Diana Shipping Inc. Announces Time Charter Contract for m/v Seattle with SwissMarine and the Sale of a Dry Bulk Vessel, the m/v DSI Drammen

Rhea-AI Summary

Diana Shipping (NYSE: DSX) announced a time charter for the Capesize m/v Seattle at a gross rate of US$24,500/day (minus 5.00% commission), for a period from about Nov 26, 2025 until a minimum of May 1, 2027 and maximum of Jun 30, 2027. The employment is expected to generate approximately US$12.62 million of gross revenue for the minimum scheduled period.

The company also signed a memorandum of agreement to sell the 2016-built Ultramax m/v DSI Drammen for approximately US$26.40 million before commissions, with delivery to buyer by Mar 31, 2026. Diana Shipping reports a fleet of 36 dry bulk vessels and combined carrying capacity of about 4.1 million dwt (excluding DSI Drammen and two undelivered vessels), and a weighted average fleet age of 11.99 years. Two methanol dual fuel Kamsarmax newbuilds are expected by 2H 2027 and 1H 2028.

Positive

• Charter rate increased to US$24,500/day from US$17,500/day
• Expected US$12.62M gross revenue for the minimum Seattle charter period
• Sale of m/v DSI Drammen for approx US$26.40M before commissions

Negative

• 5.00% commission payable on charter gross rate reduces net revenue
• Weighted average fleet age is 11.99 years

Insights

Shipping Capital Markets Analyst

Higher charter rate and vessel sale improve near-term cash generation and earnings visibility through mid‑2027.

The charter of m/v Seattle to SwissMarine at $24,500 daily (less 5% commission) from Nov 26, 2025 until at least May 1, 2027 (up to Jun 30, 2027) raises expected revenue for the scheduled minimum period to roughly $12.62 million. This replaces a prior rate of $17,500 and materially increases cash generation per day for that vessel during the contract term. The time charter structure shifts voyage and some market risk to the charterer while locking in a known revenue stream for the stated period.

Separately, the agreed sale of the m/v DSI Drammen for about $26.40 million (delivery by Mar 31, 2026) converts an asset into cash and reduces fleet capacity by one Ultramax; the sale proceeds are stated before commissions. The company holds a 25% interest in the limited partnership executing the sale, with Ecobulk AS holding the remaining 75%. Both transactions affect liquidity and fleet composition in clear, quantifiable ways.

Key dependencies and risks include the charter commencement and duration actually occurring as scheduled and the buyer completing delivery by Mar 31, 2026. Commissions and partnership ownership proportions will determine net proceeds from the sale; the announced 5% commission on charters illustrates fee impacts. Watch upcoming cash-flow statements and the announced delivery dates for the two newbuilding Kamsarmax vessels in the second half of 2027 and first half of 2028 for their impact on carrying capacity and fleet age over the next 12–30 months.

ATHENS, Greece, Nov. 21, 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 Seattle. The gross charter rate is US$24,500, minus a 5.00% commission paid to third parties, for a period until minimum May 1, 2027 up to maximum June 30, 2027. The charter is expected to commence on November 26, 2025. The m/v Seattle was chartered, as previously announced, to Solebay Shipping Cape Company Limited, Hong Kong, at a gross charter rate of US$17,500 per day, minus a 5.00% commission paid to third parties.

The “Seattle” is an 179,362 dwt Capesize bulk vessel built in 2011.

The employment of “Seattle” is anticipated to generate approximately US$12.62 million of gross revenue for the minimum scheduled period of the time charter.

The Company also announced that it has signed, through a limited partnership, a Memorandum of Agreement to sell to an unaffiliated third party, the 2016-built Ultramax dry bulk vessel m/v DSI Drammen, with delivery to the buyer latest by March 31, 2026, for a sale price of approximately US$26.40 million before commissions. The vessel has now been sold to a buyer, entirely unrelated to the previous one who failed to complete the transaction. The Company, through its wholly-owned subsidiaries, holds a 25% interest in the limited partnership, while the remaining 75% of the limited partnership is owned by Ecobulk AS, a Norwegian entity.

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 m/v DSI Drammen and the two vessels not yet delivered, is approximately 4.1 million dwt, with a weighted average age of 11.99 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

When does the m/v Seattle time charter for DSX start and how long does it run?

The charter is expected to commence on Nov 26, 2025 and runs to a minimum of May 1, 2027 and a maximum of Jun 30, 2027.

What is the gross charter rate for DSX's m/v Seattle and how does it compare to prior employment?

The gross rate is US$24,500/day (minus 5% commission), up from the prior gross rate of US$17,500/day.

How much revenue will the Seattle time charter generate for DSX for the minimum period?

The employment is anticipated to generate approximately US$12.62 million of gross revenue for the minimum scheduled period.

What are the sale terms and timing for DSX's m/v DSI Drammen?

The company signed a memorandum of agreement to sell the 2016-built m/v DSI Drammen for approximately US$26.40 million before commissions, with delivery to the buyer by Mar 31, 2026.

How many vessels does Diana Shipping (DSX) operate and what is the fleet capacity?

Diana Shipping's fleet currently totals 36 dry bulk vessels with combined carrying capacity of about 4.1 million dwt excluding DSI Drammen and two undelivered vessels.

When does DSX expect delivery of its new methanol dual fuel Kamsarmax vessels?

The company expects to take delivery of two methanol dual fuel Kamsarmax newbuilds by the second half of 2027 and the first half of 2028, respectively.