Diana Shipping Inc. Announces Time Charter Contract For m/v Crystalia With SwissMarine

Rhea-AI Summary

Diana Shipping (NYSE: DSX) entered a time charter with SwissMarine for the Panamax m/v Crystalia at a gross rate of US$16,200/day (less 5% commission), expected to commence March 11, 2026 and run from a minimum of March 10, 2027 to a maximum of May 10, 2027.

The employment is anticipated to generate approximately US$5.78 million of gross revenue for the minimum period. Fleet totals 36 vessels with combined carrying capacity of about 4.1 million dwt and a weighted average age of 12.28 years. Two methanol dual fuel Kamsarmax newbuilds are due H2 2027 and H1 2028.

Positive

• Gross charter rate of US$16,200 per day
• Estimated US$5.78 million gross revenue for minimum charter period
• Contracted charter start on March 11, 2026 providing near-term employment
• Fleet scale: 36 dry bulk vessels, ~4.1 million dwt combined capacity
• Planned sustainability upgrade: two methanol dual fuel Kamsarmax deliveries

Negative

• 5.00% commission reduces net charter income
• Charter duration is limited (minimum to March 10, 2027, maximum to May 10, 2027)
• Fleet weighted average age of 12.28 years may imply higher maintenance or compliance costs

Key Figures

New charter rate: US$16,200 per day Prior charter rate: US$13,900 per day Expected gross revenue: US$5.78 million +5 more

8 metrics

New charter rate US$16,200 per day m/v Crystalia time charter with SwissMarine

Prior charter rate US$13,900 per day Current Crystalia charter with Louis Dreyfus

Expected gross revenue US$5.78 million Minimum scheduled period of Crystalia time charter

Charter period window Min Mar 10, 2027 to max May 10, 2027 Crystalia time charter duration

Charter commencement date March 11, 2026 Start of Crystalia time charter

Vessel size 77,525 dwt Crystalia Ice Class Panamax dry bulk vessel

Fleet size 36 dry bulk vessels Company fleet composition at announcement

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

Market Reality Check

Price: $2.63 Vol: Volume 1,758,922 vs 20-da...

high vol

$2.63 Last Close

Volume Volume 1,758,922 vs 20-day avg 901,804 (relative volume 1.95x) ahead of this news. high

Technical Price $2.63 trades above 200-day MA of $1.79, sitting 3.13% below 52-week high $2.715 and 107.09% above 52-week low $1.27.

Peers on Argus

DSX was down 0.75% pre-news while peers were mixed: SHIP -0.07%, UFG -1.69%, GAS...

1 Down

DSX was down 0.75% pre-news while peers were mixed: SHIP -0.07%, UFG -1.69%, GASS +3%, SMHI +2.29%. Momentum scanner only flagged UFG with a -4.25% move, suggesting this announcement was more stock-specific than part of a broad Marine Shipping move.

Historical Context

5 past events · Latest: Feb 26 (Negative)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 26	Q4 earnings & dividend	Negative	-1.2%	Q4 2025 net income and lower YoY earnings with small cash dividend.
Feb 12	New Phaidra charter	Positive	-4.1%	Higher-rate time charter for m/v Phaidra, adding about $5.18M revenue.
Feb 03	Earnings call scheduled	Neutral	+0.9%	Announcement of Q4 and year-end results release and investor call.
Feb 02	Amphitrite charter extension	Positive	-2.2%	Extended Amphitrite charter with step-up to $16,500/day and $6.15M revenue.
Jan 16	GNK bid and nominees	Neutral	-1.9%	Non-binding $20.60/share GNK bid and nomination of six GNK director candidates.

Pattern Detected

Recent positive charter announcements often coincided with negative 24h price reactions, while neutral/earnings items showed smaller, mixed moves.

