Diana Shipping Inc. (NYSE: DSX) has extended the time‑charter for its 82,131‑dwt Kamsarmax dry‑bulk vessel m/v Myrto with Nippon Yusen Kabushiki Kaisha (NYK). The new charter will run from April 7 2026 through a minimum of September 20 2027, with a maximum extension to November 20 2027, and will be paid at a gross rate of US$16,650 per day, net of a 5 % commission to third parties.
The charter rate for the Myrto has risen from US$12,000 per day to US$16,650, a 38.75 % increase that reflects stronger demand for Kamsarmax vessels and a tightening of the dry‑bulk market. At the new rate, the contract is expected to generate roughly US$8.71 million in gross revenue over the minimum scheduled period, adding a predictable medium‑term income stream to DSX’s portfolio.
DSX currently operates 36 dry‑bulk vessels, including 6 Kamsarmax units, 4 Newcastlemax, 8 Capesize, 4 Post‑Panamax, 5 Panamax, and 9 Ultramax. The fleet’s total capacity is about 4.1 million dwt, with a weighted average age of 12.33 years. The company is also preparing for the delivery of two methanol‑dual‑fuel Kamsarmax vessels in the second half of 2027 and the first half of 2028, underscoring its commitment to fleet modernization and sustainability.
Management has emphasized that the extension aligns with DSX’s broader strategy of “managing and expanding our fleet in a manner that will enable us to enhance shareholder value” by “maintaining a high quality fleet; strategically expanding the size of our fleet; pursuing an appropriate balance of short‑term and long‑term time charters; maintaining a strong balance sheet; and maintaining low cost, highly efficient operations.”
The Myrto charter extension reinforces DSX’s focus on securing predictable cash flows through staggered medium‑to‑long‑term contracts. By locking in a higher daily rate, the company not only boosts its short‑term earnings but also positions itself to capitalize on favorable market conditions while it continues to invest in newer, more efficient vessels. The deal therefore supports DSX’s dual objectives of strengthening its financial foundation and expanding its fleet footprint in the dry‑bulk sector.
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