Investing.com -- Diana Shipping Inc. (NYSE:DSX) stock rose 5.6% Monday after the dry bulk vessel operator announced a new time charter contract at a higher rate for one of its Capesize vessels.
The global shipping company has entered into a time charter contract with Dampskibsselskabet Norden A/S for its Capesize dry bulk vessel, the m/v Santa Barbara. The gross charter rate is $25,500 per day, minus a 5% commission paid to third parties, for a period extending until at least March 1, 2027, with a potential extension to April 30, 2027.
This new contract represents a 15.9% increase from the vessel’s current charter rate of $22,000 per day with Mitsui O.S.K. Lines, Ltd. The new charter is expected to commence on November 29, 2025, after the conclusion of the current agreement.
Diana Shipping anticipates that the employment of the Santa Barbara will generate approximately $11.48 million in gross revenue for the minimum scheduled period of the time charter.
The Santa Barbara is a 179,426 deadweight tonnage (dwt) Capesize bulk vessel built in 2015. It forms part of Diana Shipping’s fleet, which currently consists of 36 dry bulk vessels with a combined carrying capacity of approximately 4.1 million dwt and a weighted average age of 11.96 years.
The company also expects to take delivery of two methanol dual fuel new-building Kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028, respectively.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.








