Diana Shipping charters Capesize vessel G. P. Zafirakis to Classic Maritime

Diana Shipping Inc. announced that, through a wholly owned subsidiary, it signed a time charter agreement with Classic Maritime Inc. for one of its Capesize bulk carriers, the m/v G. P. Zafirakis. The agreed gross rate is $38,000 per day, minus a 5% third-party commission, for a period ranging from a minimum of October 2027 to a maximum of December 2027. The charter is expected to commence on October 10, 2026.

The G. P. Zafirakis is a Capesize bulk carrier of 179,492 dwt built in 2014. Until now it had been chartered to Nippon Yusen Kabushiki Kaisha, of Tokyo, at a gross rate of $26,800 per day, also with a 5% third-party commission. According to Diana Shipping, the new charter is expected to generate approximately $13.34 million in gross revenue over the scheduled minimum period. A specialized outlet noted that the vessel will now earn $11,800 per day more than under its previous charter.

Diana Shipping's fleet currently consists of 36 bulk carriers: 4 Newcastlemax, 8 Capesize, 4 Post-Panamax, 6 Kamsarmax, 5 Panamax and 9 Ultramax. The company also expects to add two new methanol dual-fuel Kamsarmax newbuilds, with deliveries scheduled for the second half of 2027 and the first half of 2028, respectively. Excluding these two not-yet-delivered units, the combined fleet capacity is approximately 4.1 million dwt, with a weighted average age of 12.87 years.

A specialized report described the deal as a period charter fixed at a higher rate at a time when forward rates are adjusting against a cooling spot market.