MOL hires cape from Diana Shipping

In a big step for the shipping world, Diana Shipping, a well-known Greek bulker owner listed on the New York Stock Exchange, has signed a new charter contract with Mitsui O.S.K. Lines (MOL), the largest shipowner in Japan. This agreement involves one of Diana Shipping’s capesize vessels, the Santa Barbara, marking a key expansion for both companies. The deal reflects the strong demand for bulk carriers in the global shipping market, as more companies look for reliable partners to move goods across the seas.

Key Details of the Charter Agreement

Diana Shipping has secured a time charter for its 2015-built capesize vessel, the Santa Barbara, which has a deadweight tonnage (dwt) of 179,426. The charter will begin on December 28, following the end of its current charter with Smart Gain Shipping. Under the terms of the agreement, the gross charter rate is set at $22,000 per day, with a 5% commission payable to third parties. The contract is set to last until at least October 20, 2025, but it could be extended until December 20, 2025.

With this deal, Diana Shipping is expected to make about $6.42 million in gross revenue during the minimum duration of the contract. These financial figures highlight the importance of forming strong partnerships in the shipping industry, where consistent revenue is essential for maintaining smooth operations. This deal with MOL boosts Diana Shipping’s potential earnings and strengthens its position in the highly competitive bulk shipping market.

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Recent Growth and Expansion of Fleet

Along with the charter deal with MOL, Diana Shipping recently signed another time charter with China Resource Chartering for its kamsarmax vessel, Maera. This agreement will run until at least September 20, 2025, and is expected to bring in $2.31 million over that time period. These deals show that Diana Shipping is actively working to secure long-term contracts for its fleet. Currently, the company’s fleet consists of 38 dry bulk vessels, which include four newcastlemaxes, eight capesizes, five post-panamaxes, six kamsarmaxes, six panamaxes, and nine ultramaxes.

Looking to the future, Diana Shipping plans to grow its fleet even more. The company is expecting to receive two new methanol dual-fuel kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028. This move reflects the industry’s focus on adopting more environmentally friendly shipping practices. As of now, Diana Shipping’s fleet, excluding the two vessels that are still to be delivered, has a combined carrying capacity of around 4.2 million dwt. The fleet’s average age is 11.22 years. With this growth and modernization, Diana Shipping is setting itself up for future success in the changing shipping world.