Diana Shipping Inc. (NYSE: DSX) announced Thursday that a wholly-owned subsidiary has entered into a new time charter for the m/v DSI Polaris, a 60,404-deadweight-tonne (dwt) Ultramax dry bulk vessel built in 2018.
Under the agreement, the vessel will be chartered to Dai An Ocean Shipping Company Limited at a gross rate of $18,000 per day, minus a 5% commission payable to third parties. This represents a notable increase over the current charter rate of $12,250 per day under an agreement with Cargill Ocean Transportation (Singapore) Pte. Ltd., which carries a 4.75% third-party commission.
Diana Shipping projected the charter would generate approximately $10.37 million in gross revenue over its minimum scheduled period.
The time charter is expected to commence on September 25, 2026. The minimum charter period extends through May 1, 2028, with a maximum possible term reaching June 30, 2028.
Diana Shipping currently operates a fleet of 36 dry bulk vessels with a combined carrying capacity of approximately 4.1 million dwt, excluding two vessels not yet delivered. The fleet's weighted average age stands at 12.83 years. Vessel types in the portfolio include four Newcastlemax, eight Capesize, four Post-Panamax, six Kamsarmax, five Panamax, and nine Ultramax vessels.
Looking ahead, the company has two methanol dual-fuel newbuilding Kamsarmax dry bulk vessels under construction, expected to be delivered in the second half of 2027 and the first half of 2028.
