What is the expected utilization rate and cargo volume for the charter period (August 2025‑June 2026)?

Expected utilization & cargo volume (Aug 2025 – Jun 2026)

• Utilisation rate: A time‑charter on a Post‑Panamax bulk carrier with a fixed‑rate gross of US $14,000 d‑1 is typically run at the highest possible availability because the charterer (Oldendorff) will want to maximise the return on the flat‑rate. In practice this translates into a 90 %–95 % utilisation of the vessel’s available days over the 22‑month window (≈ 800 days). Assuming a 92 % utilisation, the ship would be on‑hire for roughly 736 days and off‑hire for about 64 days (maintenance, port‑call delays, or minor downtime).

• Cargo volume: The m/v Polymnia, as a Post‑Panamax dry‑bulk vessel, is in the 150 kt–180 kt DWT class. The typical dead‑weight for a vessel of this size is about 165 kt (≈ 165,000 metric tons) of cargo per voyage. With a 92 % utilisation (≈ 736 days) and an average round‑trip cycle of ~30 days for a typical Atlantic‑to‑Atlantic bulk route, the charter would accommodate ≈ 24–25 voyages during the period.

  • Total cargo moved: 24 voyages × 165 kt ≈ 3.96 million tons of dry‑bulk cargo (≈ 4 Mt).
    

Trading implications

• Revenue certainty: The flat‑rate charter at US $14,000 d‑1, combined with a high utilisation, gives Diana Shipping a predictable cash‑flow stream, reducing earnings volatility relative to spot‑market exposure.
  
• Margin outlook: Assuming a 5 % third‑party commission, the net daily charter revenue is about US $13,300. Over 736 charter days this yields ≈ US $9.8 bn of charter revenue, comfortably covering operating costs and providing a solid contribution to DSX’s EBITDA.
  
• Market positioning: With the bulk‑shipping market currently in a tight‑supply, strong‑demand phase (record‑high iron‑ore and coal shipments in 2024‑25), a high‑utilisation, long‑term charter at a flat rate is attractive. The stock may be under‑priced relative to the forward‑looking cash‑flow, suggesting a buy‑on‑dip or position‑long stance for investors seeking exposure to a stable, cash‑generating dry‑bulk asset.
  

In short, the Polymnia charter is expected to run at roughly 92 % utilisation, moving ≈ 4 million tons of cargo (≈ 24 voyages) over the August 2025 – June 2026 period, delivering a steady, high‑margin revenue stream that supports a bullish outlook for DSX’s near‑term earnings.