Diana Shipping Inc. Enters Time Charter Agreement for m/v DSI Phoenix with Cargill Ocean Transportation
Diana Shipping Inc., a global leader in dry bulk shipping and logistics, announced today that it has entered into a new time charter agreement with Cargill Ocean Transportation (Singapore) Pte. Ltd., one of the largest charterers of dry bulk cargo worldwide. The agreement involves the employment of the m/v DSI Phoenix, an Ultramax dry bulk carrier owned through a wholly-owned subsidiary of Diana Shipping.
Under the terms of the charter, DSI Phoenix will be hired at a gross rate of US$13,500 per day, less a standard 4.75% commission payable to third parties. The duration of the charter spans from a minimum of October 1, 2026, up to a maximum period ending November 30, 2026, providing flexibility for both parties. The contract is scheduled to commence on or about August 3, 2025.
This new employment is expected to generate approximately US$5.64 million in gross revenue over the minimum scheduled duration of the contract, strengthening the Company’s earnings visibility and cash flow position over the coming quarters.
About the Vessel: m/v DSI Phoenix
The DSI Phoenix is a modern Ultramax dry bulk vessel with a deadweight tonnage (dwt) of 60,456. Built in 2017, the ship features advanced fuel efficiency and cargo-handling capabilities, making it well-suited for transporting a wide range of dry commodities including grains, coal, fertilizers, and steel products.
Ultramax vessels are part of the Supramax class, typically ranging from 60,000 to 65,000 dwt, and are favored for their versatility and ability to access smaller ports while maintaining substantial carrying capacity. The DSI Phoenix exemplifies Diana Shipping’s strategy of maintaining a high-quality fleet composed of modern, fuel-efficient vessels with competitive operating profiles.
Strategic Partnership with Cargill
The decision to charter the DSI Phoenix to Cargill Ocean Transportation is not only commercially sound but also highlights Diana Shipping’s ongoing relationships with some of the world’s most reputable charterers. Cargill, headquartered in Geneva with global operations including a major presence in Singapore, is a prominent player in dry bulk shipping. Its chartering arm controls hundreds of vessels globally and is known for long-term partnerships built on operational reliability and environmental sustainability.
This charter aligns with Diana Shipping’s approach of engaging in medium to long-term time charters that provide revenue stability, helping the Company manage market volatility and maintain a predictable earnings stream.
Expanding and Modernizing the Fleet
As of the date of this announcement, Diana Shipping’s fleet comprises 36 dry bulk vessels, diversified across various size classes to optimize operational flexibility and market exposure. The current breakdown includes:
- 4 Newcastlemax vessels
- 8 Capesize vessels
- 4 Post-Panamax vessels
- 6 Kamsarmax vessels
- 5 Panamax vessels
- 9 Ultramax vessels
Collectively, the Company’s active fleet has a total carrying capacity of approximately 4.1 million deadweight tons, with a weighted average vessel age of 11.67 years. Diana Shipping follows a prudent fleet management strategy, balancing the benefits of modern tonnage with capital discipline and operational efficiency.
Looking ahead, the Company is also making strides toward environmental and regulatory compliance. In line with global maritime decarbonization goals, Diana Shipping has placed orders for two new Kamsarmax vessels powered by dual-fuel methanol propulsion systems. These vessels are scheduled for delivery in the second half of 2027 and the first half of 2028, respectively. The move positions Diana Shipping among the early adopters of alternative fuel technologies in the dry bulk sector and reflects its long-term sustainability goals.
Market Outlook and Corporate Strategy
The dry bulk shipping market has experienced volatility in recent years, influenced by global trade disruptions, shifting commodity demand, port congestion, and environmental regulations. Diana Shipping’s strategy has been to focus on stability through period charters with reputable counterparties, which help cushion the impact of spot market fluctuations.
By entering into time charter agreements like the one with Cargill, Diana Shipping reinforces its commitment to predictable, long-term cash flow generation. These contracts form the backbone of the Company’s earnings, allowing it to plan capital expenditures, shareholder returns, and fleet renewals with greater certainty.
In addition to vessel operations, the Company engages in the bareboat charter-in of additional dry bulk carriers, further expanding its operational scope without the upfront capital requirements of direct ownership. This hybrid model enhances fleet flexibility while preserving balance sheet strength.
Commitment to Transparency and Investor Relations
As a publicly traded company listed on the New York Stock Exchange under the ticker symbol “DSX,” Diana Shipping Inc. remains committed to transparency and shareholder value. The Company regularly updates investors on fleet developments, charter activity, earnings results, and strategic initiatives.
Additional details about the current fleet, including specifications for each vessel, charter durations, and delivery schedules, can be found on the Company’s official website at www.dianashippinginc.com. Please note that the information published on the Company’s website is not considered part of this press release.
The chartering of the DSI Phoenix to Cargill Ocean Transportation represents another solid step in Diana Shipping’s broader strategy to position itself as a reliable provider of high-quality shipping capacity. In an industry where reliability, fuel efficiency, and environmental compliance are becoming increasingly important, Diana Shipping continues to demonstrate its leadership through disciplined asset management and strategic partnerships.
As the global economy stabilizes and demand for dry bulk commodities such as iron ore, coal, grains, and fertilizers remains strong, Diana Shipping is well-positioned to benefit from its modern fleet and long-term chartering focus. The Company’s evolving approach to green shipping—evidenced by the methanol-fueled newbuilds—also signals a forward-looking commitment to environmental stewardship in line with global maritime trends.