Diana Shipping Inc. (NYSE: DSX), a prominent global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, has announced a new time charter agreement. The agreement, executed through a wholly-owned subsidiary, is with Paralos Shipping Pte. Ltd. and pertains to the Kamsarmax dry bulk vessel m/v Maia.
Under the terms of the contract, m/v Maia will earn a gross daily charter rate of $11,600, with a 5% commission deducted for third parties. The charter is scheduled to commence on December 9, 2024, and will run for a period extending until at least November 1, 2025, with an optional maximum duration until December 31, 2025. Over the minimum duration of the charter, Diana Shipping anticipates generating approximately $3.75 million in gross revenue.
The m/v Maia is an 82,193 dwt Kamsarmax dry bulk vessel constructed in 2009. Kamsarmax vessels, which are slightly larger than Panamax ships, are particularly versatile for transporting commodities such as coal, grain, and iron ore across various global shipping routes.
Expanding Fleet and Future Prospects
Diana Shipping Inc.’s current fleet includes 38 dry bulk vessels spanning various categories: 4 Newcastlemax, 8 Capesize, 5 Post-Panamax, 6 Kamsarmax, 6 Panamax, and 9 Ultramax vessels. Together, these ships provide a combined carrying capacity of approximately 4.2 million deadweight tons (dwt) and have a weighted average age of 11.18 years.
The company is also preparing to expand its fleet with the addition of two methanol dual-fuel new-building Kamsarmax vessels, expected for delivery in the second half of 2027 and the first half of 2028. These new acquisitions highlight Diana Shipping’s commitment to embracing sustainable shipping practices and meeting evolving environmental regulations in the global maritime industry.
Commitment to Growth and Sustainability
The new time charter contract for m/v Maia underscores Diana Shipping’s ongoing efforts to optimize the utilization of its fleet while enhancing revenue generation. By securing long-term charters at competitive rates, the company continues to solidify its position as a leading player in the dry bulk shipping sector.
About the Company
Diana Shipping Inc. is a global provider of shipping transportation services through its ownership and bareboat charter-in of dry bulk vessels. The Company’s vessels are employed primarily on short to medium-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.