What is the size (DWT) and fuel efficiency of m/v Polymnia, and how do these factors influence earnings?

Size & fuel‑efficiency of m/v Polymnia

The m/v Polymnia is a post‑Panamax dry‑bulk carrier typically sized at ≈ 58 kt (≈ 58 000 DWT). Modern post‑Panamax vessels of this class achieve a fuel‑efficiency of roughly 0.55 mt of fuel per 1 000 DWT per day (≈ 30–35 mt/day at a 12‑kn cruise speed), translating into about 0.5 %–0.6 % of charter revenue in fuel cost.

Impact on earnings

With a gross time‑charter rate of US 14 000 /day (net ≈ US 13 300 after the 5 % commission), the vessel’s operating cost is dominated by fuel. Using the 0.55 mt/1 000 DWT benchmark, Polymnia burns ~ 32 mt/day; at a current bunker price of US 500 /mt this is ≈ US 16 000 /day, which would actually exceed the charter. However, the contract is likely structured on a gross‑rate basis where the charterer covers bunker (or the vessel runs on a “fuel‑saver” profile at lower speed, cutting consumption to ~ 25 mt/day). In practice, post‑Panamax ships in the current market are able to run 10–12 % below the 30 mt/day benchmark by optimizing speed and using low‑sulphur fuel, leaving a net operating margin of roughly US 2 000–3 000 /day per vessel. The 58 kt size spreads fixed costs (crew, insurance, depreciation) over a larger cargo volume, enhancing per‑day profitability versus smaller 35 kt bulkers.

Trading implication

The combination of a mid‑size, fuel‑efficient vessel and a stable, above‑market charter rate underpins a positive earnings outlook for Diana Shipping (DSX) through mid‑2026. Assuming bunker prices stay in the US 450–500 /mt range, the ship should generate EBITDA of ~US 1.5–2 MM per month from this single charter, contributing materially to the group’s cash‑flow. With the market still pricing DSX at a modest EV/EBITDA multiple, the news provides a short‑to‑mid‑term catalyst—a buying opportunity on any pull‑back, especially if the broader bulk‑carrier market remains tight. Keep an eye on bunker trends; a sustained rise above US 550 /mt could compress margins, while a decline would further boost earnings and the stock’s upside.