Diana Shipping secures new Capesize charter with Classic Maritime
Diana Shipping has entered into a new time charter agreement with Classic Maritime Inc. for its Capesize dry bulk carrier G. P. Zafirakis, securing a higher daily rate than under the vessel’s previous employment contract.
The agreement provides for a gross charter rate of $38,000 per day, less a 5% commission paid to third parties. The charter is expected to commence on October 10, 2026, and will run until at least October 1, 2027, with a maximum duration extending to December 15, 2027.
According to Diana Shipping, the contract is expected to generate approximately $13.34 million in gross revenue over the minimum scheduled charter period.
The agreement was concluded through a wholly owned subsidiary of the company.
New charter represents increase in daily earnings
The G. P. Zafirakis is a 179,492 dwt Capesize bulk carrier built in 2014.
The vessel is currently employed by Nippon Yusen Kabushiki Kaisha (NYK) of Tokyo under a previously announced charter agreement at a gross daily rate of $26,800, also subject to a 5% third-party commission.
The new agreement with Classic Maritime represents an increase of $11,200 per day, equivalent to approximately 41.8% compared with the previous gross charter rate.
The higher rate will apply once the vessel begins its new employment, subject to the agreed charter terms.
The minimum contract period extends for nearly one year, providing Diana Shipping with contracted revenue through the beginning of October 2027.
The agreement also includes an extension window allowing the vessel to remain employed until mid-December 2027.
The company has not disclosed the vessel’s intended trading routes or cargo commitments under the new charter.
Diana Shipping maintains diversified dry bulk fleet
Diana Shipping currently operates a fleet of 36 dry bulk vessels across six size categories.
Its existing fleet comprises four Newcastlemax, eight Capesize, four Post-Panamax, six Kamsarmax, five Panamax and nine Ultramax vessels.
The combined carrying capacity of the fleet stands at approximately 4.1 million dwt, excluding vessels currently under construction.
The fleet has a weighted average age of 12.87 years.
The company’s exposure to different vessel segments allows it to participate in several areas of the dry bulk market, including the transportation of major bulk commodities and smaller cargo parcels.
The new employment agreement for G. P. Zafirakis adds to Diana Shipping’s contracted revenue base while maintaining the vessel’s presence in the Capesize segment.
Two methanol dual-fuel vessels scheduled for delivery
Alongside its existing fleet, Diana Shipping expects to receive two newbuilding Kamsarmax dry bulk carriers equipped with methanol dual-fuel propulsion systems.
The first vessel is scheduled for delivery during the second half of 2027, while the second is expected to join the fleet in the first half of 2028.
The newbuildings will expand the company’s fleet and introduce additional alternative-fuel capabilities into its operations.
Diana Shipping has not provided further details about the vessels’ intended employment or the commercial arrangements associated with their delivery in the latest announcement.
The planned additions will bring the company’s fleet to 38 vessels, assuming no other acquisitions or disposals take place before their delivery.
For now, the new Classic Maritime agreement provides contracted employment for one of Diana Shipping’s existing Capesize vessels at a substantially higher rate than its previous charter.
