Diana Shipping Inc. Announces Time Charter Contract for m/v DSI Polaris with Stone Shipping

Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Stone Shipping Ltd, for one of its Ultramax dry bulk vessels, the m/v DSI Polaris. The gross charter rate is US$15,400 per day, minus a 5.00% commission paid to third parties, for a period until minimum June 1, 2025 up to maximum August 15, 2025. The charter commenced retroactively as of July 20, 2024. The m/v DSI Polaris was chartered, as previously announced, to ASL Bulk Marine Limited, at a gross charter rate of US$13,100 per day, minus a 5.00% commission paid to third parties.

 

The “DSI Polaris” is a 60,404 dwt Ultramax dry bulk vessel built in 2018.

 

The employment of “DSI Polaris” is anticipated to generate approximately US$4.76 million of gross revenue for the minimum scheduled period of the time charter.

 

Upon completion of the previously announced sale of m/v Houston, Diana Shipping Inc.’s fleet will consist 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 including the m/v Houston and excluding the two vessels not yet delivered, is approximately 4.4 million dwt with a weighted average age of 10.97 years.

source: Diana Shipping

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