Diana Shipping on Dec. 24 announced that it has entered into a time charter contract with SwissMarine, Singapore, for its Capesize dry bulk vessel, the m/v Semirio. The contract has a gross revenue potential of $3.7 million. Shares rose 2.1% at after-hours trading on Thursday.
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The charter contract signed by Diana Shipping (DSX) is likely to begin on Jan. 1, 2021. The Semirio is a 174,261-deadweight tonnage (DWT) Capesize dry bulk vessel built in 2007. Capesize refer to large-sized bulk carriers and tankers typically above 150,000 DWT.
The gross charter rate stood at $13,500 per day, minus a 5% commission paid to third parties, for a period ranging between Oct. 5, 2021 and Dec 20, 2021, the company said.
On Dec. 18, DSX announced the sale of Panamax dry bulk vessels, namely, the m/v Coronis and the m/v Oceanis, and one Capesize dry bulk vessel, the m/v Sideris GS.
The shipping company’s fleet will now consist of 37 dry bulk vessels following the deal.
On Dec. 3, Cleaves Securities analyst Joakim Hannisdahl reiterated a Buy rating on DSX stock with a price target of $2.60 (a 34% upside potential).
Overall, the rest of the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 1 Buy and 2 Holds. (See DSX stock analysis On TipRanks)
With shares, down 39% year-to-date, the average price target stands at $2.12 and implies upside potential of 9.3% to current levels.
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