Diana Shipping Secures Time Charter Deal with Bohai Shipping

Greek bulker owner contracts capesize vessel for lucrative term, bolstering fleet dynamics and revenue projection

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Diana Shipping, a Greek bulker owner listed on the New York Stock Exchange, has secured a time charter agreement with Bohai Shipping for its capesize dry bulk vessel, the 2013-built, 179,134 dwt P. S. Palios. Under this contract, the vessel will be employed at a gross charter rate of $27,150 per day, with a 5% commission deducted for third parties. The charter extends from May 12, 2024, until at least November 1, 2025, with the possibility of extension until December 31, 2025. The expected gross revenue for the minimum charter period is approximately $14.39 million.

Following the completion of the previously announced sale of the Houston, Diana Shipping’s fleet will comprise 38 dry bulk vessels, including four newcastlemaxes, eight capesizes, five post-panamaxes, six kamsarmaxes, six panamaxes, and nine ultramaxes. Additionally, the company anticipates taking delivery of two methanol dual-fuel new-building kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028.

Presently, considering the fleet’s capacity, including the Houston and excluding the two vessels awaiting delivery, Diana Shipping’s combined carrying capacity totals approximately 4.4 million dwt, with a weighted average age of 10.71 years.

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