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Diana Shipping Inc. Announces Time Charter Contract for m/v Medusa With Cargill

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Diana Shipping Inc. (NYSE: DSX) has secured a new time charter contract through its subsidiary with Cargill International SA for the m/v Medusa, a Kamsarmax dry bulk vessel. The charter will commence on March 15, 2025, at a gross rate of $13,000 per day (minus 4.75% third-party commission) until minimum May 15, 2026, up to July 15, 2026.

The 82,194 dwt vessel, built in 2010, is expected to generate approximately $5.46 million in gross revenue for the minimum scheduled period. Following the sale of m/v Alcmene, Diana's fleet will comprise 37 dry bulk vessels with a combined capacity of 4.2 million dwt and an average age of 11.45 years. Additionally, the company anticipates delivery of two methanol dual fuel Kamsarmax vessels by 2H 2027 and 1H 2028.

Diana Shipping Inc. (NYSE: DSX) ha ottenuto un nuovo contratto di noleggio a tempo attraverso la sua sussidiaria con Cargill International SA per la m/v Medusa, una nave da carico secco Kamsarmax. Il noleggio avrà inizio il 15 marzo 2025, a una tariffa lorda di 13.000 dollari al giorno (meno il 4,75% di commissione per terzi) fino al minimo del 15 maggio 2026, fino al 15 luglio 2026.

La nave di 82.194 dwt, costruita nel 2010, dovrebbe generare circa 5,46 milioni di dollari di ricavi lordi per il periodo programmato minimo. Dopo la vendita della m/v Alcmene, la flotta di Diana comprenderà 37 navi da carico secco con una capacità combinata di 4,2 milioni di dwt e un'età media di 11,45 anni. Inoltre, l'azienda prevede la consegna di due navi Kamsarmax a doppio carburante a metanolo entro il secondo semestre del 2027 e il primo semestre del 2028.

Diana Shipping Inc. (NYSE: DSX) ha asegurado un nuevo contrato de fletamento a tiempo a través de su filial con Cargill International SA para el m/v Medusa, un buque de carga seca Kamsarmax. El fletamento comenzará el 15 de marzo de 2025, a una tarifa bruta de 13,000 dólares por día (menos el 4.75% de comisión de terceros) hasta, como mínimo, el 15 de mayo de 2026, hasta el 15 de julio de 2026.

El buque de 82,194 dwt, construido en 2010, se espera que genere aproximadamente 5.46 millones de dólares en ingresos brutos durante el período programado mínimo. Tras la venta del m/v Alcmene, la flota de Diana estará compuesta por 37 buques de carga seca con una capacidad combinada de 4.2 millones de dwt y una edad promedio de 11.45 años. Además, la empresa anticipa la entrega de dos buques Kamsarmax de doble combustible de metanol para la segunda mitad de 2027 y la primera mitad de 2028.

다이애나 쉬핑 주식회사 (NYSE: DSX)는 자회사를 통해 Cargill International SA와 함께 m/v Medusa, Kamsarmax 건조 벌크 선박에 대한 새로운 시간 차터 계약을 체결했습니다. 차터는 2025년 3월 15일에 시작되며, 하루 13,000달러의 총 요금(제3자 수수료 4.75% 차감)으로 최소 2026년 5월 15일까지, 최대 2026년 7월 15일까지 진행됩니다.

2010년에 건조된 82,194 dwt 선박은 최소 예정 기간 동안 약 546만 달러의 총 수익을 창출할 것으로 예상됩니다. m/v Alcmene의 판매 이후, 다이애나의 함대는 37척의 건조 벌크 선박으로 구성되며, 총 용량은 420만 dwt이고 평균 연령은 11.45년입니다. 또한, 회사는 2027년 하반기와 2028년 상반기에 메탄올 이중 연료 Kamsarmax 선박 2척의 인도를 예상하고 있습니다.

Diana Shipping Inc. (NYSE: DSX) a sécurisé un nouveau contrat de charter à temps par le biais de sa filiale avec Cargill International SA pour le m/v Medusa, un navire de transport en vrac Kamsarmax. Le charter commencera le 15 mars 2025, à un tarif brut de 13 000 dollars par jour (moins 4,75 % de commission pour tiers) jusqu'au 15 mai 2026 au minimum, jusqu'au 15 juillet 2026.

