Diana Shipping Inc. Announces New Time Charter Contract for the M/V Medusa
ATHENS, Greece, March 12, 2025 – Diana Shipping Inc. (DSX), a leading global shipping company, has made an important announcement regarding one of its Kamsarmax dry bulk vessels. Through a subsidiary, the company has entered into a time charter contract with Cargill International SA, Geneva, for the vessel named m/v Medusa.
Terms of the Charter
Under the terms of the agreement, the gross charter rate for the M/V Medusa is set at an impressive US$13,000 per day. However, it is important to note that a 4.75% commission will be paid to third parties, reducing the net charter rate for the Company. The charter is scheduled to begin on March 15, 2025, and will last for a minimum of 365 days, extending until May 15, 2026, with a maximum duration of 448 days, up to July 15, 2026.
Impact on Diana Shipping Inc.
This new time charter contract represents a significant boost for Diana Shipping Inc. The agreement not only secures a steady revenue stream for the company but also underscores its strong position in the dry bulk shipping market. With the M/V Medusa now under charter, the company’s fleet continues to generate income, contributing to its overall financial performance.
Global Implications
Beyond the impact on Diana Shipping Inc., this new charter contract also has broader implications for the global dry bulk shipping industry. The strong charter rate demonstrates the continued demand for dry bulk vessels and the competitive nature of the market. This trend is expected to continue as global trade remains robust, with key commodities like iron ore, coal, and grain continuing to fuel demand for dry bulk shipping.
Additional Information
According to recent reports, the global dry bulk shipping market is expected to grow at a CAGR of 3.4% from 2021 to 2026. Factors contributing to this growth include increasing global trade, the expanding mining industry, and the growing demand for renewable energy sources, all of which require the transportation of large volumes of raw materials by sea.
Conclusion
The announcement of Diana Shipping Inc.’s new time charter contract for the M/V Medusa is a positive development for the company and the broader dry bulk shipping industry. With a strong charter rate and a steady revenue stream secured, Diana Shipping Inc. is well-positioned to continue its growth in the competitive dry bulk shipping market. As global trade remains robust, the demand for dry bulk vessels is expected to remain high, ensuring continued opportunities for companies like Diana Shipping Inc.
- Diana Shipping Inc. secures new time charter contract for the M/V Medusa
- Gross charter rate is US$13,000 per day, net after commission
- Charter to commence on March 15, 2025, with minimum 365-day duration
- Strong charter rate demonstrates continued demand for dry bulk vessels
- Global dry bulk shipping market expected to grow at a CAGR of 3.4% from 2021 to 2026
