Diana Shipping entered into a time‑charter agreement with Dampskibsselskabet Norden A/S for its Capesize dry‑bulk vessel Santa Barbara. The charter sets a gross rate of $25,500 per day, less a 5 % commission to third parties, and covers a minimum period from March 1 to April 30, 2027. The vessel will begin operating under the new charter on November 29, 2025.
Santa Barbara, a 179,426‑dwt vessel built in 2015, had previously been chartered to Mitsui O.S.K. Lines at $22,000 per day. The new rate represents a 15.9 % increase, and the minimum two‑month period is projected to generate $11.48 million in gross revenue—an uplift that strengthens the company’s short‑term earnings profile.
The charter aligns with Diana Shipping’s disciplined strategy of securing medium‑to‑long‑term contracts, enhancing revenue visibility and supporting its dividend policy and balance‑sheet strength. The company operates 36 dry‑bulk vessels with a fleet capacity of roughly 4.1 million dwt and an average age of 11.96 years. Two methanol‑dual‑fuel Kamsarmax vessels are slated for delivery in the second half of 2027 and the first half of 2028, underscoring a long‑term focus on fleet modernization.
The higher charter rate reflects a competitive market for Capesize vessels and a favorable demand environment for bulk commodities. By securing a premium rate, Diana Shipping improves its revenue cushion against the volatility that characterizes the dry‑bulk sector, reinforcing its ability to maintain profitability and dividend payouts.
In Q3 2024, Diana Shipping reported revenue of $57.49 million, down 7.5 % year‑over‑year, and net income of $3.72 million, a 50 % decline from the prior year. The new Santa Barbara charter provides a timely revenue boost that helps offset the recent earnings dip and positions the company for a more stable outlook as it continues to pursue higher‑rate contracts and invest in cleaner‑fuel vessels.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.