Nov. 10 at 6:44 PM
Diana Shipping shares rose Monday after the global dry bulk carrier announced a new time charter contract at a higher rate for one of its Capesize vessels.
The company signed a time charter with Dampskibsselskabet Norden A/S for the m/v Santa Barbara at a gross rate of
$25,500 per day, minus a 5% commission, for a period through at least March 1, 2027, with an optional extension to April 30, 2027.
The new deal represents a 15.9% increase from the vessel’s current rate of
$22,000 per day under its existing charter with Mitsui O.S.K. Lines. The new charter is expected to begin on November 29, 2025, generating about
$11.48 million in gross revenue for the minimum period.
The Santa Barbara is a 179,426-deadweight-ton Capesize vessel built in 2015 and part of Diana Shipping’s 36-vessel fleet totaling around 4.1 million dwt, with an average age of 11.96 years. The company also expects two new dual-fuel methanol Kamsarmax vessels in late 2027 and early 2028.
$DSX