One of Diana Shipping's panamax bulk carriers has had its existing timecharter extended by around another year at close to a 10% rate cut at a time spot rates are climbing.

The 77,529-dwt Atalandi (built 2014) will remain on charter to Uniper Global Commodities for 11 to 13 months from 7 July, the New York-listed shipowner said in a release Monday.