Greek owner Diana Shipping has entered into a new time charter contract with Cargill for 2005-built capesize Salt Lake City.
.The charter commences on March 14 and is for 20 to 23 months at a rate of $9,750 per day, substantially lower than the $16,250 per day previously being paid by Cargill.
Less than two weeks ago, Diana fixed another of its capesizes to Koch at $10,125 per day.
While the rates are substantially lower than previous fixtures announced by the company, Advanced Shipping & Trading reports spot prices for capes last week as low as $2,100 per day. Rates on the West Australia / China route remain in the mid-$4,000 to high-$4,000 range.
Diana says this latest fixture will generate around $5.85m based on the minimum time charter period.
