Greek dry bulk owner Diana Shipping has sealed a new time charter with Singapore’s Pacbulk Shipping for the 2015-built Capesize vessel Santa Barbara.

The contract commences on December 27 and is for a period of 12-14 months at a rate of $17,250 per day. The vessel was previously on charter to Cargill at $20,250 per day.

Diana Shipping says the charter will generate $6.21m revenue based on the minimum time charter period.