Diana Shipping Inc. Announces Time Charter Contract for m/v Atalandi with Stone Shipping
- New charter contract secured for m/v Atalandi with guaranteed minimum duration until June 2026
- Expected gross revenue of US$3.62 million from the minimum charter period
- Company expanding fleet with two eco-friendly methanol dual fuel vessels by 2028
- Relatively low charter rates compared to historical market rates
- 5% commission reduces effective charter rate earnings
Insights
Diana Shipping secures $3.62M revenue from Atalandi vessel charter; represents standard fleet employment strategy with predictable income.
This time charter contract for Diana Shipping's Ice Class Panamax vessel Atalandi establishes a fixed revenue stream with a tiered rate structure -
The contract represents ongoing fleet employment for a single vessel within Diana's substantial fleet of 37 dry bulk vessels. The Atalandi is one of 6 Panamax vessels in a diversified fleet that includes multiple vessel classes from Ultramax to Newcastlemax. With a total fleet capacity of approximately 4.1 million dwt, this single vessel contract provides predictable cash flow for one component of their operations.
The Ice Class specification of the Atalandi (built 2014) enables operation in challenging northern waters with seasonal ice conditions, potentially commanding specific deployment opportunities. This particular vessel represents one of the younger ships in Diana's fleet, which has a weighted average age of 11.60 years.
Diana's continued focus on medium-term time charters rather than spot market exposure demonstrates their preference for revenue stability. The company is also positioning for future regulatory requirements with two methanol dual-fuel new-building vessels on order for 2027-2028 delivery, indicating longer-term fleet modernization plans beyond this immediate charter agreement.
ATHENS, Greece, June 06, 2025 (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 Stone Shipping Ltd, for one of its Ice Class Panamax dry bulk vessels, the m/v Atalandi. The gross charter rate is US
The “Atalandi” is a 77,529 dwt Ice Class Panamax dry bulk vessel built in 2014.
The employment of “Atalandi” is anticipated to generate approximately US
Diana Shipping Inc.’s fleet currently consists of 37 dry bulk vessels (4 Newcastlemax, 8 Capesize, 4 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 4.1 million dwt, with a weighted average age of 11.60 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:
Ioannis Zafirakis
Director, Co-Chief Financial Officer,
Chief Strategy Officer,
Treasurer and Secretary
Telephone: + 30-210-9470-100
Email: izafirakis@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 are the charter rates for DSX's m/v Atalandi vessel with Stone Shipping?
How much revenue will Diana Shipping generate from the Atalandi charter contract?
What is the current fleet size of Diana Shipping (DSX)?
When will Diana Shipping receive its new methanol dual fuel vessels?
What is the duration of the new charter contract for m/v Atalandi?
