Greek dry bulk shipping company Diana Shipping has secured an 18% rate increase for its capesize vessel Florida under a new time charter with NYK (Nippon Yusen Kabushiki Kaisha), one of Japan's largest and oldest shipping companies.

The 2022-built, 182,063 dwt vessel will earn $30,500 per day, less a 5% commission, for a period of between 32 and 35.5 months. The new charter is scheduled to commence during the second quarter of 2027 and is expected to generate approximately $29.28 million in gross revenue over the minimum contracted term. Forward-fixing the vessel more than two years ahead of commencement locks in revenue visibility for the company well into the next decade.

The vessel is currently employed on charter to Bunge at $25,900 per day, also net of a 5% commission. Diana acquired the Japanese newbuilding resale for approximately $60.1 million in late 2021 and subsequently fixed the ship to Bunge for a period of 58 to 62 months beginning in March 2022.

The latest fixture continues a series of stronger charter agreements for the company, which is led by CEO Semiramis Paliou. In July, Diana secured a 65% rate increase for the 2012-built newcastlemax Philadelphia, chartering the vessel to Classic Maritime at $35,500 per day from August. The owner has also recently secured enhanced employment terms for the panamax Ismene and the kamsarmax Medusa.

Diana Shipping, listed on the New York Stock Exchange, operates a fleet of 36 dry bulk carriers—ranging from capesize to panamax vessels that transport major dry commodities including iron ore, coal, and grain—with a combined carrying capacity of approximately 4.1 million dwt. The company has two methanol dual-fuel kamsarmax newbuildings on order, scheduled for delivery in the second half of 2027 and the first half of 2028, respectively. The dual-fuel design aligns with a broader industry shift toward alternative-fuel propulsion as shipping lines prepare for tightening International Maritime Organization greenhouse gas regulations.

Separately, Diana's pursuit of US-listed Genco Shipping & Trading remains unresolved. Diana allowed its all-cash tender offer of $24.80 per share to expire on July 24 but has maintained a separate cash-and-stock proposal on the table, valuing Genco at an implied $27.34 per share. Genco's board of directors continues to review the offer.