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Diana Shipping Inc. has secured a substantially higher charter rate for its Ultramax vessel DSI Pegasus, locking in employment expected to generate about $6.95 million in gross revenue during the minimum contract period.
The Athens based dry bulk owner has agreed to charter the vessel to Fednav International Ltd. at a gross daily rate of $18,350, less a 5 percent commission paid to third parties.
The new contract is scheduled to begin on July 27, 2026, and will run until at least August 15, 2027. Fednav has the option to extend the charter until October 15, 2027.
Daily earnings rise by $4,100
The agreement represents a daily rate increase of $4,100 compared with the vessel’s current employment.
DSI Pegasus is presently chartered to Cargill Ocean Transportation Singapore Pte. Ltd. at a gross rate of $14,250 per day, less a 4.75 percent third party commission.
That means the vessel’s headline daily earnings will rise by approximately 29 percent when the Fednav charter starts.
For dry bulk owners, the difference between the two contracts is more than a number on a fixture report. It is similar to replacing a year long lease with another tenant willing to pay almost one third more for the same asset.
The 60,508 deadweight tonne DSI Pegasus was built in 2015 and belongs to the Ultramax segment, which is widely used to transport grain, coal, minerals and other dry bulk commodities across regional and long distance routes.
Charter adds revenue visibility into 2027
Diana Shipping expects the minimum scheduled charter period to produce approximately $6.95 million in gross revenue.
The agreement gives the company contracted income visibility into the third quarter of 2027, with the potential for the vessel to remain employed for a further two months.
Time charter agreements allow vessel owners to secure daily income while charterers control the vessel’s commercial employment during the contract. Actual returns remain influenced by commissions, operating expenses, maintenance costs and any periods when the vessel is unavailable.
Fleet stands at 36 dry bulk vessels
Diana Shipping currently operates a fleet of 36 dry bulk vessels with a combined carrying capacity of approximately 4.1 million deadweight tonnes.
The fleet includes four Newcastlemax vessels, eight Capesize vessels, four Post Panamax vessels, six Kamsarmax vessels, five Panamax vessels and nine Ultramax vessels.
Its vessels have a weighted average age of 12.65 years.
The company also expects to take delivery of two methanol dual fuel Kamsarmax newbuildings. The first is scheduled for delivery during the second half of 2027, followed by the second vessel during the first half of 2028.
Diana Shipping primarily employs its vessels through short and medium term time charters. The fleet transports commodities including iron ore, coal, grain and other raw materials along global shipping routes.
