Diana Shipping Seals Time Charter Contract for Ultramax Bulker

Diana Shipping has entered into a time charter contract with Dai An Ocean Shipping Company for one of its Ultramax dry bulk vessels, DSI Polaris, through a separate wholly-owned subsidiary.

The charter commands a gross rate of $18,000 per day, minus a five per cent commission paid to third parties, running for a period until a minimum of May 1, 2028 up to a maximum of June 30, 2028.

Commencement of the charter is expected on September 25, with the vessel employment anticipated by Diana Shipping to generate approximately $10.37 million in gross revenue over the minimum scheduled term.

Built in 2018, the 60,404 DWT vessel is currently chartered to Cargill Ocean Transportation Singapore at a gross rate of $12,250 per day, minus a 4.75 per cent third-party commission.

The company's operational fleet currently consists of 36 dry bulk vessels with a combined carrying capacity of approximately 4.1 million DWT and a weighted average age of 12.83 years.