Athens-based Diana Shipping has, through a separate wholly-owned subsidiary, agreed to extend the present time charter contract with Cargill International S.A., Geneva, for one of its Panamax dry bulk vessels, the m/v Leto.
The charter extension is for a period of about fifteen to eighteen months.
The gross charter rate is USD 7,100 per day, and is expected to commence on June 19, 2015.
This employment extension is anticipated to generate approximately USD 3.1 million of gross revenue for the minimum scheduled period of the time charter.
Diana initially chartered out Leto to Cargill back in July 2014, at a gross charter rate of USD 11,350 per day.
The Leto is a 81,297 dwt Panamax dry bulk vessel built in 2010.