Higher-rate Polymnia charter extends backlog for Diana Shipping (NYSE: DSX)
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
Diana Shipping Inc. has extended the time charter for its Post-Panamax dry bulk vessel m/v Polymnia with Oldendorff Carriers. The new gross charter rate is US$20,000 per day, compared with the current US$14,000 per day, for a period running from an expected start on June 1, 2026 until at least March 1, 2027 and up to April 30, 2027. For the minimum period, the employment extension is anticipated to generate about US$5.36 million in gross revenue. The Polymnia is a 98,704 dwt vessel built in 2012. Diana Shipping’s fleet consists of 36 dry bulk vessels with a combined carrying capacity of roughly 4.1 million dwt and a weighted average age of 12.47 years, excluding two newbuilding Kamsarmax vessels expected by 2027–2028.
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Key Figures
New Polymnia charter rate: US$20,000 per day
Current Polymnia charter rate: US$14,000 per day
Expected charter revenue: US$5.36 million
+5 more
8 metrics
New Polymnia charter rate
US$20,000 per day
Gross time charter rate for Polymnia extension
Current Polymnia charter rate
US$14,000 per day
Existing gross charter rate before extension
Expected charter revenue
US$5.36 million
Gross revenue from minimum scheduled extension period
Polymnia vessel size
98,704 dwt
Post-Panamax dry bulk vessel built in 2012
Charter period window
June 1, 2026 to March 1–April 30, 2027
Expected start and minimum/maximum end dates
Fleet size
36 vessels
Total dry bulk vessels in Diana Shipping’s fleet
Fleet carrying capacity
4.1 million dwt
Combined capacity excluding two undelivered vessels
Fleet average age
12.47 years
Weighted average age of current fleet
Key Terms
time charter, Post-Panamax, bareboat charter-in, dwt, +1 more
5 terms
time charter financial
"it has extended the time charter contract with Oldendorff Carriers"
A time charter 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. This arrangement matters to investors because it provides a steady income stream for the ship owner and indicates ongoing demand for shipping services, reflecting the health of global trade and transportation markets.
Post-Panamax technical
"one of its Post-Panamax dry bulk vessels, the m/v Polymnia"
Post-panamax describes a ship or vessel that is too large to pass through the original locks of the Panama Canal, meaning its width, height, or depth exceeds those historic limits; it’s used as a size class for very large cargo ships. Investors care because these ships face route restrictions, higher port and handling requirements, or transshipment detours—like a truck that can’t fit under a bridge—which affects shipping costs, transit times, freight rates and demand for port and fleet upgrades.
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 technical
"The “Polymnia” is an 98,704 dwt Post-Panamax dry bulk vessel"
forward-looking statements regulatory
"Matters discussed in this press release may constitute 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 contract update did Diana Shipping Inc. (DSX) announce for m/v Polymnia?
Diana Shipping extended the time charter for m/v Polymnia with Oldendorff Carriers. The vessel will earn a gross rate of US$20,000 per day under the new charter, replacing the prior US$14,000 per day rate.
What are the key terms of Diana Shipping’s new Polymnia charter rate?
The new Polymnia charter carries a gross rate of US$20,000 per day. A 5.00% commission is payable to third parties, and the charter is expected to run at least until March 1, 2027.
How much revenue is expected from the extended Polymnia charter for DSX?
The Polymnia employment extension is anticipated to generate about US$5.36 million in gross revenue. This estimate relates to the minimum scheduled period of the renewed time charter.
When does the new Polymnia time charter period start and end?
The new charter period for Polymnia is expected to commence on June 1, 2026. It will last until at least March 1, 2027, with a maximum extension to April 30, 2027.
What is the size and age profile of Diana Shipping Inc.’s fleet?
Diana Shipping’s fleet consists of 36 dry bulk vessels with about 4.1 million dwt capacity. The weighted average age of these vessels is 12.47 years, excluding two Kamsarmax newbuildings yet to be delivered.
What type of vessel is the m/v Polymnia in Diana Shipping’s fleet?
Polymnia is a 98,704 dwt Post-Panamax dry bulk vessel built in 2012. It is one of Diana Shipping’s larger ships designed to carry substantial dry bulk cargo across global routes.