Greek dry bulk owner Diana Shipping has entered into a time charter contract with Singapore-based Tongli Shipping for 2013-built Panamax bulker Ismene.

The charter is set to commence on March 7, and is through to between October 15 and December 15, 2021 at a gross charter rate of $16,500 per day. The rate is a significant improvement on the $10,800 per day being paid by the previous charterer, Phaethon International Company.

Diana Shipping, which has a fleet of 37 bulkers, says the charter will generate around $3.6m based on the minimum time charter period.