Diana Shipping (NYSE: DSX) signs US$35,500/day charter for Philadelphia
Rhea-AI Filing Summary
Diana Shipping Inc. entered into a new time charter for its Newcastlemax vessel m/v Philadelphia with Classic Maritime Inc. at a gross rate of US$35,500 per day, minus a 5.00% commission, for a period running from minimum March 10, 2027 to maximum May 10, 2027. The charter is expected to commence on August 8, 2026 and is anticipated to generate about US$7.46 million in gross revenue over the minimum scheduled term.
Philadelphia is a 206,040 dwt Newcastlemax dry bulk vessel built in 2012 and is currently chartered to Refined Success Limited at US$21,500 per day, minus a 5.00% commission. Diana Shipping’s fleet consists of 36 dry bulk vessels with approximately 4.1 million dwt carrying capacity and a weighted average age of 12.67 years, and the company expects two methanol dual fuel Kamsarmax newbuildings by 2028.
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Filing Explained
This July 28 Form 6-K, an interim report for a foreign private issuer, incorporates the July 27 Philadelphia charter announcement by reference into Diana Shipping’s two effective Form F-3 registration statements, making that disclosure part of those registration documents.
Key Figures
New charter rate: US$35,500 per day
Commission on charter: 5.00%
Current charter rate: US$21,500 per day
+5 more
8 metrics
New charter rate
US$35,500 per day
Gross time charter rate for m/v Philadelphia with Classic Maritime Inc.
Commission on charter
5.00%
Commission on both current and new m/v Philadelphia charters paid to third parties
Current charter rate
US$21,500 per day
Existing gross time charter rate for m/v Philadelphia with Refined Success Limited
Expected gross revenue
US$7.46 million
Anticipated gross revenue over the minimum scheduled period of the new charter
Vessel deadweight
206,040 dwt
Deadweight tonnage of Newcastlemax dry bulk vessel m/v Philadelphia
Fleet size
36 vessels
Total number of dry bulk vessels in Diana Shipping Inc.’s fleet
Fleet carrying capacity
4.1 million dwt
Combined carrying capacity of the fleet, excluding two undelivered vessels
Weighted average fleet age
12.67 years
Weighted average age of Diana Shipping Inc.’s fleet as of the announcement
Key Terms
time charter contract, Newcastlemax, bareboat charter-in, deadweight tonnage
4 terms
time charter contract financial
"it has entered into a time charter contract with Classic Maritime Inc."
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.
Newcastlemax technical
"one of its Newcastlemax dry bulk vessels, the m/v Philadelphia"
A Newcastlemax is a classification for the largest bulk cargo ships designed to fit the size limits of major coal and commodity export ports, named after a prominent Australian port. Think of it as the biggest truck that can still pass through a particular loading dock: using a Newcastlemax generally lowers per-ton shipping costs because one voyage carries more cargo, so changes in their availability, demand or operating costs can noticeably affect freight rates, commodity delivered prices and the value of shipping firms.
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.
deadweight tonnage technical
"The “Philadelphia” is a 206,040 dwt Newcastlemax dry bulk vessel"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What new time charter did Diana Shipping Inc. (DSX) secure for m/v Philadelphia?
Diana Shipping Inc. (DSX) agreed a time charter for m/v Philadelphia at US$35,500 per day, minus a 5% commission. The contract runs from minimum March 10, 2027 to maximum May 10, 2027 and is expected to commence on August 8, 2026.
How much revenue is expected from the new m/v Philadelphia charter for DSX?
The employment of m/v Philadelphia is anticipated to generate about US$7.46 million in gross revenue over the minimum scheduled charter period. This estimate is based on the agreed rate of US$35,500 per day, before the 5.00% commission paid to third parties.
What is the current charter rate versus the new rate for DSX’s m/v Philadelphia?
m/v Philadelphia is currently chartered at a gross rate of US$21,500 per day, minus a 5% commission, to Refined Success Limited. Under the new time charter with Classic Maritime Inc., the vessel will earn US$35,500 per day, also subject to a 5% commission.
What are the key specifications of DSX’s vessel m/v Philadelphia?
m/v Philadelphia is a 206,040 dwt Newcastlemax dry bulk vessel built in 2012. It is one of Diana Shipping Inc.’s larger vessels, designed to carry substantial dry bulk cargoes such as iron ore, coal and grain across global shipping routes.
What is the size and profile of Diana Shipping Inc. (DSX)’s fleet?
Diana Shipping Inc. (DSX) operates 36 dry bulk vessels totaling about 4.1 million dwt of carrying capacity, with a weighted average age of 12.67 years. The company also expects delivery of two methanol dual fuel Kamsarmax newbuildings by 2027–2028.