Diana Shipping has secured an improved time charter for its kamsarmax bulker Medusa at a rate approximately 29.6% higher than its previous employment, according to Splash247. The deal reflects strengthening conditions in the dry bulk market and adds to the Greek owner's forward revenue coverage.
Charter Details
New York-listed Diana Shipping, led by Semiramis Paliou, has fixed the 2010-built, 82,194 dwt kamsarmax Medusa to Aquavita International. The gross charter rate is $16,850 per day, minus a 4.75% commission paid to third parties. The charter is expected to start on July 10 and run until at least October 5, 2027, with Aquavita having the option to keep the vessel until December 20, 2027. Splash247 reported that Diana expects the employment to generate about $7.5 million in gross revenue for the minimum scheduled period.
Comparison with Previous Charter
The Medusa is currently fixed to Cargill International at $13,000 per day, also minus a 4.75% commission. The new rate represents a $3,850 per day increase (29.6%). The following table summarises the changes:
| Charterer | Rate (per day) | Commission | Period |
|---|---|---|---|
| Cargill International (current) | $13,000 | 4.75% | Until roll-off |
| Aquavita International (new) | $16,850 | 4.75% | Jul 10, 2026 – at least Oct 5, 2027 |
Forward Cover Strengthens
This latest fixture adds another improved rate to Diana's forward cover. In March 2026, the owner rolled the 77,525 dwt panamax Maera into a stronger charter with SwissMarine at $13,350 per day, up from its previous $11,200-per-day employment with Cobelfret, according to Splash247. The back-to-back rate improvements suggest a firming dry bulk market.
Implications for Dry Bulk Market
Operators and shippers should note the upward trend in kamsarmax charter rates. The Medusa deal signals that bulker owners are securing significantly higher rates as vessels roll off older contracts. For freight forwarders and logistics managers monitoring dry bulk capacity, this may indicate tightening supply and upward pressure on freight costs for commodities such as grains, coal, and iron ore. Diana's ability to lock in a minimum 15-month charter at a 29.6% premium over the prior rate underscores the improving market sentiment.
Watchlist: Further rate increases as Diana and other owners roll over additional vessels; continued demand from charterers like Aquavita; and the duration of current market strength through the second half of 2027.
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