Diana Shipping Inc. Announces Time Charter Contract for m/v Myrto With NYK
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 20 2024
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Source: Newsfilter
Diana Shipping Inc. Charter Agreement: Diana Shipping Inc. has signed a time charter contract with Nippon Yusen Kabushiki Kaisha for its Kamsarmax dry bulk vessel, the m/v Myrto, at a gross rate of $12,000 per day, expected to generate approximately $5.11 million in revenue until May 2026.
Company Fleet and Future Plans: The company currently operates a fleet of 38 dry bulk vessels and plans to take delivery of two new methanol dual fuel Kamsarmax vessels by 2027 and 2028, enhancing its capacity and operational capabilities.
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About DSX
Diana Shipping Inc. is a Greece-based global provider of shipping transportation services. The Company specializes in the ownership and bareboat charter-in of dry bulk vessels. The Company's operating fleet consists of 40 dry bulk vessels, including 4 Newcastlemax, 11 Capesize, 5 Post-Panamax, 6 Kamsarmax, 8 Panamax, and 6 Ultramax. Its fleet combined carrying capacity is approximately 4.7 million deadweight tonnage (dwt) with a weighted average age of 10.16 years. The Company's fleet is managed by its wholly-owned subsidiary Diana Shipping Services S.A. and its established 50/50 joint venture with Wilhelmsen Ship Management named Diana Wilhelmsen Management Limited.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
GENCO SHIPPING & TRADING LTD'S BOARD DISMISSES DIANA SHIPPING'S $23.50 PER SHARE TAKEOVER OFFER
- Board Decision: The board of Genco Shipping & Trading Ltd has rejected a proposal from Diana Shipping for an acquisition priced at $23.50 per share.
- Implications: This decision indicates potential challenges for Diana Shipping in pursuing its acquisition strategy and may affect its market position.
See More
Diana Shipping Inc. Prolongs Time Charter Agreement for M/V Myrto with NYK
Contract Extension: Diana Shipping has extended the time charter contract for the vessel MV Myrtos with NYK Line.
Duration and Rate: The contract extension is for a period of 12 months at a daily rate of $18,000.
See More
Diana Shipping Proposes Acquisition of Genco at $23.50 per Share
- Acquisition Proposal: Diana Shipping has proposed a cash acquisition of Genco's outstanding shares at $23.50 each, representing a 31% premium over Genco's closing price on November 21, indicating recognition of Genco's value, yet Genco's board considers the offer below its intrinsic value.
- Board Election Efforts: Diana plans to proceed with efforts to elect candidates to Genco's board, asserting that the current management is more focused on entrenching themselves than maximizing shareholder value, which could lead to declining confidence among shareholders regarding the company's future.
- Market Reaction: At the time of the announcement, shares of Genco and Diana fell by 3% and 4.8% respectively, reflecting a cautious market attitude towards the acquisition proposal and disappointment among investors regarding Genco's management.
- Shareholder Sentiment: Despite Genco and Diana shares rising 19.3% and 38% respectively in 2026 so far, retail sentiment around Genco trended neutral while Diana's sentiment leaned bearish, indicating a divergence in market views on the acquisition's prospects.
See More
Genco Rejects Diana Shipping's Revised Acquisition Offer
- Acquisition Proposal Rejected: Genco Shipping has rejected Diana Shipping's offer of $23.50 per share for outstanding shares, asserting that the proposal significantly undervalues the company, reflecting Genco's confidence in its market position.
- Initial Bid Review: Genco previously rebuffed Diana's initial offer of $20.60 per share made in November, indicating Genco's commitment to protecting shareholder interests and questioning the acquirer's valuation.
- Financing Risk Warning: Genco highlighted that while Diana announced $1.43 billion in fully committed financing, the commitment letter only specifies $1.1 billion, creating uncertainty that could impact the execution of the acquisition.
- Asset Disposal Concerns: Diana's plan to sell 16 Genco vessels at
See More
GENCO SHIPPING & TRADING LTD - BOARD TO EVALUATE DIANA'S UPDATED INDICATIVE PROPOSAL WITH OUTSIDE CONSULTANTS
Overview of the Board Review: The Genco Shipping and Trading Ltd. board is set to review Diana's revised indicative proposal with the assistance of external advisors.
Purpose of External Advisors: The involvement of external advisors aims to provide expert insights and guidance during the evaluation of the proposal.
See More
Diana Shipping Raises Offer to Acquire Genco Shipping
- Increased Acquisition Offer: Diana Shipping has raised its cash offer for Genco to $23.50 per share, representing a 31% premium over the closing price before its initial bid, demonstrating the company's commitment to the acquisition despite Genco's board rejecting the previous $20.60 offer.
