Diana Shipping (NYSE: DSX) signs new Medusa time charter with Aquavita
Rhea-AI Filing Summary
Diana Shipping Inc. has secured a new time charter for its Kamsarmax dry bulk vessel m/v Medusa with Aquavita International S.A. at a gross rate of US$16,850 per day, less a 4.75% commission. The charter runs from July 2026 until at least October 5, 2027 and up to December 20, 2027.
The Medusa had been chartered to Cargill International S.A. at a lower gross rate of US$13,000 per day. For the minimum charter period, the new employment is expected to generate about US$7.50 million of gross revenue. The vessel is an 82,194 dwt Kamsarmax built in 2010.
The company reports a fleet of 36 dry bulk vessels with a combined carrying capacity of roughly 4.1 million dwt and a weighted average age of 12.62 years, excluding two methanol dual fuel Kamsarmax newbuildings expected in 2027 and 2028.
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Key Figures
New Medusa charter rate: US$16,850 per day
Broker commission: 4.75%
Expected gross revenue: US$7.50 million
+5 more
8 metrics
New Medusa charter rate
US$16,850 per day
Gross charter rate under Aquavita contract
Broker commission
4.75%
Commission on Medusa charter paid to third parties
Expected gross revenue
US$7.50 million
Minimum scheduled period of Medusa time charter
Current Medusa charter rate
US$13,000 per day
Gross rate under existing Cargill charter
Medusa vessel size
82,194 dwt
Kamsarmax dry bulk vessel built in 2010
Fleet size
36 vessels
Diana Shipping dry bulk fleet count
Fleet capacity
4.1 million dwt
Combined carrying capacity excluding two newbuildings
Fleet average age
12.62 years
Weighted average age of current fleet
Key Terms
time charter contract, Kamsarmax, bareboat charter-in, dwt, +2 more
6 terms
time charter contract financial
"it has entered into a time charter contract with Aquavita International S.A."
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.
Kamsarmax financial
"one of its Kamsarmax dry bulk vessels, the m/v Medusa."
A kamsarmax is a standard class of dry bulk cargo ship sized to fit the locks and berths of certain ports, notably those with specific depth and width limits. Think of it like a delivery truck built to just fit a warehouse door: its dimensions and cargo capacity influence which ports it can use and how efficiently it carries grain, coal or ore. For investors, kamsarmaxes matter because their availability, operating costs and suitability for key trade routes affect freight rates, shipping company earnings and supply-chain capacity.
bareboat charter-in financial
"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.
dwt financial
"The “Medusa” is an 82,194 dwt Kamsarmax dry bulk vessel"
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.
forward-looking statements regulatory
"Cautionary Statement Regarding Forward-Looking Statements"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What time charter did Diana Shipping Inc. (DSX) announce for m/v Medusa?
Diana Shipping Inc. agreed a time charter for m/v Medusa with Aquavita International S.A. at US$16,850 per day. The contract runs from July 10, 2026, until at least October 5, 2027, and potentially up to December 20, 2027, subject to charter terms.
How much revenue could the new Medusa charter generate for Diana Shipping (DSX)?
The Medusa charter is anticipated to generate about US$7.50 million of gross revenue for the minimum scheduled period. This estimate reflects the agreed daily rate and minimum charter duration and does not account for any optional extension up to December 20, 2027.
How does the new Medusa charter rate compare to its current charter for DSX?
Under the new contract, m/v Medusa will earn US$16,850 per day, compared with its current US$13,000 per day charter with Cargill International S.A. Both rates are subject to a 4.75% commission paid to third parties under their respective arrangements.
What are the key characteristics of Diana Shipping’s (DSX) vessel m/v Medusa?
The m/v Medusa is an 82,194 deadweight ton Kamsarmax dry bulk vessel built in 2010. It is part of Diana Shipping’s Kamsarmax segment and is employed on time charter contracts carrying dry bulk commodities across global shipping routes.
What is the current fleet size and capacity of Diana Shipping Inc. (DSX)?
Diana Shipping currently operates 36 dry bulk vessels with a combined carrying capacity of about 4.1 million deadweight tons. The fleet has a weighted average age of 12.62 years, excluding two methanol dual fuel Kamsarmax newbuildings scheduled for delivery in 2027 and 2028.
What future fleet additions has Diana Shipping (DSX) disclosed?
Diana Shipping expects to take delivery of two methanol dual fuel newbuilding Kamsarmax dry bulk vessels. One is scheduled for the second half of 2027 and the other for the first half of 2028, adding modern, alternative-fuel-capable tonnage to the company’s dry bulk fleet.