ATHENS – Diana Shipping Inc . (NYSE :)), a global shipping company specializing in the ownership of dry bulk vessels, announced the extension of a time charter contract with Cobelfret SA for the m/v Amphitrite. According to InvestingPro analysis, Diana Shipping appears undervalued despite recent market challenges, with the stock trading at 0.46 times book value and maintaining an impressive gross profit margin of 57.48%. The Post-Panamax dry bulk vessel, built in 2012, will continue to charter at a daily rate of $8,750 for the first 50 days and $12,100 thereafter, subject to a 5% commission to third parties. The extended charter is scheduled to begin on December 31, 2024, and last until January 1, 2026, with the possibility of an extension until March 15, 2026.

The m/v Amphitrite is part of Diana Shipping’s diverse fleet, which currently includes 38 dry bulk vessels from Newcastlemax to Ultramax sizes. The company also expects to add two methanol dual fuel newbuild Kamsarmax dry bulk vessels scheduled to be delivered 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 last twelve months, Diana Shipping maintains a strong operational presence in the dry bulk sector. For a deeper understanding of Diana Shipping’s fleet economics and valuation metrics, InvestingPro subscribers have access to over 10 additional exclusive ProTips and comprehensive financial analysis. Excluding the two vessels yet to be delivered, Diana Shipping’s fleet has a combined carrying capacity of approximately 4.2 million dwt with a weighted average age of 11.23 years.

Amphitrite’s extended work is expected to generate approximately $4.22 million in gross revenue for the minimum scheduled charter period. Diana Shipping’s vessels are primarily used on short to medium-term time charters and carry a variety of dry bulk cargoes on worldwide shipping routes.

This announcement is based on a press release statement and contains forward-looking statements that are subject to various assumptions and uncertainties. Diana Shipping Inc. did not provide any additional comments on future expectations or projections beyond those stated in the press release. While the stock has experienced a significant 28.84% decline in the last six months, detailed financial analysis and valuation metrics available through InvestingProComprehensive research reports help investors better understand the company’s long-term potential.

In other recent news, Diana Shipping Inc. signed a series of time charter contracts, securing significant revenue streams. The company signed the agreements with the Tokyo-based Nippon Yusen Kabushiki Kaisha (OTC:), Mitsui OSK Lines, Ltd. (TYO:), Paralos Shipping Pte. Ltd., and Bunge (NYSE:) SA. These contracts include various dry bulk vessels, including m/v Myrto, m/v Santa Barbara, m/v Maia, and m/v DSI Aquarius.

Despite a 16.8% drop in revenue over the last twelve months, Diana Shipping maintained an impressive gross margin of 57.5%, according to an InvestingPro analysis. The company also secured employment on the ship for the remainder of 2024 and for 2025, and issued €150 million in senior unsecured bonds due in 2029.

In another development, the company is set to expand its fleet with the addition of two methanol dual fuel newly built Kamsarmax dry bulk vessels 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 revenues and net income in the third quarter of 2024, with revenues falling to $57.5 million and net income halving to $3.7 million. Despite this, Diana Shipping improved its cash position and reduced long-term debt, showing a strong balance sheet. These are the latest developments in Diana Shipping’s business operations.

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