Diana Shipping Inc. Announces Time Charter Contract for m/v Phaidra with NYK

Rhea-AI Summary

Diana Shipping (NYSE: DSX) entered a time charter with Nippon Yusen Kabushiki Kaisha for the Post-Panamax m/v Phaidra at a gross rate of US$14,500/day minus a 5.00% third‑party commission. The charter begins on Feb 24, 2026 for a minimum through Feb 20, 2027 and up to Apr 20, 2027.

The employment is expected to generate approximately US$5.18 million of gross revenue for the minimum period. The Company operates a fleet of 36 dry bulk vessels (~4.1 million dwt, weighted average age 12.22 years) and expects two methanol dual‑fuel Kamsarmax deliveries by H2 2027 and H1 2028.

Positive

• Charter rate of US$14,500/day for m/v Phaidra
• Estimated gross revenue of US$5.18 million for minimum charter period
• Fleet of 36 dry bulk vessels totaling ~4.1 million dwt
• Two methanol dual‑fuel Kamsarmax newbuilds due by H2 2027 and H1 2028

Negative

• Gross charter rate subject to a 5.00% commission to third parties
• Previous charter rate for Phaidra was US$9,750/day, indicating short prior employment
• Fleet weighted average age of 12.22 years

News Market Reaction

-4.10%

1 alert

-4.10% News Effect

On the day this news was published, DSX declined 4.10%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

New charter rate: US$14,500/day Current charter rate: US$9,750/day Charter commission: 5.00% +5 more

8 metrics

New charter rate US$14,500/day Time charter for m/v Phaidra with NYK

Current charter rate US$9,750/day Existing m/v Phaidra charter prior to new contract

Charter commission 5.00% Commission on both current and new Phaidra charters

Phaidra revenue US$5.18 million Estimated gross revenue over minimum charter period

Vessel size 87,146 dwt Post-Panamax dry bulk vessel m/v Phaidra built in 2013

Fleet size 36 vessels Total dry bulk vessels in Diana Shipping’s fleet

Fleet capacity 4.1 million dwt Combined carrying capacity excluding two undelivered vessels

Fleet age 12.22 years Weighted average age of current fleet

Market Reality Check

Price: $2.46 Vol: Volume 1,028,153 is 1.49x...

normal vol

$2.46 Last Close

Volume Volume 1,028,153 is 1.49x the 20-day average of 691,140, indicating elevated interest into this charter update. normal

Technical Shares at $2.44 are trading above the 200-day MA of $1.72 and sit at the 52-week high of $2.44.

Peers on Argus

DSX is up 4.27% with strong volume, while key peers show mixed moves: SHIP up 3....

1 Up

DSX is up 4.27% with strong volume, while key peers show mixed moves: SHIP up 3.75%, GASS down 0.61%, SMHI up 0.27%, and UFG up 0.99%. Momentum scanners only flag UFG with a 6.82% move and no same-direction cluster, supporting a stock-specific reaction to DSX’s charter news.

Historical Context

5 past events · Latest: Feb 03 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 03	Earnings date set	Neutral	+0.9%	Announced timing for Q4 and full-year 2025 results and conference call.
Feb 02	Charter extension	Positive	-2.2%	Extended Amphitrite charter with higher step-up rates and multi‑month coverage.
Jan 16	Genco bid update	Neutral	-1.9%	Nominated six GNK directors and reiterated non‑binding all‑cash proposal terms.
Jan 13	Bid rejected	Positive	-0.5%	Detailed GNK board’s rejection and emphasized premium and committed financing.
Jan 12	New time charter	Positive	-1.1%	Announced DSI Altair charter with fixed rate and revenue visibility through 2027.

Pattern Detected

Recent vessel charter announcements have often coincided with negative next-day moves despite fundamentally supportive terms.

Recent Company History

Over the past two months, Diana Shipping has focused on fleet employment and a strategic bid for Genco. Multiple time charter contracts for vessels such as Amphitrite and DSI Altair highlighted multi‑year coverage and projected revenues above US$5 million per deal, yet near-term price reactions were modestly negative. In parallel, the company pursued an all‑cash acquisition of Genco at $20.60 per share with committed financing. Today’s Phaidra charter continues the pattern of locking in fixed-rate employment while the Genco process remains unresolved.

Market Pulse Summary

This announcement secures a higher-rate time charter for m/v Phaidra at US$14,500/day, up from US$9,...

Analysis

This announcement secures a higher-rate time charter for m/v Phaidra at US$14,500/day, up from US$9,750/day, and is expected to generate about US$5.18 million in gross revenue over the minimum period. It adds to a pattern of multi‑year coverage for Diana’s 36-vessel, 4.1 million dwt fleet with a 12.22‑year average age. Investors may watch future fleet employment updates and the interaction of these fixed contracts with upcoming financial results.

