Athens – Diana Shipping Co., Ltd. . (NYSE:), a global shipping company specializing in dry bulk vessel ownership, has announced the extension of the time charter agreement for the m/v Amphitrite with Kobelfret SA. Diana Shipping appears to be undervalued despite recent market challenges, with the stock trading at just 0.46 times book value and an impressive gross margin of 57.48%, according to InvestingPro analysis. is maintained. The post-Panamax dry bulk vessel, built in 2012, will continue to be chartered for $8,750 per day for the first 50 days and $12,100 thereafter, less a 5% third-party fee. The extended charter begins on December 31, 2024 and continues until at least January 1, 2026, with the possibility of an extension until March 15, 2026.
m/v Amphitrite is part of Diana Shipping’s diverse fleet, which currently includes 38 dry bulk vessels ranging in size from Newcastlemax to Ultramax. The company also expects to add two methanol dual-fuel newbuild Camsalmax dry bulk carriers, scheduled for delivery in the second half of 2027 and the first half of 2028, respectively. With a market capitalization of $227.46 million and EBITDA of $104.46 million over the past 12 months, Diana Shipping maintains a strong operational presence in the dry bulk sector. To gain deeper insight into Diana Shipping’s fleet economics and metrics, InvestingPro subscribers have access to over 10 additional exclusive pro tips and comprehensive financial analysis. Excluding the two undelivered vessels, Diana Shipping’s fleet has a total transport capacity of approximately 4.2 million deadweight tons, with a weighted average age of 11.23 years.
The Amphitrite employment extension is expected to generate gross proceeds of approximately $4.22 million over the planned minimum charter period. Diana Shipping’s vessels are primarily used on short- to medium-term time charters, transporting a variety of dry bulk cargoes across shipping routes around the world.
This announcement is based on press release statements and contains forward-looking statements that are subject to various assumptions and uncertainties. Diana Shipping Inc. does not provide any additional comment regarding future expectations or projections beyond those contained in the press release. While the stock price experienced a significant decline of 28.84% over the past six months, the detailed financial analysis and valuation metrics available through InvestingPro’s comprehensive research report provide investors with a greater understanding of the company’s long-term potential. It can be helpful for deeper understanding.
In other recent news, Diana Shipping has secured a significant revenue stream with a series of time charters. The company signed an agreement with a Tokyo-based company NYK Line Co., Ltd. (OTC:), Mitsui O.S.K. Lines, Ltd. (TYO:), Paralos Shipping Pte. Ltd., and Bunge (NYSE:)SA. These contracts include a variety of dry bulk vessels including m/v Myrto, m/v Santa Barbara, m/v Maia, and m/v DSI Aquarius.
Despite a 16.8% decline in sales over the past 12 months, Diana Shipping has maintained an impressive gross profit margin of 57.5%, according to InvestingPro’s analysis. The company has also secured ship employment for the remainder of 2024 and 2025, and issued €150 million of senior unsecured bonds due in 2029.
In a separate development, the company plans to expand its fleet with the addition of two new methanol dual-fueled Kamsarmax dry bulk carriers in the second half of 2027 and the first half of 2028, respectively. These recent developments are part of Diana Shipping’s strategy to modernize its fleet and expand its market presence.
However, the company reported a decline in time charter revenue and net profit for the third quarter of 2024, with revenue falling to $57.5 million and net profit halving to $3.7 million. Despite this, Diana Shipping improved its cash position, reduced long-term debt and exhibited a strong balance sheet. These are recent developments in Diana Shipping’s business operations.
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