Diana Shipping Inc.: New Time Charter Contract for m/v DSI Andromeda with Cargill
ATHENS, Greece, March 20, 2025 – Diana Shipping Inc. (DSX), a prominent global shipping company, recently announced a new time charter contract for one of its Ultramax dry bulk vessels, the m/v DSI Andromeda. The charter was secured through a separate wholly-owned subsidiary of the company and is with Cargill Ocean Transportation (Singapore) Pte. Ltd.
Terms of the Charter
The gross charter rate for the m/v DSI Andromeda is US$14,000 per day, and this rate is subject to a 4.75% commission payable to third parties. The charter is scheduled to commence on March 29, 2025, and it will last for a minimum period of November 15, 2025, and a maximum period of January 15, 2026.
Current Charter and its Impact
It is important to note that the m/v DSI Andromeda is currently chartered to Bunge SA, Geneva, at a gross charter rate of US$13,500 per day, minus a 5.00% commission paid to third parties. This previous charter is expected to end before the new charter begins.
Impact on Diana Shipping Inc.
This new charter contract represents a significant improvement in revenue for Diana Shipping Inc. Compared to the previous charter, the new gross charter rate is US$500 per day higher. With the commission, the net daily revenue for the m/v DSI Andromeda will increase by approximately US$385 per day.
Impact on the Dry Bulk Market
The new charter rate for the m/v DSI Andromeda signifies a positive trend in the dry bulk market. The rate is indicative of increased demand for dry bulk vessels, which can lead to higher charter rates for other vessels in the market as well. This could potentially result in increased profits for other shipping companies and a positive impact on the overall dry bulk shipping industry.
Conclusion
Diana Shipping Inc.’s new time charter contract with Cargill for the m/v DSI Andromeda marks a significant improvement in revenue for the company. The new charter rate is higher than the previous one, which is a positive sign for the dry bulk market. This trend could potentially lead to increased profits for other shipping companies and a positive impact on the dry bulk shipping industry as a whole.
- Diana Shipping Inc. secures new time charter contract for m/v DSI Andromeda with Cargill
- Gross charter rate is US$14,000 per day, minus a 4.75% commission
- Charter expected to commence on March 29, 2025, and last until January 15, 2026
- Current charter with Bunge SA to end before new charter begins
- Higher charter rate is a positive sign for the dry bulk market
- Increased revenue for Diana Shipping Inc. and potential for increased profits for other shipping companies