Key Terms

time charter contract, bareboat charter-in, post-panamax, ultramax, +1 more

5 terms

time charter contract financial

"it has entered into a time charter contract with Nippon Yusen Kabushiki Kaisha"

A time charter contract is an agreement where a ship owner rents out their vessel to a customer for a set period, during which the customer has control over the ship's use and operation, while the owner remains responsible for maintenance and certain costs. This arrangement matters to investors because it provides predictable income streams and helps assess the financial stability of shipping companies.

bareboat charter-in financial

"specializing in the ownership and bareboat charter-in of dry bulk vessels"

A "bareboat charter-in" is when a company rents a vessel or asset from another party without any crew or additional services included. The company then takes responsibility for operating and maintaining the asset as if it were their own. For investors, it can signal a company’s strategy to expand its fleet or assets without immediate large capital expenses, potentially affecting its financial position and future cash flows.

post-panamax technical

"for one of its Post-Panamax dry bulk vessels, the m/v Phaidra."

Post-panamax describes a ship or vessel that is too large to pass through the original locks of the Panama Canal, meaning its width, height, or depth exceeds those historic limits; it’s used as a size class for very large cargo ships. Investors care because these ships face route restrictions, higher port and handling requirements, or transshipment detours—like a truck that can’t fit under a bridge—which affects shipping costs, transit times, freight rates and demand for port and fleet upgrades.

ultramax technical

"9 Ultramax). The Company also expects to take delivery of two methanol"

Ultramax is a term used to describe a product, service, or feature that represents the highest level of performance, quality, or capacity within its category. For investors, recognizing ultramax offerings can signal potential for maximum returns or dominance in the market, much like choosing a top-tier option that stands out for its exceptional features. It indicates a premium or peak position that may influence investment decisions.

dual fuel technical

"delivery of two methanol dual fuel new-building Kamsarmax dry bulk vessels"

Dual fuel describes equipment, vehicles, or facilities that can run on two different types of fuel (for example, natural gas and diesel), switching between them as prices, availability, or regulations change. For investors, dual-fuel capability is like owning a hybrid car: it provides operational flexibility that can lower operating costs, reduce downtime during supply disruptions, and lessen exposure to a single fuel’s price swings or regulatory limits, which can affect profitability and risk.

AI-generated analysis. Not financial advice.

ATHENS, Greece, Feb. 12, 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 Nippon Yusen Kabushiki Kaisha, Tokyo, for one of its Post-Panamax dry bulk vessels, the m/v Phaidra. The gross charter rate is US$14,500 per day, minus a 5.00% commission paid to third parties, for a period until minimum February 20, 2027 up to maximum April 20, 2027. The charter is expected to commence on February 24, 2026. The m/v Phaidra is currently chartered, as previously announced, at a gross charter rate of US$9,750 per day, minus a 5.00% commission paid to third parties.

The “Phaidra” is an 87,146 dwt Post-Panamax dry bulk vessel built in 2013.

The employment of “Phaidra” is anticipated to generate a total of approximately US$5.18 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 12.22 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

FAQ

What are the terms of Diana Shipping's (DSX) time charter for m/v Phaidra?

The time charter for m/v Phaidra is at US$14,500/day minus a 5.00% commission, commencing Feb 24, 2026. According to the company, the charter runs at least to Feb 20, 2027 and can extend to Apr 20, 2027.

How much revenue will DSX generate from the Phaidra charter starting Feb 24, 2026?

The employment of Phaidra is expected to generate approximately US$5.18 million of gross revenue for the minimum period. According to the company, that figure covers the minimum scheduled charter duration.

How does the new Phaidra charter rate compare to its prior rate for DSX?

Phaidra's new gross rate is US$14,500/day, up from the prior gross rate of US$9,750/day. According to the company, both rates are reported before the 5.00% commission to third parties.

What is the size and age profile of Diana Shipping's fleet as of Feb 12, 2026?

As of Feb 12, 2026, DSX's fleet consists of 36 dry bulk vessels with combined capacity of ~4.1 million dwt and a weighted average age of 12.22 years. According to the company, this excludes two not‑yet‑delivered vessels.

When will Diana Shipping take delivery of its announced newbuilding Kamsarmax vessels (DSX)?

DSX expects delivery of two methanol dual‑fuel Kamsarmax newbuilds by H2 2027 and H1 2028. According to the company, those dates are the expected delivery windows for the two vessels.