Diana Shipping Inc. (NYSE:DSX) has entered into a time charter contract with Oldendorff Carriers GmbH & Co. KG for its Post-Panamax dry bulk vessel, the m/v Electra, according to a company press release.
The charter will commence on December 4, 2025, at a gross rate of $14,000 per day, minus a 5% commission paid to third parties. The contract period extends until at least December 1, 2026, with a potential extension to January 31, 2027.
The Electra, an 87,150-deadweight tonnage vessel built in 2013, is expected to generate approximately $5 million in gross revenue for the minimum scheduled charter period.
In the same announcement, Diana Shipping reported that a previously disclosed agreement to sell its 2016-built Ultramax dry bulk vessel m/v DSI Drammen has been terminated. The sale, announced on September 18, 2025, would have fetched approximately $26.86 million before commissions. Despite this setback, the company maintains financial stability with a healthy current ratio of 2.29, indicating its liquid assets comfortably exceed short-term obligations. InvestingPro analysis suggests Diana Shipping is currently undervalued, with several additional metrics pointing to strong financial health. Investors seeking deeper insights can access the comprehensive Pro Research Report, available for DSX and over 1,400 other US equities.
Diana Shipping’s current fleet consists of 36 dry bulk vessels with a combined carrying capacity of approximately 4.1 million deadweight tonnage and a weighted average age of 11.98 years. The company also expects 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.
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The company specializes in the ownership and bareboat charter-in of dry bulk vessels that transport commodities including iron ore, coal, and grain along worldwide shipping routes.
In other recent news, Diana Shipping Inc. has announced several new and extended time charter contracts for its dry bulk vessels. The company has secured a time charter for its Post-Panamax vessel, the m/v Electra, with Oldendorff Carriers GmbH & Co. KG at a gross rate of $14,000 per day. This contract will run from December 2025 until at least December 2026, with a possible extension to January 2027. Additionally, Diana Shipping has chartered its Capesize vessel, the m/v Santa Barbara, to Dampskibsselskabet Norden A/S at a higher rate of $25,500 per day, extending until at least March 2027.
Another significant development includes a new charter for the Newcastlemax vessel, m/v Los Angeles, with MOL Ocean Bulk Pte. Ltd. at a rate of $24,000 per day, starting from November 2025. The company also extended the charter for its Capesize vessel, m/v Semirio, with Solebay Shipping Cape Company Limited at a rate of $21,650 per day, a notable increase from its previous rate. These recent agreements highlight Diana Shipping’s strategy to secure higher-rate contracts for its fleet, ensuring stable revenue streams in the coming years.
Source: Reuters
