Diana Shipping Inc. Becomes Strategic Partner in Two 7,500 cbm Semi-Refrigerated LPG Newbuildings
Rhea-AI Summary
Diana Shipping Inc. (NYSE: DSX) has announced a strategic partnership with Ecogas Holding AS, acquiring an 80% equity stake in a joint venture for the construction of two 7,500 cbm semi-refrigerated LPG newbuildings. The deal includes an option for two additional vessels.
The first vessel is scheduled for delivery in Q1 2027, with the second vessel following in Q4 2027. Currently, DSX operates a fleet of 37 dry bulk vessels with a combined carrying capacity of 4.1 million dwt and an average age of 11.39 years. The fleet composition includes:
- 4 Newcastlemax
- 8 Capesize
- 4 Post-Panamax
- 6 Kamsarmax
- 6 Panamax
- 9 Ultramax vessels
Additionally, the company expects delivery of two methanol dual fuel new-building Kamsarmax dry bulk vessels by H2 2027 and H1 2028.
Positive
- Strategic expansion into LPG market with 80% stake in joint venture
- Option for two additional LPG vessels provides growth potential
- Fleet modernization with upcoming methanol dual fuel vessels shows commitment to sustainable shipping
- Large existing fleet of 37 vessels demonstrates established market presence
Negative
- Aging fleet with average age of 11.39 years
- Long wait time for new vessels with deliveries starting from 2027
- Significant capital commitment required for multiple newbuildings
News Market Reaction – DSX
On the day this news was published, DSX declined 2.81%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
ATHENS, Greece, March 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 the Company agreed to become a strategic partner and invest in a newly established joint venture, Ecogas Holding AS, with an
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 11.39 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 a 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 and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: enebb@optonline.net
FAQ
What is the size of Diana Shipping's investment in the LPG newbuildings joint venture?
When will DSX receive delivery of the new LPG vessels?
How many vessels are currently in Diana Shipping's fleet?
What new vessels is DSX expecting to receive by 2028?
