Diana Shipping Inc. Announces Direct Continuation of Time Charter Contract for m/v Leto With Cargill
Rhea-AI Summary
Diana Shipping (NYSE: DSX) has agreed a direct continuation of the time charter for its 81,297 dwt Panamax vessel m/v Leto with Cargill International SA. The new gross charter rate is US$18,000 per day, less a 4.75% commission to third parties, for a period from minimum September 1, 2027 to maximum October 31, 2027, commencing around September 10, 2026.
According to the company, Leto is currently fixed at US$12,750 per day on its existing charter. The extension is expected to generate about US$6.34 million of gross revenue over the minimum period. Diana Shipping reports a fleet of 36 dry bulk vessels totaling approximately 4.1 million dwt, with a weighted average age of 12.75 years, and expects delivery of two methanol dual fuel Kamsarmax newbuilds in 2027–2028.
Positive
- New charter rate US$18,000/day vs current US$12,750/day for m/v Leto
- US$6.34 million expected gross revenue from Leto’s minimum extension period
- Firm employment for Leto to at least September 1, 2027 with Cargill
- 36-vessel fleet totaling about 4.1 million dwt and 12.75-year average age
Negative
- None.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Aug 14 | Acquisition withdrawal | Negative | +6.7% | Offer withdrawal followed Genco board demands; DSX shares rose afterward. |
| Aug 10 | Agreement termination | Negative | -0.8% | Star Bulk agreement termination accompanied continued Genco acquisition financing. |
| Aug 07 | Time charter contract | Positive | -3.6% | Florida charter with NYK secured higher rates but DSX shares declined. |
| Jul 30 | Earnings and dividend | Positive | +7.5% | Second-quarter earnings growth and dividend declaration preceded a positive share reaction. |
| Jul 28 | Fleet value decline | Negative | -1.4% | Company highlighted declining Genco fleet values and urged board action. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Comparable recent announcements produced mixed reactions: positive charter news was followed by -3.59%, while earnings and dividend news was followed by 7.48%.
Key Terms
time charter contract financial
panamax technical
methanol dual fuel technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
ATHENS, Greece, Aug. 24, 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 Cargill International SA, Geneva, for one of its Panamax dry bulk vessels, the m/v Leto. The gross charter rate is US
The “Leto” is an 81,297 dwt Panamax dry bulk vessel built in 2010.
The employment extension of “Leto” is anticipated to generate approximately US
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 12.75 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
