Diana Shipping Inc. Announces Time Charter Contract for m/v Leonidas P. C. with NYK
Diana Shipping, a leading global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced that it has secured a new time charter contract for one of its Kamsarmax dry bulk carriers. Acting through a separate wholly-owned subsidiary, the Company has entered into an agreement with Nippon Yusen Kabushiki Kaisha (NYK), one of the world’s largest and most established shipping enterprises based in Tokyo.
Under the terms of the agreement, the Kamsarmax vessel Leonidas P. C., which has a carrying capacity of 82,165 deadweight tons (dwt) and was built in 2011, will be chartered at a gross rate of US$14,000 per day. After accounting for a standard 5.00% commission payable to third parties, the contract provides for a fixed employment period beginning September 24, 2025, and lasting until at least September 15, 2026, with the option to extend up to November 15, 2026.
The contract is expected to generate approximately US$4.93 million in gross revenue for Diana Shipping Inc. during the minimum scheduled duration of the time charter.
The Vessel: m/v Leonidas P. C.
The Leonidas P. C. is one of Diana Shipping’s six Kamsarmax-class dry bulk vessels. With a capacity of 82,165 dwt, this vessel falls within a segment of bulk carriers particularly suited for transporting commodities such as grain, coal, bauxite, and iron ore. The Kamsarmax class is designed with dimensions allowing entry into the Port of Kamsar in Guinea, which is a major hub for the global bauxite trade.
Built in 2011, the Leonidas P. C. has already accumulated more than a decade of service, but continues to be a commercially viable and versatile asset. The vessel’s inclusion in this charter agreement underscores the ongoing market demand for Kamsarmax tonnage, particularly from major Japanese shipping companies like NYK, which operate extensive global dry bulk trading networks.
About Nippon Yusen Kabushiki Kaisha (NYK)
Founded in 1885, Nippon Yusen Kabushiki Kaisha (NYK Line) is one of the most prominent and diversified shipping companies in the world. With operations spanning container shipping, car carriers, LNG transport, tankers, and bulk carriers, NYK has long been a central player in the global shipping landscape.
The decision by NYK to enter into a time charter agreement for the Leonidas P. C. demonstrates the company’s continued reliance on high-quality, third-party tonnage providers to complement its own extensive fleet. Partnerships with independent shipowners like Diana Shipping allow NYK to remain flexible in its fleet deployment, adjusting to market trends and cargo demand while minimizing capital exposure.
Financial Significance of the Charter
The projected US$4.93 million gross revenue from this agreement represents a meaningful addition to Diana Shipping’s forward revenue visibility. For shipping companies, securing time charter contracts with reputable counterparties like NYK provides not only financial stability but also a level of operational security against the inherent volatility of the spot freight market.
At a charter rate of US$14,000 per day, the contract reflects prevailing market conditions for Kamsarmax vessels built in the early 2010s. While the rate may not be at the peak levels seen during dry bulk upcycles, it nonetheless provides a steady and predictable income stream over the next 12 to 14 months, ensuring that the Leonidas P. C. remains profitably employed.
Diana Shipping Inc. Fleet Overview
Diana Shipping Inc. currently operates a diversified fleet of 36 dry bulk vessels, comprising:
- 4 Newcastlemax vessels
- 8 Capesize vessels
- 4 Post-Panamax vessels
- 6 Kamsarmax vessels
- 5 Panamax vessels
- 9 Ultramax vessels
This fleet composition reflects the company’s strategic focus on maintaining a balanced portfolio across vessel classes, allowing it to serve a broad range of chartering requirements and global trade routes.
The company has also made forward-looking investments in greener shipping technologies. Specifically, Diana Shipping expects to take delivery of two methanol dual-fuel newbuilding Kamsarmax dry bulk vessels, scheduled for delivery in the second half of 2027 and the first half of 2028, respectively. These additions reflect the company’s long-term commitment to enhancing sustainability and aligning with international decarbonization targets.
As of today, the combined carrying capacity of Diana Shipping’s fleet, excluding the two vessels yet to be delivered, is approximately 4.1 million dwt, with a weighted average age of 11.83 years.
The relatively young average age of the fleet provides a competitive advantage, enabling the company to offer modern tonnage to charterers while maintaining compliance with increasingly stringent environmental regulations.
Strategic Implications of the Charter
The chartering of Leonidas P. C. to NYK carries several strategic implications for Diana Shipping:
- Partnership with a Tier-1 Charterer
- NYK is among the most reputable names in global shipping. Securing a contract with such a counterparty strengthens Diana Shipping’s commercial relationships and enhances its standing in the industry.
- Revenue Visibility and Risk Management
- By locking in nearly US$5 million of gross revenue, Diana Shipping reduces its exposure to freight market volatility. This supports stable cash flow, which is crucial for shareholder returns, debt servicing, and reinvestment.
- Balanced Fleet Employment Strategy
- Diana Shipping has traditionally pursued a strategy of medium- to long-term time charters with major charterers. This contract aligns with that philosophy, combining stability with flexibility, since the duration allows for potential redeployment in late 2026 depending on market conditions.
- Asset Utilization
- Keeping the Leonidas P. C. profitably employed ensures optimized asset utilization. For a vessel of its age, consistent employment is critical to maximizing lifetime earnings.
The Broader Dry Bulk Market Context
The dry bulk shipping market is influenced by a range of macroeconomic factors, including global demand for commodities, trade policies, weather patterns affecting agricultural exports, and regulatory changes. In 2025, the market has been navigating a period of adjustment following a strong post-pandemic rebound, with freight rates moderating compared to the highs of 2021–2022.
Kamsarmax vessels, in particular, remain in steady demand due to their versatility. They are large enough to carry substantial volumes of cargo, yet their size still allows them to access a wide range of ports worldwide. This flexibility makes them attractive to major charterers, especially for trades involving grain exports from the U.S., Brazil, and the Black Sea region, as well as bauxite shipments from West Africa.
In this environment, Diana Shipping’s decision to secure medium-term employment for the Leonidas P. C. represents a prudent approach to navigating cyclical volatility while maintaining upside potential for the future.
With a strong fleet base, a strategy centered on long-term chartering, and upcoming investments in environmentally friendly tonnage, Diana Shipping Inc. is positioning itself for sustainable growth in the evolving global shipping market. The agreement with NYK for the Leonidas P. C. is not just a commercial transaction—it is also a reflection of the company’s commitment to building enduring relationships with leading industry players.
The Company’s official website, www.dianashippinginc.com, provides additional details about its fleet and operations. While information on the website does not constitute part of this press release, it serves as a valuable resource for those seeking deeper insight into Diana Shipping’s corporate strategy and market outlook.
The announcement of a new time charter contract for the Leonidas P. C. underscores Diana Shipping Inc.’s disciplined approach to fleet management and revenue generation. By securing a contract with a respected global counterpart like NYK, the Company not only ensures stable earnings but also reinforces its role as a reliable partner in the international dry bulk trade.
As the shipping industry continues to face cyclical fluctuations, environmental challenges, and shifting trade dynamics, Diana Shipping remains committed to operational excellence, prudent financial management, and long-term value creation for its shareholders. The Leonidas P. C. charter is another step in advancing these goals, aligning the company’s present stability with its future ambitions.