Diana Shipping Signs New Charter with Cobelfret at $16,500 per Day
Diana Shipping announced that, through a separate wholly-owned subsidiary, it has extended the time charter contract with Cobelfret S.A., Luxembourg, for one of its Post-Panamax dry bulk vessels, the m/v Amphitrite. The gross charter rate is $13,000 per day for the first thirty days of the charter period and $16,500 per day for the balance period of the time charter, in each case minus a 5.00% commission paid to third parties, for a period until minimum March 1, 2027 up to maximum April 30, 2027. The new charter period is expected to commence on February 8, 2026. The m/v Amphitrite is currently chartered, as previously announced, at a gross charter rate of $12,100 per day, minus a 5.00% commission paid to third parties. The "Amphitrite" is a 98,697 dwt Post-Panamax dry bulk vessel built in 2012. The employment extension of "Amphitrite" is anticipated to generate approximately $6.15M of gross revenue for the minimum scheduled period of the time charter.
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- Charter Extension: Diana Shipping has extended the time charter contract for the m/v Amphitrite with Cobelfret S.A. at a gross rate of $13,000 per day for the first 30 days and $16,500 thereafter, commencing on February 8, 2026, and lasting until at least March 1, 2027, up to April 30, 2027.
- Revenue Expectations: The charter extension is anticipated to generate approximately $6.15 million in gross revenue for the minimum scheduled period, reflecting the company's stability and profitability in the dry bulk shipping market.
- Fleet Size: Diana Shipping's fleet currently consists of 36 dry bulk vessels with a total carrying capacity of about 4.1 million dwt and a weighted average age of 12.19 years, indicating the company's competitive edge and market position.
- Future Deliveries: The company expects to take delivery of two methanol dual-fuel new-building Kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028, enhancing its fleet's environmental capabilities and market adaptability.
Shipping in New Charter Period: The new shipping charter period is expected to commence on February 8, 2026.
Impact on Industry: This upcoming charter period may have significant implications for shipping operations and logistics planning.
Charter Contract Extension: Diana Shipping Inc. has extended the charter contract for the M/V Amphitrite, a vessel in its fleet.
Duration and Terms: The extension of the charter is set for a period of 12 months, with specific terms agreed upon by both parties.
- Share Buybacks and Acquisition Proposal: Diana Shipping repurchased approximately 11.5 million shares for $22.9 million in 2025 and proposed a $20.60 per share acquisition of Genco, which was rejected by Genco's board, indicating Diana's aggressive strategy to expand its market share.
- Revenue Visibility and Financial Position: The management has locked in about 71% of remaining ownership days for 2026 with average fixed revenues near $17,700 per day, reporting cash reserves of $133 million and a loan-to-value ratio rising to 53%, with a cash break-even point estimated at around $16,800 per day, suggesting a solid foundation for future profitability.
- Decarbonization and Fleet Renewal: Diana has established a formal decarbonization plan that has improved efficiency by approximately 15% through operational measures and retrofits, and is set to deliver two methanol dual-fuel Kamsarmax newbuilds by late 2027 to early 2028, aligning with industry sustainability trends.
- Market Outlook and ESG Priorities: Management noted weak demand in the first half of 2025 but a recovery in the second half, with expectations for global GDP growth of about 3.3% in 2026, while the company continues to advance its sustainability efforts, having published six ESG reports, reflecting its commitment to environmental responsibility.
- Takeover Proposal Overview: Diana Shipping has proposed an all-cash takeover of Genco Shipping at $20.60 per share, representing a 15% premium, aimed at providing Genco shareholders with attractive value, despite Genco's board rejecting the offer and failing to engage in dialogue.
- Financing Support Details: Diana stated that its acquisition plan is backed by strong financing letters from two leading shipping banks, demonstrating confidence in the transaction, even though Genco's decision-making process took over six weeks without timely response.
- Board Nomination Plan: Diana has nominated six shipping industry experts for Genco's new board, aiming to explore strategic alternatives and promote consolidation in the sector, thereby enhancing competitive positioning.
- Market Reaction Analysis: Although Diana's shares fell 0.48% on Friday, retail sentiment on Stocktwits for DSX remains in the 'bullish' territory, indicating investor optimism regarding potential consolidation opportunities.

- Proxy Fight Initiation: Diana Shipping has announced a proxy fight against Genco Shipping, nominating six industry professionals for election to Genco's board, aiming to push for a serious evaluation of its $20.60 per share acquisition proposal to enhance shareholder value.
- Acquisition Proposal Rejected: Genco's board rejected Diana's takeover offer, labeling it inadequate, and took six weeks to respond, indicating a lack of constructive engagement that could impact future collaboration opportunities between the two companies.
- Belief in Industry Consolidation: Diana asserts that consolidation is necessary in the dry bulk shipping sector, believing that a merger would significantly benefit shareholders, reflecting its confidence in the industry's future and commitment to maximizing shareholder value.
- Counterproposal Dispute: Genco again rejected Diana's offer, stating that Diana refused to engage on Genco's counterproposal involving cash and equity, highlighting a clear divide in negotiations that may lead to further confrontational dynamics.








