Diana Shipping (NYSE: DSX) locks in higher-rate time charters for New York and DSI Pyxis
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
Diana Shipping Inc. has secured two new time charter contracts for its dry bulk fleet. The Capesize vessel m/v New York will earn a gross rate of US$27,500 per day, up from US$17,600, from May 2026 until at least February 1, 2028 and up to March 31, 2028. The Ultramax vessel m/v DSI Pyxis will earn US$16,000 per day, up from US$13,100, from May 3, 2026 until at least June 15, 2027 and up to August 15, 2027. Together, these employments are anticipated to generate about US$23.76 million in gross revenue over their minimum terms. The company’s fleet stands at 36 dry bulk vessels with about 4.1 million dwt of carrying capacity and a weighted average age of 12.43 years, excluding two Kamsarmax newbuildings expected by 2027–2028.
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Key Figures
New York new charter rate: US$27,500 per day
New York current charter rate: US$17,600 per day
DSI Pyxis new charter rate: US$16,000 per day
+5 more
8 metrics
New York new charter rate
US$27,500 per day
Gross time charter rate for m/v New York, minus 5% commission
New York current charter rate
US$17,600 per day
Existing gross charter rate prior to new contract
DSI Pyxis new charter rate
US$16,000 per day
Gross time charter rate for m/v DSI Pyxis, minus 5% commission
DSI Pyxis current charter rate
US$13,100 per day
Existing gross charter rate prior to new contract
Estimated gross revenue
US$23.76 million
Anticipated gross revenue for minimum period of the two charters
Fleet size
36 vessels
Number of dry bulk vessels currently in the fleet
Fleet capacity
4.1 million dwt
Combined carrying capacity of fleet, excluding two newbuildings
Fleet average age
12.43 years
Weighted average age of the operating fleet
Key Terms
time charter contract, Capesize dry bulk vessel, Ultramax dry bulk vessel, bareboat charter-in, +1 more
5 terms
time charter contract financial
"it has entered into a time charter contract with Refined Success Limited"
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.
Capesize dry bulk vessel financial
"for one of its Capesize dry bulk vessels, the m/v New York"
Ultramax dry bulk vessel financial
"for one of its Ultramax dry bulk vessels, the m/v DSI Pyxis"
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.
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.
FAQ
What time charter did Diana Shipping Inc. (DSX) secure for the m/v New York?
Diana Shipping Inc. chartered the m/v New York at US$27,500 per day. The Capesize vessel will earn this gross rate, less a 5% commission, from May 1, 2026 for a period running until at least February 1, 2028 and up to March 31, 2028.
What are the new charter terms for Diana Shipping’s m/v DSI Pyxis?
The m/v DSI Pyxis was fixed at a gross rate of US$16,000 per day. This Ultramax vessel, less a 5% commission, will operate under the new time charter from May 3, 2026 until at least June 15, 2027 and up to August 15, 2027.
How much gross revenue are the new DSX time charters expected to generate?
The employments of New York and DSI Pyxis are anticipated to generate about US$23.76 million. This figure represents the estimated gross revenue for the minimum scheduled period of the two time charters, based on the disclosed daily rates and minimum charter durations.
How do the new charter rates compare to the current rates for DSX vessels?
Both vessels secure higher rates than their current charters. The m/v New York increases from US$17,600 to US$27,500 per day, while the m/v DSI Pyxis rises from US$13,100 to US$16,000 per day, in each case before the 5% commission to third parties.
What is the current size and capacity of Diana Shipping Inc.’s fleet?
Diana Shipping Inc.’s fleet currently consists of 36 dry bulk vessels. Excluding two Kamsarmax newbuildings not yet delivered, the combined carrying capacity is about 4.1 million dwt, with a reported weighted average age of 12.43 years across this operating fleet.
What fleet growth does Diana Shipping Inc. (DSX) expect in coming years?
The company expects to add two methanol dual fuel Kamsarmax vessels. These dry bulk newbuildings are scheduled for delivery in the second half of 2027 and the first half of 2028, expanding the fleet beyond the current 36 operating vessels once delivered.