Diana Shipping Inc. (NYSE: DSX), a major player in the global shipping industry, has just announced a significant new development. The company, renowned for its ownership and bareboat charter-in of dry bulk vessels, has entered into a time charter contract through a wholly-owned subsidiary with Cargill International S.A., Geneva. This contract involves one of Diana Shipping’s Ice Class Panamax dry bulk vessels, the m/v Atalandi.
The terms of the deal are quite specific. The m/v Atalandi, with a gross charter rate set at US$14,600 per day minus a 4.75% commission paid to third parties, will be chartered for a period extending from a minimum of June 1, 2025, to a maximum of July 31, 2025. This charter is expected to commence on July 19, 2024, and is projected to generate approximately US$4.57 million in gross revenue for the minimum duration of the contract.
The m/v Atalandi, a 77,529 dwt Ice Class Panamax dry bulk vessel, was built in 2014. Its Ice Class designation implies its enhanced capability to navigate icy waters, making it a versatile addition to any fleet, especially under the terms of this new charter agreement.
In the broader context of Diana Shipping’s operations, this contract aligns with the company’s strategic employment of its vessels. Following the previously announced sale of the m/v Houston, Diana Shipping Inc.’s fleet will comprise 38 dry bulk vessels. These include 4 Newcastlemax, 8 Capesize, 5 Post-Panamax, 6 Kamsarmax, 6 Panamax, and 9 Ultramax vessels. The company is also set to expand its fleet further with the delivery of two methanol dual fuel new-building Kamsarmax dry bulk vessels scheduled for the second half of 2027 and the first half of 2028, respectively.
Currently, the total carrying capacity of Diana Shipping’s fleet, inclusive of the m/v Houston but excluding the yet-to-be-delivered vessels, is approximately 4.4 million dwt, with a weighted average age of 10.94 years. This fleet composition ensures Diana Shipping remains a formidable force in the dry bulk shipping sector, capable of transporting a diverse array of commodities such as iron ore, coal, and grain across global shipping routes.
Diana Shipping Inc.’s website offers a detailed table describing the current fleet, highlighting the company’s commitment to transparency and operational efficiency. However, it’s important to note that information on their website is not part of this official press release.
Diana Shipping Inc. continues to provide robust shipping transportation services, leveraging its fleet to cater to the short to medium-term time charter market effectively. The new contract for the m/v Atalandi underscores the company’s ongoing efforts to maximize fleet utilization and revenue generation.
