Diana Shipping Inc., a leading global shipping company specializing in the ownership and chartering of dry bulk vessels, has announced a new time charter contract with Cargill International SA, based in Geneva, for its Kamsarmax dry bulk vessel, the m/v Medusa. The contract, set to commence in March 2025, reflects the growing demand for reliable shipping services within the African cargo market and beyond.
The time charter agreement will run until a minimum of May 15, 2026, with the potential to extend until July 15, 2026, at a gross daily rate of US$13,000, minus a 4.75% commission paid to third parties. The deal is expected to generate approximately US$5.46 million in gross revenue during the minimum period.
The m/v Medusa, a Kamsarmax dry bulk vessel built in 2010, has a deadweight tonnage (DWT) of 82,194 and is equipped to handle a wide variety of dry bulk commodities, making it a crucial asset for global trade, including routes within Africa, which has seen an uptick in dry bulk cargo shipments due to increased infrastructure development and rising demand for essential commodities.
As Diana Shipping Inc. continues to grow its fleet, the company’s vessels play a vital role in supporting trade across Africa, particularly in regions where dry bulk shipping is essential for transporting goods like grain, coal, and other commodities that drive economic growth. The company’s fleet, after the anticipated sale of the m/v Alcmene, will consist of 37 dry bulk vessels, including four Newcastlemax, eight Capesize, four Post-Panamax, six Kamsarmax, six Panamax, and nine Ultramax vessels.
The company’s fleet, which currently has a combined carrying capacity of 4.2 million DWT and a weighted average age of 11.45 years, is positioned to support the growing demand for bulk cargo in Africa, where infrastructure projects, mining activities, and agricultural exports continue to expand.
Diana Shipping Inc. is also preparing for the delivery of two new Kamsarmax vessels, powered by methanol dual-fuel engines, set to join the fleet in 2027 and 2028, further enhancing its capabilities to service the African cargo market’s evolving needs.
This contract with Cargill further strengthens Diana Shipping’s position in the global dry bulk market, including key African trade routes, providing stability and reliable services for shippers and cargo owners in the region.
