Diana Shipping Inc. Announces Time Charter Contract for m/v New Orleans With SwissMarine

Rhea-AI Summary

Diana Shipping (NYSE: DSX) announced a time charter with SwissMarine Pte. Ltd. for the Capesize vessel m/v New Orleans. The gross charter rate is US$26,000 per day, minus a 5.00% commission, for a period from about Oct 28, 2025 until minimum Dec 1, 2026 and maximum Feb 15, 2027. The employment is expected to generate approximately US$10.22 million of gross revenue for the minimum scheduled period.

The vessel is a 180,960 dwt Capesize built in 2015. Diana Shipping's fleet currently totals 36 dry bulk vessels with combined carrying capacity of ~4.1 million dwt (excluding two undelivered vessels) and a weighted average age of 11.89 years. The company expects delivery of two methanol dual fuel newbuilding Kamsarmax vessels in H2 2027 and H1 2028.

Positive

• Gross charter rate of US$26,000 per day
• Expected US$10.22 million gross revenue for minimum charter period
• Charter expected to commence on Oct 28, 2025

Negative

• 5.00% commission applies to the gross charter rate
• Fleet weighted average age of 11.89 years (older-than-newbuilding profile)

Insights

Charter and Fleet Analyst

Diana Shipping secured a higher‑rate time charter for m/v New Orleans, improving near‑term revenue visibility through at least December 1, 2026.

Diana Shipping has agreed a time charter for the 180,960 dwt Capesize m/v New Orleans at a gross rate of US$26,000 per day (less a 5.00% commission), commencing on October 28, 2025 and running to a minimum of December 1, 2026 and a maximum of February 15, 2027. The contract replaces a prior charter at US$20,000 per day and is expected to produce approximately US$10.22 million of gross revenue for the minimum period. This directly raises near‑term cash generation for that vessel versus its earlier employment.

The primary dependencies are the confirmed charter commencement on October 28, 2025 and the actual charter duration within the stated minimum/maximum window. Counterparty performance and standard operational execution (voyage availability, off‑hire events, and fuel or port delays) will affect realized revenue but are not quantified here. The company also notes fleet growth with two methanol dual‑fuel Kamsarmax deliveries targeted by the second half of 2027 and first half of 2028, which will alter capacity and fuel profile once delivered.

Watch the charter commencement on October 28, 2025, the minimum charter expiry on December 1, 2026, and any follow‑on charter announcements for the New Orleans that would determine utilization beyond the stated maximum of February 15, 2027. In the near term, the key measurable is the stated incremental gross revenue of US$10.22 million for the minimum period and the achieved daily rate of US$26,000 versus the prior US$20,000 level.

ATHENS, Greece, Oct. 15, 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 SwissMarine Pte. Ltd., Singapore, for one of its Capesize dry bulk vessels, the m/v New Orleans. The gross charter rate is US$26,000, minus a 5.00% commission paid to third parties, for a period until minimum December 1, 2026 up to maximum February 15, 2027. The charter is expected to commence on October 28, 2025. The m/v New Orleans was chartered, as previously announced, to Kawasaki Kisen Kaisha, Ltd., at a gross charter rate of US$20,000 per day, minus a 5.00% commission paid to third parties.

The “New Orleans” is a 180,960 dwt Capesize bulk vessel built in 2015.

The employment of “New Orleans” is anticipated to generate approximately US$10.22 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 11.89 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 terms of Diana Shipping's time charter for m/v New Orleans (DSX)?

The charter to SwissMarine is at US$26,000/day minus a 5.00% commission, commencing ~Oct 28, 2025, for minimum Dec 1, 2026 to maximum Feb 15, 2027.

How much revenue will the New Orleans charter generate for Diana Shipping (DSX)?

The employment is anticipated to generate approximately US$10.22 million of gross revenue for the minimum scheduled period.

What was the prior charter rate for m/v New Orleans before SwissMarine (DSX)?

The vessel was previously chartered to Kawasaki Kisen Kaisha at a gross rate of US$20,000/day minus a 5.00% commission.

When does the SwissMarine time charter for New Orleans begin and end (DSX)?

The charter is expected to commence on Oct 28, 2025 and runs until at least Dec 1, 2026, with a latest expiry of Feb 15, 2027.

What is the size and age of the m/v New Orleans in Diana Shipping's fleet (DSX)?

New Orleans is a 180,960 dwt Capesize vessel built in 2015.

How large is Diana Shipping's fleet and carrying capacity after the New Orleans charter announcement (DSX)?

The company reports 36 dry bulk vessels with combined carrying capacity of ~4.1 million dwt, excluding two vessels not yet delivered.