Diana Shipping Inc. Announces Time Charter Contract for m/v DSI Altair with Propel Shipping
Diana Shipping Inc. (NYSE: DSX) has announced a new time charter contract for its Ultramax dry bulk vessel, m/v DSI Altair, with Propel Shipping Pte. The contract offers a gross charter rate of US$15,750 per day, minus a 5% commission, for a period until minimum November 1, 2025, up to maximum December 31, 2025. This new charter, commencing on September 26, 2024, is expected to generate approximately US$6.24 million in gross revenue for the minimum scheduled period.
The m/v DSI Altair, a 60,309 dwt vessel built in 2016, is currently chartered to Western Bulk Carrier AS at a lower rate of US$13,800 per day. Diana Shipping's fleet consists of 38 dry bulk vessels with a combined carrying capacity of about 4.2 million dwt and an average age of 10.97 years. The company is also expecting delivery of two methanol dual fuel new-building Kamsarmax vessels by 2028.
Diana Shipping Inc. (NYSE: DSX) ha annunciato un nuovo contratto di charter a tempo per il suo vascello Ultramax, m/v DSI Altair, con Propel Shipping Pte. Il contratto offre una tariffa di charter lorda di 15.750 US$ al giorno, meno una commissione del 5%, per un periodo fino al 1 novembre 2025, con un massimo fino al 31 dicembre 2025. Questo nuovo charter, che inizia il 26 settembre 2024, si prevede genererà circa 6,24 milioni di US$ in ricavi lordi per il periodo programmato minimo.
Il m/v DSI Altair, un vascello di 60.309 dwt costruito nel 2016, è attualmente noleggiato alla Western Bulk Carrier AS a una tariffa inferiore di 13.800 US$ al giorno. La flotta di Diana Shipping è composta da 38 vascelli per il carico secco con una capacità di carico combinata di circa 4,2 milioni di dwt e un'età media di 10,97 anni. L'azienda prevede inoltre la consegna di due nuovi vascelli Kamsarmax a doppio combustibile per metanolo entro il 2028.
Diana Shipping Inc. (NYSE: DSX) ha anunciado un nuevo contrato de fletamento a tiempo para su buque Ultramax, m/v DSI Altair, con Propel Shipping Pte. El contrato ofrece una tarifa de fletamento bruta de 15,750 US$ por día, menos una comisión del 5%, por un período hasta el 1 de noviembre de 2025, con un máximo hasta el 31 de diciembre de 2025. Este nuevo fletamento, que comenzará el 26 de septiembre de 2024, se espera que genere aproximadamente 6.24 millones de US$ en ingresos brutos durante el período programado mínimo.
El m/v DSI Altair, un buque de 60,309 dwt construido en 2016, actualmente está fletado a Western Bulk Carrier AS a una tarifa más baja de 13,800 US$ por día. La flota de Diana Shipping consta de 38 buques de carga seca con una capacidad de carga combinada de aproximadamente 4.2 millones de dwt y una edad media de 10.97 años. La compañía también espera la entrega de dos nuevos buques Kamsarmax de combustible dual de metanol para 2028.
Diana Shipping Inc. (NYSE: DSX)는 Propel Shipping Pte와 함께 자사의 Ultramax 건화물선인 m/v DSI Altair에 대한 새로운 운송 차터 계약을 발표했습니다. 이 계약은 일일 15,750 달러의 총 차터 요금을 제공하며, 5%의 수수료를 차감하고, 2025년 11월 1일까지 최소 기간, 2025년 12월 31일까지 최대 기간 동안 유효합니다. 이 새로운 차터는 2024년 9월 26일부터 시작되며, 최소 일정 기간 동안 약 624만 달러의 총 수익을 창출할 것으로 예상됩니다.
m/v DSI Altair는 2016년에 건조된 60,309 dwt 선박으로, 현재는 Western Bulk Carrier AS에 13,800 달러의 더 낮은 요율로 차용되고 있습니다. Diana Shipping의 함대는 약 420만 dwt의 운송 용량을 가진 38척의 건화물선을 포함하고 있으며, 평균 연령은 10.97년입니다. 이 회사는 또한 2028년까지 메탄올 이중 연료 뉴빌딩 Kamsarmax 선박 두 척의 인도를 예상하고 있습니다.
Diana Shipping Inc. (NYSE: DSX) a annoncé un nouveau contrat de charter à temps pour son navire Ultramax, m/v DSI Altair, avec Propel Shipping Pte. Le contrat offre un taux de charter brut de 15 750 US$ par jour, moins une commission de 5%, pour une période allant jusqu'au 1er novembre 2025, jusqu'au 31 décembre 2025 au maximum. Ce nouveau charter, prenant effet le 26 septembre 2024, devrait générer environ 6,24 millions de US$ de revenus bruts pour la période programmée minimale.
