Diana Shipping (NYSE: DSX) has secured a higher-paying contract for one of its Ultramax vessels, extending employment for the ship and locking in stronger earnings than its current charter.
The New York-listed dry bulk owner announced today that it had fixed the DSI Pegasus to Canada’s Fednav International at a gross rate of $18,350 per day, less a 5% commission, under a time charter scheduled to begin on July 27.
The agreement runs through a minimum of Aug. 15, 2027, with the charterer holding an option to extend the contract until as late as Oct. 15, 2027.
The new fixture represents a notable increase from the vessel’s existing employment. The 60,508 dwt DSI Pegasus, built in 2015, is currently chartered to Cargill Ocean Transportation (Singapore) at a gross daily rate of $14,250, less a 4.75% commission.
Based on the minimum charter period, Diana Shipping expects the contract to generate $6.95 million in gross revenue.
The fixture comes as owners continue to capitalize on steady demand for modern Ultramax vessels, which are widely used to transport grain, fertilizers, steel products and other minor bulk commodities. Medium-term charters have remained an attractive option for operators seeking predictable cash flows.
Diana Shipping operates a fleet of 36 dry bulk vessels, comprising four Newcastlemax, eight Capesize, four Post-Panamax, six Kamsarmax, five Panamax and nine Ultramax ships, with a combined carrying capacity of approximately 4.1 million dwt. The fleet has a weighted average age of 12.65 years.
The company is also advancing its fleet renewal strategy, with two methanol dual-fuel Kamsarmax newbuildings scheduled for delivery in the second half of 2027 and the first half of 2028. The vessels are expected to strengthen the company’s position as environmental regulations influence fleet investment decisions.
Diana Shipping primarily employs its vessels on short- to medium-term time charters, transporting iron ore, coal, grain and other dry bulk commodities across global trade routes. Its shares trade on the New York Stock Exchange under the ticker DSX.
