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Diana Signs Time Charter Contract, Shares Jump

Diana Shipping Inc. (NYSE: DSX) 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 Bunge SA, Geneva, for one of its Ultramax dry bulk vessels, the m/v DSI Andromeda. The gross charter rate is US$13,500 per day, minus a 5% commission paid to third parties, for a period until minimum February 20, 2025 up to maximum April 20, 2025. The charter is expected to commence on November 24, 2023.

The “DSI Andromeda” is a 60,309 dwt Ultramax dry bulk vessel built in 2016.

The employment of “DSI Andromeda” is anticipated to generate approximately US$6.03 million of gross revenue for the minimum scheduled period of the time charter.

Upon the completion of the previously announced sale of m/v Boston, Diana Shipping Inc.’s fleet will consist of 40 dry bulk vessels: 4 Newcastlemax, 9 Capesize, 5 Post-Panamax, 6 Kamsarmax, 7 Panamax and 9 Ultramax. As of today, the combined carrying capacity of the Company’s fleet, including the m/v Boston, is approximately 4.7 million dwt with a weighted average age of 10.63 years.

DSX shares advanced seven cents, or 1.9%, to $3.56.