Wedoany.com Report-Nov. 11, Greek bulker owner Diana Shipping has secured a new charter for its 2015-built capesize vessel, Santa Barbara, at a higher daily rate with Danish shipowner and operator Norden, the company announced. The 179,426 dwt vessel will earn $25,500 per day, minus a 5% commission, for a charter period from a minimum of March 1, 2027, to a maximum of April 30, 2027. The new fixture is scheduled to begin on November 29, 2025, and is expected to generate approximately $11.5 million in gross revenue for the minimum contracted period.

Santa Barbara is currently on charter to Mitsui OSK Lines (MOL) at a lower rate of $22,000 per day, also minus 5% commission. The new agreement represents an increase in earnings and reflects continued strong demand in the large bulkers market for period contracts.

The deal contributes to Diana Shipping’s steady flow of period business, reinforcing the company’s strategy of securing medium-term charters for its capesize and newcastlemax vessels. Recently, Diana confirmed a direct continuation for its 2007-built capesize Semirio with Solebay Shipping, which will commence in March 2026 at a daily rate of $21,650, up from the current rate of $16,650.

In addition, earlier this month, Diana Shipping fixed its 2012-built newcastlemax Los Angeles to MOL at $24,000 per day for about a year from November 2025. This rate is $4,700 lower than the vessel’s previous charter with NYK but still demonstrates the company’s ability to maintain continuous employment for its fleet.

Diana Shipping, listed on the New York Stock Exchange, has emphasized its focus on leveraging long-term and period charters to ensure stable revenue streams in the volatile dry bulk market. By securing higher rates for vessels like Santa Barbara, the company strengthens both its income visibility and operational stability.

Analysts noted that capesize vessels, particularly in the 170,000–180,000 dwt range, remain in demand for period charters as global seaborne trade in coal, iron ore, and other bulk commodities continues to support shipping activity. Period contracts allow shipowners like Diana to lock in earnings for defined intervals, reducing exposure to short-term spot market fluctuations.

The Santa Barbara fixture with Norden is expected to be a positive contributor to Diana Shipping’s results in 2027, alongside other ongoing and recently secured charters. The combination of higher daily rates and well-timed contract periods underlines the company’s strategy of balancing fleet utilization with market opportunities, ensuring consistent performance in the large bulkers segment.

Overall, Diana Shipping’s latest charter agreements reflect a disciplined approach to fleet management and revenue generation, maintaining momentum in its period charter program while capturing favorable rates for its capesize and newcastlemax vessels.