Diana Shipping Inc. Announces Time Charter Contract for m/v Electra With Oldendorff Carriers and Termination of Sale Agreement for m/v DSI Drammen

Rhea-AI Summary

Diana Shipping (NYSE: DSX) entered a time charter with Oldendorff Carriers for the Post-Panamax m/v Electra at a gross rate of US$14,000 per day less a 5.00% commission, for a period from expected commencement on Dec 4, 2025 until minimum Dec 1, 2026 and maximum Jan 31, 2027.

The employment is anticipated to generate approximately US$5.00 million of gross revenue for the minimum scheduled period. Separately, a previously announced sale agreement for the 2016-built Ultramax m/v DSI Drammen (sale price ~US$26.86 million) has been terminated.

The company reports a fleet of 36 dry bulk vessels (combined capacity ~4.1 million dwt, weighted average age 11.98 years) and expects delivery of two methanol dual-fuel Kamsarmax newbuilds in H2 2027 and H1 2028.

Positive

• Time charter for m/v Electra at a gross rate of US$14,000/day
• Charter expected to generate ~US$5.00 million gross revenue (minimum period)
• Fleet combined carrying capacity of ~4.1 million dwt
• Two methanol dual-fuel Kamsarmax deliveries expected in H2 2027 and H1 2028

Negative

• Termination of m/v DSI Drammen sale removes anticipated proceeds of ~US$26.86 million
• Gross charter rate subject to a 5.00% commission to third parties

Insights

Shipping analyst

New short-term charter adds ~$5.00 million revenue; termination of a ~$26.86 million sale offsets liquidity and timing effects.

The time charter of the m/v Electra at a gross rate of $14,000 per day minus a 5.00% commission, expected to commence on December 4, 2025, converts idle capacity into cash flow for the chartered period and is quantified as roughly $5.00 million of gross revenue for the minimum booked term. The company retains operational control and the vessel continues contributing to deployed fleet earnings rather than exiting the fleet via sale.

Termination of the previously announced sale of the m/v DSI Drammen removes an expected cash inflow of about $26.86 million before commissions and changes fleet composition assumptions tied to that limited partnership stake. The net effect on liquidity, balance sheet timing, and capital allocation depends on whether a replacement buyer or alternative disposition emerges; those outcomes are not disclosed here.

Watch the charter start on December 4, 2025, any re-listing or new sale terms for the DSI Drammen, and delivery timing for the two newbuild Kamsarmax vessels in 2H 2027 and 1H 2028. These items will determine short-term cash flow and medium-term fleet capacity. The information given supports a cautious, neutral view until the company reports definitive proceeds or replacement dispositions.

ATHENS, Greece, Nov. 17, 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 Oldendorff Carriers GmbH & Co. KG, for one of its Post-Panamax dry bulk vessels, the m/v Electra. The gross charter rate is US$14,000, minus a 5.00% commission paid to third parties, for a period until minimum December 1, 2026 up to maximum January 31, 2027. The charter is expected to commence on December 4, 2025.

The “Electra” is an 87,150 dwt Post-Panamax bulk vessel built in 2013.

The employment of “Electra” is anticipated to generate approximately US$5.00 million of gross revenue for the minimum scheduled period of the time charter.

The Company also announced that, the previously disclosed Memorandum of Agreement for the sale of the 2016-built Ultramax dry bulk vessel m/v DSI Drammen has been terminated. The Company, through a limited partnership in which it holds a 25% interest (with the remaining 75% owned by Ecobulk AS, a Norwegian entity), had announced the sale of the vessel on September 18, 2025, with delivery to the buyer scheduled latest by October 31, 2025, for a sale price of approximately US$26.86 million before commissions.

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 11.98 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 key terms of Diana Shipping's time charter for m/v Electra (DSX)?

The Electra charter begins ~Dec 4, 2025 at a gross rate of US$14,000/day minus 5.00% commission, for minimum to Dec 1, 2026 and maximum to Jan 31, 2027.

How much revenue will the Electra time charter generate for Diana Shipping (DSX)?

The employment is expected to generate approximately US$5.00 million of gross revenue for the minimum scheduled period.

What happened to the previously announced sale of m/v DSI Drammen and how does it affect DSX?

The Memorandum of Agreement for the sale of m/v DSI Drammen has been terminated, removing the previously disclosed ~US$26.86 million sale proceeds.

What is Diana Shipping's fleet size and capacity as of Nov 17, 2025 (DSX)?

Diana Shipping's fleet consists of 36 dry bulk vessels with combined capacity of ~4.1 million dwt and a weighted average age of 11.98 years.

When will Diana Shipping (DSX) receive its new methanol dual-fuel Kamsarmax vessels?

The company expects delivery of two methanol dual-fuel Kamsarmax newbuilds in H2 2027 and H1 2028.

Does the Electra charter include broker or third-party commissions for DSX?

Yes, the gross charter rate of US$14,000/day is subject to a 5.00% commission paid to third parties.