Diana Shipping Inc., a global shipping company specializing in dry bulk vessels, has extended a time charter contract with Aquavita International S.A. for the m/v Phaidra, a Post-Panamax dry bulk vessel. The contract, at a gross charter rate of $12,000 per day minus a 4.75% third-party commission, is set to last from May 1, 2025, to July 15, 2025, with the new charter period beginning on October 11, 2024.
The m/v Phaidra, built in 2013, has a deadweight of 87,146 tons. This extension is expected to generate approximately $2.4 million in gross revenue for the minimum scheduled period. Diana Shipping’s fleet currently includes 38 dry bulk vessels, with an additional two methanol dual fuel new-building Kamsarmax dry bulk vessels expected for delivery in the second half of 2027 and the first half of 2028, respectively.
As of today, excluding the two vessels yet to be delivered, the fleet’s combined carrying capacity is about 4.2 million dwt with a weighted average age of 11.01 years. The company’s vessels primarily engage in short to medium-term charters, transporting a variety of dry bulk commodities along global shipping routes.
Diana Shipping Inc. aims to provide updated information regarding its business operations, adhering to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 as part of its forward-looking statements’ cautionary approach. These statements are based on assumptions subject to significant uncertainties that are inherently difficult to predict.
The company’s performance and future results may be affected by various factors, including economic strength, market conditions, changes in demand for shipping capacity, operating expenses, market for the company’s vessels, availability of financing, regulatory actions, potential litigation, political conditions, and other risks including the ongoing conflict between Russia and Ukraine.
