Bunge Global S.A. has entered into a time charter agreement with Diana Shipping Inc. for the 60,309‑dwt Ultramax dry‑bulk vessel m/v DSI Altair, a 2016‑built ship that will provide Bunge with dedicated capacity for its grain and oilseed cargoes. The charter, signed on January 12, 2026, will commence on January 17, 2026 and is expected to run through a minimum period ending January 15, 2027, with a maximum end date of March 30, 2027.
The agreement sets a gross charter rate of US$14,750 per day, less a 5.00% commission to third parties. The rate represents a 6.5% increase over the vessel’s previous charter to Western Bulk Carrier AS, which paid US$13,800 per day. At the agreed rate, the contract is projected to generate roughly US$5.30 million in gross revenue for the minimum scheduled period.
For Bunge, the new charter strengthens its global logistics network by locking in predictable freight costs and reducing exposure to volatile spot rates. The company has been investing in digital freight solutions and expanding its fleet of ocean vessels to support the Viterra merger, which is expected to create synergies and improve margin profiles. The dedicated capacity will allow Bunge to schedule grain and oilseed shipments more efficiently, potentially lowering turnaround times and improving inventory management.
Diana Shipping benefits from the higher daily rate and the addition of a long‑term contract to its portfolio of 36 dry‑bulk vessels, including nine Ultramax ships. The new charter contributes to the company’s strategy of building contracted coverage and managing fleet utilization, while it prepares for the delivery of two methanol‑dual‑fuel Kamsarmax vessels in 2027 and 2028. The contract also aligns with Diana’s focus on environmentally friendly vessels and sustainable operations.
While the charter is a positive operational development, Bunge’s recent financial results show a decline in full‑year 2024 GAAP diluted EPS to $7.99 from $14.87 in 2023, and adjusted EPS to $9.19 versus $13.66 in 2023. The company projects a full‑year 2025 adjusted EPS of approximately $7.75, reflecting ongoing pressure from soybean oversupply and margin compression. The new charter is therefore a strategic move to stabilize freight costs amid a challenging commodity environment.
The agreement also provides a hedge against market volatility, as Bunge can lock in freight rates ahead of potential rate spikes in the dry‑bulk market. By securing a dedicated vessel, Bunge reduces the risk of capacity shortages that could delay grain deliveries to key markets, thereby protecting revenue streams and maintaining customer service levels.
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