Diana Shipping Inc. (NYSE: DSX) has extended a time charter contract for its Panamax dry bulk vessel m/v Leto with Cargill International SA of Geneva, according to a press release from the Athens-based company.

The new charter rate is $18,000 per day, less a 4.75% commission paid to third parties, up from the current rate of $12,750 per day under the same commission structure. The new charter period is set to begin around September 10, 2026, and run until a minimum of September 1, 2027, with a maximum end date of October 31, 2027.

The company said the extension is expected to generate approximately $6.34 million in gross revenue over the minimum scheduled charter period.

The m/v Leto is an 81,297 deadweight ton Panamax dry bulk vessel built in 2010. The charter is being conducted through a wholly-owned subsidiary of Diana Shipping.

Diana Shipping's fleet currently consists of 36 dry bulk vessels, including four Newcastlemax, eight Capesize, four Post-Panamax, six Kamsarmax, five Panamax, and nine Ultramax vessels. The company also expects delivery of two methanol dual fuel Kamsarmax newbuilding vessels in the second half of 2027 and first half of 2028, respectively. The current fleet's combined carrying capacity is approximately 4.1 million deadweight tons, with a weighted average age of 12.75 years.