Diana Shipping (NYSE: DSX) wins US$30,500/day charter for m/v Florida
Rhea-AI Filing Summary
Diana Shipping Inc. entered into a new time charter for its Capesize vessel m/v Florida with Nippon Yusen Kabushiki Kaisha of Tokyo. The charter carries a gross rate of US$30,500 per day, minus a 5.00% commission to third parties, for a minimum of 32 months and up to 35.5 months, and is expected to commence in the second quarter of 2027. The employment is anticipated to generate approximately US$29.28 million of gross revenue over the minimum period. The Florida is a 182,063 dwt Capesize vessel built in 2022 and is currently chartered to Bunge S.A. at US$25,900 per day. Diana Shipping’s fleet consists of 36 dry bulk vessels with combined carrying capacity of about 4.1 million dwt and a weighted average age of 12.70 years, and the company expects delivery of two methanol dual fuel Kamsarmax newbuildings by late 2027 and early 2028.
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Filing Explained
The August 7 Form 6-K incorporates the Florida charter disclosure into two Form F-3 registration statements that became effective on
Key Figures
New charter rate: US$30,500 per day
Commission: 5.00%
Charter duration minimum: 32 months
+5 more
8 metrics
New charter rate
US$30,500 per day
Gross daily rate for m/v Florida under new time charter with NYK
Commission
5.00%
Commission on both current and new m/v Florida charters paid to third parties
Charter duration minimum
32 months
Minimum period of new time charter for m/v Florida
Charter duration maximum
35.5 months
Maximum period of new time charter for m/v Florida
Expected gross revenue
US$29.28 million
Anticipated gross revenue over minimum scheduled period of new charter
Current charter rate
US$25,900 per day
Existing gross daily rate for m/v Florida with Bunge S.A.
Vessel size
182,063 dwt
Deadweight tonnage of the Capesize vessel m/v Florida built in 2022
Fleet capacity
4.1 million dwt
Approximate combined carrying capacity of 36-vessel fleet, excluding two newbuilds
Key Terms
time charter contract, bareboat charter-in, Capesize dry bulk vessels, methanol dual fuel, +1 more
5 terms
time charter contract financial
"it has entered into a time charter contract with Nippon Yusen Kabushiki Kaisha"
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.
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.
Capesize dry bulk vessels technical
"for one of its Capesize dry bulk vessels, the m/v Florida"
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.
off-hires financial
"vessel breakdowns and instances of off-hires and other factors"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What new charter did Diana Shipping Inc. (DSX) secure for the m/v Florida?
Diana Shipping Inc. secured a time charter for the Capesize vessel m/v Florida with Nippon Yusen Kabushiki Kaisha at US$30,500 per day, less 5.00% commission, for a term of 32 to 35.5 months starting in the second quarter of 2027.
How much revenue is the new m/v Florida charter expected to generate for DSX?
The new m/v Florida charter is anticipated to generate approximately US$29.28 million in gross revenue over its minimum 32-month term. This figure is before deducting the 5.00% commission payable to third parties under the charter arrangement.
What is the current charter rate for the m/v Florida before the new DSX contract begins?
The m/v Florida is currently chartered to Bunge S.A., Geneva, at a gross charter rate of US$25,900 per day, less a 5.00% commission to third parties. This existing employment will continue until the new charter commencing in 2027 starts.
What are the key specifications of the m/v Florida in Diana Shipping’s (DSX) fleet?
The m/v Florida is a 182,063 dwt Capesize dry bulk vessel built in 2022. As a large Capesize ship, it is part of Diana Shipping’s focus on dry bulk transportation, primarily carrying commodities like iron ore, coal and grain.
What is the size and profile of Diana Shipping Inc.’s (DSX) fleet after this charter update?
Diana Shipping’s fleet consists of 36 dry bulk vessels totaling about 4.1 million dwt in carrying capacity, with a weighted average age of 12.70 years. The company also expects two methanol dual fuel Kamsarmax newbuilds by 2027–2028.