Diana Shipping locks in 42% rate hike for capesize vessel
Greek owner secures $38,000 per day for 179,492 dwt GP Zafirakis in new time charter with Classic Maritime.
Diana Shipping, the New York-listed Greek bulker owner, has negotiated a substantial rate increase for its capesize vessel GP Zafirakis in a new time charter agreement with Classic Maritime.
The 2014-built vessel, with a capacity of 179,492 deadweight tonnes, will now earn $38,000 per day—a 42% jump from the $26,800 daily rate previously paid by Japanese shipping company NYK. The new charter includes a 5% commission and is set to begin on October 10.
The agreement locks in the vessel for a minimum period extending until October 1, 2027, with an option to remain on hire until December 15 of the same year. Diana Shipping estimates the deal will generate approximately $13.34 million in gross revenue during the guaranteed employment period. The $11,200 daily increase reflects a broader trend of rising charter rates in the dry bulk sector.
Diana Shipping
Financial impact and contract terms: Diana Shipping
This is not the first time Diana Shipping has capitalized on improving market conditions. In July, the company secured a 65% rate increase for its 2012-built newcastlemax Philadelphia, fixing the vessel with Classic Maritime at $35,500 per day—up from its prior rate with Cosco-controlled Refined Success. The repeated success in renegotiating higher rates with the same charterer suggests growing confidence in long-term market stability.
As a leading publicly traded Greek bulker owner, Diana Shipping’s strategic moves often signal broader industry shifts. The latest deal may encourage other owners to seek similar long-term charters to hedge against future rate fluctuations.
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