Diana Shipping Inc. entered into a time‑charter agreement for its 179,134‑dwt Capesize dry‑bulk vessel m/v P. S. Palios with Glencore Freight Pte. Ltd. The charter begins on December 14, 2025 and runs for a minimum of 11 months, with an optional extension to January 15, 2027. The daily gross charter rate is US$25,200, less a 5.00 % commission to third parties, and the contract is expected to generate roughly US$8.34 million in gross revenue over the minimum period.
The agreement comes at a time when dry‑bulk freight rates have been subdued, with spot rates for Capesize vessels trading below their 12‑month average. Securing a high‑rate, long‑term contract in this environment is a strategic win, providing predictable cash flow and reducing exposure to short‑term rate volatility. The charter also demonstrates Diana Shipping’s disciplined fleet‑management strategy, which has helped the company maintain high utilization rates even in a soft market.
Diana Shipping’s Q3 2025 earnings report showed a net income of US$7.2 million, up from US$3.7 million in Q3 2024, driven largely by disciplined cost control and a favorable mix of charter rates. Revenue, however, fell to US$48.63 million, missing analyst estimates of US$52.84 million, largely because the company sold several older vessels during the quarter, reducing its top‑line volume. The earnings beat reflects the company’s ability to maintain margins even as revenue declines, a key indicator of operational resilience.
The new charter adds a stable, high‑rate revenue stream that will support Diana Shipping’s dividend policy and provide a cushion for future capital expenditures. While the company has not issued new forward guidance, the contract’s predictable cash flow is expected to reinforce its ability to meet dividend commitments and fund fleet renewal initiatives without additional debt.
The charter is part of a broader strategy that includes the launch of two methanol‑dual‑fuel Kamsarmax newbuilds expected by H2 2027 and H1 2028, and a proposal to acquire the remaining shares of Genco Shipping & Trading Ltd. These moves position Diana Shipping for long‑term sustainability and market leadership in a sector facing regulatory and environmental pressures.
Investors responded cautiously to the announcement, citing broader market uncertainty and the lack of new forward guidance. Nonetheless, the contract reinforces the company’s operational strength and its track record of securing favorable terms with major commodity traders, which is viewed positively by long‑term investors.
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