Diana Shipping Inc. has entered into a new time‑charter agreement for its 82,117‑dwt Kamsarmax dry‑bulk vessel m/v Myrsini with Paralos Shipping Pte. Ltd. The charter will begin on January 1 2026 and will pay a gross rate of US$13,500 per day, less a 5 % commission to third parties, for a minimum period ending December 20 2026 and a maximum extension to February 20 2027. The agreement is expected to generate approximately US$4.71 million in gross revenue for the minimum scheduled period.
The new charter represents a modest rate improvement over the vessel’s previous agreement with Cargill International SA, which paid US$13,000 per day with a 4.75 % commission. The higher rate, combined with the longer minimum term, strengthens Diana Shipping’s cash‑flow profile and reduces exposure to short‑term rate volatility. The company’s fleet of 36 dry‑bulk ships—comprising 4 Capesize, 8 Panamax, 4 Post‑Panamax, 6 Kamsarmax, 5 Panamax and 9 Ultramax vessels—provides a balanced mix that supports a diversified charter portfolio.
The charter adds to Diana Shipping’s medium‑to‑long‑term revenue base at a time when dry‑bulk fleet supply is outpacing demand. In Q3 2025 the company reported net income of US$7.2 million on time‑charter revenues of US$51.9 million, up from US$9.7 million and US$57.1 million in Q4 2024, respectively. The new agreement therefore contributes to a steady revenue stream that complements the company’s recent earnings momentum and supports its debt‑refinancing gains. Paralos Shipping, the charterer, operates a fleet of dry Panamax, Kamsarmax and Post‑Panamax vessels, making it a strategic partner that aligns with Diana Shipping’s focus on medium‑size bulk carriers.
Management highlighted the charter’s role in reinforcing the company’s disciplined chartering strategy. CFO Ioannis Zafirakis noted that “this financial decision underscores our commitment to improving the capital structure while increasing operational flexibility. By strategically managing resources, we strengthen our financial position, allowing for greater adaptability and efficiency in our operations, ultimately supporting long‑term growth and value creation for stakeholders.” CEO Semiramis Paliou added that the agreement “expands our customer base beyond our long‑term partner Cargill, providing additional flexibility in a volatile market.”
The charter also dovetails with Diana Shipping’s broader sustainability agenda. The company is building two methanol‑dual‑fuel Kamsarmax vessels expected for delivery in the second half of 2027 and the first half of 2028, positioning it to meet tightening environmental regulations and capture the growing demand for cleaner shipping solutions. In a market where Kamsarmax rates have been fluctuating, the firm’s ability to secure a stable, slightly higher rate demonstrates effective market positioning and a proactive approach to fleet modernization.
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.