Greece-based and New York-listed Diana Shipping, through a separate wholly-owned subsidiary, has sealed a time charter deal with Cargill Ocean Transportation (Singapore) Pte. Ltd. for one of its ultramax dry bulk vessels.
Cargill Ocean Transportation (Singapore) Pte. Ltd. hired the 60,404 dwt ultramax dry bulk vessel DSI Polaris built in 2018.
The vessel is chartered for a gross charter rate of $12,250, minus a 4.75% commission paid to third parties, for a period until minimum July 21, 2026 up to maximum September 21, 2026.
The charter is expected to start on July 1, 2025.
The employment of DSI Polaris is anticipated to generate around $4.66m of gross revenue for the minimum scheduled period of the time charter.
Upon completion of the previously announced sale of Selina, Diana Shipping Inc.’s fleet will consist of 36 dry bulk vessels (4 newcastlemax, 8 capesize, 4 post-panamax, 6 kamsarmax, 5 panamax and 9 ultramax).
The company also expects to take delivery of two methanol dual fuel new-building kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028, respectively.
Currently, the combined carrying capacity of the company’s fleet, including the Selina and excluding the two vessels not yet delivered, is approximately 4.1 million dwt, with a weighted average age of 11.65 years.
