Diana Shipping Inks Charter Deal with Bunge for Ultramax Vessel

Greek bulker owner to deploy DSI Andromeda, anticipating $6.03 million in gross revenue during the charter period

DSI Andromeda

Diana Shipping, a Greek bulker owner, has formalized a time charter agreement with Bunge, a prominent agribusiness and food company, for the deployment of one of its ultramax dry bulk vessels. Under the terms of the contract, the 2016-built DSI Andromeda, boasting a deadweight tonnage (dwt) of 60,309, will be chartered to Bunge at a gross charter rate of $13,500 per day. This rate is subject to a 5% commission payable to third parties. The charter duration spans from November 24, 2023, to a minimum of February 20, 2025, with the potential to extend until April 20, 2025.

The envisaged utilization of the DSI Andromeda is expected to yield approximately $6.03 million in gross revenue during the initially scheduled charter period. This strategic move aligns with Diana Shipping’s commitment to optimizing its fleet’s operational efficiency and capitalizing on market opportunities.

Upon the finalization of the previously disclosed divestment of the Boston vessel, Diana Shipping’s fleet configuration will comprise 40 dry bulk vessels. These vessels are categorized into four newcastlemax, nine capesize, five post-panamax, six kamsarmax, seven panamax, and nine ultramax vessels. Presently, the cumulative carrying capacity of the fleet, inclusive of the Boston, stands at approximately 4.7 million dwt, with a calculated weighted average age of 10.63 years. This strategic charter arrangement with Bunge further solidifies Diana Shipping’s position in the dynamic maritime sector while contributing positively to its revenue streams.

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