Diana Shipping Inc. Announces Direct Extension of Time Charter Agreement for m/v Amphitrite US$4.22 Million
Diana Shipping Inc. (NYSE: DSX), a leading global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, has announced a significant extension of its time charter contract with Cobelfret S.A., a major Luxembourg-based company. The agreement pertains to the company’s Post-Panamax dry bulk vessel, the m/v Amphitrite. This development strengthens Diana Shipping’s ongoing commitment to optimizing its fleet’s utilization and extending its relationships with reputable clients.
Under the terms of the extended charter, the Amphitrite will remain under contract with Cobelfret for a period extending from December 31, 2024, through a minimum of January 1, 2026, and potentially up to March 15, 2026. The time charter rate will initially be set at US$8,750 per day for the first fifty days. Following this, the daily rate will increase to US$12,100 for the remaining duration of the charter. In both cases, a 5.00% commission will be deducted for third-party payments. This extension is expected to generate a substantial gross revenue of approximately US$4.22 million over the minimum scheduled period of the time charter.
The Amphitrite is a 98,697 deadweight ton (dwt) Post-Panamax dry bulk vessel, which was built in 2012. As part of Diana Shipping’s diverse fleet, the vessel continues to serve an essential role in meeting global shipping demand. Post-Panamax vessels like the Amphitrite are integral for transporting large quantities of dry bulk commodities, such as coal, grain, and iron ore, that support industries worldwide. The new agreement with Cobelfret reinforces Diana Shipping’s strategic focus on maintaining long-term, stable contracts with well-established partners in the dry bulk shipping sector.
Diana Shipping Inc. operates a well-diversified fleet of 38 vessels, which includes a mix of Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, and Ultramax vessels. This diverse fleet composition allows the company to capitalize on the varying demands of the global dry bulk shipping market. Specifically, the fleet consists of 4 Newcastlemax vessels, 8 Capesize, 5 Post-Panamax, 6 Kamsarmax, 6 Panamax, and 9 Ultramax vessels. This variety of vessel sizes gives Diana Shipping the flexibility to serve a broad range of shipping routes and cargo types, making the company a reliable player in the dry bulk industry.
In addition to its existing fleet, Diana Shipping is actively expanding its fleet with the upcoming delivery of two methanol dual-fuel Kamsarmax dry bulk vessels, set to be delivered by the second half of 2027 and the first half of 2028, respectively. These newbuilds will significantly enhance the company’s ability to meet the increasing demand for more sustainable and environmentally friendly shipping solutions. The move towards dual-fuel vessels underscores Diana Shipping’s commitment to modernizing its fleet and reducing its environmental footprint, aligning with broader industry trends toward greater sustainability.
As of today, the combined carrying capacity of Diana Shipping’s fleet, excluding the two newbuilds yet to be delivered, stands at an impressive approximately 4.2 million dwt. The fleet’s weighted average age is 11.23 years, which positions Diana Shipping as a company with a relatively young and technologically advanced fleet compared to many of its peers in the dry bulk shipping industry. This modern fleet gives the company a competitive edge, particularly in an industry where operational efficiency and fuel consumption are critical for profitability and environmental compliance.
Diana Shipping’s strong financial position, bolstered by the extended charter agreement for the Amphitrite and its diversified fleet, allows the company to weather market fluctuations and capitalize on opportunities in the dry bulk sector. The company remains focused on maintaining a robust and flexible fleet that can adapt to changing market conditions while ensuring stable cash flows through long-term, high-value contracts with reputable charterers like Cobelfret.
The extension of the Amphitrite‘s charter further solidifies Diana Shipping’s standing as a leader in the dry bulk shipping market, and the company is well-positioned to continue delivering solid financial results in the years ahead. With an eye toward fleet modernization, sustainability, and long-term partnerships, Diana Shipping Inc. is poised for continued growth and success in the evolving global shipping landscape.