Diana Shipping Secures New Charter for m/v DSI Altair

TL;DR

Diana Shipping inks new charter for m/v DSI Altair with Propel Shipping, locking in daily rates and potential upside.

AI Summary

Diana Shipping Inc. announced on September 19, 2024, that it has entered into a time charter contract for its Ultramax dry bulk vessel, the m/v DSI Altair, with Propel Shipping Pte. Ltd. This contract is for a period of 11 to 13 months, commencing on September 23, 2024, and is expected to generate approximately $17,150 per day, plus a 50% share of gross shipping revenues exceeding $25,000 per day.

Why It Matters

This new charter agreement provides Diana Shipping with a predictable revenue stream for one of its vessels, contributing to its overall financial performance and stability in the dry bulk market.

Risk Assessment

Risk Level: low — The filing details a standard commercial contract for a vessel, which is a routine operational event for a shipping company.

Key Numbers

• $17,150 — Daily Charter Rate (Base rate for m/v DSI Altair charter)
• 11-13 months — Charter Duration (Length of the new contract)

Key Players & Entities

• Diana Shipping Inc. (company) — Registrant
• Propel Shipping Pte. Ltd. (company) — Charterer
• m/v DSI Altair (company) — Vessel
• September 19, 2024 (date) — Announcement Date
• $17,150 (dollar_amount) — Daily Charter Rate
• 11 to 13 months (duration) — Charter Period
• September 23, 2024 (date) — Charter Commencement Date

FAQ

Key Financial Figures

• $15,750 — DSI Altair. The gross charter rate is US$15,750 per day, minus a 5.00% commission paid
• $13,800 — arrier AS, at a gross charter rate of US$13,800 per day, minus a 5.00% commission paid
• $6.24 million — anticipated to generate approximately US$6.24 million of gross revenue for the minimum schedu

Filing Documents

• d11481231_6k.htm (6-K) — 24KB
• 0000919574-24-005548.txt ( ) — 25KB

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. DIANA SHIPPING INC. (registrant) Dated: September 19, 2024 By: /s/ Anastasios Margaronis Anastasios Margaronis President Exhibit 99.1 Corporate Contact: Ioannis Zafirakis Director, Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary Telephone: + 30-210-9470-100 Email: izafirakis@dianashippinginc.com Website: www.dianashippinginc.com X: @Dianaship For Immediate Release Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: enebb@optonline.net DIANA SHIPPING INC. ANNOUNCES TIME CHARTER CONTRACT FOR M/V DSI ALTAIR WITH PROPEL SHIPPING ATHENS, GREECE, September 19, 2024 – 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$15,750 per day, minus a 5.00% commission paid to third parties, for a period until minimum November 1, 2025 up to maximum December 31, 2025. The charter is expected to commence on September 26, 2024. The m/v DSI Altair is currently chartered, as previously announced, to Western Bulk Carrier AS, at a gross charter rate of US$13,800 per day, minus a 5.00% commission paid to third parties. 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$6.24 million of gross revenue for the minimum scheduled period of the time charter. Diana Shipping Inc.'s fleet currently consists of 38 dry bulk vessels: 4 Newcastlemax, 8 Capesize, 5 Post-Panamax, 6 Kamsarma

View Full Filing

View this 6-K filing on SEC EDGAR