Diana Shipping Inc. Announces Time Charter Contract for m/v DSI Polaris with Dai An Ocean Shipping

Diana Shipping Inc., a global leader in the ownership and chartering of dry bulk vessels, has recently announced a significant contract for its m/v DSI Polaris. Through a separate subsidiary, the company has entered into a time charter agreement with Dai An Ocean Shipping Company Limited.

Under this contract, the vessel will be chartered at a gross rate of US$18,000 per day, minus a 5.00% commission to third parties. The charter is set to commence on September 25, 2026, and is anticipated to last until at least May 1, 2028, with a possible extension until June 30, 2028.

This agreement replaces the current charter to Cargill Ocean Transportation (Singapore) Pte. Ltd., where the vessel was earning approximately US$12,250 per day. The vessel itself, an Ultramax dry bulk vessel built in 2018, has a deadweight tonnage of 60,404 dwt and is currently generating significant revenue for the company.

Diana Shipping Inc. boasts a diverse fleet of 36 dry bulk vessels, including 4 Newcastlemax, 8 Capesize, 4 Post-Panamax, 6 Kamsarmax, 5 Panamax, and 9 Ultramax vessels. The company is also set to receive two additional methanol dual fuel new-build Kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028, respectively.

Currently, the combined carrying capacity of the company's fleet, excluding the two new vessels, stands at approximately 4.1 million dwt, with an average age of 12.83 years.