Diana Shipping to sell Ultramax vessel for $26.86 million

Published 18/09/2025, 14:44
Diana Shipping to sell Ultramax vessel for $26.86 million

ATHENS - Diana Shipping Inc. (NYSE:DSX), a shipping company with a market capitalization of $208.5 million and strong financial health according to InvestingPro, announced Thursday it has signed an agreement to sell its 2016-built Ultramax dry bulk vessel m/v DSI Drammen to an unaffiliated third party for approximately $26.86 million before commissions.

The vessel sale is being conducted through a limited partnership in which Diana Shipping holds a 25% interest, with the remaining 75% owned by Norwegian entity Ecobulk AS. Delivery to the buyer is expected by October 31, 2025, according to the company’s press release.

Following the sale of the DSI Drammen, Diana Shipping’s fleet will consist of 35 dry bulk vessels with a combined carrying capacity of approximately 4.1 million deadweight tons (dwt) and a weighted average age of 11.82 years.

The company’s current fleet includes 4 Newcastlemax, 8 Capesize, 4 Post-Panamax, 6 Kamsarmax, 5 Panamax, and 9 Ultramax vessels. Diana Shipping also expects to take delivery of two methanol dual fuel new-building Kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028, respectively.

Diana Shipping describes itself as a global provider of shipping transportation services through ownership and bareboat charter-in of dry bulk vessels. The company’s vessels primarily operate on short to medium-term time charters, transporting commodities such as iron ore, coal, grain, and other materials along worldwide shipping routes.

In other recent news, Diana Shipping Inc. has announced several new time charter contracts for its fleet. The company secured a contract for its Post-Panamax vessel, m/v Polymnia, with Oldendorff Carriers GmbH & Co. KG at a rate of $14,000 per day, after a 5% commission, from August 2025 until at least April 2026. Additionally, Diana Shipping has entered into a time charter agreement with Cargill Ocean Transportation for its Ultramax vessel, m/v DSI Pegasus, at a rate of $14,250 per day, minus a 4.75% commission, starting in August 2025. Another contract was signed for the Kamsarmax vessel, m/v Astarte, with Propel Shipping Pte. Ltd., offering a rate of $12,500 per day, less a 5% commission, from August 2025 to August 2026. Furthermore, the company has secured a charter for its Ultramax vessel, m/v DSI Polaris, also with Cargill Ocean Transportation, at $12,250 per day, after a 4.75% commission, beginning in July 2025. These developments reflect Diana Shipping’s continued efforts to secure profitable contracts for its vessels.

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