Diana Shipping Inc. (NYSE: DSX), a prominent name in global dry bulk shipping, has inked a new time charter deal for its Ultramax vessel, the m/v DSI Aquarius. Announced on December 2, 2024, the contract has been finalized through a wholly-owned subsidiary and marks another strategic move for the company in the competitive dry bulk sector.
The Geneva-based Bunge SA, a major player in agribusiness and food production, has chartered the DSI Aquarius at a gross rate of $13,300 per day, minus a 5% commission for third parties. This agreement spans a minimum of 10 months to a potential 12 months, with the charter scheduled to commence on December 6, 2024. For Diana Shipping, this translates into an estimated gross revenue of $3.99 million during the contract’s minimum term—a solid contribution to the company’s ongoing operations.
The m/v DSI Aquarius, a 60,309 dwt Ultramax dry bulk vessel built in 2016, is a key asset in Diana’s extensive fleet. Known for its versatility and efficiency, the Ultramax class has become increasingly favored for transporting commodities like grain, coal, and iron ore, making the DSI Aquarius a prime choice for global shipping routes.
Diana Shipping’s broader fleet currently consists of 38 dry bulk vessels, covering various sizes including Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, and Ultramax categories. The company is also poised for future expansion, with two methanol dual-fuel Kamsarmax vessels expected for delivery between 2027 and 2028. These additions align with the industry’s growing emphasis on sustainability and innovation.
As of now, Diana’s operational fleet boasts a combined carrying capacity of approximately 4.2 million dwt, with a weighted average age of 11.17 years. This balance of capacity and efficiency positions the company as a reliable choice for short-to-medium-term charters in an unpredictable market.
The deal with Bunge SA underscores Diana Shipping’s strategic focus on steady, revenue-generating charters while navigating the complexities of the global shipping landscape. In a sector rife with challenges ranging from geopolitical tensions to fluctuating market conditions, such agreements are critical for maintaining financial stability and market relevance.
