Diana Shipping Inc. Announces Time Charter Contract for m/v DSI Aquila with Bunge

Rhea-AI Summary

Diana Shipping Inc. (NYSE: DSX) has secured a new time charter contract with Bunge SA, Geneva for its Ultramax vessel DSI Aquila. The contract features a gross charter rate of $14,500 per day (minus 5% commission), representing an increase from its previous rate of $12,250 with Western Bulk Carriers AS.

The charter period extends from October 12, 2025 to minimum February 25, 2027, with potential extension until April 25, 2027. The arrangement is expected to generate approximately $7.15 million in gross revenue for the minimum scheduled period.

The company's fleet currently comprises 36 dry bulk vessels with a combined capacity of 4.1 million dwt and has two methanol dual fuel Kamsarmax vessels on order for delivery by 2028.

Positive

• New charter rate of $14,500 represents an 18.4% increase from previous rate of $12,250
• Guaranteed minimum revenue of $7.15 million from the charter contract
• Fleet expansion with two eco-friendly methanol dual fuel vessels on order

Negative

• Aging fleet with weighted average age of 11.85 years

Insights

Maritime Financial Analyst

DSX secures 18.4% higher charter rate for DSI Aquila, boosting revenue outlook through early 2027.

Diana Shipping has secured an improved time charter contract for its Ultramax vessel DSI Aquila with Bunge SA at a gross rate of $14,500 per day until at least February 2027. This represents a 18.4% increase from the previous charter rate of $12,250 with Western Bulk Carriers, demonstrating strengthening conditions in the Ultramax segment of the dry bulk market.

The contract is expected to generate approximately $7.15 million in gross revenue for the minimum scheduled period, providing Diana with improved cash flow visibility through early 2027. The 5% commission structure remains unchanged from the previous arrangement.

This charter agreement is particularly notable as it secures a medium-term commitment for one of Diana's 9 Ultramax vessels within its diverse 36-vessel fleet. The company maintains a well-balanced portfolio across vessel classes, with the Ultramax and Capesize segments representing the largest portions of its fleet.

The company's continued fleet renewal efforts are also evident in the planned delivery of two methanol dual-fuel Kamsarmax vessels in 2027-2028, indicating a strategic shift toward more environmentally sustainable vessels while maintaining its position as a major player with approximately 4.1 million deadweight tons of carrying capacity.

ATHENS, Greece, Sept. 29, 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 Bunge SA, Geneva, for one of its Ultramax dry bulk vessels, the m/v DSI Aquila. The gross charter rate is US$14,500, minus a 5.00% commission paid to third parties, for a period until minimum February 25, 2027 up to maximum April 25, 2027. The charter is expected to commence on October 12, 2025. The m/v DSI Aquila was chartered, as previously announced, to Western Bulk Carriers AS, at a gross charter rate of US$12,250 per day, minus a 5.00% commission paid to third parties.

The “DSI Aquila” is a 60,309 dwt Ultramax bulk vessel built in 2015.

The employment of “DSI Aquila” is anticipated to generate approximately US$7.15 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 11.85 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 is the new charter rate for Diana Shipping's (NYSE: DSX) vessel DSI Aquila?

The vessel secured a gross charter rate of $14,500 per day with Bunge SA, Geneva, minus a 5% commission paid to third parties.

How long is the charter period for DSI Aquila with Bunge?

The charter period runs from October 12, 2025 until minimum February 25, 2027, with possible extension until April 25, 2027.

How much revenue will the DSI Aquila charter generate for Diana Shipping?

The charter is expected to generate approximately $7.15 million in gross revenue for the minimum scheduled period.

What is the current size of Diana Shipping's (DSX) fleet?

Diana Shipping's fleet consists of 36 dry bulk vessels with a total carrying capacity of approximately 4.1 million dwt, plus two methanol dual fuel vessels on order.

What was DSI Aquila's previous charter rate before Bunge?

The vessel was previously chartered to Western Bulk Carriers AS at a gross charter rate of $12,250 per day, minus a 5% commission.