Diana Shipping Secures Time Charter for m/v DSI Polaris

Author: Hannah Lewis Updated: 06-26-2025 09:30 AM

Diana Shipping Inc. Enters Time Charter Contract with Cargill

Diana Shipping Inc. (NYSE: DSX), a prominent global shipping company known for its expertise in dry bulk vessels, has recently announced a new time charter contract. This development involves the m/v DSI Polaris, an Ultramax dry bulk vessel, leased to Cargill Ocean Transportation. The contract emphasizes Diana Shipping’s strategic partnerships in the industry and its commitment to providing high-quality transport services.

Details of the Time Charter Agreement

The time charter agreement entails a gross charter rate of US$12,250 per day, with a commission of 4.75% payable to third parties. This charter will be effective starting July 1, 2025, and will extend up to a minimum of July 21, 2026, and could potentially run until September 21, 2026.

The m/v DSI Polaris and Its Significance

The m/v DSI Polaris is a well-built Ultramax vessel, boasting a deadweight tonnage (dwt) of 60,404, constructed in 2018. This vessel is expected to generate approximately US$4.66 million in gross revenue during the initial period of the charter. With such capacity and revenue potential, it represents a significant asset for Diana Shipping, aligning with its operational goals and expansion strategies.

Diana Shipping's Fleet Expansion Plans

Currently, Diana Shipping Inc. operates a fleet of 36 dry bulk vessels, consisting of various models, including Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, and Ultramax vessels. The company anticipates acquiring two new methanol dual-fuel Kamsarmax vessels in the near future, aiming for delivery between the second half of 2027 and the first half of 2028. These additions will further enhance its capacity to meet the growing demand for dry bulk shipping services across global markets.

Overview of Diana Shipping Inc.

Diana Shipping Inc. specializes in providing transportation services through a strong fleet of dry bulk vessels. Their operational focus is primarily on short to medium-term charters, transporting essential commodities such as iron ore, coal, and grain across international shipping routes. This robust business model positions the company favorably amidst ongoing global economic fluctuations.

Contact Information

For further inquiries, individuals can reach out to Ioannis Zafirakis, the Director and Co-Chief Financial Officer of Diana Shipping Inc. Below are his contact details:

Telephone: +30-210-9470-100
Email: izafirakis@dianashippinginc.com
Website: www.dianashippinginc.com

Frequently Asked Questions

What is the m/v DSI Polaris?

The m/v DSI Polaris is an Ultramax dry bulk vessel owned by Diana Shipping Inc., with a deadweight capacity of 60,404 tons.

Who is the charter party in the new contract?

Cargill Ocean Transportation is the charter party for the m/v DSI Polaris under the new time charter agreement.

What is the duration of the time charter for the m/v DSI Polaris?

The time charter will commence on July 1, 2025, and will last from a minimum of July 21, 2026, to a maximum of September 21, 2026.

What revenue is expected from the m/v DSI Polaris during the charter?

The charter is anticipated to generate approximately US$4.66 million in gross revenue during its minimum duration.

How many vessels does Diana Shipping Inc. currently operate?

Diana Shipping's fleet consists of 36 dry bulk vessels, including various classes to meet diverse shipping needs.

About The Author

Hi there, I'm Hannah Lewis, a writer and financial specialist of 36 years old committed to making money understandable and approachable to everyone. Years of working in the field have given me a thorough grasp of market trends, investment techniques, and economic fundamentals. My objective is to enable people, by means of understandable, useful guidance, to take charge of their financial destiny.

I have written many articles for financial blogs over my career that simplify difficult financial ideas into understandable insights. Being financially literate is a critical ability, and I am passionate about enabling people to confidently manage their financial lives. Regardless of your level of experience, my work will help you at every stage of the investment process. I appreciate being allowed to share in your success and financial expansion.

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