Greece-based and New York-listed Diana Shipping has announced the termination of the sales agreement for the dry bulk vessel DSI Drammen.
Earlier this year Diana Shipping signed, through a limited partnership, a memorandum of agreement to sell to an unaffiliated third party, the 2016-built ultramax dry bulk vessel DSI Drammen, with delivery to the buyer latest by October 31, for a sale price of approximately $26.86m before commissions.
The company, through its wholly-owned subsidiaries, holds a 25% interest in the limited partnership, while the remaining 75% of the limited partnership is owned by Ecobulk AS, a Norwegian entity.
In its release on Nov. 17, the company announced that the previously disclosed memorandum of agreement for the sale of the 2016-built ultramax dry bulk vessel DSI Drammen has been terminated.
“The company, through a limited partnership in which it holds a 25% interest (with the remaining 75% owned by Ecobulk AS, a Norwegian entity), had announced the sale of the vessel on September 18, 2025, with delivery to the buyer scheduled latest by October 31, 2025, for a sale price of approximately US$26.86 million before commissions,” Diana Shipping said in its statement.
Meanwhile Diana Shipping, through a separate wholly-owned subsidiary, has entered into a time charter contract with Oldendorff Carriers GmbH & Co. KG, for one of its post-panamax dry bulk vessels, the Electra.
Oldendorff Carriers hired the 87,150 dwt post-panamax bulk vessel built in 2013.
The vessel is chartered for a gross charter rate of $14,000, minus a 5.00% commission paid to third parties, for a period until minimum December 1, 2026, up to maximum January 31, 2027.
The charter is expected to begin on December 4, 2025.
The employment of Electra is anticipated to generate approximately $5.00m of gross revenue for the minimum scheduled period of the time charter.
Diana Shipping Inc.’s fleet currently consists 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, excluding the two vessels not yet delivered, is approximately 4.1 million dwt, with a weighted average age of 11.98 years.
