Diana Shipping Inc. Announces Time Charter Contracts for m/v Philadelphia With Refined Success and m/v Phaidra With SwissMarine

Rhea-AI Summary

Diana Shipping Inc. (NYSE: DSX) has secured two new time charter contracts for its vessels. The Newcastlemax vessel m/v Philadelphia (206,040 dwt) will be chartered to Refined Success Limited at $21,500 per day from May 29, 2025, until June-August 2026. The Post-Panamax vessel m/v Phaidra (87,146 dwt) will be chartered to SwissMarine at $9,750 per day from May 31, 2025, until January-February 2026.

These contracts are expected to generate approximately $10.03 million in gross revenue. Diana Shipping's fleet comprises 37 dry bulk vessels with a combined capacity of 4.1 million dwt and an average age of 11.57 years. The company also anticipates delivery of two methanol dual fuel Kamsarmax vessels by 2028.

Positive

• New charter contracts secured for two vessels, generating $10.03 million in minimum gross revenue
• Higher rate of $21,500/day secured for m/v Philadelphia
• Fleet modernization with two methanol dual fuel vessels expected by 2028

Negative

• Lower rate of $9,750/day for m/v Phaidra indicates weaker market conditions for Post-Panamax vessels
• Aging fleet with weighted average age of 11.57 years

Insights

Maritime Industry Financial Analyst

Diana Shipping secured $10.03M in revenue through new charter contracts, with significantly different rates reflecting vessel class market conditions.

Diana Shipping has secured two new time charter contracts that will generate approximately $10.03 million in gross revenue for the minimum scheduled periods. The larger Newcastlemax vessel Philadelphia (206,040 dwt) commanded a charter rate of $21,500 per day with Refined Success Limited, while the smaller Post-Panamax vessel Phaidra (87,146 dwt) secured only $9,750 per day with SwissMarine.

The stark difference in daily rates (120% higher for the Newcastlemax) reflects the current market dynamics in different vessel segments. The Philadelphia charter extends until at least June 2026, providing stable medium-term revenue, while the Phaidra contract runs until at least January 2026.

This announcement reinforces Diana's operational focus as a pure dry bulk operator with a diversified fleet of 37 vessels across multiple size categories. With a total fleet capacity of approximately 4.1 million dwt and a weighted average age of 11.57 years, Diana maintains a relatively modern fleet by industry standards.

The company's investment in two methanol dual-fuel newbuilding Kamsarmax vessels, expected for delivery in 2027-2028, signals a strategic shift toward more environmentally compliant vessels, which will likely command premium charter rates as environmental regulations tighten globally.

ATHENS, Greece, May 27, 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 Refined Success Limited, for one of its Newcastlemax dry bulk vessels, the m/v Philadelphia. The gross charter rate is US$21,500 per day, minus a 5.00% commission paid to third parties, for a period until minimum June 9, 2026 up to maximum August 8, 2026. The charter is expected to commence on May 29, 2025.

The “Philadelphia” is a 206,040 dwt Newcastlemax dry bulk vessel built in 2012.

The Company also 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 Post-Panamax dry bulk vessels, the m/v Phaidra. The gross charter rate is US$9,750 per day, minus a 5.00% commission paid to third parties, for a period until minimum January 1, 2026 up to maximum February 28, 2026. The charter is expected to commence on May 31, 2025.

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

The employments of “Philadelphia” and “Phaidra” are anticipated to generate approximately US$10.03 million of gross revenue for the minimum scheduled periods of the time charters.

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 11.57 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, 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 new charter rates for DSX vessels Philadelphia and Phaidra?

The m/v Philadelphia secured a rate of $21,500 per day, while m/v Phaidra secured $9,750 per day, both minus 5% commission to third parties.

How much revenue will Diana Shipping generate from these new charter contracts?

The two charter contracts are expected to generate approximately $10.03 million in gross revenue for the minimum scheduled periods.

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, plus two methanol dual fuel vessels on order.

When will Diana Shipping receive its new methanol dual fuel vessels?

The two methanol dual fuel Kamsarmax vessels are expected to be delivered by the second half of 2027 and the first half of 2028, respectively.

What is the duration of the new charter contracts for DSX vessels?

The Philadelphia's charter runs from May 29, 2025, until minimum June 9, 2026, while the Phaidra's charter runs from May 31, 2025, until minimum January 1, 2026.