Diana Shipping Inc. (NYSE: DSX) has entered into a time charter contract for its Ultramax dry bulk vessel, the m/v DSI Polaris, with Dai An Ocean Shipping Company Limited, according to a press release from the Athens-based company.

The gross charter rate is $18,000 per day, less a 5% commission paid to third parties. The charter is expected to commence Sept. 25, 2026, and run until a minimum of May 1, 2028, with a maximum end date of June 30, 2028. The contract is expected to generate approximately $10.37 million in gross revenue over the minimum scheduled period.

The DSI Polaris is a 60,404 deadweight ton Ultramax dry bulk vessel built in 2018. The vessel is currently chartered to Cargill Ocean Transportation (Singapore) Pte. Ltd. at a gross rate of $12,250 per day, minus a 4.75% commission paid to third parties.

Diana Shipping's fleet currently consists of 36 dry bulk vessels, including 4 Newcastlemax, 8 Capesize, 4 Post-Panamax, 6 Kamsarmax, 5 Panamax, and 9 Ultramax vessels. The company also expects to take delivery of two methanol dual fuel Kamsarmax newbuilding vessels in the second half of 2027 and the first half of 2028, respectively. The combined carrying capacity of the existing fleet is approximately 4.1 million deadweight tons, with a weighted average age of 12.83 years.