Diana Shipping Inc. Announces Time Charter Contract for m/v Newport News With Bohai Ocean Shipping

Rhea-AI Summary

Diana Shipping Inc. (NYSE: DSX) has secured a new time charter contract for its Newcastlemax dry bulk vessel m/v Newport News with Bohai Ocean Shipping. The vessel will earn a gross charter rate of $25,000 per day (5% commission to third parties) from June 14, 2025, until minimum September 1, 2026. This represents a 25% rate increase from its current charter with Nippon Yusen at $20,000 per day. The Newport News, a 208,021 dwt vessel built in 2017, is expected to generate approximately $10.95 million in gross revenue during the minimum charter period. Diana Shipping's fleet comprises 37 dry bulk vessels with a total capacity of 4.1 million dwt and an average age of 11.59 years. The company also has two methanol dual fuel Kamsarmax vessels on order for delivery in 2027-2028.

Positive

• 25% increase in charter rate from $20,000 to $25,000 per day
• Secured minimum $10.95 million in gross revenue for the charter period
• Fleet modernization with two methanol dual fuel vessels on order

Negative

• None.

Insights

Maritime Financial Analyst

Diana Shipping secured 25% higher charter rate for Newport News vessel, boosting revenue visibility through October 2026.

Diana Shipping has successfully secured a 25% rate increase for its Newcastlemax vessel Newport News, with the new charter rate at $25,000 per day compared to its current $20,000 per day arrangement. This significant improvement in daily rates demonstrates strong demand for larger dry bulk vessels and enhances the company's revenue visibility through at least September 2026.

The new contract with Bohai Ocean Shipping is expected to generate approximately $10.95 million in gross revenue (before the 5% third-party commission) over the minimum scheduled period. This represents a substantial uplift from what would have been about $8.76 million at the previous rate for the same period - translating to roughly $2.2 million in additional gross revenue.

This charter renewal aligns with broader industry trends where larger vessel categories have shown rate resilience amid volatile market conditions. The Newcastlemax vessel class, with its 208,021 deadweight tonnage capacity, typically serves major bulk trade routes for commodities like iron ore and coal.

The contract also enhances Diana's operational stability, with 15.4 months of guaranteed employment for this asset at the minimum term. Within Diana's diversified 37-vessel fleet, the four Newcastlemax vessels represent some of the company's highest-earning assets due to their size and cargo capacity. The company's strategic growth continues with two methanol dual-fuel Kamsarmax vessels on order, reflecting its gradual transition toward more environmentally compliant tonnage.

ATHENS, Greece, June 02, 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 Bohai Ocean Shipping (Singapore) Holding Pte. Ltd., for one of its Newcastlemax dry bulk vessels, the m/v Newport News. The gross charter rate is US$25,000 per day, minus a 5.00% commission paid to third parties, for a period until minimum September 1, 2026 up to maximum October 31, 2026. The charter is expected to commence on June 14, 2025. The m/v Newport News is currently chartered, as previously announced, to Nippon Yusen Kabushiki Kaisha, Tokyo, at a gross charter rate of US$20,000 per day, minus a 5.00% commission paid to third parties.

The “Newport News” is a 208,021 dwt Newcastlemax dry bulk vessel built in 2017.

The employment of “Newport News” is anticipated to generate approximately US$10.95 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping Inc.’s fleet currently consists of 37 dry bulk vessels (4 Newcastlemax, 8 Capesize, 4 Post-Panamax, 6 Kamsarmax, 6 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 11.59 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 DSX's Newport News vessel?

The Newport News vessel secured a charter rate of $25,000 per day with Bohai Ocean Shipping, minus a 5% commission paid to third parties.

How much revenue will DSX generate from the Newport News charter?

The charter is expected to generate approximately $10.95 million in gross revenue for the minimum scheduled period.

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

Diana Shipping's fleet consists of 37 dry bulk vessels with a combined carrying capacity of 4.1 million dwt and a weighted average age of 11.59 years.

When will DSX's new methanol dual fuel vessels be delivered?

Diana Shipping expects to take delivery of two methanol dual fuel Kamsarmax vessels by the second half of 2027 and the first half of 2028.

How long is the new charter contract for DSX's Newport News?

The charter period runs from June 14, 2025, until minimum September 1, 2026, with a maximum extension to October 31, 2026.