Le navire de 82 194 dwt, construit en 2010, devrait générer environ 5,46 millions de dollars de revenus bruts pour la période programmée minimale. Suite à la vente du m/v Alcmene, la flotte de Diana comprendra 37 navires de transport en vrac avec une capacité totale de 4,2 millions de dwt et un âge moyen de 11,45 ans. De plus, l'entreprise prévoit la livraison de deux navires Kamsarmax à double carburant au méthanol d'ici le deuxième semestre 2027 et le premier semestre 2028.

Diana Shipping Inc. (NYSE: DSX) hat einen neuen Zeitchartervertrag über ihre Tochtergesellschaft mit Cargill International SA für das m/v Medusa, ein Kamsarmax-Schüttgutschiff, abgeschlossen. Der Charter beginnt am 15. März 2025, zu einem Bruttotarif von 13.000 Dollar pro Tag (abzüglich 4,75% Drittanbieterprovision) bis mindestens 15. Mai 2026, maximal bis 15. Juli 2026.

Das 82.194 dwt Schiff, das 2010 gebaut wurde, wird voraussichtlich etwa 5,46 Millionen Dollar an Bruttoeinnahmen für den minimalen geplanten Zeitraum generieren. Nach dem Verkauf des m/v Alcmene wird die Flotte von Diana aus 37 Schüttgutschiffen bestehen, die eine Gesamtkapazität von 4,2 Millionen dwt und ein Durchschnittsalter von 11,45 Jahren haben. Darüber hinaus erwartet das Unternehmen die Lieferung von zwei Kamsarmax-Schiffen mit Methanol-Dualbrennstoff bis zur zweiten Hälfte von 2027 und der ersten Hälfte von 2028.

Positive
  • Secured new time charter contract generating $5.46M minimum gross revenue
  • Fleet modernization with two methanol dual fuel vessels on order
  • Large diversified fleet of 37 vessels with 4.2M dwt capacity
Negative
  • Relatively old fleet with average age of 11.45 years
  • Charter rate of $13,000/day subject to 4.75% third-party commission

ATHENS, Greece, March 12, 2025 (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 Cargill International SA, Geneva, for one of its Kamsarmax dry bulk vessels, the m/v Medusa. The gross charter rate is US$13,000 per day, minus a 4.75% commission paid to third parties, for a period until minimum May 15, 2026 up to maximum July 15, 2026. The charter is expected to commence on March 15, 2025.

The “Medusa” is an 82,194 dwt Kamsarmax dry bulk vessel built in 2010.

The employment of “Medusa” is anticipated to generate approximately US$5.46 million of gross revenue for the minimum scheduled period of the time charter.

Upon completion of the previously announced sale of m/v Alcmene, Diana Shipping Inc.’s fleet will consist of 37 dry bulk vessels (4 Newcastlemax, 8 Capesize, 4 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, including the m/v Alcmene and excluding the two vessels not yet delivered, is approximately 4.2 million dwt with a weighted average age of 11.45 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.



Corporate Contact:
Ioannis Zafirakis
Director, Co-Chief Financial Officer,
Chief Strategy Officer,
Treasurer and Secretary
Telephone: + 30-210-9470-100
Email:izafirakis@dianashippinginc.com
Website:www.dianashippinginc.com
X: @Dianaship

Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email:enebb@optonline.net

FAQ

What is the daily charter rate for DSX's m/v Medusa vessel with Cargill?

The m/v Medusa's gross charter rate is $13,000 per day, with a 4.75% commission paid to third parties.

How much revenue will DSX generate from the Medusa charter contract?

The charter is expected to generate approximately $5.46 million in gross revenue for the minimum scheduled period.

What will be DSX's fleet size after the sale of m/v Alcmene?

Diana Shipping's fleet will consist of 37 dry bulk vessels with a total carrying capacity of 4.2 million dwt.

When will DSX receive its new methanol dual fuel vessels?

Diana Shipping expects delivery of two methanol dual fuel Kamsarmax vessels by the second half of 2027 and first half of 2028.
Diana Shipping Inc

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