Diana Shipping Inc. Announces Time Charter Contract for m/v Astarte With Aquavita

Diana Shipping secures a higher-rate time charter for m/v Astarte, expected to add about US$5.81 million in gross revenue at minimum duration.

Rhea-AI Summary

Diana Shipping (DSX) has fixed its Kamsarmax dry bulk vessel m/v Astarte on a new time charter with Aquavita International at a gross rate of US$17,000 per day, starting around September 20, 2026.

The charter runs until at least September 1, 2027 and up to November 15, 2027, with a 4.75% commission to third parties. Astarte is currently chartered to Propel Shipping at US$12,500 per day with a 5.00% commission. The new employment is expected to generate about US$5.81 million in gross revenue over the minimum period. Diana Shipping operates 36 dry bulk vessels with a combined carrying capacity of about 4.1 million dwt and plans to take delivery of two methanol dual fuel Kamsarmax newbuildings in 2027–2028.

Positive

• New Astarte charter rate increased to US$17,000/day from US$12,500/day
• Minimum charter period revenue expected at approximately US$5.81 million
• Fleet scale 36 dry bulk vessels totaling about 4.1 million dwt

Negative

• None.

Market Context

On Aug 24, 2026, DSX's comparable Leto charter announcement was followed by a -0.18% 24-hour reactio...

Analysis

On Aug 24, 2026, DSX's comparable Leto charter announcement was followed by a -0.18% 24-hour reaction; it also set a higher replacement rate, providing relevant historical context for Astarte's new charter terms.

Key Figures

Gross charter rate: US$17,000 per day Third-party commission: 4.75% Charter period: Minimum September 1, 2027 to maximum November 15, 2027 +4 more

Gross charter rate

US$17,000 per day

Astarte time charter

Third-party commission

4.75%

Deducted from gross charter rate

Charter period

Minimum September 1, 2027 to maximum November 15, 2027

Scheduled time-charter term

Charter commencement

September 20, 2026

Expected start date

Current gross charter rate

US$12,500 per day

Existing Astarte charter with Propel Shipping

Expected gross revenue

Approximately US$5.81 million

Minimum scheduled charter period

Vessel carrying capacity

81,513 dwt

Astarte Kamsarmax dry bulk vessel

Historical Context

2 past events · Latest: Aug 24

2 events

1. Aug 24

   Time charter contract

   24h Move

   -0.2%

   Leto charter continuation at US$18,000 daily rate with Cargill

2. Aug 07

   Time charter contract

   24h Move

   -3.6%

   Florida charter with NYK at US$30,500 daily rate

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

Key Terms

time charter contract, bareboat charter-in, kamsarmax

3 terms

time charter contract financial

"entered into a time charter contract with Aquavita International S.A."

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 financial

"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.

kamsarmax technical

"one of its 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.

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

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ATHENS, Greece, Sept. 16, 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 entered into a time charter contract with Aquavita International S.A., for one of its Kamsarmax dry bulk vessels, the m/v Astarte. The gross charter rate is US$17,000 per day, minus a 4.75% commission paid to third parties, for a period until minimum September 1, 2027 up to maximum November 15, 2027. The charter is expected to commence on September 20, 2026. The m/v Astarte is currently chartered, as previously announced, to Propel Shipping Pte. Ltd., at a gross charter rate of US$12,500 per day, minus a 5.00% commission paid to third parties.

The “Astarte” is an 81,513 dwt Kamsarmax dry bulk vessel built in 2013.

The employment of “Astarte” is anticipated to generate a total of approximately US$5.81 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 12.81 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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When is the new time charter for the m/v Astarte expected to start and how long can it last?

The new time charter for the m/v Astarte is expected to commence on September 20, 2026. It has a duration until at least September 1, 2027 and up to a latest redelivery date of November 15, 2027.

What are the main characteristics of the m/v Astarte?

The m/v Astarte is an 81,513 dwt Kamsarmax dry bulk vessel that was built in 2013.

What future fleet additions does Diana Shipping expect?

The company expects to take delivery of two methanol dual fuel new-building Kamsarmax dry bulk vessels, one by the second half of 2027 and the other by the first half of 2028.