Diana Shipping Inc. Secures Time Charter Agreement for m/v Atalandi with Stone Shipping
Diana Shipping Inc. (NYSE: DSX), a leading global owner and operator of dry bulk vessels, announced today that it has signed a new time charter agreement with Stone Shipping Ltd. for the employment of one of its Ice Class Panamax dry bulk carriers, the m/v Atalandi. The charter agreement was made through a separate wholly-owned subsidiary of Diana Shipping Inc., continuing the company’s strategy of securing medium- to long-term employment contracts for its modern fleet to enhance cash flow visibility and fleet utilization.
Terms of the Time Charter Agreement
Under the terms of the newly signed time charter contract, the m/v Atalandi will be employed at a gross charter rate of US$9,000 per day for the first thirty-five (35) days of the charter period. After this initial phase, the daily charter rate will increase to US$10,100 for the remaining duration of the charter. In both cases, a 5.00% commission will be deducted and paid to third parties. The time charter is scheduled to commence on June 9, 2025, and will continue for a firm minimum period until June 15, 2026, with the option to extend until August 15, 2026.
The total gross revenue generated by the employment of Atalandi is expected to be approximately US$3.62 million over the minimum duration of the contract. This agreement not only contributes to Diana Shipping’s top-line revenue but also provides operational consistency during a time when dry bulk freight rates can exhibit considerable volatility.
Vessel Overview: m/v Atalandi
The m/v Atalandi is a high-specification Ice Class Panamax dry bulk vessel with a deadweight tonnage (dwt) of 77,529. Built in 2014, the vessel has been maintained to rigorous standards and is equipped to navigate in challenging ice-laden waters, which expands its potential trading routes, particularly in northern hemisphere markets where ice restrictions can limit conventional Panamax operations.
The Ice Class designation enhances the vessel’s operational flexibility, allowing it to participate in trade routes with seasonal ice conditions. This capability is increasingly valuable in the context of shifting global trade patterns and the pursuit of new opportunities in high-latitude markets.
Strategic Context and Fleet Utilization
This latest time charter agreement with Stone Shipping Ltd. underscores Diana Shipping Inc.’s focus on optimizing fleet deployment through strategic chartering decisions that balance risk, revenue generation, and market exposure. By locking in a fixed-rate contract for the Atalandi, Diana Shipping not only ensures predictable cash flow but also mitigates the impact of potential market downturns over the next 12–14 months.
The transaction comes at a time when the dry bulk market continues to be influenced by macroeconomic trends, including global commodity demand, port congestion levels, geopolitical dynamics, and regulatory changes related to emissions and environmental performance. In this environment, securing period charters for ice-class capable tonnage demonstrates prudent management and market positioning.
Overview of Diana Shipping Inc.’s Fleet and Growth Outlook
Diana Shipping Inc. currently operates a diversified and modern fleet consisting of 37 dry bulk vessels. These include:
- 4 Newcastlemax vessels
- 8 Capesize vessels
- 4 Post-Panamax vessels
- 6 Kamsarmax vessels
- 6 Panamax vessels
- 9 Ultramax vessels
Collectively, the company’s active fleet has a combined carrying capacity of approximately 4.1 million dwt. The average age of the vessels is 11.6 years, placing the fleet in a competitive position in terms of fuel efficiency, emissions compliance, and market adaptability. Notably, Diana Shipping’s fleet includes a balanced mix of vessel types, allowing the company to participate across a wide range of dry bulk trades, including iron ore, coal, grains, and minor bulks.
Further strengthening its commitment to environmental sustainability and fleet modernization, Diana Shipping has also placed orders for two new methanol dual-fuel Kamsarmax dry bulk vessels. These newbuilds are expected to be delivered in the second half of 2027 and the first half of 2028, respectively. The adoption of methanol dual-fuel propulsion is part of the company’s broader initiative to reduce greenhouse gas emissions and align with evolving regulatory standards such as the IMO 2030 and IMO 2050 decarbonization targets.
Market Position and Long-Term Vision
As a publicly traded company on the New York Stock Exchange, Diana Shipping Inc. has built a reputation for responsible capital allocation, strategic fleet expansion, and reliable service to its chartering clients. The company consistently pursues long-term time charters with reputable counterparties, which contributes to its stable earnings profile and supports its dividend-paying capacity.
In light of ongoing changes in global trade and environmental expectations, Diana Shipping continues to focus on renewing its fleet through a combination of newbuilding investments and selective vessel acquisitions. By integrating advanced technologies and maintaining high operational standards, the company seeks to preserve its competitive edge while enhancing shareholder value.
The chartering of Atalandi is consistent with this long-term strategy, and its ice-class capabilities exemplify Diana Shipping’s ability to offer differentiated value in a dynamic shipping market.
Access to Fleet Information and Additional Resources
Investors and interested stakeholders can access more detailed information about Diana Shipping Inc.’s fleet composition. The fleet table, which includes details on each vessel’s name, type, dwt, year built, and employment status, is regularly updated to reflect new developments. It should be noted, however, that information available on the company’s website does not form a part of this official press release.
The signing of this new time charter agreement with Stone Shipping Ltd. for the m/v Atalandi demonstrates Diana Shipping Inc.’s continued success in securing profitable and reliable chartering opportunities for its vessels. With a stable charter rate and the added advantage of the vessel’s ice-class certification, this deal is expected to enhance the company’s revenue generation and reinforce its presence in specialized bulk markets. As Diana Shipping continues to pursue growth through fleet renewal and operational excellence, agreements like this one are central to its strategic direction.