Diana Shipping Inc. has entered into a time‑charter for its 87,150‑dwt Post‑Panamax dry‑bulk vessel m/v Electra, while simultaneously canceling the previously announced sale of the 2016‑built Ultramax vessel m/v DSI Drammen. The charter, negotiated through a wholly‑owned subsidiary, will see Electra employed by Oldendorff Carriers GmbH & Co. KG from December 4 2025, with a minimum charter period running from December 1 2026 to January 31 2027. The agreement carries a gross rate of US$14,000 per day, less a 5.00 % commission to third parties, and is projected to generate roughly US$5 million in gross revenue over the minimum charter period.
The cancellation of the DSI Drammen sale preserves the vessel within Diana Shipping’s fleet, allowing the company to retain flexibility for future charter or sale opportunities. The sale had been disclosed on September 18 2025, with a delivery date of October 31 2025 and a pre‑commission price of approximately US$26.86 million. By keeping the vessel, Diana Shipping avoids the loss of a 2016‑built Ultramax asset that could be valuable in a tightening market or for future charter demand.
Financially, the new charter adds a predictable, medium‑term revenue stream that supports the company’s earnings‑visibility strategy. In Q2 2025, Diana Shipping reported a net income of US$4.5 million, a turnaround from the US$2.8 million loss recorded in Q2 2024. The company also declared a cash dividend of US$0.01 per share for that quarter. The Electra charter’s projected US$5 million gross revenue will further bolster cash‑flow stability and help maintain the company’s quarterly dividend policy.
Fleet‑wide, Diana Shipping operates 36 dry‑bulk vessels with a combined carrying capacity of about 4.1 million dwt and a weighted average age of 11.98 years as of November 17 2025. The company is also preparing to receive two methanol‑dual‑fuel Kamsarmax vessels in the second half of 2027 and the first half of 2028, underscoring its commitment to fleet modernization and environmental compliance. The Electra charter fits into this strategy by adding a high‑capacity, post‑Panamax asset that can capture demand in key bulk markets while the company continues to diversify its fleet mix.
Overall, the charter and sale cancellation reinforce Diana Shipping’s disciplined chartering approach and its focus on predictable cash flows. By securing a long‑term contract for a high‑capacity vessel and retaining a valuable asset, the company strengthens its operational footprint and positions itself to capitalize on market opportunities in the coming months.
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