Diana Shipping Inc. Secures New Time Charter for Post-Panamax Vessel m/v Phaidra
ATHENS, GREECE, February 12, 2026 – Diana Shipping, a globally recognized owner and bareboat charter-in operator of dry bulk vessels, announced that through a separate wholly owned subsidiary it has entered into a new time charter contract with Nippon Yusen Kabushiki Kaisha, Tokyo, for one of its Post-Panamax dry bulk vessels, the m/v Phaidra, reinforcing the company’s commitment to securing stable charter coverage and enhancing revenue visibility in a dynamic dry bulk shipping environment.
Charter Terms Reflect Strengthening Market Conditions
Under the terms of the agreement, the m/v Phaidra will be employed at a gross charter rate of US$14,500 per day, minus a 5.00% commission payable to third parties, for a period extending from a minimum of February 20, 2027 up to a maximum of April 20, 2027, with the charter scheduled to commence on February 24, 2026, marking a significant step-up compared to the vessel’s current employment terms and underscoring improving demand fundamentals across key dry bulk segments.
The vessel is presently chartered at a gross daily rate of US$9,750, minus a 5.00% commission to third parties, and the newly agreed rate represents a meaningful increase in daily earnings potential, reflecting stronger charter market dynamics for Post-Panamax tonnage and the strategic timing of Diana Shipping’s commercial negotiations.
Revenue Contribution and Financial Impact
The employment of the m/v Phaidra under the new time charter is anticipated to generate approximately US$5.18 million in gross revenue for the minimum scheduled period of the contract, contributing to forward revenue coverage and supporting the company’s cash flow stability while enhancing earnings visibility amid ongoing market volatility in global commodities trade.
This incremental revenue uplift demonstrates Diana Shipping’s disciplined chartering approach, seeking to optimize vessel utilization and secure competitive rates that align with prevailing freight market conditions, thereby reinforcing its financial resilience and operational consistency.
Profile of the m/v Phaidra
The m/v Phaidra is an 87,146 deadweight ton Post-Panamax dry bulk vessel constructed in 2013, representing a modern and efficient unit within the company’s diversified fleet, designed to transport a wide range of bulk commodities including iron ore, coal, grain, bauxite, fertilizers, and other major raw materials essential to global industrial production and food supply chains.
As a Post-Panamax vessel, the Phaidra offers enhanced cargo-carrying capacity compared to traditional Panamax ships while maintaining flexibility to operate across major global trade routes, enabling charterers to deploy the vessel efficiently in both Atlantic and Pacific basin trades.
Strategic Relationship with Nippon Yusen Kabushiki Kaisha
The time charter agreement with Nippon Yusen Kabushiki Kaisha further strengthens Diana Shipping’s commercial relationship with one of the world’s most established and diversified maritime transportation companies, reflecting mutual confidence in operational standards, vessel performance, and reliability.
Partnering with a globally recognized Japanese shipping group provides additional validation of Diana Shipping’s fleet quality and operational excellence, as charterers of such scale prioritize safety performance, technical reliability, and compliance with international maritime regulations.
Fleet Composition and Diversification
Diana Shipping Inc.’s fleet currently consists of 36 dry bulk vessels spanning multiple size categories, including 4 Newcastlemax vessels, 8 Capesize vessels, 4 Post-Panamax vessels, 6 Kamsarmax vessels, 5 Panamax vessels, and 9 Ultramax vessels, providing balanced exposure across the major dry bulk trade segments and enabling operational flexibility in response to evolving cargo flows.
The fleet’s combined carrying capacity, excluding two vessels not yet delivered, stands at approximately 4.1 million deadweight tons, positioning the company as a mid-sized yet globally competitive owner within the international dry bulk shipping sector.
Investment in Future-Ready Tonnage
Looking ahead, Diana Shipping expects to take delivery of two methanol dual fuel new-building Kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028, respectively, signaling a strategic investment in environmentally advanced tonnage designed to meet tightening emissions regulations and evolving sustainability standards
These dual fuel vessels are expected to enhance the company’s environmental performance profile by offering flexibility to operate on methanol fuel, thereby reducing greenhouse gas emissions and aligning with the International Maritime Organization’s decarbonization objectives as the industry transitions toward lower-carbon operations
Weighted Average Age and Fleet Efficiency
As of the date of the announcement, the fleet’s weighted average age is approximately 12.22 years, reflecting a balanced asset profile that combines modern vessels with established operational reliability, enabling Diana Shipping to maintain cost efficiency while preserving fleet competitiveness in global charter markets
A disciplined fleet renewal strategy allows the company to manage capital expenditures prudently while ensuring compliance with environmental regulations and maintaining technical performance standards required by leading charterers
Market Context and Dry Bulk Outlook
The new charter for the m/v Phaidra comes at a time when dry bulk markets continue to experience fluctuations driven by global economic growth trends, infrastructure investment cycles, energy transition developments, and agricultural trade flows, with freight rates influenced by supply-demand balances, vessel availability, and geopolitical considerations
By securing fixed-rate employment at an improved daily rate, Diana Shipping mitigates exposure to short-term spot market volatility while preserving upside participation through staggered charter maturities across its diversified fleet
Operational Discipline and Commercial Strategy
Diana Shipping’s business model emphasizes long-term sustainability through prudent leverage management, disciplined cost control, and strategic charter coverage, ensuring that vessels are positioned to generate steady revenue streams while maintaining operational excellence
The company’s approach to chartering seeks to balance fixed time charter contracts with selective exposure to market opportunities, allowing management to capitalize on favorable rate environments while safeguarding downside risk through contracted employment
Commitment to Transparency and Corporate Governance
Diana Shipping Inc. maintains a strong focus on corporate governance, financial transparency, and regulatory compliance, with its common shares listed on the New York Stock Exchange under the ticker symbol DSX, providing international investors with access to a diversified dry bulk shipping platform
Information regarding the company’s fleet composition and operational updates is made available through official disclosures and corporate communications, reinforcing transparency while clarifying that website information does not constitute part of the official press release
Positioning for Long-Term Value Creation
The newly secured time charter for the m/v Phaidra highlights Diana Shipping’s continued ability to secure competitive employment for its vessels and enhance revenue generation potential in a dynamic global shipping landscape, supporting long-term shareholder value creation through disciplined asset management and strategic commercial execution
With a diversified fleet, forward charter coverage, and investment in next-generation dual fuel vessels, Diana Shipping remains positioned to navigate cyclical market conditions while pursuing sustainable growth and operational resilience across the international dry bulk transportation sector.
Source Link:https://www.dianashippinginc.com/