Diana Shipping Inc., a leading global shipping company, has announced a new time charter contract for its Panamax dry bulk vessel, the m/v Selina. The agreement is with Raffles Shipping International Pte. Ltd., and the charter is set to commence tomorrow. Under the terms of the contract, the Selina will earn a gross charter rate of $10,500 per day, minus a 5% commission paid to third parties. The vessel is expected to operate under the contract until at least March 1, 2025, with the option to extend up to April 20, 2025.
Built in 2010, the Selina is a 75,700 dwt Panamax dry bulk vessel, a key asset in Diana Shipping’s diverse fleet. The company expects the charter to generate approximately $1.39 million in gross revenue for the minimum period of employment. The deal aligns with Diana Shipping’s strategy of securing stable revenue streams through time charters, especially in a fluctuating market for dry bulk shipping.
Diana Shipping Inc. operates a robust fleet of 38 dry bulk vessels, including a mix of Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, and Ultramax ships. The combined capacity of their fleet stands at approximately 4.2 million dwt, with an average vessel age of 11.04 years. Notably, the company also has two methanol dual-fuel Kamsarmax vessels on order, slated for delivery between 2027 and 2028, signaling their commitment to future sustainability and compliance with emerging environmental regulations.
The company’s fleet is employed primarily on short to medium-term time charters, carrying essential dry bulk commodities such as coal, iron ore, and grain across global shipping routes. By securing this new charter for the Selina, Diana Shipping continues to strengthen its operational base, providing stability in revenue generation despite market volatility.
Diana Shipping has highlighted several risks and uncertainties that could impact its forward-looking statements, including global economic shifts, currency fluctuations, changes in charter rates, and potential political risks affecting shipping routes. The company has issued this cautionary note to comply with the Private Securities Litigation Reform Act, underscoring the inherent unpredictability in their projections. Nonetheless, this new charter contract signals their continued confidence in maintaining steady operations in the dynamic global shipping market.
