Diana Shipping has secured a higher-paying charter extension with Oldendorff Carriers for one of its post-panamax bulkers. The New York-listed Greek owner announced that the 98,704 dwt vessel Polymnia has been fixed at $20,000 per day, minus a 5% commission, for a period running from June 1, 2026, until between March 1 and April 30, 2027.
The new fixture replaces the 2012-built ship's existing charter with Oldendorff, which was earning $14,000 per day under the previous agreement. The new rate represents a 43% increase, reflecting a recovery in freight markets and improved earnings visibility for the company's fleet.
Diana Shipping stated that the extension is expected to generate approximately $5.36 million in revenue for the minimum scheduled period of the contract. The Polymnia's new charter rate aligns with recent trends of demand growth and vessel tightness observed in the dry bulk market over recent months.
This charter extension comes as Semiramis Paliou-led Diana Shipping remains in the spotlight due to its increasingly public corporate battle with rival dry bulk owner Genco Shipping & Trading over governance and strategic direction. The dispute between the two companies reflects differing approaches to operational efficiency and fleet management strategies in the sector.
Diana Shipping's total fleet comprises post-panamax, kamsarmax, panamax, and newcastlemax segments. The growing prevalence of such longer-term agreements with Oldendorff Carriers signals operators' expectations for market stabilization in the coming period.
Key Takeaways:
1. Diana Shipping secured a new charter agreement with Oldendorff Carriers, raising daily rate for Polymnia from $14,000 to $20,000.
2. The 2012-built 98,704 dwt post-panamax bulker will generate minimum $5.36m revenue between June 2026 and March/April 2027.
3. The new freight rate represents a 43% increase over the previous contract.
4. Diana Shipping is engaged in an ongoing corporate dispute with rival Genco Shipping over governance and strategy.
5. Growing prevalence of longer-term charter agreements reflects operators' expectations for market stabilization.