Le m/v DSI Altair, un navire de 60 309 dwt construit en 2016, est actuellement affrété par Western Bulk Carrier AS à un tarif inférieur de 13 800 US$ par jour. La flotte de Diana Shipping se compose de 38 navires de charge sèche avec une capacité de charge combinée d'environ 4,2 millions de dwt et un âge moyen de 10,97 ans. L'entreprise s'attend également à la livraison de deux nouveaux navires Kamsarmax à double combustible méthanol d'ici 2028.
Diana Shipping Inc. (NYSE: DSX) hat einen neuen Zeitchartervertrag für sein Ultramax-Trockenschiff m/v DSI Altair mit Propel Shipping Pte. bekannt gegeben. Der Vertrag bietet einen brutto Charterpreis von 15.750 US$ pro Tag, abzüglich einer Provision von 5%, für einen Zeitraum bis mindestens 1. November 2025, maximal bis 31. Dezember 2025. Dieser neue Charter, der am 26. September 2024 beginnt, wird voraussichtlich ca. 6,24 Millionen US$ an Bruttoeinnahmen für den minimalen geplanten Zeitraum generieren.
Das m/v DSI Altair, ein 60.309 dwt Schiff, das 2016 gebaut wurde, ist derzeit zu einem niedrigeren Satz von 13.800 US$ pro Tag an Western Bulk Carrier AS verchartert. Die Flotte von Diana Shipping besteht aus 38 Trockenschiffen mit einer kombinierten Tragfähigkeit von etwa 4,2 Millionen dwt und einem Durchschnittsalter von 10,97 Jahren. Das Unternehmen erwartet außerdem die Lieferung von zwei neuen Methanol-Mehrstoff-Kamsarmax-Schiffen bis 2028.
- New time charter contract for m/v DSI Altair at a higher rate of US$15,750 per day
- Expected gross revenue of US$6.24 million for the minimum scheduled period
- Increase in charter rate from US$13,800 to US$15,750 per day for the vessel
- Diversified fleet of 38 dry bulk vessels with 4.2 million dwt carrying capacity
- Two methanol dual fuel new-building Kamsarmax vessels expected for delivery by 2028
- None.
Insights
This time charter contract for the m/v DSI Altair represents a positive development for Diana Shipping Inc. The new gross charter rate of
Diana Shipping's fleet composition and strategic moves are noteworthy. With 38 vessels across various size categories, DSI maintains a diversified portfolio, reducing risk exposure to specific market segments. The addition of two methanol dual fuel Kamsarmax vessels by 2028 demonstrates a forward-thinking approach, aligning with the industry's shift towards more sustainable shipping solutions. This could position DSI favorably in a market increasingly focused on environmental regulations. The fleet's weighted average age of 10.97 years is relatively young for the industry, potentially leading to lower maintenance costs and higher operational efficiency. However, investors should monitor how DSI balances fleet renewal with maintaining a strong financial position, as new builds and eco-friendly technologies require significant capital investment.
The charter rate increase for m/v DSI Altair is indicative of a broader market trend in dry bulk shipping. Current data suggests a tightening supply-demand balance, with global trade recovery post-pandemic and supply chain disruptions contributing to higher rates. The Ultramax segment, to which DSI Altair belongs, has shown resilience due to its versatility in cargo types and port access. However, investors should be cautious of potential volatility. Factors such as geopolitical tensions, economic uncertainties in key markets like China and evolving environmental regulations could impact future charter rates. Diana Shipping's strategy of securing longer-term contracts provides some insulation against short-term market fluctuations, but it's important to monitor broader economic indicators and commodity demand trends for a comprehensive outlook on the company's future performance.
ATHENS, Greece, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Propel Shipping Pte. Ltd., for one of its Ultramax dry bulk vessels, the m/v DSI Altair. The gross charter rate is US
The “DSI Altair” is a 60,309 dwt Ultramax dry bulk vessel built in 2016.
The employment of “DSI Altair” is anticipated to generate approximately US
Diana Shipping Inc.’s fleet currently consists of 38 dry bulk vessels: 4 Newcastlemax, 8 Capesize, 5 Post-Panamax, 6 Kamsarmax, 6 Panamax and 9 Ultramax. The Company also 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. As of today, the combined carrying capacity of the Company’s fleet, excluding the two vessels not yet delivered, is approximately 4.2 million dwt with a weighted average age of 10.97 years. A table describing the current Diana Shipping Inc. fleet can be found on the Company’s website, www.dianashippinginc.com. Information contained on the Company’s website does not constitute a part of this press release.
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.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, including risks associated with the continuing conflict between Russia and Ukraine and related sanctions, potential disruption of shipping routes due to accidents or political events, including the escalation of the conflict in the Middle East, vessel breakdowns and instances of off-hires and other factors. Please see the Company’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
FAQ
What is the new charter rate for Diana Shipping's m/v DSI Altair?
When does the new time charter contract for DSX's m/v DSI Altair begin?
How much gross revenue is the new charter for DSX's m/v DSI Altair expected to generate?
What is the current size and average age of Diana Shipping's (DSX) fleet?
Is Diana Shipping (DSX) expanding its fleet with new vessels?
