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

News Market Reaction

-2.00%

1 alert

-2.00% News Effect

On the day this news was published, DSX declined 2.00%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

DSI Pollux charter rate: US$14,750/day DSI Andromeda charter rate: US$14,600/day Expected gross revenue: US$12.60M +5 more

8 metrics

DSI Pollux charter rate US$14,750/day New time charter with Stone Shipping

DSI Andromeda charter rate US$14,600/day New time charter with Western Bulk

Expected gross revenue US$12.60M Minimum scheduled periods for Pollux and Andromeda charters

Fleet size 36 vessels Current Diana Shipping fleet

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

Weighted average age 12.03 years Current fleet age profile

Pollux deadweight 60,446 dwt Ultramax bulk vessel built in 2015

Andromeda deadweight 60,309 dwt Ultramax bulk vessel built in 2016

Market Reality Check

Price: $2.39 Vol: Volume 240,916 is 0.47x t...

low vol

$2.39 Last Close

Volume Volume 240,916 is 0.47x the 20-day average 517,330, indicating lighter-than-usual trading. low

Technical Shares at $1.80, trading above the 200-day MA of $1.64 and 11.55% below the 52-week high.

Peers on Argus

DSX was down 3.68% while marine peers were mixed: SHIP -1.46%, SMHI -3.25%, GASS...

DSX was down 3.68% while marine peers were mixed: SHIP -1.46%, SMHI -3.25%, GASS +5.48%, UFG +11.83%, pointing to stock-specific dynamics.

Historical Context

5 past events · Latest: Dec 05 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 05	Time charter contract	Positive	-1.5%	New Capesize charter for m/v P. S. Palios at US$25,200/day.
Dec 04	Time charter contracts	Positive	-2.0%	Two Ultramax charters expected to add US$12.60M gross revenue.
Nov 24	Acquisition proposal	Positive	+6.0%	Premium cash proposal to acquire remaining Genco shares.
Nov 21	Charter and asset sale	Positive	+0.0%	New Capesize charter plus sale of Ultramax m/v DSI Drammen.
Nov 20	Earnings & dividend	Positive	-4.5%	Improved Q3 profitability and declaration of $0.01 cash dividend.

Pattern Detected

Recent operational and financial announcements, including time charters and Q3 results, often saw muted or negative next-day moves despite generally constructive fundamentals.

Recent Company History

Over the last few weeks, Diana Shipping reported multiple fleet employment wins and a strategic M&A proposal. On Nov 20, 2025, it posted higher Q3 2025 net income and declared a $0.01 dividend, yet shares fell 4.55%. Subsequent charter and vessel sale updates on Nov 21, Dec 4, and Dec 5 highlighted multi‑year revenue visibility from Capesize and Ultramax vessels, but price reactions were flat to negative. The Nov 24 proposal to acquire Genco, at a premium price, drew the clearest positive reaction at +5.95%.

Market Pulse Summary

This announcement adds multi‑year employment visibility for two Ultramax vessels at gross rates of U...

Analysis

This announcement adds multi‑year employment visibility for two Ultramax vessels at gross rates of US$14,750/day and US$14,600/day, with expected minimum-period revenue of about US$12.60M. It reinforces Diana Shipping’s strategy of securing its 36‑vessel fleet under time charters while maintaining exposure to dry bulk markets. In context of recent charters and the Genco proposal, investors may track additional vessel employment updates, progress on the new methanol dual fuel Kamsarmax deliveries, and any changes in fleet composition or earnings power.

Key Terms

bareboat charter-in, time charter contract, Ultramax, methanol dual fuel

4 terms

bareboat charter-in financial

"a global shipping company 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.

time charter contract financial

"it has entered into a time charter contract with Stone Shipping Ltd"

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.

Ultramax technical

"for one of its Ultramax dry bulk vessels, the m/v DSI Pollux"

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.

methanol dual fuel technical

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

Methanol dual fuel is a type of engine or fuel system that can run on both traditional fuels, like gasoline or diesel, and methanol, a type of alcohol made from natural sources. This flexibility allows for cleaner burning and potentially lower emissions, which can be appealing to industries seeking more sustainable energy options. For investors, understanding methanol dual fuel is important because it signals technological shifts toward alternative, environmentally friendlier energy sources that could influence energy markets and company strategies.

AI-generated analysis. Not financial advice.

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).