Diana Shipping announced a new time‑charter for its Capesize dry‑bulk vessel, the m/v Santa Barbara, with Dampskibsselskabet Norden A/S. The charter sets a gross rate of US$25,500 per day, includes a 5.00 % commission to third parties, and runs from the vessel’s commencement on November 29 2025 through a minimum end date of March 1 2027, with a possible extension to April 30 2027. The agreement is expected to generate approximately US$11.48 million in gross revenue for the minimum scheduled period, reinforcing the company’s disciplined chartering strategy and strengthening its cash‑flow stability.
The new rate represents a 16 % increase over the previous charter rate of US$22,000 per day that the Santa Barbara earned under its prior agreement. The higher rate reflects a tightening of the Capesize market, with freight rates rising and tonnage lists shrinking, and signals Diana Shipping’s confidence in sustained demand for iron ore and bauxite shipments to China and other emerging economies.
The charter contributes to Diana Shipping’s overall fleet utilization, which stood at 92 % as of October 31 2025. By locking in a medium‑to‑long‑term contract, the company maintains high utilization while securing predictable revenue streams, a core element of its disciplined chartering strategy. The agreement also supports the company’s broader goal of cash‑flow stability in a cyclical industry.
Diana Shipping’s strategy emphasizes long‑term, high‑rate contracts and fleet modernization. In addition to the Santa Barbara charter, the company plans to take delivery of two methanol‑dual‑fuel Kamsarmax vessels in 2027 and early 2028, positioning it for future regulatory requirements and operational efficiency gains. The new charter aligns with this strategy by providing a stable, high‑yield income source while the company expands its green‑fuel‑ready fleet.
The Capesize market has shown positive momentum in 2025, with freight rates moving higher and demand tightening due to China’s expansion projects in iron ore and bauxite. The higher charter rate for the Santa Barbara reflects this trend and underscores the company’s ability to secure competitive terms in a tightening market. The agreement therefore not only boosts short‑term revenue but also signals Diana Shipping’s readiness to capitalize on favorable market conditions while preparing for a greener future.
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