Diana Shipping has secured a new time charter for its Ultramax vessel, the DSI Pegasus, locking in a daily rate of $18,350.
The agreement, executed through a separate subsidiary, is with Fednav International Ltd. and includes a 5% commission to third parties.
The $18,350 daily rate reflects the current valuation for Ultramax tonnage in the time charter market, offering a stable cash flow stream for the vessel over the next 15 months.
The charter period extends until August 15, 2027, providing the operator with long-term revenue visibility for the asset.
The deal underscores Diana Shipping's strategy to secure fixed-income contracts for its fleet, even as spot market rates fluctuate.
The $18,350 daily rate reflects the current valuation for Ultramax tonnage in the time charter market, offering a stable cash flow stream for the vessel over the next 15 months.
This follows a similar move earlier this month, when the company secured a time charter for its Kamsarmax vessel, the Medusa, at a daily rate of $16,850 with Aquavita International.