ATHENS - Diana Shipping Inc . (NYSE:DSX), a global shipping company specializing in dry bulk vessels with a market capitalization of $221.51 million and impressive gross profit margins of 57.48%, has entered into a time charter contract with SwissMarine Pte. Ltd. for the Capesize dry bulk vessel, m/v New York. The contract, set to commence on Sunday, stipulates a gross charter rate of $6,300 per day for the first trip and $17,600 per day thereafter, minus a 5% commission to third parties.
The agreement spans from January 15, 2026, to March 30, 2026, with the first trip starting shortly after the signing. The m/v New York, a 177,773 dwt Capesize vessel built in 2010, is expected to generate approximately $6.03 million in gross revenue for the minimum scheduled period of the charter.
Diana Shipping's fleet currently includes 38 dry bulk vessels, with an additional two methanol dual fuel Kamsarmax dry bulk vessels scheduled for delivery in the second half of 2027 and the first half of 2028, respectively. The company's existing fleet, excluding the two undelivered vessels, boasts a combined carrying capacity of around 4.2 million dwt and an average age of 11.28 years. According to InvestingPro analysis, the stock currently trades at an attractive Price/Book ratio of 0.45, suggesting potential undervaluation despite a challenging six-month period that saw the stock decline by nearly 33%.
The company is known for providing shipping transportation services, primarily engaging its vessels on short to medium-term time charters to transport a variety of dry bulk commodities across global shipping routes. InvestingPro analysis reveals 12 additional key insights about Diana Shipping's financial health and market position, available through their comprehensive Pro Research Report, which transforms complex Wall Street data into actionable intelligence for smarter investing decisions.
This new charter agreement is part of Diana Shipping's ongoing operations and is based on a press release statement from the company. Diana Shipping has not provided any additional comments on the future implications of this charter contract or the broader market trends. The information regarding the charter and the company's fleet is factual and does not include forward-looking statements or speculative content.
In other recent news, Diana Shipping Inc. has extended a time charter contract for the m/v Amphitrite with Cobelfret S.A., set to begin at the end of 2024 and last until at least early 2026. The company has also secured additional time charter contracts with Tokyo-based Nippon Yusen Kabushiki Kaisha (OTC:NPNYY), Mitsui O.S.K. Lines, Ltd. (TYO:9104), Paralos Shipping Pte. Ltd., and Bunge (NYSE:BG) SA. These contracts are expected to generate significant revenue, with the m/v Myrto anticipated to contribute approximately $5.11 million in gross revenue.
Despite a decrease in time charter revenues and net income in the third quarter of 2024, Diana Shipping has improved its cash position and reduced long-term debt. Additionally, the company has secured vessel employment for the remainder of 2024 and for 2025. Diana Shipping is also planning to expand its fleet with the addition of two methanol dual fuel new-building Kamsarmax dry bulk vessels in the second half of 2027 and the first half of 2028.
These are recent developments for Diana Shipping, a company with a strong operational presence in the dry bulk sector. According to analysis by InvestingPro, the company maintains impressive gross profit margins of 57.5% and appears undervalued despite recent market challenges.
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