Fleet size 36 dry bulk vessels Current Diana Shipping fleet

Fleet capacity ≈4.1 million dwt Combined carrying capacity, excluding two newbuilds

Historical Context

5 past events · Latest: May 12 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 12	Genco campaign site	Positive	+7.4%	Launched campaign website to support value-focused Genco initiative.
May 07	Proxy statement Genco	Positive	+0.7%	Filed definitive proxy and sent letter to Genco shareholders.
May 04	Tender offer Genco	Positive	+1.2%	Announced all-cash tender offer for all Genco shares.
Apr 29	New charter contracts	Positive	-2.0%	Secured higher-rate time charters for m/v New York and DSI Pyxis.
Apr 24	Annual meeting timing	Neutral	-0.4%	Urged Genco to stop delaying its 2026 annual meeting.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent time-charter and Genco-related headlines often saw moves broadly aligned with news tone, though one major charter update drew a negative reaction.

Recent Company History

Over the past months, Diana Shipping focused on both operational and strategic initiatives. It launched and then raised an all-cash tender offer for Genco, supported by campaign and proxy communications, with modestly positive price reactions (May 4–12, 2026). Operationally, charter deals for m/v New York and m/v DSI Pyxis on Apr 29, 2026 increased day rates and revenue expectations, yet the stock fell 1.98%, showing that stronger employment terms do not always translate into immediate price gains.

Key Terms

time charter contract, bareboat charter-in, post-panamax, kamsarmax, +1 more

5 terms

time charter contract technical

"it has extended the time charter contract with Oldendorff Carriers"

A time charter contract is an agreement where a ship owner rents out their vessel to a customer for a set period, during which the customer has control over the ship's use and operation, while the owner remains responsible for maintenance and certain costs. This arrangement matters to investors because it provides predictable income streams and helps assess the financial stability of shipping companies.

bareboat charter-in technical

"specializing in the ownership and bareboat charter-in of dry bulk vessels"

A "bareboat charter-in" is when a company rents a vessel or asset from another party without any crew or additional services included. The company then takes responsibility for operating and maintaining the asset as if it were their own. For investors, it can signal a company’s strategy to expand its fleet or assets without immediate large capital expenses, potentially affecting its financial position and future cash flows.

post-panamax technical

"one of its Post-Panamax dry bulk vessels, the m/v Polymnia"

Post-panamax describes a ship or vessel that is too large to pass through the original locks of the Panama Canal, meaning its width, height, or depth exceeds those historic limits; it’s used as a size class for very large cargo ships. Investors care because these ships face route restrictions, higher port and handling requirements, or transshipment detours—like a truck that can’t fit under a bridge—which affects shipping costs, transit times, freight rates and demand for port and fleet upgrades.

kamsarmax technical

"two methanol dual fuel new-building Kamsarmax dry bulk vessels"

A kamsarmax is a standard class of dry bulk cargo ship sized to fit the locks and berths of certain ports, notably those with specific depth and width limits. Think of it like a delivery truck built to just fit a warehouse door: its dimensions and cargo capacity influence which ports it can use and how efficiently it carries grain, coal or ore. For investors, kamsarmaxes matter because their availability, operating costs and suitability for key trade routes affect freight rates, shipping company earnings and supply-chain capacity.

ultramax technical

"5 Panamax and 9 Ultramax"

Ultramax is a term used to describe a product, service, or feature that represents the highest level of performance, quality, or capacity within its category. For investors, recognizing ultramax offerings can signal potential for maximum returns or dominance in the market, much like choosing a top-tier option that stands out for its exceptional features. It indicates a premium or peak position that may influence investment decisions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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ATHENS, Greece, May 15, 2026 (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 Oldendorff Carriers GmbH & Co. KG, for one of its Post-Panamax dry bulk vessels, the m/v Polymnia. The gross charter rate is US$20,000 per day, minus a 5.00% commission paid to third parties, for a period until minimum March 1, 2027 up to maximum April 30, 2027. The new charter period is expected to commence on June 1, 2026. The m/v Polymnia is currently chartered, as previously announced, at a gross charter rate of US$14,000 per day, minus a 5.00% commission paid to third parties.

The “Polymnia” is an 98,704 dwt Post-Panamax dry bulk vessel built in 2012.

The employment extension of “Polymnia” is anticipated to generate approximately US$5.36 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping Inc.’s fleet currently consists of 36 dry bulk vessels (4 Newcastlemax, 8 Capesize, 4 Post-Panamax, 6 Kamsarmax, 5 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 12.47 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, tariff policies and other trade restrictions, 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:
Margarita Veniou
Chief Corporate Development, Governance &
Communications Officer and Secretary
Telephone: + 30-210-9470-100
Email: mveniou@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

FAQ

What did Diana Shipping (DSX) announce about the m/v Polymnia charter extension on May 15, 2026?

Diana Shipping announced it extended the m/v Polymnia time charter with Oldendorff Carriers at $20,000 per day. According to the company, the new period starts around June 1, 2026 and runs until at least March 1, 2027, with an outside date of April 30, 2027.

What is the new daily charter rate for Diana Shipping’s m/v Polymnia (DSX)?

The new gross charter rate for the m/v Polymnia is $20,000 per day, minus a 5% commission. According to Diana Shipping, this is up from the current $14,000 per day rate under the existing charter, also subject to a 5% commission.

How much revenue is the Polymnia charter extension expected to generate for Diana Shipping (DSX)?

The Polymnia time charter extension is anticipated to generate about $5.36 million in gross revenue for the minimum term. According to Diana Shipping, this estimate covers the period from around June 1, 2026 through at least March 1, 2027 under the extended contract.

What are the start and end dates of Diana Shipping’s new Polymnia charter period?

The new Polymnia charter period is expected to commence on June 1, 2026 and run until a minimum of March 1, 2027. According to the company, the maximum redelivery date under this extended time charter is April 30, 2027.

How large is Diana Shipping’s (DSX) dry bulk fleet after the Polymnia charter news?

Diana Shipping reports a fleet of 36 dry bulk vessels with combined carrying capacity of about 4.1 million dwt. According to the company, the fleet’s weighted average age is 12.47 years, excluding two methanol dual fuel Kamsarmax newbuilds not yet delivered.

What future fleet additions did Diana Shipping (DSX) mention alongside the Polymnia charter extension?

Diana Shipping expects delivery of two methanol dual fuel Kamsarmax dry bulk vessels. According to the company, one newbuild is scheduled for the second half of 2027 and the other for the first half of 2028, expanding its Kamsarmax segment.