Athens-based dry bulk shipowner Diana Shipping has extended the present time charter contract for one of its Panamaxes with the Italian company Nidera.

Under the new agreement, the 2005-built dry bulk vessel, the M/V Melia, will be chartered out for a period of about eleven to thirteen months.

The vessel was hired at a gross charter rate of USD 9,500 per day, minus a 5% commission paid to third parties.

Featuring 76,225 dwt, Melia is scheduled to start working under the new charter period on March 18, 2017.

The employment extension is expected to generate USD 2.99 million of gross revenue for the minimum scheduled period of the time charter, Diana Shipping said.

Diana’s fleet currently consists of 48 dry bulk vessels, including Newcastlemax, Capesize, Post-Panamax, Kamsarmax and Panamax ships.