Diana Shipping has taken another time charter at levels below operating costs.

The company chartered the 73,630 dwt, 2004-built panamax, Protefs to Transgrain shipping for 12 – 16 months at a rate of $4,500 per day minus 5% commission.

It said the charter would generate $1.55m in gross revenue over the minimum period of the contract.

Diana Shipping has taken a number of similarly low rated time charters this year indicating it does not expect any significant market upturn in the next 12 months.