Recent Company History

Over the last few months, Diana Shipping reported Q4 2025 results with net income of $3.1M and declared a $0.01 dividend, and the stock fell modestly. Multiple fleet-employment updates followed: higher-rate time charters for the m/v Phaidra and m/v Amphitrite and now m/v Crystalia, each locking in multi‑month revenues. The company also pursued a bid for Genco Shipping at $20.60 per share. Today’s Crystalia charter fits this pattern of steadily optimizing charter coverage at improved rates versus prior contracts.

Market Pulse Summary

This announcement adds another higher-rate time charter to Diana Shipping’s contracted backlog, with...

Analysis

This announcement adds another higher-rate time charter to Diana Shipping’s contracted backlog, with Crystalia earning US$16,200 per day versus its prior US$13,900 rate and an expected US$5.78 million of minimum gross revenue. It reinforces a recent pattern of securing multi‑year employment for individual vessels while maintaining a fleet of 36 ships totaling about 4.1 million dwt. Investors may track further charter fixtures, upcoming deliveries of the two methanol dual-fuel Kamsarmax vessels, and future earnings updates to gauge fleet-wide cash flow trends.

Key Terms

time charter, bareboat charter-in, dual fuel

3 terms

time charter financial

"it has entered into a time charter contract with SwissMarine Pte. Ltd."

A time charter 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. This arrangement matters to investors because it provides a steady income stream for the ship owner and indicates ongoing demand for shipping services, reflecting the health of global trade and transportation markets.

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.

dual fuel technical

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

Dual fuel describes equipment, vehicles, or facilities that can run on two different types of fuel (for example, natural gas and diesel), switching between them as prices, availability, or regulations change. For investors, dual-fuel capability is like owning a hybrid car: it provides operational flexibility that can lower operating costs, reduce downtime during supply disruptions, and lessen exposure to a single fuel’s price swings or regulatory limits, which can affect profitability and risk.

AI-generated analysis. Not financial advice.

ATHENS, Greece, March 04, 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 SwissMarine Pte. Ltd., Singapore, for one of its Panamax dry bulk vessels, the m/v Crystalia. The gross charter rate is US$16,200 per day, minus a 5.00% commission paid to third parties, for a period until minimum March 10, 2027 up to maximum May 10, 2027. The charter is expected to commence on March 11, 2026. The m/v Crystalia is currently chartered, as previously announced, to Louis Dreyfus Company Freight Asia Pte. Ltd., at a gross charter rate of US$13,900 per day, minus a 5.00% commission paid to third parties.

The “Crystalia” is a 77,525 dwt Ice Class Panamax dry bulk vessel built in 2014.

The employment of “Crystalia” is anticipated to generate a total of approximately US$5.78 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 12.28 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 rate did Diana Shipping (DSX) secure for the m/v Crystalia time charter starting March 11, 2026?

The charter was agreed at a gross rate of US$16,200 per day, less a 5% commission. According to the company, this replaces a prior charter at US$13,900 per day and commences March 11, 2026.

How much revenue will the Crystalia charter generate for Diana Shipping (DSX) for the minimum period?

The employment is expected to generate approximately US$5.78 million of gross revenue for the minimum scheduled period. According to the company, that figure applies to the minimum charter duration through March 10, 2027.

What are the charter length and key dates for the DSX m/v Crystalia agreement with SwissMarine?

The charter is scheduled to commence on March 11, 2026 with a minimum end date of March 10, 2027 and a maximum of May 10, 2027. According to the company, the contract includes the stated minimum and maximum term.

How does the Crystalia charter affect Diana Shipping's (DSX) fleet capacity and composition?

Diana Shipping's fleet remains at 36 dry bulk vessels with combined capacity of about 4.1 million dwt. According to the company, this charter assigns one Panamax (77,525 dwt Ice Class) to employment under the new contract.

When will Diana Shipping (DSX) take delivery of its methanol dual fuel Kamsarmax newbuilds?

The company expects delivery of two methanol dual fuel Kamsarmax vessels in H2 2027 and H1 2028. According to the company, these newbuilds will join the fleet after those respective delivery windows.