Greek owner Diana Shipping has announced that Glencore has extended its current time charter contract for 2010-built panamax vessel Leto.

The extension commences January 3 and is for a period of 16-19 months at $12,500 per day. The vessel is currently only fetching $7,750 per day from its present charter with Glencore.

The new contract will generate around $6m based on the minimum time charter period.