Diana Shipping Inc. (NYSE: DSX), a global leader in dry bulk vessel operations, has announced a new time charter contract for its Ultramax vessel DSI Polaris with Cargill Ocean Transportation (Singapore). This agreement is expected to contribute approximately $4.66 million in gross revenue over its minimum term.
New Charter Agreement Details
The DSI Polaris, a 60,404 dwt Ultramax vessel built in 2018, has been chartered at a gross daily rate of $12,250, subject to a 4.75% third-party commission. The time charter period spans from July 1, 2025, until a minimum of July 21, 2026, and may extend to September 21, 2026. This marks another strategic chartering move by Diana Shipping to maximize fleet utilization amid evolving dry bulk market dynamics.
Fleet Update and Future Expansion
Following the expected sale of m/v Selina, Diana Shipping’s fleet will total 36 dry bulk vessels, comprising:
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4 Newcastlemax
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8 Capesize
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4 Post-Panamax
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6 Kamsarmax
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5 Panamax
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9 Ultramax
The company also plans to expand its fleet with two methanol dual-fuel Kamsarmax newbuilds, scheduled for delivery in the second half of 2027 and first half of 2028, aligning with global decarbonization goals. Currently, the fleet has a combined carrying capacity of approximately 4.1 million dwt, with a weighted average vessel age of 11.65 years.
This latest charter for the DSI Polaris demonstrates Diana Shipping’s steady revenue generation strategy through long-term partnerships with major industry players like Cargill. With plans to modernize its fleet and explore dual-fuel technologies, the company continues to position itself for sustainable growth and competitiveness in the dry bulk sector.
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Source: Diana Shipping Inc.
