Diana Shipping Inc. Announces Time Charter Contracts for m/v DSI Pollux With Stone Shipping and m/v DSI Andromeda With Western Bulk

Rhea-AI Summary

Diana Shipping (NYSE: DSX) announced two separate time charter contracts for its Ultramax vessels m/v DSI Pollux and m/v DSI Andromeda, with Stone Shipping and Western Bulk respectively.

The DSI Pollux will commence ~Dec 8, 2025 at a gross rate of US$14,750/day (minus 5% commission) for a period through at least Jan 1, 2027 up to Feb 28, 2027. The DSI Andromeda will commence ~Dec 7, 2025 at a gross rate of US$14,600/day (minus 5% commission) for a period through at least Apr 1, 2027 up to May 31, 2027.

Both employments are expected to generate approximately US$12.60 million of gross revenue for the minimum scheduled charter periods. Diana Shipping’s fleet stands at 36 vessels with combined capacity ~4.1 million dwt and a weighted average age of 12.03 years.

Positive

• Charter rates at US$14,750 and US$14,600 per day
• Estimated US$12.60 million gross revenue for minimum period
• Charters start on Dec 7–8, 2025 providing near-term cover

Negative

• Prior rates were US$14,000/day, limiting upside versus spot
• Third‑party commissions of 4.75–5.00% reduce net receipts
• Fleet weighted average age is 12.03 years

Insights

Shipping Commercial Analyst

Two Ultramax vessels re‑chartered at higher rates, adding ~12.60 million gross for the minimum periods starting early December 2025.

The company replaced prior short-term employments with new time charters for m/v DSI Pollux and m/v DSI Andromeda at gross rates of 14,750 and 14,600 per day respectively, each subject to a 5.00% commission. These contracts commence on December 8, 2025 and December 7, 2025 and run through at least January 1, 2027 and April 1, 2027 (with maximums in February 2027 and May 2027), producing approximately 12.60 million of gross revenue for the minimum scheduled periods.

The primary dependencies are the actual commencement dates and the full duration of the minimum periods; commissions and any off‑hire or routing changes will alter net receipts. Watch the confirmed start on December 7-8, 2025 and whether the fixtures remain for the minimum terms versus early redelivery before the stated maximum dates.

ATHENS, Greece, Dec. 04, 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 Stone Shipping Ltd, for one of its Ultramax dry bulk vessels, the m/v DSI Pollux. The gross charter rate is US$14,750, minus a 5.00% commission paid to third parties, for a period until minimum January 1, 2027 up to maximum February 28, 2027. The charter is expected to commence on December 8, 2025. The m/v DSI Pollux is currently chartered to Bunge SA, Geneva, at a gross charter rate of US$14,000 per day, minus a 5.00% commission paid to third parties.

The “DSI Pollux” is a 60,446 dwt Ultramax bulk vessel built in 2015.

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Western Bulk Carriers AS, for one of its Ultramax dry bulk vessels, the m/v DSI Andromeda. The gross charter rate is US$14,600, minus a 5.00% commission paid to third parties, for a period until minimum April 1, 2027 up to maximum May 31, 2027. The charter is expected to commence on December 7, 2025. The m/v DSI Andromeda was chartered, as previously announced, to Cargill Ocean Transportation (Singapore) Pte. Ltd., at a gross charter rate of US$14,000 per day, minus a 4.75% commission paid to third parties.

The “DSI Andromeda” is a 60,309 dwt Ultramax bulk vessel built in 2016.

The employments of “DSI Pollux” and “DSI Andromeda” are anticipated to generate a total of approximately US$12.60 million of gross revenue for the minimum scheduled period of the time charters.

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 12.03 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 charter start dates for Diana Shipping's DSI Pollux and DSI Andromeda (DSX)?

The DSI Andromeda is expected to commence on Dec 7, 2025 and the DSI Pollux on Dec 8, 2025.

What gross charter rates did Diana Shipping secure for the two Ultramax vessels (DSX)?

The DSI Pollux was fixed at US$14,750/day and the DSI Andromeda at US$14,600/day, each minus commission.

How long are the time charters for DSI Pollux and DSI Andromeda (DSX)?

DSI Pollux covers until minimum Jan 1, 2027 up to Feb 28, 2027; DSI Andromeda until minimum Apr 1, 2027 up to May 31, 2027.

How much revenue will the new charters generate for Diana Shipping (DSX)?

The employments are anticipated to generate approximately US$12.60 million of gross revenue for the minimum scheduled periods.

What commissions apply to the new charters announced by Diana Shipping (DSX)?

Commissions are 5.00% for both charters as announced, with the Andromeda’s prior charter listed at 4.75%.

What is Diana Shipping’s fleet size and carrying capacity after these charters (DSX)?

The company’s fleet consists of 36 dry bulk vessels with combined carrying capacity of about 4.1 million dwt (excluding two not yet delivered).