Diana Shipping Inc., a global shipping company focused on dry bulk vessels, announced the direct continuation of a time charter contract for its Panamax dry bulk vessel, the m/v Leto. The agreement is with Cargill International SA, Geneva, and is set to begin on August 29, 2024. The charter will run for a period of approximately 11 to 13 months, at a gross rate of US$18,000 per day.
This extension provides Diana Shipping with stable revenue for the vessel for the upcoming year. For freight forwarders and shippers, consistent charter agreements like this contribute to predictable capacity in the Panamax dry bulk segment, potentially stabilizing freight rates for commodities typically transported by such vessels. The fixed rate and duration offer a degree of certainty in a volatile market.
The previous charter for the m/v Leto, also with Cargill, was at a gross rate of US$12,750 per day, indicating a significant increase in the daily rate for the new contract. This higher rate reflects current market conditions and demand for dry bulk shipping capacity. The m/v Leto is a 82,193 DWT vessel built in 2010.
