Diana Shipping Inc. entered into two new time‑charter contracts for its Ultramax dry‑bulk vessels, the m/v DSI Pollux and the m/v DSI Andromeda. The Pollux charter, with Stone Shipping Ltd., carries a gross rate of $14,750 per day (after a 5 % commission) and runs from December 8, 2025 to a minimum of January 1, 2027, with an optional extension to February 28, 2027. The Andromeda charter, with Western Bulk Carriers AS, carries a gross rate of $14,600 per day (after a 5 % commission) and runs from December 7, 2025 to a minimum of April 1, 2027, with an optional extension to May 31, 2027.
The new rates represent a noticeable lift over the vessels’ previous contracts. Pollux had been chartered to Bunge SA at $14,000 per day, while Andromeda had been with Cargill Ocean Transportation at the same $14,000 daily rate. The $750–$800 per‑day increase reflects a tightening of the Ultramax market, stronger demand for bulk commodities, and Diana Shipping’s improved negotiating position as it continues to modernize its fleet.
The agreements are projected to generate roughly $12.6 million in gross revenue over their minimum periods, a sizable contribution to the company’s top line. This forward‑locked income provides a predictable cash flow stream that supports Diana Shipping’s broader strategy of balancing older vessels with newer, more efficient builds, including the upcoming methanol‑dual‑fuel Kamsarmax vessels slated for delivery in late 2027 and early 2028.
Diana Shipping’s fleet now totals 37 dry‑bulk vessels, with a combined carrying capacity of about 4.1 million dwt and a weighted average age of 12.03 years. The company’s Q3 2025 earnings report showed a net income of $7.2 million, up from $3.7 million a year earlier, and time‑charter revenues of $51.9 million, a decline from $57.5 million in Q3 2024 due to vessel sales. The new charters help offset that decline and reinforce the company’s guidance for the remainder of the year, while also supporting its proposal to acquire the remaining shares of Genco Shipping & Trading Limited, a move that would consolidate its position in the dry‑bulk sector.
The dry‑bulk market remains volatile, with global trade growth slowing in China, shifting trade policies, and potential rerouting through the Red Sea. Despite these headwinds, the higher charter rates secured by Diana Shipping indicate that demand for Ultramax vessels remains resilient, and the company’s ability to lock in premium rates suggests confidence in medium‑term market conditions. The agreements therefore strengthen Diana Shipping’s revenue outlook and position it to navigate the current market uncertainties.
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