Diana Shipping has secured a new time charter agreement with Canadian dry bulk operator Fednav for its ultramax vessel DSI Pegasus, resulting in a nearly 30% increase in daily hire rates compared to its previous charter with Cargill, according to Splash247.
Charter Details
The 2015-built, 60,500 dwt DSI Pegasus has been fixed at a daily rate of $18,350, excluding a 5% commission, Splash247 reported. The charter is scheduled to commence on July 27, 2026 and continue until at least August 15, 2027, with a possible extension option until October 15, 2027. The deal is anticipated to yield approximately $6.95m in gross revenue during the specified period.
| Parameter | Old Charter (Cargill) | New Charter (Fednav) |
|---|---|---|
| Daily rate | $14,250 | $18,350 (excl. 5% commission) |
| Rate increase | — | $4,100/day (nearly 30%) |
| Charter period | Began August 2025, concluded between May and July 2026 | July 27, 2026 to at least August 15, 2027 (option to October 15, 2027) |
| Expected gross revenue | — | approx. $6.95m |
Prior to this fixture, the vessel was employed by Cargill at a daily rate of $14,250, making the daily increase under the new Fednav contract amount to $4,100, Splash247 noted. The previous charter with Cargill began in August 2025 and concluded between May and July of this year.
The deal is anticipated to yield approximately $6.95m in gross revenue during the specified period. — Splash247
Vessel Background
The DSI Pegasus is a 60,500 dwt ultramax bulk carrier built in 2015. It is owned and operated by Diana Shipping, a Greek dry bulk shipping company. The vessel was previously on time charter to Cargill, one of the world's largest commodity traders, before switching to Fednav.
Implications for Chartering Market
The nearly 30% rate increase achieved by Diana Shipping in the new charter with Fednav reflects firming demand for ultramax tonnage, Splash247 reported. The switch from Cargill to Fednav highlights changing chartering strategies among major dry bulk operators. Fednav, a Canadian shipping company active in the dry bulk sector, gains a modern ultramax for a multi-year period, ensuring vessel availability through at least August 2027.
The new charter provides Diana Shipping with stable revenue of approximately $6.95m over the initial period, with the option for an additional two months. The $4,100/day increase over the previous Cargill charter represents a significant uplift for the owner.
Watch List
No upcoming factors were mentioned in the source article. Operators should monitor dry bulk rate movements on the Atlantic and Pacific basins for indications of sustained upward pressure.
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