Cargill has extended the charter of the 179,000-dwt bulker Santa Barbara (built 2015) from US listed Diana Shipping.
Brokers say the ship has been extended for between 17 and 20 months at $20,250 per day.
Over the last 15 months, Cargill has been paying $12,000 per day for the vessel.
Santa Barbara was purchased as a resale in December 2014 for $50m.