Diana Shipping Inc. Announces Time Charter Contract for m/v DSI Polaris with Dai An Ocean Shipping
Diana Shipping secures a multi-year charter for DSI Polaris at a higher daily rate, supporting contracted revenue visibility through at least mid-2028.
Rhea-AI Summary
Diana Shipping (DSX) has fixed its Ultramax vessel m/v DSI Polaris on a new time charter with Dai An Ocean Shipping at a gross rate of US$18,000 per day, less 5.00% commission, from around September 25, 2026 until at least May 1, 2028 and up to June 30, 2028.
The vessel is currently on charter to Cargill Ocean Transportation at US$12,250 per day, less 4.75% commission. The company expects the new employment of DSI Polaris to generate approximately US$10.37 million of gross revenue over the minimum charter period. DSI Polaris is a 60,404 dwt Ultramax dry bulk vessel built in 2018. Diana Shipping’s fleet consists of 36 dry bulk vessels with combined carrying capacity of about 4.1 million dwt and a weighted average age of 12.83 years, excluding two Kamsarmax newbuildings due for delivery by the first half of 2028.
Positive
- New time charter rate of US$18,000/day vs prior US$12,250/day
- Contract duration to at least May 1, 2028, up to June 30, 2028
- Expected gross revenue of about US$10.37 million for minimum period
- Fleet scale 36 vessels with ~4.1 million dwt carrying capacity
Negative
- None.
Key Figures
- Gross charter rate
- US$18,000 per day
- DSI Polaris time charter
- Third-party commission
- 5.00%
- Deducted from gross charter rate
- Charter period
- May 1, 2028 to June 30, 2028
- Minimum to maximum scheduled period
- Charter commencement
- September 25, 2026
- Expected start date
- Gross revenue
- US$10.37 million
- Minimum scheduled period
- Current charter rate
- US$12,250 per day
- Existing Cargill charter
- Vessel capacity
- 60,404 dwt
- DSI Polaris Ultramax dry bulk vessel
Historical Context
-
New Astarte charter set at US$17,000 daily versus US$12,500 existing rate
-
Leto charter continued at US$18,000 daily versus US$12,750 existing rate
-
Florida charter fixed at US$30,500 daily for minimum 32 months
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
time charter financial
ultramax technical
bareboat charter-in financial
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ATHENS, Greece, Sept. 21, 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 Dai An Ocean Shipping Company Limited, for one of its Ultramax dry bulk vessels, the m/v DSI Polaris. The gross charter rate is US
The “DSI Polaris” is a 60,404 dwt Ultramax dry bulk vessel built in 2018.
The employment of “DSI Polaris” is anticipated to generate a total of 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 12.83 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
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