Diana Shipping Inc. Announces Time Charter Contracts for m/v New York with Refined Success and m/v DSI Pyxis with Oldendorff

Rhea-AI Summary

Diana Shipping (NYSE: DSX) announced two time charter contracts: the m/v New York (Capesize) at a gross rate of US$27,500/day commencing May 1, 2026 through minimum Feb 1, 2028 (max Mar 31, 2028), and the m/v DSI Pyxis (Ultramax) at US$16,000/day commencing May 3, 2026 through minimum Jun 15, 2027 (max Aug 15, 2027).

Both charters carry a 5.00% third‑party commission. The employments are expected to generate approximately US$23.76 million of gross revenue for the minimum scheduled periods. Fleet: 36 dry bulk vessels; combined capacity ~4.1 million dwt; weighted average age 12.43 years. Two methanol dual‑fuel Kamsarmax newbuilds expected H2 2027 and H1 2028.

Positive

• New York gross charter rate increased to US$27,500/day (from US$17,600/day)
• DSI Pyxis gross charter rate increased to US$16,000/day (from US$13,100/day)
• Estimated US$23.76 million gross revenue for minimum charter periods
• Fleet size of 36 vessels with combined capacity ~4.1 million dwt
• Two methanol dual‑fuel Kamsarmax newbuilds expected H2 2027 and H1 2028

Negative

• Both charters subject to a 5.00% commission to third parties, reducing net charter receipts
• Charters are fixed to specific minimum periods (exposed to market re‑pricing after minima)
• Fleet weighted average age of 12.43 years may imply higher maintenance or fuel intensity versus younger vessels

Argus Apr 29 session

-1.98% close to close Open Argus

Details

News Market Reaction – DSX

On Apr 29, the day this news came out, DSX closed 1.98% below the previous close.

Data tracked by StockTitan Argus for the Apr 29 session.

Market Context

This announcement adds visibility to Diana Shipping’s revenue base by fixing the Capesize m/v New Yo...

Analysis

This announcement adds visibility to Diana Shipping’s revenue base by fixing the Capesize m/v New York at US$27,500/day and the Ultramax m/v DSI Pyxis at US$16,000/day, with about US$23.76M in expected gross revenue over the minimum charter terms. It follows the March Myrto extension at higher rates, underscoring a focus on contracted coverage. Investors may watch future charter renewals, fleet growth beyond the current 36 vessels, and delivery of methanol dual fuel newbuilds as key milestones.

Key Figures

New York charter rate: US$27,500 per day Prior New York rate: US$17,600 per day DSI Pyxis charter rate: US$16,000 per day +5 more

New York charter rate

US$27,500 per day

New time charter gross rate for Capesize m/v New York

Prior New York rate

US$17,600 per day

Existing gross charter rate before new contract

DSI Pyxis charter rate

US$16,000 per day

New time charter gross rate for Ultramax m/v DSI Pyxis

Prior DSI Pyxis rate

US$13,100 per day

Existing gross charter rate before new contract

Expected gross revenue

US$23.76 million

Minimum scheduled period of both new time charters

Fleet size

36 dry bulk vessels

Current fleet composition across Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, Ultramax

Fleet capacity

approximately 4.1 million dwt

Combined carrying capacity excluding two not-yet-delivered vessels

Weighted average age

12.43 years

Weighted average age of the operating fleet

Historical Context

5 past events · Latest: Apr 24

5 events

1. Apr 24

   Governance dispute

   24h Move

   -0.4%

   Company urged Genco to stop delaying its 2026 annual meeting.

2. Apr 22

   Annual meeting setup

   24h Move

   -2.4%

   Announced date and virtual format for 2026 shareholder meeting.

3. Apr 13

   Activist letter

   24h Move

   +4.1%

   Open letter to Genco shareholders regarding proposed acquisition terms.

4. Mar 23

   Charter extension

   24h Move

   +3.9%

   Extended m/v Myrto charter at higher US$16,650/day rate through 2027.

5. Mar 20

   M&A commentary

   24h Move

   -5.7%

   Commented on Genco’s rejection of an increased all-cash acquisition offer.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

time charter, bareboat charter-in, capesize, ultramax, +1 more

5 terms

time charter technical

"it has entered into a time charter contract with Refined Success Limited"

A time charter 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. This arrangement matters to investors because it provides a steady income stream for the ship owner and indicates ongoing demand for shipping services, reflecting the health of global trade and transportation markets.

bareboat charter-in technical

"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.

capesize technical

"for one of its Capesize dry bulk vessels, the m/v New York"

Capesize describes the largest class of dry bulk cargo ships that are too big to pass through smaller canals and must sail around major capes instead. For investors, capesize fleets and their freight rates are a visible gauge of global demand for raw materials like iron ore and coal—think of them as big delivery trucks on the ocean; when they’re busy and rates rise, it signals stronger commodity trade and can boost shipping company revenues.

ultramax technical

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

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.

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ATHENS, Greece, April 29, 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 Refined Success Limited, for one of its Capesize dry bulk vessels, the m/v New York. The gross charter rate is US$27,500 per day, minus a 5.00% commission paid to third parties, for a period until minimum February 1, 2028 up to maximum March 31, 2028. The charter is expected to commence on May 1, 2026. The m/v New York is currently chartered, as previously announced, at a gross charter rate of US$17,600 per day, minus a 5.00% commission paid to third parties.

The “New York” is a 177,773 dwt Capesize dry bulk vessel built in 2010.

The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Oldendorff GmbH & Co. KG, for one of its Ultramax dry bulk vessels, the m/v DSI Pyxis. The gross charter rate is US$16,000 per day, minus a 5.00% commission paid to third parties, for a period until minimum June 15, 2027 up to maximum August 15, 2027. The charter is expected to commence on May 3, 2026. The m/v DSI Pyxis is currently chartered, as previously announced, at a gross charter rate of US$13,100 per day, minus a 5.00% commission paid to third parties.

The “DSI Pyxis” is a 60,362 dwt Ultramax dry bulk vessel built in 2018.

The employments of “New York” and “DSI Pyxis” are anticipated to generate approximately US$23.76 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 12.43 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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What are the charter rates and start dates for DSX m/v New York and m/v DSI Pyxis?

The m/v New York will charter at US$27,500/day starting May 1, 2026; the DSI Pyxis at US$16,000/day starting May 3, 2026. According to Diana Shipping, both charters include a 5.00% third‑party commission.

How much revenue will the DSX charters for New York and DSI Pyxis generate?

The minimum scheduled employments are expected to generate approximately US$23.76 million of gross revenue. According to Diana Shipping, that figure covers the minimum periods specified in the contracts.

What are the contract durations for DSX charters of New York (DSX) and DSI Pyxis (DSX)?

The New York charter runs until minimum Feb 1, 2028 and maximum Mar 31, 2028; the DSI Pyxis runs until minimum Jun 15, 2027 and maximum Aug 15, 2027. According to Diana Shipping, those are the stated minimum and maximum dates.

How do the new DSX charter rates compare to their prior rates for these vessels?

The New York rate rose from US$17,600/day to US$27,500/day; the DSI Pyxis rose from US$13,100/day to US$16,000/day. According to Diana Shipping, the provided prior and new gross rates are as disclosed.

What is Diana Shipping's fleet size, capacity, and newbuilding schedule (DSX)?

Diana Shipping operates 36 dry bulk vessels with combined carrying capacity ~4.1 million dwt and weighted average age 12.43 years. According to Diana Shipping, two methanol dual‑fuel Kamsarmax newbuilds are expected H2 2027 and H1 2028.