- Vessel Acquisition Details: Star Bulk's acquisition includes 16 vessels, comprising one Newcastlemax, six Capesize, seven Ultramax, and two Supramax ships, with a total carrying capacity of 1.8 million dwt and an average age of 11.4 years, which will significantly enhance Star Bulk's market position.
- Strategic Importance of Acquisition: Diana's CEO emphasized the financial and strategic merits of the acquisition, urging Genco's board to engage in good-faith negotiations to deliver value to shareholders, indicating confidence in future growth prospects.
- Market Reaction: As of Friday, Diana Shipping shares fell 4.15% to $2.42, Star Bulk Carriers declined 3.17% to $23.84, and Genco Shipping slipped 4.27% to $22.17, reflecting market caution regarding the acquisition news.
See More
GENCO SHIPPING & TRADING LTD'S BOARD DISMISSES DIANA SHIPPING'S $23.50 PER SHARE TAKEOVER OFFER
- Board Decision: The board of Genco Shipping & Trading Ltd has rejected a proposal from Diana Shipping for an acquisition priced at $23.50 per share.
- Implications: This decision indicates potential challenges for Diana Shipping in pursuing its acquisition strategy and may affect its market position.
See More
Diana Shipping Inc. Prolongs Time Charter Agreement for M/V Myrto with NYK
Contract Extension: Diana Shipping has extended the time charter contract for the vessel MV Myrtos with NYK Line.
Duration and Rate: The contract extension is for a period of 12 months at a daily rate of $18,000.
See More
Diana Shipping Proposes Acquisition of Genco at $23.50 per Share
- Acquisition Proposal: Diana Shipping has proposed a cash acquisition of Genco's outstanding shares at $23.50 each, representing a 31% premium over Genco's closing price on November 21, indicating recognition of Genco's value, yet Genco's board considers the offer below its intrinsic value.
- Board Election Efforts: Diana plans to proceed with efforts to elect candidates to Genco's board, asserting that the current management is more focused on entrenching themselves than maximizing shareholder value, which could lead to declining confidence among shareholders regarding the company's future.
- Market Reaction: At the time of the announcement, shares of Genco and Diana fell by 3% and 4.8% respectively, reflecting a cautious market attitude towards the acquisition proposal and disappointment among investors regarding Genco's management.
- Shareholder Sentiment: Despite Genco and Diana shares rising 19.3% and 38% respectively in 2026 so far, retail sentiment around Genco trended neutral while Diana's sentiment leaned bearish, indicating a divergence in market views on the acquisition's prospects.
See More
Genco Rejects Diana Shipping's Revised Acquisition Offer
- Acquisition Proposal Rejected: Genco Shipping has rejected Diana Shipping's offer of $23.50 per share for outstanding shares, asserting that the proposal significantly undervalues the company, reflecting Genco's confidence in its market position.
- Initial Bid Review: Genco previously rebuffed Diana's initial offer of $20.60 per share made in November, indicating Genco's commitment to protecting shareholder interests and questioning the acquirer's valuation.
- Financing Risk Warning: Genco highlighted that while Diana announced $1.43 billion in fully committed financing, the commitment letter only specifies $1.1 billion, creating uncertainty that could impact the execution of the acquisition.
- Asset Disposal Concerns: Diana's plan to sell 16 Genco vessels at
See More
GENCO SHIPPING & TRADING LTD - BOARD TO EVALUATE DIANA'S UPDATED INDICATIVE PROPOSAL WITH OUTSIDE CONSULTANTS
Overview of the Board Review: The Genco Shipping and Trading Ltd. board is set to review Diana's revised indicative proposal with the assistance of external advisors.
Purpose of External Advisors: The involvement of external advisors aims to provide expert insights and guidance during the evaluation of the proposal.
See More
Diana Shipping Raises Offer to Acquire Genco Shipping
- Increased Acquisition Offer: Diana Shipping has raised its cash offer for Genco to $23.50 per share, representing a 31% premium over the closing price before its initial bid, demonstrating the company's commitment to the acquisition despite Genco's board rejecting the previous $20.60 offer.
- Vessel Acquisition Details: Star Bulk's acquisition includes 16 vessels, comprising one Newcastlemax, six Capesize, seven Ultramax, and two Supramax ships, with a total carrying capacity of 1.8 million dwt and an average age of 11.4 years, which will significantly enhance Star Bulk's market position.
- Strategic Importance of Acquisition: Diana's CEO emphasized the financial and strategic merits of the acquisition, urging Genco's board to engage in good-faith negotiations to deliver value to shareholders, indicating confidence in future growth prospects.
- Market Reaction: As of Friday, Diana Shipping shares fell 4.15% to $2.42, Star Bulk Carriers declined 3.17% to $23.84, and Genco Shipping slipped 4.27% to $22.17, reflecting market caution regarding the acquisition news.
See More
